UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09135
---------------------
Nuveen New York Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: September 30, 2004
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
ANNUAL REPORT September 30, 2004
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NNP
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NAN
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NXK
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Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with monthly income free from both federal
and New York State and New York City income taxes, as well as with an attractive
total return. For more specific information about the performance of your Fund,
please see the Portfolio Manager's Comments and Performance Overview sections of
this report.
With longer-term interest rates still near historic lows, many investors have
begun to wonder whether these rates will soon begin to rise, and whether that
makes this the time to adjust their holdings of fixed-income investments. No one
knows what the future will bring, which is why we think a well-balanced
portfolio that is structured and carefully monitored with the help of an
investment professional is an
"OUR MISSION CONTINUES TO BE TO ASSIST YOU AND YOUR FINANCIAL ADVISOR BY
OFFERING THE INVESTMENT SERVICES AND PRODUCTS THAT CAN HELP YOU TO SECURE YOUR
FINANCIAL OBJECTIVES."
important component in achieving your long-term financial goals. A
well-diversified portfolio may actually help to reduce your overall investment
risk, and we believe that a municipal bond investment like your Nuveen New York
Fund can be an important building block in a portfolio designed to perform well
through a variety of market conditions.
As in past reports, I'd also like to direct your attention to the inside front
cover, which explains the quick and easy process to begin receiving these Fund
reports via e-mail and the internet. Thousands of Nuveen Fund shareholders
already have signed-up, and they are getting their Fund information faster and
more conveniently than ever. I urge you to consider joining them.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering the investment services and products that can help
you to secure your financial objectives. We are grateful that you have chosen us
as a partner as you pursue your financial goals, and we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 15, 2004
Nuveen New York Municipal Closed-End Exchange-Traded Funds
(NNY, NNP, NAN, NXK)
Portfolio Manager's
PERSPECTIVE
Portfolio manager Paul Brennan discusses the market environment, key investment
strategies and the annual performance of these four Nuveen New York Funds. With
13 years of investment experience, including seven at Nuveen, Paul has managed
NNY, NNP and NAN since 1999, and NXK since its inception in 2001.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE ANNUAL
REPORTING PERIOD ENDED SEPTEMBER 30, 2004?
During this 12-month period, the U.S. economy demonstrated improvement in a
number of key areas, although the pace of recovery slowed somewhat toward the
end of the fiscal year. Economic growth, as measured by the gross domestic
product (GDP), expanded at annualized rates of 4.2% in the fourth quarter of
2003 and 4.5% in the first quarter of 2004. During the second quarter of 2004,
however, rising energy prices restrained consumer spending and negatively
impacted economic momentum. GDP growth for the second quarter moderated to 3.3%
annualized. As we moved into the third quarter, job growth and consumer
confidence continued to lag while oil prices remained high.
The higher energy costs of the second half of this fiscal year also were
responsible for some renewed speculation about a potential pick-up in inflation.
Although monthly gains in consumer prices were relatively tame, the Consumer
Price Index rose at an annualized rate of 3.5% for the first nine months of
2004, compared with 1.9% for all of 2003. Beginning in the spring of 2004,
inflation concerns, the slowing pace of economic recovery, and continued
geopolitical uncertainty acted as catalysts for heightened volatility in the
fixed-income markets.
As one example, the yield on the Bond Buyer 25 Revenue Bond Index (BB25), a
widely followed municipal bond index, stood at 5.20% when this reporting period
began on October 1, 2003. The BB25 yield then dropped steadily over the next six
months to 4.73% by mid-March 2004. As a series of improved employment reports
sparked increased anticipation that the Federal Reserve might move to raise
short-term interest rates, the index yield began to climb, rising more than 80
basis points over the next 12 weeks to 5.45%. By the end of September 2004, more
bond-friendly news--including indications of slower economic growth and
relatively benign inflation--had prompted a retreat to 5.02%.
4
While intermediate and long-term interest rates were moving up and then down,
short-term rates rose. The Federal Reserve introduced three one-quarter-point
increases in the fed funds rate between June and September 2004, raising the
target rate by a total of 75 basis points to 1.75%. As a result, we saw some
flattening of the yield curve. The Fed continued to note that it anticipated
taking a "measured" approach to further tightening as a way to promote a
sustainable recovery without increasing inflationary pressures.
During this 12-month reporting period, municipal bond supply nationwide remained
relatively strong, although the $361.8 billion in new bonds that came to market
represented a decrease of about 9% from the preceding 12-month period. In
contrast to much of 2003, when many states were issuing bonds to bridge budget
gaps and fund operations, an improving (albeit slow-growing) economy and higher
tax revenues lessened many issuers' need to borrow. In September 2004 alone,
national new issue supply was off 24% from the previous year.
HOW ABOUT ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
Over the 12-month period, New York continued to recover from the general
economic slowdown that affected the entire nation in the wake of September 11,
2001. The jobless rate in New York dropped significantly over the fiscal year,
from 6.4% in September 2003 to 5.5% in September 2004. This was the lowest it
had been since August 2001, and was generally in line with the national average
of 5.4%.
Overall, strong job growth in the construction, tourism and business services
sectors more than offset continued losses in the manufacturing sector. While New
York, along with many other states, has grappled with budgetary pressures over
the past few years, the state ended fiscal 2004 on March 31 with a general fund
surplus. In New York City, the employment picture also improved substantially,
as the jobless rate dropped from 8.4% in September 2003 to 6.9% in September
2004. At the close of fiscal 2004, the city announced that tax revenues for the
year had exceeded projections, with initial reports indicating a surplus in
excess of $1 billion.
From October 2003 through September 2004, issuers in New York brought $36.7
billion in new municipal bonds to market, down 13% from the previous 12 months.
In general, New York supply was tighter during the second half of the fiscal
year, with $13.7 billion
5
in new bonds coming to market between April and September 2004, a decrease of
40% from the previous six months.
For the fiscal year, Moody's maintained its A2 rating for New York state and, in
September 2004, placed the state on its watch list for a possible upgrade based
on improving liquidity. Also in September, Standard & Poor's reconfirmed its AA
state rating and revised its outlook to stable from negative, citing
improvements in the state's economy. As of September 2004, Moody's rated New
York City A2, while S&P had assigned an A rating. Moody's and S&P both turned
their outlooks for the city to stable from negative during 2003.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING
THE 12 MONTHS ENDED SEPTEMBER 30, 2004?
As the market continued to anticipate increased interest rates, our major
emphasis during this fiscal year centered on purchasing bonds with maturities
that provided what we thought was the best total return potential, and on
aligning the Funds to have more equivalent interest rate risk. Interest rate
risk is the risk that the value of a Fund's portfolio will decline if market
interest rates rise (since bond prices move in the opposite direction of
interest rates). Our purchase activity focused primarily on attractive
securities in the intermediate part of the yield curve (i.e., bonds that mature
in 10 to 20 years). In many cases, bonds in this part of the curve offered
yields similar to those of longer-term bonds with less inherent interest rate
risk and, we believed, greater total return prospects.
To accommodate these purchases, we sold bonds with longer or shorter effective
maturities. These sell decisions depended on several factors, including the
individual Fund's income stream and duration.1 One of our goals, over time, has
been to bring the effective maturities and durations of these Funds more closely
in line with those of the general New York market. We think this positioning
should help the Funds to produce more consistent returns over time.
We balanced our desire to position the Funds effectively with the desire to
trade only when we believed we could add value. As noted, municipal supply in
New York declined over the fiscal year, and new bonds became even scarcer in the
second half of the
1 Duration is a measure of a bond's or a Fund's net asset value (NAV)
sensitivity to changes in interest rates. In this report, duration refers
to the Fund's modified duration, prior to any adjustment for leverage.
Leverage-adjusted duration takes into account the leveraging process for a
Fund and therefore results in a generally longer duration than the modified
duration of the actual portfolio of individual bonds that make up the Fund.
References to duration in this commentary are not leverage adjusted unless
otherwise noted.
6
period. In addition, many of the issues that did come to market were smaller
than in the past, affording fewer opportunities to make sizable purchases. As a
result, turnover in each Fund's portfolio was relatively low over the 12-month
period. When there was trading activity, most of our purchases during this
period were at the higher end of the credit quality spectrum due to a limited
supply of issuance in the lower-rated categories. Each of these Funds came into
this period with what we believed to be a good balance of higher and lower rated
credits, and because of the limited trading activity we were able to keep our
overall credit quality exposure relatively stable in all four Funds.
Looking at geographic distribution, we increased our exposure to New York City
general obligation bonds (GOs) over the fiscal year. In general, we believed the
city's credit profile had stabilized, and we took advantage of several of the
larger issues that came to market during this period to add to our allocations.
There was a supply/demand imbalance that drove up the prices of New York bonds
relative to those issued in other states, and New York City's improving credit
picture also caused the city GOs to perform well over the course of the fiscal
year.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 9/30/04
(Annualized)
1-YEAR 5-YEAR 10-YEAR
----------------------------------------------------------------------
NNY 5.04% 6.05% 5.38%
----------------------------------------------------------------------
NNP 7.55% 9.50% 7.37%
----------------------------------------------------------------------
NAN 7.68% 10.01% NA
----------------------------------------------------------------------
NXK 7.80% NA NA
----------------------------------------------------------------------
Lehman Brothers
New York Tax-Exempt
Bond Index2 4.42% 6.76% 6.87%
----------------------------------------------------------------------
Lipper New York
Municipal Debt Funds
Average3 7.07% 7.85% 7.04%
----------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
2 The Lehman Brothers New York Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of investment-grade New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper New York Municipal Debt Funds category average is calculated
using the returns of all leveraged and unleveraged closed-end
exchange-traded funds in this category for each period as follows: 1 year,
23 funds; 5 years, 12 funds; and 10 years, 10 funds. Fund and Lipper
returns assume reinvestment of dividends.
7
For the fiscal year ended September 30, 2004, the total returns on net asset
value (NAV) for all four Funds in this report outperformed the return on the
Lehman Brothers index. NNP, NAN and NXK also outperformed the average return
over this period for the Lipper New York funds peer group, while NNY trailed
this measure.
One of the primary factors benefiting returns of NNP, NAN and NXK relative to
that of the Lehman Brothers index was the Funds' use of leverage. While
leveraging can add volatility to the Funds' NAVs and share prices, especially
when substantial shifts in interest rates occur, this strategy can also provide
opportunities for additional income and total returns for common shareholders
when short-term interest rates remain low and long-term rates are steady or
falling. Because NNY, like the Lehman Brothers index, is not leveraged, this
Fund could not benefit from this strategy. This accounted for most of the
performance differential between NNY and the three other, leveraged Funds over
this period.
Additionally, all four of these Funds benefited from their holdings of
lower-quality bonds, which generally outperformed other credit quality sectors
as the economy improved over this period.
Among the lower-rated bonds making positive contributions to the Funds' total
returns during this period were those issued within the healthcare sector,
especially hospital bonds. The performance of the healthcare sector as a whole
ranked second among the Lehman revenue sectors for the one-year period. As of
September 30, 2004, exposure to the healthcare sector in these four Funds was
22% in NAN, 12% in NNY, 11% in NXK and 10% in NNP. However, on the negative
side, NNY, NNP and NXK held bonds issued for Staten Island University Hospital,
which were downgraded in May 2004 by both Moody's (to Ba3 from Baa3) and Fitch
(to BB- from BB+) due to legal problems related to the hospital's financial
statements for fiscal 2002 and 2003. The subsequent decline in valuation for
these bonds detracted from the Funds' otherwise good performance.
The Funds' returns were also helped by the strong performance of their holdings
of uninsured bonds backed by the 1998 master tobacco settlement agreement. At
the end of this reporting period, the four Funds averaged exposures of just more
than 4% of their portfolios in these bonds.
8
During this period, the Funds saw mixed results from their holdings of housing
bonds, as the housing sector as a whole--including both single-family and
multifamily housing-- ranked among the poorest performers in the Lehman index
over the period. Overall, the housing bonds we held modestly helped the
performances of NNY and NNP, and had a negative impact on the returns of NAN and
NXK.
In addition, the performance of NNY was hurt by its holding of bonds issued by
Cattaraugus County Industrial Development Agency for the Laidlaw Energy and
Environmental Inc. project. Although we closed out our position in these
distressed bonds during this fiscal year, their decline in value prior to our
sale hurt the Fund's return.
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at or near historically low levels
throughout this reporting period, the leveraged structures of NNP, NAN and NXK
continued to support their dividend-paying capabilities. The extent of this
benefit is tied in part to the short-term rates these three leveraged Funds pay
their MuniPreferred(R) shareholders relative to the longer-term interest rates
of the bonds purchased with the proceeds of the MuniPreferred offerings. During
periods of low short-term interest rates, the leveraged Funds generally pay
relatively lower dividends to their MuniPreferred shareholders, which can leave
more earnings to support common share dividends. During this reporting period,
this strategy helped to maintain the dividends of NNP, NAN and NXK. In addition,
due to capital gains generated by trading activity as part of our maturity and
duration positioning, as well as the sale of some older holdings, common
shareholders of NNP and NXK received capital gains and net ordinary income
distributions of $0.2543 and $0.0486 per share, respectively, at the end of
December 2003.
Unlike the other three Funds, NNY is unleveraged and therefore was unable to
enhance its income through the use of this leveraging strategy. This, plus the
need to reinvest some bond call proceeds in a lower rate environment, led to a
dividend cut in this Fund in December 2003.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay
9
dividends at a rate that may be more or less than the amount of net investment
income actually earned by the Fund during the period. If a Fund has cumulatively
earned more than it has paid in dividends, it holds the excess in reserve as
undistributed net investment income (UNII) as part of the Fund's NAV.
Conversely, if a Fund has cumulatively paid dividends in excess of its earnings,
the excess constitutes negative UNII that is likewise reflected in the Fund's
NAV. Each Fund will, over time, pay all of its net investment income as
dividends to shareholders. As of September 30, 2004, NNP, NAN and NXK had
positive UNII balances (for both tax and financial statement purposes), while
NNY had a negative UNII balance for financial statement purposes but a positive
UNII balance for tax purposes.
As of September 30, 2004, all four of these Funds were trading at discounts to
their NAVs. The discounts on that date were roughly in line with the Funds'
average discounts over the entire 12-month reporting period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
SEPTEMBER 30, 2004?
Given the current geopolitical and economic climate, we continued to believe
that maintaining strong credit quality was an important requirement. As of the
end of September 2004, these four Funds balanced their lower quality holdings
with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 80% in
NAN to 77% in NNP, 76% in NNY and 75% in NXK.
At the end of September 2004, potential call exposure for these Funds during
2004-2006 ranged from 1% in NXK, 3% in NAN, and 5% in NNP to 10% in NNY. The
number of actual bond calls in all of these Funds will depend largely on market
interest rates.
10
Nuveen New York Municipal Value Fund, Inc.
NNY
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 47%
AA 29%
A 7%
BBB 11%
NR 3%
BB or Lower 3%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct 0.0375
Nov 0.0375
Dec 0.0355
Jan 0.0355
Feb 0.0355
Mar 0.0355
Apr 0.0355
May 0.0355
Jun 0.0355
Jul 0.0355
Aug 0.0355
Sep 0.0355
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 9.15
9.17
9.13
9.21
9.22
9.18
9.14
9.13
9.13
9.17
8.98
9.08
9.13
9.07
9.08
9.12
9.08
9.08
9.01
9.01
9.08
9.08
9.11
9.1
9.12
9.14
9.15
9.12
9.16
9.11
9.17
9.16
9.11
9.1
9.13
9.23
9.15
9.17
9.11
9.17
9.17
9.17
9.17
9.13
9.18
9.18
9.14
9.16
9.12
9.11
9.15
9.2
9.19
9.15
9.13
9.22
9.14
9.14
9.2
9.21
9.2
9.25
9.25
9.24
9.25
9.23
9.2
9.19
9.24
9.24
9.28
9.33
9.34
9.33
9.34
9.29
9.32
9.37
9.44
9.42
9.36
9.4
9.44
9.36
9.37
9.37
9.36
9.46
9.46
9.37
9.42
9.48
9.41
9.38
9.33
9.41
9.4
9.36
9.35
9.33
9.33
9.31
9.36
9.38
9.4
9.4
9.43
9.45
9.45
9.36
9.42
9.45
9.49
9.47
9.44
9.42
9.45
9.49
9.5
9.42
9.5
9.47
9.52
9.5
9.49
9.42
9.35
9.38
9.42
9.39
9.19
9.05
8.92
8.98
8.95
8.93
8.83
8.76
8.87
8.88
8.82
8.86
8.79
8.85
8.74
8.78
8.81
8.78
8.68
8.72
8.71
8.72
8.7
8.74
8.7
8.65
8.75
8.75
8.67
8.55
8.6
8.53
8.51
8.57
8.5
8.53
8.57
8.76
8.66
8.74
8.74
8.57
8.67
8.71
8.79
8.67
8.79
8.7
8.66
8.64
8.65
8.59
8.55
8.55
8.66
8.67
8.59
8.57
8.66
8.65
8.61
8.67
8.69
8.8
8.78
8.84
8.79
8.77
8.74
8.67
8.68
8.71
8.75
8.76
8.75
8.68
8.74
8.71
8.75
8.83
8.78
8.9
8.88
8.88
8.99
8.95
8.94
8.94
9.05
8.99
9
8.94
8.94
8.97
8.9
8.9
9
8.95
8.99
9.05
9.03
9.04
9.03
9.05
9.08
9.05
9.15
9.1
9.03
9.11
9.13
9.18
9.12
9.12
9.16
9.15
9.09
9.09
9.04
9.11
9.17
9.22
9.18
9.23
9.16
9.19
9/30/04 9.15
FUND SNAPSHOT
------------------------------------
Share Price $9.15
------------------------------------
Common Share
Net Asset Value $10.01
------------------------------------
Premium/(Discount) to NAV -8.59%
------------------------------------
Market Yield 4.66%
------------------------------------
Taxable-Equivalent Yield1 7.01%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $151,314
------------------------------------
Average Effective
Maturity (Years) 19.08
------------------------------------
Modified Duration 5.05
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 5.29% 5.04%
------------------------------------
5-Year 6.37% 6.05%
------------------------------------
10-Year 4.51% 5.38%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22%
------------------------------------
Long-Term Care 15%
------------------------------------
Healthcare 12%
------------------------------------
U.S. Guaranteed 8%
------------------------------------
Education and Civic Organizations 8%
------------------------------------
Utilities 8%
------------------------------------
Water and Sewer 6%
------------------------------------
Transportation 5%
------------------------------------
Other 16%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
11
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 48%
AA 29%
A 8%
BBB 11%
NR 2%
BB or Lower 2%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0845
Nov 0.0845
Dec 0.0845
Jan 0.0845
Feb 0.0845
Mar 0.0845
Apr 0.0845
May 0.0845
Jun 0.0845
Jul 0.0845
Aug 0.0845
Sep 0.0845
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 15.66
15.65
15.69
15.76
15.68
15.75
15.75
15.73
15.77
15.79
15.76
15.76
15.72
15.76
15.69
15.8
15.85
15.79
15.86
15.8
15.72
15.69
15.71
15.78
15.87
15.93
15.75
15.85
15.86
15.95
15.79
15.9
15.85
15.88
15.95
15.93
15.96
15.93
15.95
16.08
16.11
16.17
16.17
16.13
16.18
16.29
16.27
16.35
16.34
16.38
16.44
16.11
16.13
16
16.06
16.4
16.5
16.47
16.42
16.44
16.47
16.54
16.77
16.74
16.8
16.85
17
17.12
16.95
16.92
17.1
17.08
17.04
17.14
17.06
17.04
17.01
16.94
17
16.97
16.76
16.68
16.65
16.66
16.67
16.67
16.81
16.7
16.76
16.72
16.8
16.8
16.74
16.62
16.67
16.62
16.64
16.75
16.78
16.76
16.82
16.8
16.75
16.91
16.9
16.9
17
17.1
17.05
16.99
17.02
17.02
17.06
17.28
17.15
17.04
17.04
17.08
17.11
17.2
17.04
17.02
17.01
17
16.98
17
16.85
16.71
16.86
16.92
16.74
16.17
15.75
15.9
16.05
16.08
15.73
15.37
15.26
15.45
15.38
15
15.14
15.09
15.05
15.02
14.94
14.65
14.5
14.55
14.56
14.62
14.6
14.47
14.16
13.9
14.05
14
13.76
13.95
14.09
14.11
14.13
14.32
14.32
14.35
14.47
14.58
14.59
14.47
14.47
14.57
14.57
14.55
14.56
14.51
14.45
14.5
14.41
14.37
14.37
14.26
14.29
14.25
14.25
14.3
14.32
14.4
14.4
14.41
14.35
14.46
14.49
14.65
14.8
14.85
14.93
14.91
15.05
15.07
15.02
15.15
15.05
15.01
14.94
14.75
14.66
14.77
14.82
14.68
14.75
14.8
14.87
14.87
15.08
15.12
15.25
15.17
15.29
15.38
15.36
15.28
15.18
15.38
15.33
15.43
15.48
15.57
15.62
15.35
15.34
15.47
15.54
15.632
15.71
15.8
15.91
15.85
15.85
15.75
15.9
15.8
15.72
15.65
15.66
15.71
15.7
15.72
15.66
15.79
15.75
15.8
15.78
15.82
15.82
15.81
9/30/04 15.66
FUND SNAPSHOT
------------------------------------
Share Price $15.66
------------------------------------
Common Share
Net Asset Value $16.50
------------------------------------
Premium/(Discount) to NAV -5.09%
------------------------------------
Market Yield 6.48%
------------------------------------
Taxable-Equivalent Yield1 9.74%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $247,139
------------------------------------
Average Effective
Maturity (Years) 17.72
------------------------------------
Leverage-Adjusted Duration 8.37
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 8.19% 7.55%
------------------------------------
5-Year 7.68% 9.50%
------------------------------------
10-Year 6.76% 7.37%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22%
------------------------------------
U.S. Guaranteed 16%
------------------------------------
Education and Civic
Organizations 14%
------------------------------------
Healthcare 10%
------------------------------------
Utilities 8%
------------------------------------
Water and Sewer 7%
------------------------------------
Transportation 6%
------------------------------------
Long-Term Care 5%
------------------------------------
Other 12%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2543 per share.
12
Nuveen New York Dividend Advantage Municipal Fund
NAN
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 50%
AA 30%
A 7%
BBB 8%
NR 3%
BB or Lower 2%
Bar Chart:
2003-2004 Monthly Tax-Free Dividends Per Share
Oct 0.0825
Nov 0.0825
Dec 0.0825
Jan 0.0825
Feb 0.0825
Mar 0.0825
Apr 0.0825
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.0825
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 15.1
15.19
15.22
15.25
15.24
15.25
15.25
15.24
15.15
15.19
15.2
15.19
15.14
15.18
15.11
15.14
15.15
15.06
15.11
15.16
15.11
15.08
15.19
15.24
15.3
15.24
15.36
15.25
15.2
15.26
15.17
15.16
15.21
15.3
15.23
15.38
15.42
15.46
15.42
15.42
15.48
15.53
15.53
15.42
15.51
15.59
15.54
15.6
15.85
15.63
15.8
15.86
15.85
15.6
15.56
15.58
15.7
15.8
15.69
15.84
15.8
15.88
15.89
15.95
15.98
16.01
16
15.8
15.85
15.86
15.95
15.92
15.9
15.83
15.86
15.92
15.9
15.98
16.01
16.09
16.08
16.13
16.05
16
16.05
16.05
15.98
16.02
16.19
16.15
16.15
16.21
16.23
16.13
16.15
16.1
16.28
16.39
16.31
16.49
16.26
16.5
16.6
16.58
16.55
16.55
16.7
16.55
16.25
16.3
16.5
16.42
16.47
16.57
16.59
16.44
16.4
16.4
16.37
16.4
16.37
16.5
16.45
16.38
16.35
16.42
16.43
16.25
16.21
16.19
15.81
15.6
15.09
15.29
15.28
15.23
14.81
14.62
14.74
14.79
14.75
14.61
14.46
14.44
14.25
14.16
14
13.93
13.77
13.83
13.98
13.98
14.05
13.97
13.8
13.6
13.75
13.59
13.61
13.64
13.67
13.83
13.8
13.95
13.97
14
14.15
14.18
14.26
14.19
14.19
14.21
14.36
14.29
14.27
14.17
14.15
14.03
13.88
13.87
14
14.01
14.02
13.98
13.98
14.02
14.02
14.15
14.26
14.24
14.25
14.25
14.32
14.47
14.55
14.59
14.75
14.74
14.77
14.78
14.81
14.93
14.86
14.8
14.55
14.53
14.6
14.69
14.62
14.55
14.66
14.68
14.75
14.75
14.85
14.9
15
14.99
15
14.96
14.97
14.78
14.78
14.79
14.79
14.82
14.84
14.8
14.76
14.79
14.79
14.84
14.88
14.94
14.95
14.99
15
14.99
14.92
14.93
14.85
14.84
14.92
14.8
14.76
14.8
14.85
14.89
14.92
14.92
14.95
15.04
15.16
15.1
15.16
15.07
9/30/04 15.01
FUND SNAPSHOT
------------------------------------
Share Price $15.01
------------------------------------
Common Share
Net Asset Value $15.83
------------------------------------
Premium/(Discount) to NAV -5.18%
------------------------------------
Market Yield 6.60%
------------------------------------
Taxable-Equivalent Yield1 9.92%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $145,592
------------------------------------
Average Effective
Maturity (Years) 18.11
------------------------------------
Leverage-Adjusted Duration 7.52
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 6.13% 7.68%
------------------------------------
5-Year 7.24% 10.01%
------------------------------------
Since
Inception 6.21% 8.08%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Healthcare 22%
------------------------------------
Tax Obligation/Limited 16%
------------------------------------
Education and Civic
Organizations 15%
------------------------------------
Tax Obligation/General 10%
------------------------------------
U.S. Guaranteed 10%
------------------------------------
Utilities 7%
------------------------------------
Water and Sewer 5%
------------------------------------
Other 15%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
13
Nuveen New York Dividend Advantage Municipal Fund 2
NXK
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 52%
AA 23%
A 5%
BBB 15%
NR 3%
BB or Lower 2%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0795
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 14.61
14.73
14.65
14.65
14.65
14.67
14.55
14.46
14.4
14.49
14.36
14.46
14.45
14.41
14.47
14.5
14.64
14.64
14.72
14.68
14.66
14.68
14.78
14.72
14.89
14.9
14.99
14.96
14.88
14.9
14.7
14.78
14.7
14.83
14.85
14.94
14.9
14.97
14.85
14.9
14.9
14.93
14.93
14.9
14.84
14.96
15
14.99
14.95
15.04
15.14
15.1
14.95
14.93
15.02
14.94
14.98
14.97
14.96
14.99
14.97
15
15.02
14.99
15.15
15.12
15.13
15.05
15.09
15.03
15.11
15.24
15.18
15.15
15.25
15.38
15.39
15.35
15.4
15.24
15.27
15.2
15
14.99
15.08
15.08
15.17
15.26
15.36
15.39
15.42
15.48
15.44
15.46
15.5
15.51
15.57
15.69
15.69
15.68
15.62
15.65
15.68
15.73
15.62
15.62
15.65
15.77
15.62
15.63
15.66
15.8
15.72
15.9
15.88
15.76
15.79
15.8
15.75
15.8
15.73
15.71
15.74
15.68
15.65
15.69
15.66
15.71
15.81
15.85
15.79
15.28
15.12
15.2
15.25
15.08
14.39
14.21
14.02
14.23
14.26
14.19
13.99
14.02
13.9
13.83
13.7
13.65
13.67
13.71
13.65
13.62
13.66
13.58
13.15
13.33
13.41
13.41
13.5
13.58
13.6
13.83
13.4
13.5
13.57
13.4
13.55
13.66
13.91
13.94
13.94
14.01
14.1
14.18
13.9
13.7
13.97
13.65
13.71
13.75
13.8
13.74
13.72
13.74
13.54
13.61
13.68
13.57
13.76
13.65
13.56
13.58
13.7
14.05
14
14.1
14.15
14.34
14.39
14.33
14.3
14.44
14.23
14.12
14.12
14.08
14.11
13.92
13.93
13.9
13.81
14
14.16
14.16
14.14
14.26
14.35
14.32
14.52
14.49
14.48
14.3
14.35
14.39
14.38
14.47
14.5
14.45
14.55
14.47
14.5
14.59
14.55
14.65
14.62
14.68
14.73
14.78
14.81
14.71
14.63
14.64
14.64
14.62
14.55
14.62
14.7
14.7
14.7
14.75
14.76
14.8
14.85
14.98
14.82
9/30/04 14.95
FUND SNAPSHOT
------------------------------------
Share Price $14.82
------------------------------------
Common Share
Net Asset Value $15.60
------------------------------------
Premium/(Discount) to NAV -5.00%
------------------------------------
Market Yield 6.44%
------------------------------------
Taxable-Equivalent Yield1 9.68%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $100,706
------------------------------------
Average Effective
Maturity (Years) 18.80
------------------------------------
Leverage-Adjusted Duration 8.14
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 9.02% 7.80%
------------------------------------
Since
Inception 6.06% 8.79%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation Limited 16%
------------------------------------
U.S. Guaranteed 13%
------------------------------------
Utilities 12%
------------------------------------
Healthcare 11%
------------------------------------
Transportation 10%
------------------------------------
Education and Civic
Organizations 10%
------------------------------------
Tax Obligation/General 9%
------------------------------------
Water and Sewer 6%
------------------------------------
Other 13%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0486 per share.
14
Report of
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
THE BOARD OF DIRECTORS, TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Municipal Value Fund, Inc.,
Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend
Advantage Municipal Fund and Nuveen New York Dividend Advantage Municipal Fund
2, as of September 30, 2004, and the related statements of operations for the
year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our procedures
included confirmation of investments owned as of September 30, 2004, by
correspondence with the custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund and
Nuveen New York Dividend Advantage Municipal Fund 2 at September 30, 2004, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for the periods indicated therein in conformity with U.S. generally
accepted accounting principles.
/s/Ernst & Young LLP
Chicago, Illinois
November 12, 2004
15
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.4%
$ 470 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 431,516
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
355 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 355,845
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
150 6.000%, 6/01/15 6/10 at 101.00 BBB 150,762
705 6.150%, 6/01/25 6/10 at 101.00 BBB 692,395
765 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 779,956
Pass-Through Bonds, Series 2000, 5.800%, 6/01/23
390 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 362,333
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 BBB- 1,022,820
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27
300 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 276,123
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
1,250 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 1,264,650
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,273,288
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.2%
Albany Industrial Development Agency, New York, Revenue Bonds,
Albany Law School Project, Series 2000A:
600 5.700%, 10/01/20 - RAAI Insured 10/10 at 100.00 AA 660,606
750 5.750%, 10/01/30 - RAAI Insured 10/10 at 100.00 AA 816,255
2,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 2,142,680
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
575 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 618,303
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,138,533
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
New York State Dormitory Authority, Second General Resolution
Consolidated Revenue Bonds, City University System, Series 1993A:
1,000 5.750%, 7/01/18 No Opt. Call AA- 1,178,310
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,685,446
1,000 New York State Dormitory Authority, Insured Revenue Bonds, 9/06 at 102.00 AA 1,067,450
Long Island University, Series 1996, 5.500%, 9/01/20 -
RAAI Insured
750 New York State Dormitory Authority, Revenue Bonds, 7/09 at 102.00 AA 844,252
Pratt Institute, Series 1999, 6.000%, 7/01/24 - RAAI Insured
1,250 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA 1,365,288
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
800 New York State Dormitory Authority, Insured Revenue 7/11 at 102.00 AA 862,208
Bonds, D'Youville College, Series 2001,
5.250%, 7/01/20 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.4%
490 Cattaraugus County Industrial Development Agency, 8/08 at 102.00 AA- 506,743
New York, Revenue Bonds, Olean General Hospital,
Series 1998A, 5.250%, 8/01/23
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 845 Nassau County Industrial Development Agency, New York, No Opt. Call A3 $ 931,046
Revenue Refunding Bonds, North Shore Health System
Obligated Group, Series 2001B, 5.875%, 11/01/11
500 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 533,695
Health System Revenue Bonds, Series 1999A,
5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,266,027
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,073,080
250 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba3 237,028
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2002C, 6.450%, 7/01/32
500 New York City Industrial Development Agency, New York, 7/12 at 100.00 Ba3 469,820
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
2,250 New York State Dormitory Authority, FHA-Insured 2/07 at 102.00 AAA 2,427,458
Mortgage Nursing Home Revenue Bonds, Rosalind and
Joseph Gurwin Jewish Geriatric Center of Long Island,
Series 1997, 5.700%, 2/01/37 - AMBAC Insured
1,640 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 1,839,227
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 508,640
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 521,105
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
1,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 1,016,780
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
1,250 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 1,387,388
Catholic Health Services of Long Island Obligated Group,
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
1,930 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 2,035,610
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
1,000 New York State Dormitory Authority, Revenue Bonds, 2/05 at 100.00 BBB- 1,003,610
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
1,035 Newark-Wayne Community Hospital, New York, Hospital 3/05 at 101.00 N/R 1,021,359
Revenue Refunding and Improvement Bonds, Series 1993A,
7.600%, 9/01/15
500 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 BB 509,350
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.6%
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 442,208
Section 8 Revenue Refunding Bonds, Bennet Project,
Series 2001A, 6.700%, 4/01/21
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,060,560
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,035,030
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,035,090
440 New York State Housing Finance Agency, Secured Mortgage 8/11 at 100.00 Aa1 467,601
Program Multifamily Housing Revenue Bonds, Series 2001E,
5.600%, 8/15/20 (Alternative Minimum Tax)
1,275 Westchester County Industrial Development Agency, 8/11 at 102.00 Aaa 1,369,465
New York, GNMA Collateralized Mortgage Loan Revenue
Bonds, Living Independently for the Elderly Inc.,
Series 2001A, 5.375%, 8/20/21
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1%
3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,913,687
Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative
Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 847,963
Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
17
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 14.3%
$ 1,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA $ 1,130,990
Revenue Bonds, WSNCHS East Inc. Project, Series 2000B,
6.000%, 8/01/24 - MBIA Insured
2,015 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 2,199,332
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
3,125 East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101.00 AAA 3,183,688
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1998A, 5.250%, 8/01/38
590 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 635,814
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
530 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 553,134
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/07 at 102.00 AA 3,270,960
Nursing Home Revenue Bonds, Hebrew Home for the
Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,980 New York State Dormitory Authority, FHA-Insured Mortgage 8/06 at 102.00 AA- 2,076,426
Revenue Bonds, German Masonic Home Corporation,
Series 1996, 5.950%, 8/01/26
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/06 at 102.00 AAA 3,256,200
Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
1,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 1,021,740
Nursing Home Revenue Bonds, Eger Healthcare Center of
Staten Island, Series 1998, 5.100%, 2/01/28
1,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Aa3 1,089,730
Concord Nursing Home Inc., Series 2000, 6.500%, 7/01/29
3,000 Syracuse Housing Authority, New York, FHA-Insured 2/08 at 102.00 AAA 3,217,800
Mortgage Revenue Bonds, Loretto Rest Residential
Healthcare Facility, Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.3%
825 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 912,021
Fiscal Series 2004B, 5.250%, 8/01/15
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 824,865
Fiscal Series 2004C, 5.250%, 8/15/16
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,221,700
Water Treatment Plant Bonds, Series 1994,
7.250%, 11/01/11 (Alternative Minimum Tax) -
MBIA Insured
550 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 586,729
Series 2000A, 6.000%, 6/01/20 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.0%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,092,420
Bonds, Series 2003A, 5.250%, 11/01/21
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,023,030
Service Contract Refunding Bonds, Series 2002A,
5.125%, 1/01/29
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,129,600
1,000 5.000%, 11/15/30 11/12 at 100.00 AA- 1,015,620
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,313
Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 1,388,414
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
2,000 New York State Dormitory Authority, Court Facilities 5/10 at 101.00 AAA 2,223,640
Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
105 New York State Dormitory Authority, Improvement Revenue 2/06 at 102.00 AAA 110,333
Bonds, Mental Health Services Facilities, Series 1996B,
5.375%, 2/15/26 - FSA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,055,900
Infrastructure Revenue Bonds, Series 2003A,
5.000%, 3/15/21
410 New York State Housing Finance Agency, Suffolk County, 11/04 at 100.00 Baa1 417,696
H.E.L.P. Secured Loan Rental Housing Revenue Bonds,
Series 1989A, 8.100%, 11/01/05
1,810 New York State Dormitory Authority, Service Contract Bonds, 4/12 at 100.00 AA- 1,976,683
Child Care Facilities Development Program, Series 2002,
5.375%, 4/01/16
600 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA 653,082
State Personal Income Tax, Series 2003A,
5.375%, 3/15/22
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA $ 1,073,910
Trust Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 - MBIA Insured
1,270 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 1,437,462
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
1,620 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AA 1,720,926
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
600 New York State Urban Development Corporation, Special No Opt. Call AA- 712,374
Project Revenue Bonds, University Facilities Grants,
Series 1995, 5.875%, 1/01/21
1,750 New York State Urban Development Corporation, Service No Opt. Call AA- 1,953,770
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
3,000 Niagara Falls City School District, Niagara County, 6/08 at 101.00 AAA 3,150,690
New York, Certificates of Participation, High School
Facility, Series 1998, 5.375%, 6/15/28 - MBIA Insured
750 Niagara Falls City School District, Niagara County, 6/09 at 101.00 BBB- 809,415
New York, Certificates of Participation, High School
Facility, Series 2000, 6.625%, 6/15/28
1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,337,158
Agreement Revenue Bonds, John P. Colahan Court
Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
500 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 542,140
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,145,900
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,090,170
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
85 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AA- 96,512
Convention Center Bonds, Series 1990E, 7.250%, 1/01/10
1,500 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 1,715,370
Loan Notes, Series 1999A, 6.500%, 10/01/24
Yonkers Industrial Development Agency, New York, Revenue
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A:
500 6.250%, 2/01/16 2/11 at 100.00 BBB- 545,580
1,120 6.625%, 2/01/26 2/11 at 100.00 BBB- 1,204,806
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.4%
1,000 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 1,018,300
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA Insured
500 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 567,555
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 810,348
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 756,960
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 535,565
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 AA- 2,637,225
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 915,470
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 861,560
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 8.2%
2,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,454,863
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
1,000 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA 1,158,700
Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded
to 3/01/10) - FSA Insured
19
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA $ 1,157,030
Tax Secured Revenue Bonds, Series 2000A, 5.750%, 11/15/16
(Pre-refunded to 11/15/10) - MBIA Insured
20 New York City, New York, General Obligation Bonds, Fiscal 10/07 at 101.00 Aaa 22,517
Series 1997G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07)
175 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 188,473
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 (Pre-refunded
to 6/15/06) - MBIA Insured
85 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 100,089
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
3,500 New York State Dormitory Authority, Judicial Facilities No Opt. Call AAA 4,325,195
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16
25 New York State Dormitory Authority, Suffolk County, Lease 10/04 at 114.14 Baa1*** 35,938
Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14
2,600 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 3,006,848
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
1,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 1,593,405
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,562,450
2,330 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 2,459,199
General Revenue Bonds, Series 2001A, 5.375%, 9/01/21
750 Long Island Power Authority, New York, Electric System 5/11 at 100.00 A- 777,285
General Revenue Bonds, Series 2000L, 5.375%, 5/01/33
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 918,930
Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative
Minimum Tax)
1,500 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 1,547,250
Series 2000A, 5.250%, 11/15/40
500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 540,230
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Alternative Minimum Tax)
(Mandatory put 11/15/12)
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 973,860
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 547,906
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.1%
300 Monroe County Water Authority, New York, Water 8/11 at 101.00 AA 318,207
System Revenue Bonds, Series 2001, 5.150%, 8/01/22
1,000 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,080,080
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,250 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA+ 1,337,950
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2001A, 5.500%, 6/15/33
1,500 New York City Municipal Water Finance Authority, 6/11 at 101.00 AA+ 1,661,775
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
325 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 347,246
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 -
MBIA Insured
415 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 478,943
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
740 New York City Municipal Water Finance Authority, 6/12 at 100.00 AA+ 811,765
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2003A, 5.375%, 6/15/19
3,065 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 3,262,170
Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 137,120 Total Long-Term Investments (cost $137,543,165) - 96.9% 146,599,919
=============-----------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.6%
$ 500 New York City, New York, General Obligation Bonds, A-1+ $ 500,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/05 - MBIA Insured+
900 New York City, New York, General Obligation Bonds, A-1+ 900,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/11 - MBIA Insured+
1,000 Puerto Rico Government Development Bank, Adjustable A-1 1,000,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 1.590%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 2,400 Total Short-Term Investments (cost $2,400,000) 2,400,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $139,943,165) - 98.5% 148,999,919
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 2,314,144
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 151,314,063
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ Security has variable rate and demand features which
qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
21
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.2%
$ 885 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB $ 887,106
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
400 6.000%, 6/01/15 6/10 at 101.00 BBB 402,032
780 6.150%, 6/01/25 6/10 at 101.00 BBB 766,054
1,355 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 1,381,490
Pass-Through Bonds, Series 2000, 5.800%, 6/01/23
810 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 752,539
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 958,640
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 BBB- 2,557,050
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27
760 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 699,512
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
3,750 TSASC Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 3,793,950
Bonds, Series 1999-1, 6.250%, 7/15/27
3,000 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 3,055,890
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.4%
1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA 1,741,305
Bonds, Albany Law School Project, Series 1999A,
6.750%, 12/01/29 - RAAI Insured
2,700 Brookhaven Industrial Development Agency, New York, 12/07 at 101.00 A3 2,842,047
Revenue Bonds, St. Joseph's College, Series 2000,
6.000%, 12/01/20
1,285 Cattaraugus County Industrial Development Agency, 9/08 at 101.00 BBB- 1,322,342
New York, Revenue Bonds, St. Bonaventure University,
Series 1998B, 5.000%, 9/15/13
Monroe County Industrial Development Agency, New York,
Civic Facility Revenue Bonds, St. John Fisher College,
Series 1999:
1,000 5.375%, 6/01/17 - RAAI Insured 6/09 at 102.00 AA 1,074,820
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,493,372
3,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 3,214,020
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
750 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 806,483
Revenue Bonds, Museum of American Folk Art,
Series 2000, 6.000%, 7/01/22 - ACA Insured
800 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 828,024
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
2,500 New York State Dormitory Authority, Revenue Bonds, No Opt. Call AA- 2,954,150
State University Educational Facilities, Series 1993A,
5.875%, 5/15/17
1,000 New York State Dormitory Authority, Consolidated Revenue No Opt. Call AAA 1,161,970
Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,850 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 3,167,519
Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
580 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 638,806
Fashion Institute of Technology, Series 2000,
5.375%, 7/01/20 - FSA Insured
5,590 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 A+ 6,034,685
University of Rochester, Series 1999A, 5.500%, 7/01/16
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York State Dormitory Authority, Revenue Bonds, Pratt
Institute, Series 1999:
$ 1,250 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA $ 1,414,513
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,125,670
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 4,166,502
8,345 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA 9,114,659
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
New York State Dormitory Authority, Third General Resolution
Consolidated Revenue Bonds, City University System, Series
1998-2:
1,490 5.000%, 7/01/17 - FSA Insured 7/08 at 101.00 AAA 1,605,803
1,055 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 1,134,262
2,120 New York State Dormitory Authority, General Revenue No Opt. Call AAA 2,482,054
Bonds, New York University, Series 2001-1,
5.500%, 7/01/20 - AMBAC Insured
1,000 New York State Dormitory Authority, Revenue Bonds, 7/12 at 100.00 AAA 1,109,450
Columbia University, Series 2002B, 5.375%, 7/01/19
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.5%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,077,470
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,341,350
750 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba3 711,083
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2002C, 6.450%, 7/01/32
750 New York City Industrial Development Agency, New York, 7/12 at 100.00 Ba3 704,730
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
2,000 New York State Dormitory Authority, FHA-Insured 2/05 at 100.00 AAA 2,082,600
Mortgage Revenue Bonds, St. Vincent's Hospital and
Medical Center, Series 1991, 7.400%, 8/01/30
1,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AA 1,091,500
Hospital Revenue Bonds, St. James Mercy Hospital,
Series 1998, 5.250%, 2/01/18
4,130 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 4,631,712
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
900 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 915,552
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
1,250 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 1,302,763
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
8,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AAA 8,810,400
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,400 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 3,457,052
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
3,750 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 4,162,163
Catholic Health Services of Long Island Obligated Group,
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
1,200 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 A3 1,238,460
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,870 New York State Medical Care Facilities Finance Agency, 2/05 at 100.00 AAA 1,963,126
FHA-Insured Mortgage Revenue Bonds, Hospital and
Nursing Home Projects, Series 1992B, 6.200%, 8/15/22
1,655 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 1,745,562
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
2,000 New York State Dormitory Authority, Revenue Bonds, 2/05 at 100.00 BBB- 2,007,220
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
1,100 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 BB 1,120,570
Revenue Bonds, St. John's Riverside Hospital,
Series 2001A, 7.125%, 7/01/31
23
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4%
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
$ 1,610 5.500%, 11/01/31 5/11 at 101.00 AA $ 1,666,398
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,070,180
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
910 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 947,010
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 462,465
395 New York State Housing Finance Agency, Multifamily 11/04 at 100.00 AAA 396,963
Housing Revenue Bonds, Series 1989B, 7.550%, 11/01/29
(Alternative Minimum Tax) - AMBAC Insured
1,585 New York State Housing Finance Agency, Secured 2/05 at 100.00 Aa1 1,594,986
Mortgage Multifamily Housing Revenue Bonds,
Series 1992A, 7.000%, 8/15/12 (Alternative Minimum Tax)
1,100 New York State Housing Finance Agency, Secured Mortgage 8/09 at 101.00 Aa1 1,162,073
Program Multifamily Housing Revenue Bonds,
Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
2,465 Puerto Rico Housing Finance Corporation, Multifamily 10/04 at 100.00 A 2,482,797
Mortgage Revenue Bonds, Portfolio A, Series 1990I,
7.500%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.3%
490 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 515,078
Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative
Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,304,562
Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative
Minimum Tax)
6,985 New York State Mortgage Agency, Homeowner Mortgage 4/11 at 100.00 Aa1 7,186,587
Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative
Minimum Tax)
1,660 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 1,675,737
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.6%
1,500 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 1,616,475
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
1,350 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 1,408,927
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/07 at 102.00 AA 3,270,960
Nursing Home Revenue Bonds, Hebrew Home for the
Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,375 New York State Dormitory Authority, Revenue Bonds, 7/10 at 102.00 A 1,506,093
Miriam Osborn Memorial Home Association, Series 2000B,
6.375%, 7/01/29 - ACA Insured
2,110 New York State Medical Care Facilities Finance Agency, 2/06 at 102.00 AA+ 2,254,915
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, Series 1995C, 6.100%, 8/15/15
1,520 New York State Dormitory Authority, FHA-Insured Mortgage 2/13 at 102.00 AAA 1,575,754
Nursing Home Revenue Bonds, Shorefront Jewish Geriatric
Center Inc., Series 2002, 5.200%, 2/01/32
2,755 Oswego County Industrial Development Agency, 2/09 at 101.00 AAA 2,875,201
New York, FHA-Insured Mortgage Assisted Civic Facility
Revenue Bonds, Bishop Commons Inc., Series 1999A,
5.375%, 2/01/49
4,000 Syracuse Housing Authority, New York, FHA-Insured 2/08 at 102.00 AAA 4,290,400
Mortgage Revenue Bonds, Loretto Rest Residential
Healthcare Facility, Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.4%
1,725 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 1,906,953
Fiscal Series 2004B, 5.250%, 8/01/15
1,800 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 1,979,676
Fiscal Series 2004C, 5.250%, 8/15/16
2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,565,453
Water Treatment Plant Bonds, Series 1994,
8.000%, 11/01/09 (Alternative Minimum Tax) -
MBIA Insured
1,350 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 1,440,153
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
200 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 223,592
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 223,592
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 32.4%
$ 2,400 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA $ 2,531,640
Bonds, Series 2003A, 5.000%, 11/01/23
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,547,991
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,046,060
1,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,022,170
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
5,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 5,324,000
2,500 5.000%, 11/15/30 11/12 at 100.00 AA- 2,539,050
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,728,938
Revenue Bonds, Series 2003, 5.500%, 1/01/34
2,000 Nassau Health Care Corporation, New York, County 8/09 at 102.00 AAA 2,204,600
Guaranteed Health System Revenue Bonds, Series 1999,
5.750%, 8/01/29 - FSA Insured
2,665 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 2,782,047
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
3,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 3,335,460
Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
New York State Dormitory Authority, Nassau County, Revenue
Bonds, Board of Cooperative Educational Services, Series 2001A:
1,265 5.250%, 8/15/17 - FSA Insured 8/11 at 100.00 AAA 1,399,179
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,530,744
New York State Dormitory Authority, Revenue Bonds, Mental Health
Services Facilities Improvements, Series 2000D:
190 5.875%, 2/15/18 - FSA Insured 8/10 at 100.00 AAA 218,278
225 5.875%, 8/15/19 - FSA Insured 8/10 at 100.00 AAA 258,487
185 5.875%, 10/01/19 - FSA Insured 8/10 at 100.00 AAA 212,534
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,055,900
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
1,200 New York State Dormitory Authority, Revenue Bonds, State 3/13 at 100.00 AA 1,306,164
Personal Income Tax, Series 2003A, 5.375%, 3/15/22
1,000 New York State Thruway Authority, Highway and Bridge 4/10 at 101.00 AAA 1,143,090
Trust Fund Bonds, Series 2000B, 5.750%, 4/01/16 -
FGIC Insured
1,500 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,619,985
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
6,500 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AA 6,904,950
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
2,950 New York State Urban Development Corporation, State 3/13 at 100.00 AA 3,100,421
Personal Income Tax, Revenue Bonds, Series 2003B,
5.000%, 3/15/22
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A:
2,860 5.375%, 3/15/19 3/12 at 100.00 AA 3,127,782
2,000 5.375%, 3/15/20 3/12 at 100.00 AA 2,177,820
4,000 New York State Urban Development Corporation, Service No Opt. Call AA- 4,465,760
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
5,000 Niagara Falls City School District, Niagara County, 6/08 at 101.00 AAA 5,251,150
New York, Certificates of Participation, High School
Facility, Series 1998, 5.375%, 6/15/28 - MBIA Insured
1,785 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 2,017,675
Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
5,600 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 6,071,968
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
2,500 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 2,725,425
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
25
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
$ 750 5.250%, 7/01/23 1/08 at 100.00 A3 $ 796,740
500 5.250%, 7/01/24 1/08 at 100.00 A3 526,890
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 3,979,658
Loan Notes, Series 1999A, 6.500%, 10/01/24
Yonkers Industrial Development Agency, New York, Revenue
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A:
1,250 6.250%, 2/01/16 2/11 at 100.00 BBB- 1,363,950
2,520 6.625%, 2/01/26 2/11 at 100.00 BBB- 2,710,814
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.6%
1,355 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,458,942
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, No Opt. Call AAA 1,681,545
Transportation Revenue Bonds, Series 2003A,
5.000%, 11/15/15 - FGIC Insured
1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,399,692
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,455 New York State Thruway Authority, General Revenue 1/05 at 101.00 AAA 1,486,574
Bonds, Series 1993B, 5.000%, 1/01/20 - MBIA Insured
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,071,130
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
1,925 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 2,077,537
Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26
(Alternative Minimum Tax) - MBIA Insured
2,040 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 CCC 1,257,986
Bonds, American Airlines Inc., Series 1996A,
6.250%, 6/01/26 (Alternative Minimum Tax)
2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AA- 2,121,480
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19
5,750 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 AA- 6,065,618
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AAA 2,584,680
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.250%, 11/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 23.3%
745 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 870,734
6.000%, 4/01/18 (Pre-refunded to 4/01/10) - FGIC Insured
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,500 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,750,725
1,500 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,750,725
4,525 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,117,866
Facilities Revenue Bonds, Series 1998A,
5.250%, 7/01/28 (Pre-refunded to 7/01/11)
5,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,412,950
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
(Pre-refunded to 10/01/15) - FGIC Insured
1,275 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA 1,509,167
Bonds, Series 2000F, 6.500%, 3/01/18 (Pre-refunded
to 3/01/10) - FSA Insured
1,350 New York City, New York, General Obligation Bonds, 10/04 at 100.00 AAA 1,452,708
Fiscal Series 1990B, 7.250%, 10/01/06 - FGIC Insured
505 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 594,648
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
4,575 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,298,262
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
1,000 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 1,134,360
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded to 7/01/19) -
AMBAC Insured
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 1,250 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AAA $ 1,423,588
State University Dormitory Facilities, Series 1999C,
5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, 7/10 at 101.00 AA-*** 2,346,080
State University Dormitory Facilities, Series 2001A,
6.000%, 7/01/30 (Pre-refunded to 7/01/10)
New York State Dormitory Authority, Revenue Bonds, Mental Health
Services Facilities Improvements, Series 2000D:
1,565 5.875%, 2/15/18 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,808,373
1,505 5.875%, 2/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,739,043
1,855 5.875%, 8/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 2,143,471
275 New York State Environmental Facilities Corporation, 11/04 at 102.00 AAA 282,326
State Water Pollution Control Revolving Fund Pooled
Revenue Bonds, Series 1994D, 6.900%, 5/15/15
(Pre-refunded to 11/15/04)
5,535 New York State Dormitory Authority, Revenue Bonds, 5/12 at 101.00 AAA 6,223,609
State University Educational Facilities, Series 2002A,
5.000%, 5/15/17 (Pre-refunded to 5/15/12) - FGIC Insured
355 New York State Dormitory Authority, Revenue Bonds, 5/08 at 101.00 AAA 389,201
State University Educational Facilities, Series 1998B,
4.750%, 5/15/28 (Pre-refunded to 5/15/08) - FSA Insured
4,200 New York State Thruway Authority, Local Highway and 4/11 at 100.00 AA-*** 4,705,806
Bridge Service Contract Bonds, Series 2001,
5.250%, 4/01/17 (Pre-refunded to 4/01/11)
965 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 1,126,753
Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
1,600 Triborough Bridge and Tunnel Authority, New York, General No Opt. Call AAA 1,766,608
Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20
7,500 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 8,673,600
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.8%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
3,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 3,717,945
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,562,450
5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 5,243,850
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
3,650 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 3,997,407
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
4,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 3,675,720
Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative
Minimum Tax)
4,000 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 4,126,000
Series 2000A, 5.250%, 11/15/40
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 2,137,260
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001D,
5.550%, 11/15/24 (Mandatory put 11/15/15)
4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,811,520
Revenue Bonds, Nissequogue Cogeneration Partners
Facility, Series 1998, 5.500%, 1/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.1%
700 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 742,483
Revenue Bonds, Series 2001, 5.150%, 8/01/22
1,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,350,100
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 5,351,800
Water and Sewerage System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 2,215,700
Water and Sewerage System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,879,430
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,225 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 2,440,780
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
27
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 715 New York State Environmental Facilities Corporation, 12/04 at 100.00 AAA $ 725,210
State Water Pollution Control Revolving Fund Revenue
Bonds, New York City Municipal Water Finance Authority,
Series 1990A, 7.500%, 6/15/12
140 New York State Environmental Facilities Corporation, State 11/04 at 102.00 AAA 143,667
Water Pollution Control Revolving Fund Pooled Revenue
Bonds, Series 1994D, 6.900%, 5/15/15
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, Pooled
Loan Issue, Series 2002F:
1,000 5.250%, 11/15/17 11/12 at 100.00 AAA 1,105,287
3,345 5.250%, 11/15/19 11/12 at 100.00 AAA 3,667,689
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,433,923
------------------------------------------------------------------------------------------------------------------------------------
$ 340,665 Total Long-Term Investments (cost $341,118,012) - 148.0% 365,734,340
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 5,704,623
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.3)% (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 247,138,963
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
28
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.0%
$ 945 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 867,623
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
530 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 531,261
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
265 6.000%, 6/01/15 6/10 at 101.00 BBB 266,346
1,795 6.150%, 6/01/25 6/10 at 101.00 BBB 1,762,905
890 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 907,400
Pass-Through Bonds, Series 2000, 5.800%, 6/01/23
530 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 492,402
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
440 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 404,980
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
2,250 TSASC Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 2,276,370
Bonds, Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,273,288
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.5%
Kenmore Housing Authority, New York, Revenue Bonds, State
University of New York at Buffalo Student Apartment Project,
Series 1999A:
3,050 5.500%, 8/01/19 - RAAI Insured 8/09 at 102.00 AA 3,291,835
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,929,218
3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,236,640
Civic Facility Revenue Bonds, St. John Fisher College,
Series 1999, 5.375%, 6/01/24 - RAAI Insured
500 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 537,655
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
1,800 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,863,054
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
3,500 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AA- 3,735,970
State University Dormitory Facilities, Series 1999B,
5.375%, 7/01/19
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,116,120
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
2,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 101.00 AAA 2,673,900
Rochester Institute of Technology, Series 1997,
5.250%, 7/01/22 - MBIA Insured
1,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 1,109,640
Siena College, Series 1997, 5.700%, 7/01/17 - MBIA Insured
500 New York State Dormitory Authority, Revenue Bonds, Fashion 7/10 at 101.00 AAA 550,695
Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
3,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 A+ 3,238,650
University of Rochester, Series 1999A, 5.500%, 7/01/16
500 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 569,245
Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured
New York State Dormitory Authority, Revenue Bonds,
Pratt Institute, Series 1999:
1,750 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,980,318
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 820,178
29
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,250 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA $ 1,365,288
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,589,415
Civic Facility Revenue Bonds, Niagara University,
Series 2001A, 5.350%, 11/01/23 - RAAI Insured
600 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R 638,778
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 32.3%
Albany Industrial Development Agency, New York, Revenue Bonds,
Albany Medical Center Project, Series 1999:
1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 1,130,226
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,406,038
1,750 New York City Health and Hospitals Corporation, 2/13 at 100.00 AAA 1,877,890
New York, Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/22 - AMBAC Insured
250 New York State Dormitory Authority, Revenue Bonds, Nyack 7/06 at 102.00 Ba3 244,675
Hospital, Series 1996, 6.250%, 7/01/13
New York State Dormitory Authority, Insured Revenue Bonds,
Franciscan Health Partnership Obligated Group - Frances Shervier
Home and Hospital, Series 1997:
2,000 5.500%, 7/01/17 - RAAI Insured 7/07 at 102.00 AA 2,183,820
2,000 5.500%, 7/01/27 - RAAI Insured 7/07 at 102.00 AA 2,105,080
2,470 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 2,770,056
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
600 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 610,368
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 521,105
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
New York State Dormitory Authority, FHA-Insured Mortgage
Hospital Revenue Bonds, Victory Memorial Hospital, Series 1999:
2,275 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 2,438,846
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,104,220
4,850 New York State Dormitory Authority, Secured Hospital 2/08 at 101.50 AAA 5,243,093
Revenue Refunding Bonds, Wyckoff Heights Medical
Center, Series 1998H, 5.300%, 8/15/21 - MBIA Insured
2,550 New York State Dormitory Authority, FHA-Insured Mortgage 2/09 at 101.00 AAA 2,691,347
Hospital Revenue Bonds, Memorial Hospital of William F.
and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 -
MBIA Insured
4,825 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA 5,061,039
Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999, 5.450%, 8/01/29 - AMBAC Insured
1,575 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 1,601,429
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
2,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 2,219,820
Catholic Health Services of Long Island Obligated Group,
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
1,000 New York State Dormitory Authority, Revenue Bonds, 2/05 at 100.00 BBB- 1,003,610
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
4,000 Ulster County Industrial Development Agency, New York, 11/09 at 101.00 A2 4,167,120
Civic Facility Revenue Bonds, Kingston Hospital,
Series 1999, 5.650%, 11/15/24
3,825 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AA+ 4,118,607
FHA-Insured Civic Facility Mortgage Revenue Bonds,
Soldiers and Sailors Memorial Hospital, Series 1999A,
5.650%, 2/01/39
650 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 BB 662,155
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
2,805 Yonkers Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,926,344
FHA-Insured Mortgage Revenue Bonds, Michael
Malotz Skilled Nursing Pavilion, Series 1999,
5.450%, 2/01/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8%
955 New York City Housing Development Corporation, 11/10 at 101.00 AA 1,016,416
New York, Multifamily Housing Revenue Bonds,
Series 2000A, 5.850%, 11/01/20 (Alternative Minimum Tax)
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA $ 3,105,090
Multifamily Housing Revenue Bonds, Series 2001A,
5.500%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1%
645 Guam Housing Corporation, Single Family Mortgage No Opt. Call AAA 708,500
Revenue Bonds, Mortgage-Backed Securities Program,
Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
2,775 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 2,917,024
Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative
Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 847,963
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.9%
Appleridge Retirement Community Inc., New York, GNMA
Collateralized Mortgage Loan Revenue Bonds, Series 1999:
1,150 5.700%, 9/01/31 9/09 at 102.00 Aaa 1,247,819
1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,363,763
745 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 802,849
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
750 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 782,737
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.4%
Monticello Central School District, Sullivan County,
New York, General Obligation Bonds, Series 2000:
300 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 344,475
335 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 384,664
300 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 344,475
5,000 New York City, New York, General Obligation Bonds, 5/09 at 101.00 AAA 5,141,000
Fiscal Series 1999J, 5.125%, 5/15/29 - MBIA Insured
1,125 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 1,243,665
Fiscal Series 2004B, 5.250%, 8/01/15
1,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 1,099,820
Fiscal Series 2004C, 5.250%, 8/15/16
800 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 853,424
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Orange County, New York, General Obligation Bonds,
Series 1997:
3,040 5.125%, 9/01/22 9/07 at 101.00 Aa1 3,235,472
1,195 5.125%, 9/01/23 9/07 at 101.00 Aa1 1,263,617
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 827,057
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 828,281
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,599,747
Series 1999, 5.600%, 10/15/16
Rye City School District, Westchester County, New York,
General Obligation Bonds, Series 1999:
520 5.600%, 8/15/17 8/08 at 101.00 Aaa 582,353
535 5.600%, 8/15/18 5/08 at 101.00 Aaa 599,152
535 5.600%, 8/15/19 8/08 at 101.00 Aaa 599,152
1,000 Yonkers, New York, General Obligation Bonds, School Issue, 6/09 at 101.00 AAA 1,074,390
Series 1999C, 5.000%, 6/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 23.4%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,092,420
Bonds, Series 2003A, 5.250%, 11/01/21
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,700 5.750%, 1/01/17 No Opt. Call AA- 1,975,961
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,023,030
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,129,600
2,000 5.000%, 11/15/30 11/12 at 100.00 AA- 2,031,240
31
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB $ 1,162,917
Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 1,743,346
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
2,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 2,223,640
Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
210 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 241,254
Mental Health Services Facilities Improvements,
Series 2000D, 5.875%, 8/15/18 - FSA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,055,900
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
1,000 New York State Dormitory Authority, Service Contract Bonds, 4/12 at 100.00 AA- 1,083,310
Child Care Facilities Development Program, Series 2002,
5.375%, 4/01/19
600 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA 653,082
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,074,060
Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 2,147,820
Trust Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 - MBIA Insured
1,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA 1,029,940
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27
3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 3,696,158
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.250%, 10/15/15 - AMBAC Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
2,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,168,560
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,145,900
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,090,170
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
500 5.250%, 7/01/23 1/08 at 100.00 A3 531,160
500 5.250%, 7/01/24 1/08 at 100.00 A3 526,890
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 857,685
Loan Notes, Series 1999A, 6.500%, 10/01/24
Yonkers Industrial Development Agency, New York, Revenue
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A:
750 6.250%, 2/01/16 2/11 at 100.00 BBB- 818,370
1,400 6.625%, 2/01/26 2/11 at 100.00 BBB- 1,506,008
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.4%
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,063,420
Transportation Revenue Refunding Bonds, Series 2002A,
5.125%, 11/15/22 - FGIC Insured
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 756,960
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 535,565
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
3,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 3,237,720
Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26
(Alternative Minimum Tax) - MBIA Insured
1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AA- 1,094,090
Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 AA- $ 2,637,225
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 14.6%
1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 1,363,813
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
5,520 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 6,331,882
Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23
(Pre-refunded to 10/01/14) - FSA Insured
Nassau County, New York, General Obligation Improvement
Bonds, Series 2000E:
1,400 6.000%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,622,180
740 6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 857,438
2,500 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 2,892,575
Tax Secured Revenue Bonds, Series 2000A,
5.750%, 11/15/16 (Pre-refunded to 11/15/10) -
MBIA Insured
1,110 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 1,195,459
Water and Sewerage System Revenue Bonds, Fiscal
Series 1996B, 5.750%, 6/15/26 (Pre-refunded to
6/15/06) - MBIA Insured
1,000 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AAA 1,138,870
State University Dormitory Facilities, Series 1999C,
5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured
1,750 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 2,022,143
Mental Health Services Facilities Improvements, Series 2000D,
5.875%, 8/15/18 (Pre-refunded to 8/15/10) - FSA Insured
Rye City School District, Westchester County, New York,
General Obligation Bonds, Series 1999:
130 5.600%, 8/15/17 (Pre-refunded to 8/15/08) 8/08 at 101.00 Aaa 147,216
140 5.600%, 8/15/18 (Pre-refunded to 8/15/08) 8/08 at 101.00 Aaa 158,540
140 5.600%, 8/15/19 (Pre-refunded to 8/15/08) 8/08 at 101.00 Aaa 158,540
3,000 Triborough Bridge and Tunnel Authority, New York, 1/22 at 100.00 AA-*** 3,381,690
General Purpose Revenue Bonds, Series 1997A,
5.250%, 1/01/28 (Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.6%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
4,800 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 5,098,896
4,575 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,811,985
2,000 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,190,360
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
2,000 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 2,074,540
Series 2000A, 5.250%, 11/15/30
1,175 Suffolk County Industrial Development Agency, New York, No Opt. Call N/R 1,217,723
Revenue Bonds, Nissequogue Cogeneration Partners
Facility, Series 1998, 4.875%, 1/01/08 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.7%
2,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,140,720
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33
3,890 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 4,156,271
Water and Sewerage System Revenue Bonds, Fiscal
Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 1,239,587
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
1,955 New York State Environmental Facilities Corporation, 11/12 at 100.00 AAA 2,160,838
State Clean Water and Drinking Water Revolving Funds
Revenue Bonds, Pooled Loan Issue, Series 2002F,
5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 196,695 Total Long-Term Investments (cost $196,036,829) - 144.7% 210,623,634
=============-----------------------------------------------------------------------------------------------------------------------
33
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION(1) RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.3%
$ 250 New York City, New York, General Obligation Bonds, Variable A-1+ $ 250,000
Rate Demand Obligations, Series 2002A-7,
1.620%, 11/01/24 - AMBAC Insured+
250 Puerto Rico Government Development Bank, Adjustable A-1 250,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 1.590%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 500 Total Short-Term Investments (cost $500,000) 500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $196,536,829) - 145.0% 211,123,634
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 3,468,145
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.4)% (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 145,591,779
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ Security has variable rate and demand features which
qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
34
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.2%
$ 525 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 487,757
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 479,320
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
265 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 243,909
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
5,000 TSASC Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 5,058,600
Bonds, Series 1999-1, 6.250%, 7/15/27
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.9%
2,750 Albany Industrial Development Agency, New York, Revenue 7/11 at 101.00 Aaa 2,914,120
Bonds, St. Rose College Project, Series 2001A,
5.375%, 7/01/31 - AMBAC Insured
1,975 Amherst Industrial Development Agency, New York, 8/11 at 102.00 AAA 2,071,321
Revenue Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Village Green Project, Series 2001A,
5.250%, 8/01/31 - AMBAC Insured
2,190 Monroe County Industrial Development Agency, New York, 6/11 at 102.00 AA 2,285,112
Civic Facility Revenue Bonds, St. John Fisher College,
Series 2001, 5.250%, 6/01/26 - RAAI Insured
1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,138,533
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,116,120
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,103,620
New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
1,265 New York State Dormitory Authority, Third General Resolution 7/08 at 102.00 AAA 1,331,969
Consolidated Revenue Bonds, City University System,
Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
1,000 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 AAA 1,049,160
Canisius College, Series 2000, 5.250%, 7/01/30 -
MBIA Insured
900 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R 958,167
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.2%
845 Nassau County Industrial Development Agency, New York, No Opt. Call A3 931,046
Revenue Refunding Bonds, North Shore Health System
Obligated Group, Series 2001B, 5.875%, 11/01/11
850 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 A3 876,979
Health System Revenue Bonds, Series 1999A,
5.250%, 2/15/17
500 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 536,540
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/22 - AMBAC Insured
500 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba3 474,055
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2002C, 6.450%, 7/01/32
500 New York City Industrial Development Agency, New York, 7/12 at 100.00 Ba3 469,820
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
220 New York State Dormitory Authority, Revenue Bonds, 7/06 at 102.00 Ba3 220,121
Nyack Hospital, Series 1996, 6.000%, 7/01/06
1,500 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 1,561,920
Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
500 New York State Dormitory Authority, Insured Revenue 7/07 at 102.00 AA 545,955
Bonds, Franciscan Health Partnership Obligated Group -
Frances Shervier Home and Hospital, Series 1997,
5.500%, 7/01/17 - RAAI Insured
1,245 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 1,396,243
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
35
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 $ 508,640
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA 3,143,070
Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999, 5.500%, 8/01/38 - AMBAC Insured
2,505 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA 2,801,567
Revenue Bonds, New York Hospital Medical Center of
Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured
500 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 A3 516,025
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,250 New York State Dormitory Authority, Revenue Bonds, 2/05 at 100.00 BBB- 1,254,513
Mount Sinai NYU Health Obligated Group,
Series 2002C, 6.000%, 7/01/26
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
425 6.000%, 11/01/22 11/12 at 100.00 Baa1 449,922
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 629,032
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.9%
3,930 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 4,169,337
Multifamily Housing Revenue Bonds, Series 2001B,
5.250%, 11/01/16
1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 1,021,000
Multifamily Housing Revenue Bonds, Series 2001C-2,
5.400%, 11/01/33 (Alternative Minimum Tax)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
455 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 473,505
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 231,233
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.0%
1,950 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 2,049,801
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.8%
525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 547,916
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
2,150 New York State Dormitory Authority, Insured Revenue 7/11 at 102.00 AAA 2,248,298
Bonds, Rehabilitation Association Pooled Loan Program 1,
Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.2%
1,775 Bath Central School District, Steuben County, New York, 6/12 at 100.00 AAA 1,773,988
General Obligation Bonds, Series 2002, 4.000%, 6/15/18 -
FGIC Insured
5,000 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA 5,556,650
Bonds, Series 1999B, 5.250%, 6/01/22 - AMBAC Insured
4,000 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 4,250,680
Series 1998H, 5.375%, 8/01/27 - MBIA Insured
825 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 912,021
Fiscal Series 2004B, 5.250%, 8/01/15
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 824,865
Fiscal Series 2004C, 5.250%, 8/15/16
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.9%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,092,420
Bonds, Series 2003A, 5.250%, 11/01/21
1,000 Metropolitan Transportation Authority, New York, State No Opt. Call AA- 1,162,330
Service Contract Refunding Bonds, Series 2002A,
5.750%, 1/01/17
1,750 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 1,863,400
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,313
Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 1,043,920
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- $ 1,055,900
Infrastructure Revenue Bonds, Series 2003A,
5.000%, 3/15/21
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 AAA 1,139,614
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,188,709
New York State Dormitory Authority, Service Contract Bonds,
Child Care Facilities Development Program, Series 2002:
1,905 5.375%, 4/01/17 4/12 at 100.00 AA- 2,075,269
1,000 5.375%, 4/01/19 4/12 at 100.00 AA- 1,083,310
400 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA 435,388
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
2,500 New York State Urban Development Corporation, State 3/12 at 100.00 AA 2,574,850
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27
2,100 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,253,195
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,090,170
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
250 5.250%, 7/01/23 1/08 at 100.00 A3 265,580
250 5.250%, 7/01/24 1/08 at 100.00 A3 263,445
2,250 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB- 2,316,645
Refunding Bonds, Matching Fund Loan Notes, Series 1998A,
5.500%, 10/01/22
1,500 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- 1,636,740
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.250%, 2/01/16
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.9%
Albany Parking Authority, New York, Revenue Bonds,
Series 2001A:
2,000 5.625%, 7/15/20 7/11 at 101.00 BBB+ 2,149,300
1,500 5.625%, 7/15/25 7/11 at 101.00 BBB+ 1,584,030
1,000 New York City Industrial Development Agency, New York, 12/12 at 101.00 Ba2 993,420
Special Facilities Revenue Bonds, British Airways PLC,
Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 756,960
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
3,400 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 3,641,842
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
2,195 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 2,318,491
Bonds, One Hundred Twentieth Series 2000,
5.500%, 10/15/35 (Alternative Minimum Tax) -
MBIA Insured
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 AA- 2,637,225
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 915,470
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 18.5%
2,750 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 3,096,830
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded to 10/01/14) - FSA Insured
1,670 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA 1,897,354
Sales Tax Secured Revenue Bonds, Series 2000A,
5.375%, 11/15/17 (Pre-refunded to 11/15/10) -
MBIA Insured
5,000 New York State Dormitory Authority, Third General Resolution 1/08 at 102.00 AAA 5,592,850
Consolidated Revenue Bonds, City University System,
Series 1997-1, 5.375%, 7/01/24 (Pre-refunded to
1/01/08) - FSA Insured
4,205 New York State Urban Development Corporation, 1/11 at 100.00 AAA 4,689,248
Correctional Facilities Service Contract Revenue Bonds,
Series 2000C, 5.125%, 1/01/21 (Pre-refunded to
1/01/11) - FSA Insured
3,000 Triborough Bridge and Tunnel Authority, New York, 1/11 at 100.00 AAA 3,358,170
General Purpose Revenue Bonds, Series 1996B,
5.200%, 1/01/22 (Pre-refunded to 1/01/11)
37
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.0%
$ 5,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA $ 5,259,000
General Revenue Bonds, Series 1998A, 5.250%, 12/01/26 -
AMBAC Insured
1,500 Long Island Power Authority, New York, Electric System 5/11 at 100.00 A- 1,554,570
General Revenue Bonds, Series 2000L, 5.375%, 5/01/33
1,500 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 1,642,770
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
2,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 1,837,860
Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative
Minimum Tax)
2,000 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 2,063,000
Series 2000A, 5.250%, 11/15/40
450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 486,207
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Alternative Minimum Tax) (Mandatory
put 11/15/12)
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 2,137,260
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001D,
5.550%, 11/15/24 (Mandatory put 11/15/15)
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,217,325
2,000 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,905,760
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.6%
6,000 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA+ 6,422,160
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2001A, 5.500%, 6/15/33
1,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AA+ 1,107,850
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
1,000 New York State Environmental Facilities Corporation, 11/12 at 100.00 AAA 1,105,287
State Clean Water and Drinking Water Revolving Funds
Revenue Bonds, Pooled Loan Issue, Series 2002F,
5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 136,865 Total Long-Term Investments (cost $137,693,138) - 144.1% 145,099,887
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 2,606,462
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (46.7)% (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 100,706,349
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
38
Statement of
ASSETS AND LIABILITIES September 30, 2004
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $139,943,165,
$341,118,012, $196,536,829
and $137,693,138, respectively) $148,999,919 $365,734,340 $211,123,634 $145,099,887
Cash 285,049 96,651 359,357 322,728
Receivables:
Interest 2,147,374 5,409,819 3,048,856 2,201,566
Investments sold -- 455,033 205,193 145,137
Other assets 3,720 37,272 11,424 7,784
------------------------------------------------------------------------------------------------------------------------------------
Total assets 151,436,062 371,733,115 214,748,464 147,777,102
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses:
Management fees 69,304 192,397 68,484 41,485
Other 52,695 91,429 77,918 27,388
Preferred share dividends payable N/A 10,326 10,283 1,880
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 121,999 294,152 156,685 70,753
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $151,314,063 $247,138,963 $145,591,779 $100,706,349
====================================================================================================================================
Common shares outstanding 15,120,364 14,977,135 9,195,882 6,457,000
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 10.01 $ 16.50 $ 15.83 $ 15.60
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 151,204 $ 149,771 $ 91,959 $ 64,570
Paid-in surplus 144,257,104 218,126,392 130,543,969 91,654,244
Undistributed (Over-distribution of) net investment income (79,491) 2,987,290 1,857,724 1,155,577
Accumulated net realized gain (loss) from investments (2,071,508) 1,259,182 (1,488,678) 425,209
Net unrealized appreciation of investments 9,056,754 24,616,328 14,586,805 7,406,749
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $151,314,063 $247,138,963 $145,591,779 $100,706,349
====================================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 Unlimited Unlimited
Preferred N/A 1,000,000 Unlimited Unlimited
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
39
Statement of
OPERATIONS Year Ended September 30, 2004
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $7,876,886 $19,090,250 $10,848,953 $7,332,588
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 849,063 2,351,607 1,369,781 948,674
Preferred shares - auction fees N/A 311,601 172,972 117,823
Preferred shares - dividend disbursing agent fees N/A 40,110 10,028 10,028
Shareholders' servicing agent fees and expenses 49,761 48,805 4,498 1,442
Custodian's fees and expenses 39,815 82,662 48,354 34,505
Directors'/Trustees' fees and expenses 4,391 10,638 4,671 4,226
Professional fees 71,002 22,170 18,885 15,088
Shareholders' reports - printing and mailing expenses 34,839 25,294 12,714 9,742
Stock exchange listing fees 12,089 12,089 10,981 561
Investor relations expense 14,356 32,821 18,638 13,338
Other expenses 9,403 29,199 13,462 13,566
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,084,719 2,966,996 1,684,984 1,168,993
Custodian fee credit (6,499) (11,471) (6,925) (9,130)
Expense reimbursement -- -- (620,285) (439,653)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,078,220 2,955,525 1,057,774 720,210
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 6,798,666 16,134,725 9,791,179 6,612,378
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 132,488 1,824,681 668,102 445,277
Change in net unrealized appreciation (depreciation)
of investments 466,990 1,127,468 788,470 840,985
------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 599,478 2,952,149 1,456,572 1,286,262
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (886,866) (594,153) (401,396)
From accumulated net realized gains from investments N/A (186,069) -- (19,972)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (1,072,935) (594,153) (421,368)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $7,398,144 $18,013,939 $10,653,598 $7,477,272
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
40
Statement of
CHANGES IN NET ASSETS
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP)
----------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/04 9/30/03 9/30/04 9/30/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,798,666 $ 6,582,970 $ 16,134,725 $ 16,469,393
Net realized gain (loss) from investments 132,488 (1,469,045) 1,824,681 4,720,522
Change in net unrealized appreciation
(depreciation) of investments 466,990 (1,291,042) 1,127,468 (9,861,815)
Distributions to Preferred Shareholders:
From net investment income N/A N/A (886,866) (848,395)
From accumulated net realized gains from investments N/A N/A (186,069) (366,125)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 7,398,144 3,822,883 18,013,939 10,113,580
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,501,758) (6,985,610) (15,189,215) (14,769,213)
From accumulated net realized gains from investments -- -- (3,791,706) (3,458,002)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (6,501,758) (6,985,610) (18,980,921) (18,227,215)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- -- 329,405 --
Net proceeds from sale of Preferred shares N/A N/A -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions -- -- 329,405 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 896,386 (3,162,727) (637,577) (8,113,635)
Net assets applicable to Common
shares at the beginning of year 150,417,677 153,580,404 247,776,540 255,890,175
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $151,314,063 $150,417,677 $247,138,963 $247,776,540
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of year $ (79,491) $ (371,094) $ 2,987,290 $ 2,945,242
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
41
Statement of
CHANGES IN NET ASSETS (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
----------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/04 9/30/03 9/30/04 9/30/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,791,179 $ 9,858,314 $ 6,612,378 $ 6,717,037
Net realized gain (loss) from investments 668,102 91,826 445,277 332,133
Change in net unrealized appreciation
(depreciation) of investments 788,470 (2,353,756) 840,985 (1,502,389)
Distributions to Preferred Shareholders:
From net investment income (594,153) (666,154) (401,396) (423,000)
From accumulated net realized gains from investments -- -- (19,972) (47,699)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 10,653,598 6,930,230 7,477,272 5,076,082
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (9,100,079) (8,692,896) (6,159,904) (5,883,129)
From accumulated net realized gains from investments -- -- (312,224) (413,137)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (9,100,079) (8,692,896) (6,472,128) (6,296,266)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 152,416 49,603 -- --
Net proceeds from sale of Preferred shares -- -- -- 35,208
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions 152,416 49,603 -- 35,208
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,705,935 (1,713,063) 1,005,144 (1,184,976)
Net assets applicable to Common
shares at the beginning of year 143,885,844 145,598,907 99,701,205 100,886,181
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $145,591,779 $143,885,844 $100,706,349 $ 99,701,205
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of year $ 1,857,724 $ 1,769,237 $ 1,155,577 $ 1,106,163
====================================================================================================================================
See accompanying notes to financial statements.
42
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York Funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Municipal Value Fund,
Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen
New York Dividend Advantage Municipal Fund (NAN) and Nuveen New York Dividend
Advantage Municipal Fund 2 (NXK). All of the Funds' Common shares trade on the
New York Stock Exchange, with the exception of New York Dividend Advantage 2's
(NXK) Common shares which trade on the American Stock Exchange. The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end
management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes by investing primarily in a diversified portfolio of
municipal obligations issued by state and local government authorities within
the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors/Trustees of the Funds, or its designee, may establish a
fair value for the security. Temporary investments in securities that have
variable rate and demand features qualifying them as short-term securities are
valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At September 30, 2004,
there were no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute all net investment income and net capital gains to
shareholders and to otherwise comply with the requirements of Subchapter M of
the Internal Revenue Code applicable to regulated investment companies.
Therefore, no federal income tax provision is required. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal and New York state income
taxes, to retain such tax-exempt status when distributed to shareholders of the
Funds. All monthly tax-exempt income dividends paid during the fiscal year ended
September 30, 2004, have been designated Exempt Interest Dividends. Net realized
capital gains and ordinary income distributions made by the Funds are subject to
federal taxation.
43
Notes to
FINANCIAL STATEMENTS (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
New York Value (NNY) is not authorized to issue Preferred shares. The Funds
below have issued and outstanding $25,000 stated value Preferred shares as a
means of effecting financial leverage. Each Fund's Preferred shares are issued
in one or more Series. The dividend rate on each Series may change every seven
days, as set pursuant to a dutch auction process by the auction agent, and is
payable at or near the end of each rate period. The number of Preferred shares
outstanding, by Series and in total, for each Fund is as follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
--------------------------------------------------------------------------------
Number of shares:
Series M 1,600 -- --
Series T 800 -- --
Series W 2,000 -- 1,880
Series TH -- -- --
Series F 572 2,760 --
--------------------------------------------------------------------------------
Total 4,972 2,760 1,880
================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended September 30, 2004.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, its Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
44
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
NEW YORK
NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP)
-------------------- ----------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/04 9/30/03 9/30/04 9/30/03
--------------------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of distributions -- -- 19,528 --
========================================================================================================
NEW YORK NEW YORK
DIVIDEND DIVIDEND
ADVANTAGE (NAN) ADVANTAGE 2 (NXK)
-------------------- -------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/04 9/30/03 9/30/04 9/30/03
--------------------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of distributions 9,362 3,056 -- --
========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the fiscal year ended September 30, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------
Purchases $13,888,500 $19,752,324 $18,594,860 $11,885,275
Sales and maturities 15,881,185 25,029,838 17,795,242 10,432,982
=========================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At September 30, 2004, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------
Cost of investments $139,739,834 $340,862,173 $196,430,033 $137,645,013
=========================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $9,909,674 $26,625,396 $15,121,319 $7,859,142
Depreciation (649,589) (1,753,229) (427,718) (404,268)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $9,260,085 $24,872,167 $14,693,601 $7,454,874
=========================================================================================================
45
Notes to
FINANCIAL STATEMENTS (continued)
The tax components of undistributed net investment income and net realized gains
at September 30, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $236,222 $3,973,275 $2,519,873 $1,619,234
Undistributed net ordinary income * 17,730 34,069 -- 3,548
Undistributed net long-term capital gains -- 1,259,182 -- 425,090
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal years ended September
30, 2004 and September 30, 2003, was designated for purposes of the dividends
paid deduction as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
2004 (NNY) (NNP) (NAN) (NXK)
----------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $6,531,999 $16,052,941 $9,686,993 $6,562,486
Distributions from net ordinary income * -- 11,164 -- 5,285
Distributions from net long-term capital gains -- 3,977,775 -- 328,604
==========================================================================================================
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
2003 (NNY) (NNP) (NAN) (NXK)
----------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $7,004,717 $15,549,877 $9,286,554 $6,256,867
Distributions from net ordinary income * 3,573 31,448 -- 55,261
Distributions from net long-term capital gains -- 3,824,127 -- 410,071
==========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
46
At September 30, 2004, the following Funds had unused capital loss carryforwards
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforwards will expire as follows:
NEW YORK
NEW YORK DIVIDEND
VALUE ADVANTAGE
(NNY) (NAN)
--------------------------------------------------------------------------------
Expiration year:
2008 $ 379,371 $ --
2009 120,870 1,488,678
2010 -- --
2011 -- --
2012 1,535,630 --
--------------------------------------------------------------------------------
Total $2,035,871 $1,488,678
================================================================================
New York Value (NNY) elected to defer net realized losses from investments
incurred from November 1, 2003 through September 30, 2004 ("post-October")
losses in accordance with Federal income tax regulations. Post-October losses of
$35,637 were treated as having arisen on the first day of the following fiscal
year.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Directors/Trustees, effective August 1, 2004, a
complex-wide management fee structure was adopted for all funds sponsored by
Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all funds assets managed by the Adviser and its affiliates,
and a specific fund-level component, based only on the amount of assets within
each individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser and its
affiliates. Under no circumstances will this pricing structure result in a fund
paying management fees at a rate higher than would otherwise have been
applicable had the complex-wide management fee structure not been implemented.
As a consequence of this new management fee structure, the funds' effective
management fees were reduced by approximately .007% as of October 31, 2004.
Effective August 1, 2004, New York Value (NNY) pays an annual fund-level fee,
payable monthly, of .15% of the average daily net assets of the Fund, as well as
4.125% of the gross interest income of the Fund.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds (excluding New York Value (NNY)) is based upon the average daily
net assets (including net assets attributable to Preferred shares) of each Fund
as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS NEW YORK PERFORMANCE PLUS (NNP)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS (INCLUDING NEW YORK DIVIDEND ADVANTAGE (NAN)
NET ASSETS ATTRIBUTABLE NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
47
Notes to
FINANCIAL STATEMENTS (continued)
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
New York Value (NNY) paid through July 31, 2004, an annual management fee,
payable monthly, of .35% of the average daily net assets of the Fund, as well as
4.125% of the gross interest income of the Fund.
Each Fund (excluding New York Value (NNY)) paid through July 31, 2004, an annual
management fee, payable monthly, at the rates set forth below, which were based
upon the average daily net assets (including net assets attributable to
Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS NEW YORK PERFORMANCE PLUS (NNP)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
48
AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NAN)
(INCLUDING NET ASSETS NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
--------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
49
Notes to
FINANCIAL STATEMENTS (continued)
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 1, 2004, to shareholders of record
on October 15, 2004, as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
--------------------------------------------------------------------------------
Dividend per share $.0355 $.0845 $.0825 $.0795
================================================================================
50
Financial
HIGHLIGHTS
51
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
---------------------------------------------------------------- -------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM FROM NET
BEGINNING NET INVESTMENT CAPITAL INVESTMENT CAPITAL
COMMON REALIZED/ INCOME TO GAINS TO INCOME TO GAINS TO
SHARE NET UNREALIZED PREFERRED PREFERRED COMMON COMMON
NET ASSET INVESTMENT INVESTMENT SHARE- SHARE- SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL
====================================================================================================================================
NEW YORK VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $ 9.95 $ .45 $ .04 N/A N/A $ .49 $ (.43) $ -- $ (.43)
2003 10.16 .44 (.19) N/A N/A .25 (.46) -- (.46)
2002 9.86 .47 .32 N/A N/A .79 (.49) -- (.49)
2001 9.51 .50 .36 N/A N/A .86 (.51) -- (.51)
2000 9.53 .52 (.03) N/A N/A .49 (.51) -- (.51)
NEW YORK
PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 16.57 1.08 .18 (.06) (.01) 1.19 (1.01) (.25) (1.26)
2003 17.11 1.10 (.34) (.06) (.02) .68 (.99) (.23) (1.22)
2002 15.95 1.13 1.07 (.11) -- 2.09 (.93) -- (.93)
2001 14.67 1.16 1.26 (.26) -- 2.16 (.88) -- (.88)
2000 14.65 1.23 .12 (.30) (.02) 1.03 (.95) (.06) (1.01)
NEW YORK DIVIDEND
ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 15.66 1.06 .16 (.06) -- 1.16 (.99) -- (.99)
2003 15.85 1.07 (.24) (.07) -- .76 (.95) -- (.95)
2002 14.86 1.07 .89 (.11) -- 1.85 (.86) -- (.86)
2001 13.42 1.08 1.40 (.24) -- 2.24 (.80) -- (.80)
2000 13.27 1.08 .18 (.29) -- .97 (.82) -- (.82)
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 15.44 1.02 .20 (.06) -- 1.16 (.95) (.05) (1.00)
2003 15.62 1.04 (.18) (.07) (.01) .78 (.91) (.06) (.97)
2002 14.55 1.04 .99 (.11) -- 1.92 (.85) -- (.85)
2001(a) 14.33 .44 .33 (.07) -- .70 (.35) -- (.35)
====================================================================================================================================
TOTAL RETURNS
--------------------
BASED
OFFERING ON
COSTS AND ENDING COMMON
PREFERRED COMMON BASED SHARE
SHARE SHARE ENDING ON NET
UNDERWRITING NET ASSET MARKET MARKET ASSET
DISCOUNTS VALUE VALUE VALUE** VALUE**
=====================================================================================
NEW YORK VALUE (NNY)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $ -- $10.01 $ 9.1500 5.29% 5.04%
2003 -- 9.95 9.1100 1.65 2.59
2002 -- 10.16 9.4200 4.55 8.26
2001 -- 9.86 9.4900 14.66 9.23
2000 -- 9.51 8.7500 6.17 5.29
NEW YORK
PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 16.50 15.6600 8.19 7.55
2003 -- 16.57 15.6600 1.88 4.25
2002 -- 17.11 16.6000 14.44 13.65
2001 -- 15.95 15.3900 15.56 15.01
2000 -- 14.67 14.1250 (.71) 7.45
NEW YORK DIVIDEND
ADVANTAGE (NAN)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 15.83 15.0100 6.13 7.68
2003 -- 15.66 15.0900 3.86 5.04
2002 -- 15.85 15.4700 13.57 12.95
2001 -- 14.86 14.4400 24.06 16.98
2000 -- 13.42 12.3125 (8.62) 7.82
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 15.60 14.8200 9.02 7.80
2003 .01 15.44 14.5500 5.35 5.39
2002 -- 15.62 14.7800 8.48 13.67
2001(a) (.13) 14.55 14.4600 (1.29) 4.02
=====================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------
BEFORE CREDIT/REIMBURSEMENT AFTER CREDIT/REIMBURSEMENT***
----------------------------- -------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
ENDING EXPENSES INCOME TO EXPENSES INCOME TO
NET TO AVERAGE AVERAGE TO AVERAGE AVERAGE
ASSETS NET ASSETS NET ASSETS NET ASSETS NET ASSETS
APPLICABLE APPLICABLE APPLICABLE APPLICABLE APPLICABLE PORTFOLIO
TO COMMON TO COMMON TO COMMON TO COMMON TO COMMON TURNOVER
SHARES (000) SHARES++ SHARES++ SHARES++ SHARES++ RATE
==========================================================================================================================
NEW YORK VALUE (NNY)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $151,314 .72% 4.52% .72% 4.52% 9%
2003 150,418 .88 4.37 .87 4.38 10
2002 153,580 .79 4.76 .78 4.76 11
2001 149,138 .76 5.13 .74 5.15 23
2000 143,843 .74 5.52 .73 5.53 33
NEW YORK
PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 247,139 1.21 6.58 1.21 6.59 5
2003 247,777 1.22 6.67 1.21 6.67 14
2002 255,890 1.24 7.08 1.23 7.09 19
2001 238,599 1.29 7.47 1.28 7.49 19
2000 219,427 1.29 8.61 1.27 8.63 44
NEW YORK DIVIDEND
ADVANTAGE (NAN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 145,592 1.17 6.38 .74 6.81 8
2003 143,886 1.19 6.50 .74 6.95 8
2002 145,599 1.21 6.76 .75 7.22 11
2001 136,441 1.25 7.01 .78 7.49 18
2000 123,171 1.31 7.89 .79 8.42 19
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 100,706 1.17 6.19 .72 6.64 7
2003 99,701 1.19 6.41 .75 6.85 8
2002 100,886 1.21 6.69 .74 7.16 16
2001(a) 93,965 1.12* 5.63* .69* 6.06* 11
==========================================================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
==========================================================================
NEW YORK VALUE (NNY)
--------------------------------------------------------------------------
Year Ended 9/30:
2004 $ N/A $ N/A $ N/A
2003 N/A N/A N/A
2002 N/A N/A N/A
2001 N/A N/A N/A
2000 N/A N/A N/A
NEW YORK
PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------
Year Ended 9/30:
2004 124,300 25,000 74,706
2003 124,300 25,000 74,834
2002 124,300 25,000 76,466
2001 124,300 25,000 72,988
2000 124,300 25,000 69,132
NEW YORK DIVIDEND
ADVANTAGE (NAN)
--------------------------------------------------------------------------
Year Ended 9/30:
2004 69,000 25,000 77,751
2003 69,000 25,000 77,133
2002 69,000 25,000 77,753
2001 69,000 25,000 74,435
2000 69,000 25,000 69,627
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
--------------------------------------------------------------------------
Year Ended 9/30:
2004 47,000 25,000 78,567
2003 47,000 25,000 78,033
2002 47,000 25,000 78,663
2001(a) 47,000 25,000 74,981
==========================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value
per share, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the period March 27, 2001 (commencement of operations) through
September 30, 2001.
See accompanying notes to financial statements.
52-53 SPREAD
Board Members
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Funds is currently set
at seven. None of the board members who are not "interested" persons of the
Funds has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of 1994 Chairman and Director (since 1996) of Nuveen Investments, 146
3/28/49 the Board Inc. and Nuveen Investments, LLC; Director (since 1992) and
333 W. Wacker Drive and Trustee Chairman (since 1996) of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.; Chairman and Director (since
1997) of Nuveen Asset Management, Inc.; Director (since
1996) of Institutional Capital Corporation; Chairman and
Director (since 1999) of Rittenhouse Asset Management, Inc.;
Chairman of Nuveen Investments Advisers Inc. (since 2002).
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Board member 1997 Private Investor and Management Consultant. 146
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Board member 1993 Retired (1989) as Senior Vice President of The Northern 146
7/29/34 Trust Company; Director, Community Advisory Board for
333 W. Wacker Drive Highland Park and Highwood, United Way of the North
Chicago, IL 60606 Shore (since 2002).
------------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a private philanthropic 146
10/22/48 corporation (since 1996); Director and Vice Chairman, United
333 W. Wacker Drive Fire & Casualty Company; formerly Director, Federal Reserve
Chicago, IL 60606 Bank of Chicago; formerly, President and Chief Operating
Officer, SCI Financial Group, Inc., a regional financial
services firm.
------------------------------------------------------------------------------------------------------------------------------------
William C. Hunter Board member 2004 Dean and Distinguished Professor of Finance, School of 146
3/6/48 Business at the University of Connecticut (since 2003);
333 W. Wacker Drive previously Senior Vice President and Director of Research
Chicago, IL 60606 at the Federal Reserve Bank of Chicago (1995-2003);
Director, Credit Research Center at Georgetown University;
Director of Xerox Corporation (since 2004).
54
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Board member 1997 Senior Partner and Chief Operating Officer, Miller-Valentine 146
9/24/44 Group, Vice President, Miller-Valentine Realty, a construction
333 W. Wacker Drive company; Chair, Miami Valley Hospital; Chair, Dayton
Chicago, IL 60606 Development Coalition; formerly, Member, Community
Advisory Board, National City Bank, Dayton, Ohio and
Business Advisory Council, Cleveland Federal Reserve Bank.
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Board member 1997 Executive Director, Gaylord and Dorothy Donnelley 146
12/29/47 Foundation (since 1994); prior thereto, Executive Director,
333 W. Wacker Drive Great Lakes Protection Fund (from 1990 to 1994)
Chicago, IL 60606
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary and 146
9/9/56 Administrative Associate General Counsel, formerly, Vice President and
333 W. Wacker Drive Officer Assistant General Counsel of Nuveen Investments, LLC;
Chicago, IL 60606 Managing Director (since 2002), General Counsel and
Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.;
Managing Director (since 2002), Assistant Secretary and
Associate General Counsel, formerly, Vice President (since
2000), of Nuveen Asset Management, Inc. Assistant
Secretary of Nuveen Investments, Inc. (since 1994); Assistant
Secretary of NWQ Investment Management Company, LLC
(since 2002); Vice President and Assistant Secretary of
Nuveen Investments Advisers Inc. (since 2002); Managing
Director, Associate General Counsel and Assistant Secretary
of Rittenhouse Asset Management, Inc. (since 2003);
Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant Vice 146
2/3/66 and Assistant President (since 2000), previously, Associate of Nuveen
333 W. Wacker Drive Secretary Investments, LLC.
Chicago, IL 60606
55
Board Members
AND OFFICERS (CONTINUED)
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 1999), 146
11/28/67 and Treasurer prior thereto, Assistant Vice President (since 1997); Vice
333 W. Wacker Drive President and Treasurer of Nuveen Investments, Inc. (since
Chicago, IL 60606 1999); Vice President and Treasurer of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp (since 1999); Vice
President and Treasurer of Nuveen Asset Management, Inc.
(since 2002) and of Nuveen Investments Advisers Inc. (since
2002); Assistant Treasurer of NWQ Investment Management
Company, LLC (since 2002); Vice President and Treasurer of
Nuveen Rittenhouse Asset Management, Inc. (since 2003);
Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 2000 Vice President (since 2002) and Assistant General Counsel 146
9/24/64 and Secretary (since 1998); formerly, Assistant Vice President (since 1998)
333 W. Wacker Drive of Nuveen Investments, LLC; Vice President (since 2002)
Chicago, IL 60606 and Assistant Secretary (since 1998), formerly Assistant
Vice President of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.
------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Managing Director (since 2004) formerly, Vice President of 146
10/24/45 Nuveen Investments, LLC; Managing Director (since 2004)
333 W. Wacker Drive formerly, Vice President (since 1998) of Nuveen Advisory
Chicago, IL 60606 Corp. and Nuveen Institutional Advisory Corp.
------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen Investments, 146
3/2/64 LLC; Managing Director (since 2001), formerly Vice President
333 W. Wacker Drive of Nuveen Advisory Corp. and Nuveen Institutional Advisory
Chicago, IL 60606 Corp. (since 1995); Managing Director of Nuveen Asset
Management, Inc. (since 2001); Vice President of Nuveen
Investment Advisers Inc. (since 2002); Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller (since 1998) 146
5/31/54 and Controller of Nuveen Investments, LLC and Vice President and Funds
333 W. Wacker Drive Controller (since 1998) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
56
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
James D. Grassi Vice President 2004 Vice President and Deputy Director of Compliance 146
4/13/56 and Chief (since August 2004) of Nuveen Investments, LLC,
333 W. Wacker Drive Compliance Nuveen Investments Advisers Inc., Nuveen Asset
Chicago, IL 60606 Officer Management Inc., Nuveen Advisory Corp., Nuveen
Institutional Advisory Corp. and Rittenhouse Asset
Management, Inc.; formerly, Senior Attorney
(1994-July 2004), The Northern Trust Company.
------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 146
3/22/63 LLC, previously Assistant Vice President (since 1999);
333 W. Wacker Drive prior thereto, Associate of Nuveen Investments, LLC;
Chicago, IL 60606 Certified Public Accountant.
------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, Assistant Vice 146
8/27/61 President (since 1993) of Nuveen Investments, LLC.
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant General 146
7/27/51 and Assistant Counsel of Nuveen Investments, LLC; Vice President and
333 W. Wacker Drive Secretary Assistant Secretary of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.; Assistant Secretary of Nuveen
Investments, Inc. and (since 1997) Nuveen Asset Management,
Inc.; Vice President (since 2000), Assistant Secretary and
Assistant General Counsel (since 1998) of Rittenhouse Asset
Management, Inc.; Vice President and Assistant Secretary of
Nuveen Investments Advisers Inc. (since 2002); Assistant
Secretary of NWQ Investment Management Company, LLC
(since 2002).
------------------------------------------------------------------------------------------------------------------------------------
Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen Investments, LLC; 146
7/7/65 Managing Director (since 1997), formerly Vice President
333 W. Wacker Drive (since 1996) of Nuveen Advisory Corp. and Nuveen Institutional
Chicago, IL 60606 Advisory Corp.; Managing Director of Nuveen Asset Management,
Inc. (since 1999). Chartered Financial Analyst.
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and board member
of the Adviser.
(2) Board members serve an indefinite term until his/her successor is elected.
The year first elected or appointed represents the year in which the board
member was first elected or appointed to any fund in the Nuveen Complex.
(3) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
57
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit,nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
the dividends or distributions awaiting reinvestment. Because the market price
may increase before purchases are completed, the average purchase price per
share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
58
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments and (ii) information
regarding how the Funds voted proxies relating to portfolio securities held
during the most recent 12-month period ended June 30, 2004, are available
without charge, upon request, by calling Nuveen Investments toll-free at (800)
257-8787 or on Nuveen's web site at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the sensitivity of a bond
or bond fund's value to changes when interest rates change. Generally, the
longer a bond or fund's duration, the more the price of the bond or fund will
change as interest rates change. Leverage-adjusted duration takes into account
the leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the period ended September 30,
2004. Any future repurchases will be reported to shareholders in the next annual
or semiannual report.
59
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing $100 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/ETF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
EAN-A-0904D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. The registrant has posted such code of
ethics on its website at www.nuveen.com/etf.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's board of directors determined that the registrant has at least
one "audit committee financial expert" (as defined in Item 3 of Form N-CSR)
serving on its Audit Committee. The registrant's audit committee financial
expert is Jack B. Evans, Chairman of the Audit Committee, who is "independent"
for purposes of Item 3 of Form N-CSR. Mr. Evans has served as the registrant's
audit committee financial expert from July 26, 2004 to the end of the reporting
period on September 30, 2004.
Prior to July 26, 2004, William E. Bennett, who was "independent" for purposes
of Item 3 of Form N-CSR served as the audit committee financial expert. Although
Mr. Bennett served as the audit committee financial expert during the reporting
period, he unexpectedly resigned from the Board effective April 30, 2004.
Accordingly for this reporting period, the registrant did not have a designated
"audit committee financial expert" from April 30, 2004 to July 26, 2004.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
Mr. Bennett was formerly Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidiary, The First National Bank
of Chicago. As part of his role as Chief Credit Officer, Mr. Bennett set policy
as to accrual of assets/loans; designated performing/non-performing assets; set
the level of reserves against the credit portfolio; and determined the carrying
value of credit related assets and exposure. Among other things, Mr. Bennett was
also responsible for the oversight of the internal analysis function including
setting ground rules for the review and preparation of financial analysis and
financial statements for use in making credit and risk decisions for clients.
Mr. Bennett has significant experience reviewing, analyzing and evaluating
financial statements of domestic and international companies in a variety of
industries with complex accounting issues.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP entered into on or after May 6, 2003, the
Audit Committee approved in advance all audit services and non-audit services
that Ernst & Young LLP provided to the Fund, except for those non-audit services
that were subject to the pre-approval exception under Rule 2-01 of Regulation
S-X (the "pre-approval exception"). The pre-approval exception for services
provided directly to the Fund waives the pre-approval requirement for services
other than audit, review or attest services if: (A) the aggregate amount of all
such services provided constitutes no more than 5% of the total amount of
revenues paid by the Fund to its accountant during the fiscal year in which the
services are provided; (B) the Fund did not recognize the services as non-audit
services at the time of the engagement; and (C) the services are promptly
brought to the Audit Committee's attention, and the Committee (or its delegate)
approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND BILLED TO FUND BILLED TO FUND BILLED TO FUND
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 10,148 $ 0 $ 364 $ 2,500
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2003 $ 9,012 $ 0 $ 392 $ 2,300
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
The above "Tax Fees" were billed for professional services for tax advice, tax
compliance and tax planning.
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Advisory Corp. ("NAC" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAC ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.
The table also shows the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2003 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A N/A N/A
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. For
engagements entered into on or after May 6, 2003, the Audit Committee is
required to pre-approve non-audit services that Ernst & Young LLP provides to
the Adviser and any Affiliated Fund Services Provider, if the engagement related
directly to the Fund's operations and financial reporting (except for those
subject to the de minimis exception described above). The Audit Committee
requested and received information from Ernst & Young LLP about any non-audit
services that Ernst & Young LLP rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating Ernst & Young LLP independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 2,864 $ 0 $ 0 $ 2,864
September 30, 2003 $ 2,692 $ 0 $ 0 $ 2,692
Audit Committee Pre-Approval Policies and Procedures. Generally, the audit
committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the audit committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the audit committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the audit committee at
the next audit committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
In the rare event that a municipal issuer held by the Fund were to issue a proxy
or that the Fund were to receive a proxy issued by a cash management security,
the Adviser would either engage an independent third party to determine how the
proxy should be voted or vote the proxy with the consent, or based on the
instructions, of the Fund's Board of Directors or Trustees or its
representative. In the case of a conflict of interest, the proxy would be
submitted to the applicable Fund's Board to determine how the proxy should be
voted. A member of the Adviser's legal department would oversee the
administration of the voting, and ensure that records were maintained in
accordance with Rule 204-2(c)(2) under the Investment Advisers Act of 1940 (17
CFR 275.204-2(c)(2)), reports were filed with the SEC on Form N-PX, and the
results were provided to the Board of Directors or Trustees and made available
to shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources, including shareholders, as to
suitable candidates. Suggestions should be sent in writing to Lorna Ferguson,
Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The nominating and governance committee sets appropriate
standards and requirements for nominations for new directors and reserves the
right to interview all candidates and to make the final selection of any new
directors.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because posted on registrant's website at www.nuveen.com/etf.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Dividend Advantage Municipal Fund
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: December 8, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
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Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: December 8, 2004
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: December 8, 2004
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* Print the name and title of each signing officer under his or her signature.