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: March 31, 2005
------------------
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.
SEMIANNUAL REPORT March 31, 2005
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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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-month period covered by
this semiannual report your Fund continued to provide you with monthly tax-free
income and an attractive total return. For more details about the management
strategy and performance of your Fund, please see the Portfolio Manager's
Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial advisers
and investors suggest that many of you may be wondering whether longer-term
interest rates will soon begin to rise substantially, mirroring the rise that
has taken place over the past year in shorter-term rates. If longer-term rates
do begin to rise significantly, some of you also may be wondering if that makes
this a good time to adjust your holdings of fixed-income investments. We can't
answer these questions for you - no one knows what the future will bring.
"IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL
INVESTMENT RISK."
From our experience, we do know that a well-balanced portfolio, structured and
carefully monitored with the help of a trusted investment professional, can be
an important component in helping you achieve your long-term financial goals. In
fact, a well-diversified portfolio may actually help to reduce your overall
investment risk. That is one reason why we believe that a municipal bond
investment like your Nuveen Fund can be an important building block in a
comprehensive investment program designed to perform well in a variety of market
conditions.
As in past reports, I urge you to consider receiving future Fund reports and
other Fund information by e-mail and the Internet. Not only will you be able to
receive the information faster, but this also may help lower your Fund's
expenses. Sign up is quick and easy - see the inside front cover of this report
for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of
your Fund's investment adviser) completed a public offering of a substantial
portion of its equity stake in Nuveen. At the same time, St. Paul Travelers also
entered into agreements to sell the balance of its shares in Nuveen to us or to
others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to be an
"assignment" of your Fund's investment management agreement. This means that you
and your fellow Fund shareholders soon will be asked to formally approve the
continuation of your Fund's management contract with Nuveen. We will be sending
you more information about this process in the coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering 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 monthsand years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 16, 2005
Nuveen New York Municipal Closed-End Exchange-Traded Funds
(NNY, NNP, NAN, NXK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews key investment strategies and the
semiannual performance of these four New York Funds. Paul, who has 14 years of
investment experience, including 8 years with Nuveen, has managed NNY, NNP and
NAN since 1999, and NXK since its inception in 2001.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
MARCH 31, 2005?
Between October 2004 and March 2005, the Federal Reserve implemented four
quarter-point increases in the fed funds rate, raising this short-term interest
rate target to 2.75% from 1.75%. (On May 3, 2005, after the close of this
reporting period, the fed funds rate was raised to 3.00%.) With the market
anticipating increases in interest rates throughout the period, our focus
centered on finding bonds that, in our judgment, would add immediate value to
the Funds' portfolios and that also had the potential to perform well under a
variety of future market scenarios.
Overall, our purchase activity focused on finding bonds in the long-intermediate
part of the yield curve - that is, bonds that mature in 20 years or more. In our
opinion, this part of the yield curve generally offered the most attractive
opportunities and the best values during this reporting period.
During this six-month reporting period, municipal issuance in New York jumped
67% over that of the previous six months, with almost $23 billion in new issues
during this period. As a result, we found a number of opportunities to make
trades that we believed would benefit the Funds. The majority of our new
purchases over this time period were in insured or highly-rated securities,
reflecting the high overall quality of the new issue supply. One example
included the insured bonds issued by Sales Tax Asset Receivable Corporation
(STAR Corp.), which were added to all four of the Funds. Other additions during
this period included insured New York City bonds and insured Puerto Rico debt
which, like bonds from New York issuers, provide New York residents with income
free
4
from federal, state and local taxes. Some of these additions were financed with
the proceeds from sales of pre-refunded bonds and bonds with shorter maturities,
which generally tended to underperform in the interest rate environment of the
six month period.
Despite the large amount of new issues, the municipal market in New York did not
provide many opportunities to purchase bonds rated BBB and lower during this
period. Despite this, we sought to maintain some exposure to lower credit
quality securities, which tended to help overall performance since lower-rated
bonds were generally among the best performers during this reporting period.
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New York Funds, as well as for comparative
indexes, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 3/31/05
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NNY1 1.54% 3.04% 5.97% 5.22%
--------------------------------------------------------------------------------
NNP 1.91% 3.97% 9.41% 7.08%
--------------------------------------------------------------------------------
NAN 1.87% 4.19% 9.94% NA
--------------------------------------------------------------------------------
NXK 2.18% 4.17% NA NA
--------------------------------------------------------------------------------
Lehman Brothers NY
Tax-Exempt
Bond Index2 1.09% 2.54% 6.52% 6.48%
--------------------------------------------------------------------------------
Lipper NY
Municipal Debt
Funds Average3 3.23% 3.67% 8.08% 6.76%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Returns do not
reflect the deduction of taxes that shareholders may have to pay on Fund
distributions or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
1 NNY is an unleveraged Fund; the remaining three Funds are leveraged.
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 closed-end exchange-traded funds in this category
for each period as follows: 6 months, 22 funds; 1 year, 22 funds; 5 years,
11 funds; and 10 years, 9 funds. Fund and Lipper returns assume
reinvestment of dividends.
5
For the six months ended March 31, 2005, the cumulative returns on net asset
value (NAV) for all four of the New York Funds covered in this report
outperformed the return on the Lehman Brothers New York Tax-Exempt bond Index.
Each of the Funds underperformed the average return for the Lipper New York
Municipal Debt Funds over this period.
One of the primary factors benefiting the six-month performance of NNP, NAN and
NXK relative to that of the Lehman Brothers index was these Funds' use of
financial leverage. NNY, like the Lehman Brothers index, is unleveraged. While
leveraging can add volatility to the Funds' NAVs and share prices, especially
during periods when interest rates rise, this strategy can also provide
opportunities for additional income and total returns for common shareholders
when short-term interest rates remain relatively low and long-term rates fall or
remain fairly constant, as they did during this reporting period.
Although short-term rates remained relatively low, they did begin to rise over
this six-month period in response to increases in the fed funds rate. At the
same time, longer-term interest rates ended the six-month period at virtually
the same level as they began it. This meant that bonds with longer maturities
generally tended to perform better than securities with shorter maturities over
this reporting period, since bond prices move in the opposite direction from
interest rates. This affected the performance of NNY in particular, since this
Fund had more exposure to the short end of the yield curve than the other three
Funds.
As noted, all of the Funds benefited from their allocations of lower quality
bonds during this period, with bonds rated BBB and below investment-grade
generally outperforming higher credit quality sectors as the economy improved.
Among the lower-rated holdings making positive contributions to the Funds'
cumulative six-month returns were hospital
6
bonds. The healthcare sector ranked second in terms of performance among the
Lehman municipal revenue sectors for the period. In addition, each of the Funds
had a small exposure to bonds issued for British Airways and/or American
Airlines, which posted exceptionally strong performance for the six months.
Bonds backed by the 1998 master tobacco settlement agreement also produced solid
performance during this period, as the litigation environment improved and the
supply/demand situation drove tobacco bond prices higher. As of March 31, 2005,
all of these Funds held between 4% and 5% of their portfolios in uninsured and
unenhanced tobacco bonds.
The performance of each of these Funds was also helped to some extent by several
advance refundings of their holdings during this period, which resulted in price
appreciation as well as enhanced credit quality. At the same time, however,
their holdings of older pre-refunded bonds tended to underperform the general
municipal market during this period, due primarily to the shorter effective
maturities of these bonds.
Finally, all of the portfolios were impacted positively during this period by
Moody's November 2004 upgrade of the credit rating on New York State general
obligation bonds to A1 from A2. That rating was reconfirmed in February 2005, as
was Standard & Poor's AA rating for the state. In addition, on April 4, 2005,
following the end of this reporting period, Moody's upgraded the rating on New
York City general obligation debt to A1 from A2, the highest rating ever given
to the city by Moody's. The rating agency cited New York City's ability to make
difficult budgetary and fiscal policy decisions in recovering from one of the
most serious fiscal crises in decades as the primary reason for the upgrade.
7
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2005?
We continued to believe that, given the current geopolitical and economic
climate, maintaining strong credit quality was an important requirement. As of
March 31, 2005, all four of these Funds continued to offer excellent credit
quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from
75% in NNY, NNP and NXK to 79% in NAN.
As of March 31, 2005, potential call exposure for the period April 2005 through
the end of 2006 ranged from 1% in NAN and NXK to 4% in NNP and 8% in NNY. The
number of actual bond calls in all of these Funds depends largely on future
market interest rates.
8
Dividend and Share Price
INFORMATION
As short-term interest rates remained relatively low, the leveraged structures
of NAN and NXK continued to support their dividend-paying capabilities, and the
dividends on these two Funds remained stable throughout this six-month reporting
period. The extent of the benefit of leverage is tied in part to the short-term
rates leveraged Funds pay their MuniPreferred(R) shareholders. During periods of
low short-term rates, leveraged Funds generally pay lower dividends to their
MuniPreferred shareholders, which can leave more earnings to support common
share dividends. In NNP, however, the combination of the Federal Reserve's
increases in short-term interest rates--which led to higher borrowing costs for
the Fund--and greater levels of trading activity put pressure on NNP's dividend,
resulting in a single dividend cut in March 2005. The unleveraged NNY paid a
steady dividend over this period.
In addition, due to capital gains generated by normal portfolio activity, common
shareholders of the following Funds received capital gains and/or net ordinary
income distributions at the end of December 2004 as indicated:
LONG-TERM
CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NNY $ -- $0.0012
--------------------------------------------------------------------------------
NNP $0.0798 $0.0021
--------------------------------------------------------------------------------
NXK $0.0618 $0.0006
--------------------------------------------------------------------------------
All of the Funds in this report 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 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 March 31, 2005, all of the
Funds in this report had positive UNII balances for both financial statement and
tax purposes.
9
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
3/31/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
--------------------------------------------------------------------------------
NNY -4.32% -8.17%
--------------------------------------------------------------------------------
NNP -9.00% -5.44%
--------------------------------------------------------------------------------
NAN -4.48% -2.71%
--------------------------------------------------------------------------------
NXK -5.19% -4.33%
--------------------------------------------------------------------------------
10
Nuveen New York Municipal Value Fund, Inc.
NNY
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 47%
AA 28%
A 7%
BBB 12%
BB or Lower 3%
NR 3%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0355
May 0.0355
Jun 0.0355
Jul 0.0355
Aug 0.0355
Sep 0.0355
Oct 0.0355
Nov 0.0355
Dec 0.0355
Jan 0.0355
Feb 0.0355
Mar 0.0355
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 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
9.15
9.17
9.1
9.16
9.2
9.14
9.23
9.32
9.28
9.31
9.36
9.31
9.27
9.19
9.36
9.32
9.28
9.33
9.29
9.29
9.33
9.35
9.33
9.29
9.33
9.34
9.32
9.09
9.12
9.09
9.18
9.31
9.29
9.31
9.25
9.27
9.16
9.19
9.2
9.16
9.19
9.15
9.1
9.15
9.05
9.15
9.07
9.05
9.07
9.07
9.02
8.99
9.01
9.03
9.01
8.98
8.95
9.12
9.05
9.06
9.02
8.97
8.99
9
8.97
8.95
9
9.06
9.11
9.05
9.09
9.1
9.1
8.99
9.04
9.08
9.14
9.14
9.1
9.14
9.17
9.18
9.2
9.24
9.28
9.3
9.33
9.24
9.234
9.37
9.41
9.52
9.42
9.38
9.42
9.4
9.43
9.19
9.18
9.13
9.19
9.34
9.36
9.3
9.37
9.5
9.5
9.4
9.36
9.35
9.28
9.33
9.26
9.22
9.2
9.25
9.26
9.32
9.25
9.17
9.11
9.07
9.4
9.35
9.43
3/31/05 9.52
FUND SNAPSHOT
------------------------------------
Common Share Price $9.52
------------------------------------
Common Share Net Asset Value $9.95
------------------------------------
Premium/(Discount) to NAV -4.32%
------------------------------------
Market Yield 4.47%
------------------------------------
Taxable-Equivalent Yield1 6.67%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $150,470
------------------------------------
Average Effective
Maturity on Securities (Years) 18.88
------------------------------------
Modified Duration 4.98
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 6.46% 1.54%
------------------------------------
1-Year 5.92% 3.04%
------------------------------------
5-Year 8.33% 5.97%
------------------------------------
10-Year 4.82% 5.22%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 23.2%
------------------------------------
Long-Term Care 14.3%
------------------------------------
Healthcare 11.9%
------------------------------------
U.S. Guaranteed 9.3%
------------------------------------
Utilities 8.8%
------------------------------------
Education and Civic
Organizations 8.6%
------------------------------------
Transportation 6.7%
------------------------------------
Consumer Staples 4.6%
------------------------------------
Other 12.6%
------------------------------------
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%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2004 of $0.0012 per share.
11
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 50%
AA 25%
A 8%
BBB 12%
BB or Lower 3%
NR 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0845
May 0.0845
Jun 0.0845
Jul 0.0845
Aug 0.0845
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0845
Jan 0.0845
Feb 0.0845
Mar 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 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
15.66
15.66
15.68
15.7
15.76
15.72
15.85
15.8
15.83
15.77
15.82
15.81
15.9
15.78
15.84
15.83
15.84
16.01
15.95
16.12
16.11
16.14
16.13
16.13
16.26
16.32
16.2
15.77
15.63
15.58
15.62
15.74
15.75
15.7
15.79
15.84
15.62
15.99
15.88
15.95
15.95
15.8
15.8
15.96
15.73
15.78
15.78
15.77
15.8
15.85
15.88
15.62
15.59
15.57
15.55
15.46
15.47
15.45
15.44
15.39
15.36
15.3
15.43
15.47
15.61
15.6
15.7
15.67
15.72
15.99
15.71
15.6
15.52
15.4
15.45
15.39
15.38
15.37
15.37
15.33
15.41
15.37
15.41
15.48
15.51
15.58
15.6
15.6
15.68
15.63
15.69
15.91
15.87
15.784
15.78
15.83
15.81
15.66
15.6
15.58
15.53
15.55
15.63
15.6
15.65
15.63
15.64
15.64
15.57
15.53
15.38
15.36
15.19
15.25
15.26
15.1
15.15
15.09
15
14.95
14.72
14.72
14.55
14.62
14.64
3/31/05 14.77
FUND SNAPSHOT
------------------------------------
Common Share Price $14.77
------------------------------------
Common Share
Net Asset Value $16.23
------------------------------------
Premium/(Discount) to NAV -9.00%
------------------------------------
Market Yield 6.62%
------------------------------------
Taxable-Equivalent Yield1 9.88%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $243,093
------------------------------------
Average Effective
Maturity on Securities (Years) 17.27
------------------------------------
Leverage-Adjusted Duration 8.10
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -2.09% 1.91%
------------------------------------
1-Year -5.95% 3.97%
------------------------------------
5-Year 9.27% 9.41%
------------------------------------
10-Year 6.24% 7.08%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 19.8%
------------------------------------
U.S. Guaranteed 18.3%
------------------------------------
Education and Civic
Organizations 13.4%
------------------------------------
Healthcare 10.4%
------------------------------------
Utilities 8.1%
------------------------------------
Water and Sewer 6.9%
------------------------------------
Transportation 6.3%
------------------------------------
Long-Term Care 5.1%
------------------------------------
Other 11.7%
------------------------------------
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%. 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 2004 of $0.0819 per share.
12
Nuveen New York Dividend Advantage Municipal Fund
NAN
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 51%
AA 28%
A 7%
BBB 9%
BB or Lower 2%
NR 3%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.0825
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.0825
Oct 0.0825
Nov 0.0825
Dec 0.0825
Jan 0.0825
Feb 0.0825
Mar 0.0825
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 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
15.01
15
15.03
14.98
15.01
15
15.03
15.11
15.26
15.17
15.28
15.22
15.28
15.24
15.26
15.29
15.33
15.4
15.37
15.32
15.35
15.32
15.34
15.3
15.34
15.44
15.3
15.09
15.15
15.15
15.38
15.3
15.34
15.47
15.52
15.52
15.59
15.6
15.45
15.55
15.5
15.44
15.35
15.25
15.2
15.21
15.4
15.47
15.45
15.57
15.57
15.49
15.38
15.49
15.4
15.34
15.31
15.34
15.4
15.44
15.41
15.4
15.47
15.43
15.55
15.56
15.6
15.7
15.6
15.6
15.61
15.61
15.58
15.62
15.72
15.72
15.68
15.64
15.71
15.66
15.8
15.76
15.768
15.77
15.77
15.75
15.75
15.63
15.76
15.75
15.72
15.69
15.7
15.62
15.69
15.66
15.65
15.58
15.6
15.51
15.49
15.55
15.59
15.61
15.66
15.67
15.69
15.67
15.64
15.6
15.36
15.4
15.35
15.45
15.42
15.4
15.35
15.34
15.38
15.28
15.2
14.93
14.71
14.69
14.72
3/31/05 14.93
FUND SNAPSHOT
------------------------------------
Common Share Price $14.93
------------------------------------
Common Share
Net Asset Value $15.63
------------------------------------
Premium/(Discount) to NAV -4.48%
------------------------------------
Market Yield 6.63%
------------------------------------
Taxable-Equivalent Yield1 9.90%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $143,750
------------------------------------
Average Effective
Maturity on Securities (Years) 18.00
------------------------------------
Leverage-Adjusted Duration 7.34
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.69% 1.87%
------------------------------------
1-Year -1.64% 4.19%
------------------------------------
5-Year 10.14% 9.94%
------------------------------------
Since
Inception 6.14% 7.71%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Healthcare 23.2%
------------------------------------
Tax Obligation/Limited 18.0%
------------------------------------
Education and Civic
Organizations 14.4%
------------------------------------
Tax Obligation/General 9.9%
------------------------------------
U.S. Guaranteed 9.5%
------------------------------------
Utilities 6.8%
------------------------------------
Transportation 5.5%
------------------------------------
Other 12.7%
------------------------------------
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%. 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 March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 55%
AA 20%
A 5%
BBB 15%
BB or Lower 2%
NR 3%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 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
14.95
14.82
14.71
14.76
14.76
14.66
14.8
15.1
14.85
14.85
14.92
14.96
14.98
15.12
14.88
15.02
15
14.99
14.99
15.14
15.27
15.06
15.15
15.27
15.27
15.28
15.2
14.95
14.83
14.85
15.03
15.21
15.3
15.06
15
15
14.96
14.9
14.91
15.02
15
15.05
14.77
14.95
14.8
14.75
14.98
14.9
14.82
14.9
14.81
14.93
14.78
14.72
14.69
14.7
14.76
14.95
14.85
14.75
15
14.87
14.84
14.94
14.84
14.8
14.8
14.86
14.94
14.86
14.93
14.93
15.1
15.26
15.2
15.24
15.25
15.25
15.16
15.14
15.24
15.25
15.22
15.36
15.3
15.37
15.3
15.29
15.2
15.21
15.2
15.2
15.05
15.07
15.03
15.05
15.1
15.1
15.06
14.91
14.65
14.67
14.73
14.77
14.79
14.9
14.9
14.9
14.89
14.95
14.96
14.92
14.91
14.67
14.88
15.06
14.96
14.8
14.7
14.68
14.67
14.34
14.3
14.29
14.29
14.61
3/31/05 14.6
FUND SNAPSHOT
------------------------------------
Common Share Price $14.60
------------------------------------
Common Share
Net Asset Value $15.40
------------------------------------
Premium/(Discount) to NAV -5.19%
------------------------------------
Market Yield 6.53%
------------------------------------
Taxable-Equivalent Yield1 9.75%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $99,412
------------------------------------
Average Effective
Maturity on Securities (Years) 18.24
------------------------------------
Leverage-Adjusted Duration 7.69
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.13% 2.18%
------------------------------------
1-Year -1.02% 4.17%
------------------------------------
Since
Inception 5.84% 8.23%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 15.3%
------------------------------------
U.S. Guaranteed 13.8%
------------------------------------
Utilities 12.7%
------------------------------------
Healthcare 11.3%
------------------------------------
Education and Civic
Organizations 10.8%
------------------------------------
Transportation 9.6%
------------------------------------
Tax Obligation/General 9.1%
------------------------------------
Water and Sewer 6.0%
------------------------------------
Other 11.4%
------------------------------------
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%. 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 2004 of $0.0624 per share.
14
Shareholder
MEETING REPORT
The Shareholder Meeting was held in San Francisco, California, on March 22,
2005.
NNY NNP
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and
MuniPreferred MuniPreferred
shares voting shares voting
Common together together
shares as a class as a class
====================================================================================================================================
Robert P. Bremner
For -- 12,963,082 --
Withhold -- 183,977 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,147,059 --
====================================================================================================================================
Lawrence H. Brown
For 13,179,600 12,960,132 --
Withhold 203,702 186,927 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,383,302 13,147,059 --
====================================================================================================================================
Jack B. Evans
For -- 12,953,996 --
Withhold -- 193,063 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,147,059 --
====================================================================================================================================
William C. Hunter
For 13,178,848 12,962,965 --
Withhold 204,454 184,094 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,383,302 13,147,059 --
====================================================================================================================================
David J. Kundert
For 13,181,495 12,962,865 --
Withhold 201,807 184,194 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,383,302 13,147,059 --
====================================================================================================================================
William J. Schneider
For -- -- 4,313
Withhold -- -- 33
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 4,346
====================================================================================================================================
Timothy R. Schwertfeger
For 13,185,050 -- 4,313
Withhold 198,252 -- 33
------------------------------------------------------------------------------------------------------------------------------------
Total 13,383,302 -- 4,346
====================================================================================================================================
Judith M. Stockdale
For -- 12,957,332 --
Withhold -- 189,727 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,147,059 --
====================================================================================================================================
Eugene S. Sunshine
For 13,181,250 12,956,279 --
Withhold 202,052 190,780 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,383,302 13,147,059 --
====================================================================================================================================
15
Shareholder
MEETING REPORT (continued)
NAN NXK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 8,865,620 -- 6,212,230 --
Withhold 57,150 -- 53,147 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
Lawrence H. Brown
For 8,864,663 -- 6,211,733 --
Withhold 58,107 -- 53,644 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
Jack B. Evans
For 8,862,445 -- 6,213,073 --
Withhold 60,325 -- 52,304 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
William C. Hunter
For 8,865,620 -- 6,211,073 --
Withhold 57,150 -- 54,304 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
David J. Kundert
For 8,865,620 -- 6,210,873 --
Withhold 57,150 -- 54,504 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
William J. Schneider
For -- 2,737 -- 1,871
Withhold -- 5 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,742 -- 1,875
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,737 -- 1,868
Withhold -- 5 -- 7
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,742 -- 1,875
====================================================================================================================================
Judith M. Stockdale
For 8,861,532 -- 6,214,973 --
Withhold 61,238 -- 50,404 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
Eugene S. Sunshine
For 8,860,281 -- 6,209,730 --
Withhold 62,489 -- 55,647 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,922,770 -- 6,265,377 --
====================================================================================================================================
16
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.6% (4.6% OF TOTAL INVESTMENTS)
$ 470 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 471,622
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
355 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 367,056
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 158,468
705 6.150%, 6/01/25 6/10 at 101.00 BBB 731,797
765 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 783,620
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 389,731
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- 1,045,250
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27
300 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 293,778
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 1,298,200
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,326,275
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.5% (8.6% OF TOTAL INVESTMENTS)
Albany Industrial Development Agency, New York, Revenue
Bonds, Albany Law School, Series 2000A:
600 5.700%, 10/01/20 - RAAI Insured 10/10 at 100.00 AA 650,994
750 5.750%, 10/01/30 - RAAI Insured 10/10 at 100.00 AA 813,337
2,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 2,103,280
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 618,596
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 248,050
Civic Facility Revenue Bonds, St. Francis College,
Series 2004, 5.000%, 10/01/34
1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,130,195
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
800 New York State Dormitory Authority, Insured Revenue 7/11 at 102.00 AA 846,848
Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 -
RAAI Insured
1,000 New York State Dormitory Authority, Insured Revenue Bonds, 9/06 at 102.00 AA 1,048,100
Long Island University, Series 1996, 5.500%, 9/01/20 -
RAAI Insured
315 New York State Dormitory Authority, Revenue Bonds, No Opt. Call AAA 358,505
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,250 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA 1,382,050
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
750 New York State Dormitory Authority, Revenue Bonds, 7/09 at 102.00 AA 832,718
Pratt Institute, Series 1999, 6.000%, 7/01/24 - RAAI Insured
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- 1,141,530
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,644,258
17
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.8% (11.9% OF TOTAL INVESTMENTS)
$ 490 Cattaraugus County Industrial Development Agency, 8/08 at 102.00 AA $ 504,298
New York, Revenue Bonds, Olean General Hospital,
Series 1998A, 5.250%, 8/01/23
760 Nassau County Industrial Development Agency, New York, No Opt. Call A3 819,029
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 524,810
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 1,253,749
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,720
250 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba3 246,498
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 494,600
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
2,250 New York State Dormitory Authority, FHA-Insured Mortgage 2/07 at 102.00 AAA 2,390,513
Nursing Home Revenue Bonds, Rosalind and Joseph Gurwin
Jewish Geriatric Center of Long Island, Series 1997,
5.700%, 2/01/37 - AMBAC Insured
705 New York State Dormitory Authority, FHA-Insured 2/15 at 100.00 AAA 730,168
Mortgage Revenue Bonds, Montefiore Hospital,
Series 2004, 5.000%, 8/01/29 - FGIC Insured
1,250 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 1,373,988
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, 7/05 at 100.00 BBB- 1,000,950
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
1,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 1,039,600
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
1,640 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 1,785,862
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
100 New York State Dormitory Authority, Revenue Bonds, 7/06 at 102.00 Ba3 99,994
Nyack Hospital, Series 1996, 6.250%, 7/01/13
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 522,185
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 514,645
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
1,795 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 1,851,650
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
1,035 Newark-Wayne Community Hospital, New York, Hospital 9/05 at 100.00 N/R 1,022,487
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 507,450
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.6% (3.6% OF TOTAL INVESTMENTS)
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 438,504
Section 8 Assisted 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 1,054,030
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,027,070
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,027,150
440 New York State Housing Finance Agency, Secured Mortgage 8/11 at 100.00 Aa1 464,112
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 1,359,494
New York, GNMA Collateralized Mortgage Loan Revenue
Bonds, Living Independently for the Elderly Inc.,
Series 2001A, 5.375%, 8/20/21
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1% (3.2% OF TOTAL INVESTMENTS)
$ 3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 $ 3,881,663
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 846,325
Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 14.1% (14.3% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,106,560
Bonds, WSNCHS East Inc., 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 2,163,888
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 3,164,594
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 635,766
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 554,544
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
1,000 New York State Dormitory Authority, FHA-Insured 2/08 at 102.00 AAA 1,024,910
Mortgage Nursing Home Revenue Bonds, Eger Healthcare
Center of Staten Island, Series 1998, 5.100%, 2/01/28
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/07 at 102.00 AA 3,196,020
Nursing Home Revenue Bonds, Hebrew Home for the Aged
at Riverdale, Series 1997, 6.125%, 2/01/37
1,915 New York State Dormitory Authority, FHA-Insured Mortgage 8/06 at 102.00 AA- 1,994,607
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 3,172,350
Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
1,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Aa3 1,085,040
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 3,166,800
Mortgage Revenue Bonds, Loretto Rest Residential
Healthcare Facility, Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.5% (1.5% OF TOTAL INVESTMENTS)
825 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 886,322
Fiscal Series 2004B, 5.250%, 8/01/15
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 802,950
Fiscal Series 2004C, 5.250%, 8/15/16
550 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 580,487
Series 2000A, 6.000%, 6/01/20 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.9% (23.2% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,081,120
Series 2003A, 5.250%, 11/01/21
350 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 392,711
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,029,810
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 2,119,600
1,000 5.000%, 11/15/30 11/12 at 100.00 AA- 1,023,160
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,128
Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,382,761
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
105 New York State Dormitory Authority, Improvement Revenue 2/06 at 102.00 AAA 109,109
Bonds, Mental Health Services Facilities, Series 1996B,
5.375%, 2/15/26 - FSA Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, 5/10 at 101.00 AAA 2,206,200
Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,047,390
Infrastructure Revenue Bonds, Series 2003A,
5.000%, 3/15/21
19
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 280 New York State Housing Finance Agency, Suffolk County, 5/05 at 100.00 Baa1 $ 284,346
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- 1,930,492
Child Care Facilities Development Program, Series 2002,
5.375%, 4/01/16
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,056,760
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 1,394,117
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 1,700,077
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
600 New York State Urban Development Corporation, Special No Opt. Call AA- 698,628
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- 1,898,033
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, New York, 6/08 at 101.00 AAA 3,180,630
Certificates of Participation, High School Facility,
Series 1998, 5.375%, 6/15/28 - MBIA Insured
750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- 805,718
Certificates of Participation, High School Facility,
Series 2000, 6.625%, 6/15/28
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
740 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 775,742
550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 575,691
710 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 739,231
1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,305,214
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
New York State 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 535,415
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,126,020
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,084,350
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
75 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 83,154
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 1,699,530
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- 543,215
1,120 6.625%, 2/01/26 2/11 at 100.00 BBB- 1,203,104
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.6% (6.7% OF TOTAL INVESTMENTS)
400 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 421,948
Series 2001A, 5.625%, 7/15/25
1,000 Buffalo and Fort Erie Public Bridge Authority, New York, 7/05 at 101.00 AAA 1,012,350
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA Insured
500 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 552,460
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
780 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 807,604
Transportation Revenue Bonds, Series 2005A,
5.000%, 11/15/33 - AMBAC Insured
1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 919,985
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 812,710
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
500 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 519,320
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA $ 527,290
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- 2,605,175
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 891,883
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 857,336
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 9.2% (9.3% OF TOTAL INVESTMENTS)
2,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,357,730
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 1,115,430
Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded
to 3/01/10) - FSA Insured
1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,123,380
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 21,715
Series 1997G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07)
85 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 97,062
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 4,211,970
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16
600 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA*** 666,474
State Personal Income Tax, Series 2003A,
5.375%, 3/15/22 (Pre-refunded to 3/15/13)
25 New York State Dormitory Authority, Suffolk County, 4/05 at 114.14 Baa1*** 35,060
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,183,130
Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11
(Alternative Minimum Tax) - MBIA Insured
2,600 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 2,958,202
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.7% (8.8% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
150 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 158,121
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,597,325
2,330 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 2,465,187
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- 779,783
General Revenue Bonds, Series 2001L, 5.375%, 5/01/33
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 962,890
Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative
Minimum Tax)
1,500 New York State Energy Research and Development Authority, 3/08 at 101.50 AAA 1,493,310
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 2005A, 4.100%, 3/15/15 -
MBIA Insured
1,500 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 1,566,090
Series 2000A, 5.250%, 11/15/40
500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 536,725
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)
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 265,233
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Alternative Minimum Tax) (Mandatory
put 11/15/14)
21
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 750 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA $ 783,292
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
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 980,030
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 553,207
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8% (3.8% OF TOTAL INVESTMENTS)
300 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 315,048
Revenue Bonds, Series 2001, 5.150%, 8/01/22
1,000 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,074,990
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, New York, 6/10 at 101.00 AA+ 1,341,138
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+ 1,646,595
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
415 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 466,930
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
740 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 802,090
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
$ 139,675 Total Long-Term Investments (cost $140,325,389) - 98.4% 148,137,294
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5% (0.5% OF TOTAL INVESTMENTS)
750 Puerto Rico Government Development Bank, Adjustable A-1 750,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.190%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 750 Total Short-Term Investments (cost $750,000) 750,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $141,075,389) - 98.9% 148,887,294
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 1,582,707
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 150,470,001
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: 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: 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.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in
effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
22
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.5% (4.4% OF TOTAL INVESTMENTS)
$ 885 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB $ 915,055
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 422,580
780 6.150%, 6/01/25 6/10 at 101.00 BBB 809,648
1,355 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 1,387,981
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 809,441
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 997,140
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- 2,613,125
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27
760 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 744,238
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
3,750 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 3,894,600
Series 1999-1, 6.250%, 7/15/27
3,000 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 3,183,060
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.9% (13.4% OF TOTAL INVESTMENTS)
1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA 1,700,430
Bonds, Albany Law School, Series 1999A,
6.750%, 12/01/29 - RAAI Insured
2,700 Brookhaven Industrial Development Agency, New York, 12/07 at 101.00 A3 2,813,751
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- 1,319,040
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 1,055,690
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,473,270
3,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 3,154,920
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 806,865
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
580 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 587,221
Civic Facility Revenue Bonds, St. Francis College,
Series 2004, 5.000%, 10/01/34
850 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 873,333
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- 2,873,675
State University Educational Facilities, Series 1993A,
5.875%, 5/15/17
1,000 New York State Dormitory Authority, Consolidated Revenue No Opt. Call AAA 1,130,170
Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,120 New York State Dormitory Authority, General Revenue No Opt. Call AAA 2,418,878
Bonds, New York University, Series 2001-1,
5.500%, 7/01/20 - AMBAC Insured
730 New York State Dormitory Authority, Revenue Bonds, No Opt. Call AAA 830,820
City University of New York, Series 2005A,
5.500%, 7/01/18 - FGIC Insured
23
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,000 New York State Dormitory Authority, Revenue Bonds, 7/12 at 100.00 AAA $ 1,089,340
Columbia University, Series 2002B, 5.375%, 7/01/19
580 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 625,762
Fashion Institute of Technology, Series 2000,
5.375%, 7/01/20 - FSA Insured
8,345 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA 9,226,566
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
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 1,383,150
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,110,290
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 4,212,679
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 1,572,978
1,055 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 1,113,088
5,590 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 A+ 6,010,424
University of Rochester, Series 1999A, 5.500%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.5% (10.4% OF TOTAL INVESTMENTS)
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 1,067,020
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,329,650
750 New York City Industrial Development Agency, New York, 7/12 at 101.00 Ba3 739,493
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 741,900
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
1,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AA 1,064,110
Hospital Revenue Bonds, St. James Mercy Hospital,
Series 1998, 5.250%, 2/01/18
2,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/05 at 100.00 AAA 2,086,400
Revenue Bonds, St. Vincent's Hospital and Medical Center,
Series 1991, 7.400%, 8/01/30
3,750 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 4,121,963
Catholic Health Services of Long Island Obligated Group,
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
8,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AAA 8,639,280
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,200 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 Baa2 1,236,012
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
2,000 New York State Dormitory Authority, Revenue Bonds, 7/05 at 100.00 BBB- 2,001,900
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
3,400 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 3,534,640
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
4,120 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 4,486,433
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,250 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 1,305,463
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
900 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 926,361
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
1,695 New York State Medical Care Facilities Finance Agency, 8/05 at 100.00 AAA 1,716,086
FHA-Insured Mortgage Revenue Bonds, Hospital and Nursing
Home Projects, Series 1992B, 6.200%, 8/15/22
1,535 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 1,583,445
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
1,100 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 BB 1,116,390
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4% (2.9% OF TOTAL INVESTMENTS)
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 $ 1,653,583
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,054,300
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 943,279
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 458,559
395 New York State Housing Finance Agency, Multifamily 5/05 at 100.00 AAA 396,888
Housing Revenue Bonds, Series 1989B, 7.550%, 11/01/29
(Alternative Minimum Tax) - AMBAC Insured
1,585 New York State Housing Finance Agency, Secured Mortgage 8/05 at 100.00 Aa1 1,600,866
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 1,154,263
Program Multifamily Housing Revenue Bonds, Series 1999I,
6.200%, 2/15/20 (Alternative Minimum Tax)
2,280 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 4/05 at 100.00 A 2,319,923
Revenue Bonds, Portfolio A, Series 1990I, 7.500%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.3% (2.9% OF TOTAL INVESTMENTS)
430 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 442,792
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 1,293,888
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 7,144,188
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 1,672,500
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.6% (5.1% OF TOTAL INVESTMENTS)
1,500 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 1,616,355
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 1,412,519
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 3,196,020
Nursing Home Revenue Bonds Hebrew Home for the Aged
at Riverdale, Series 1997, 6.125%, 2/01/37
1,520 New York State Dormitory Authority, FHA-Insured Nursing 2/13 at 102.00 AAA 1,589,798
Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
1,375 New York State Dormitory Authority, Revenue Bonds, 7/10 at 102.00 A 1,500,125
Miriam Osborn Memorial Home Association, Series 2000B,
6.375%, 7/01/29 - ACA Insured
1,975 New York State Medical Care Facilities Finance Agency, 2/06 at 102.00 AA+ 2,063,520
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, Series 1995C, 6.100%, 8/15/15
2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,884,457
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 4,222,400
Mortgage Revenue Bonds, Loretto Rest Residential
Healthcare Facility, Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.3% (1.5% OF TOTAL INVESTMENTS)
1,725 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 1,853,219
Fiscal Series 2004B, 5.250%, 8/01/15
1,800 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 1,927,080
Fiscal Series 2004C, 5.250%, 8/15/16
1,350 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 1,424,831
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 217,500
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 217,500
25
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.5% (19.8% OF TOTAL INVESTMENTS)
$ 2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA $ 2,503,680
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- 2,480,218
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,059,620
1,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,029,010
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 5,299,000
2,500 5.000%, 11/15/30 11/12 at 100.00 AA- 2,557,900
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,728,384
Revenue Bonds, Series 2003, 5.500%, 1/01/34
2,665 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,770,721
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
3,000 New York State Dormitory Authority, Lease Revenue Bonds, 5/10 at 101.00 AAA 3,309,300
Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
New York State Dormitory Authority, Lease Revenue Bonds, Nassau
County Board of Cooperative Educational Services, Series 2001A:
1,265 5.250%, 8/15/17 - FSA Insured 8/11 at 100.00 AAA 1,368,262
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,496,257
New York State Dormitory Authority, Revenue Bonds, Mental Health
Services Facilities Improvements, Series 2000D:
35 5.875%, 2/15/18 - FSA Insured 8/10 at 100.00 AAA 38,793
30 5.875%, 2/15/19 - FSA Insured 8/10 at 100.00 AAA 33,251
40 5.875%, 8/15/19 - FSA Insured 8/10 at 100.00 AAA 44,335
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,047,390
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/10 at 101.00 AAA 1,106,670
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 1,608,930
Trust Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/22 - MBIA Insured
6,500 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AA 6,821,295
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
4,000 New York State Urban Development Corporation, Service No Opt. Call AA- 4,338,360
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, New York, 6/08 at 101.00 AAA 5,301,050
Certificates of Participation, High School Facility,
Series 1998, 5.375%, 6/15/28 - MBIA Insured
1,785 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 1,980,618
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,670 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,750,661
1,225 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,282,220
1,520 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,582,578
5,600 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 5,996,648
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
2,500 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 2,710,875
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:
750 5.250%, 7/01/23 1/08 at 100.00 A3 777,998
500 5.250%, 7/01/24 1/08 at 100.00 A3 516,880
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 3,942,910
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- 1,358,038
2,520 6.625%, 2/01/26 2/11 at 100.00 BBB- 2,706,984
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.4% (6.3% OF TOTAL INVESTMENTS)
$ 1,355 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ $ 1,426,232
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call AAA 1,631,145
Revenue Bonds, Series 2003A, 5.000%, 11/15/15 -
FGIC Insured
1,920 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 1,987,949
Transportation Revenue Bonds, Series 2005A,
5.000%, 11/15/33 - AMBAC Insured
1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,589,065
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,000 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,038,640
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,054,580
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 2,047,180
Revenue 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 Bonds, 6/06 at 102.00 CCC 1,434,854
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- 2,085,300
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- 5,991,902
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 2,572,008
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.250%, 11/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 27.3% (18.3% OF TOTAL INVESTMENTS)
745 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 845,001
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 1,694,850
1,500 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,694,850
4,525 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 4,956,504
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 5,249,850
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 1,458,855
Bonds, Series 2000F, 6.500%, 3/01/18 (Pre-refunded to
3/01/10) - FSA Insured
505 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 576,665
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 5,148,339
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, Revenue 7/19 at 100.00 AAA 1,096,350
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded to 7/01/19) - AMBAC Insured
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 1,756,916
155 5.875%, 2/15/18 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 174,494
155 5.875%, 2/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 174,494
1,505 5.875%, 2/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,689,558
180 5.875%, 8/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 202,639
1,860 5.875%, 8/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 2,088,092
1,200 New York State Dormitory Authority, Revenue Bonds, State 3/13 at 100.00 AA*** 1,332,948
Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded to 3/15/13)
5,535 New York State Dormitory Authority, Revenue Bonds, 5/12 at 101.00 AAA 6,037,024
State University Educational Facilities, Series 2002A,
5.000%, 5/15/17 (Pre-refunded to 5/15/12) - FGIC Insured
27
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 2,850 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA $ 3,208,644
Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured
4,200 New York State Thruway Authority, Local Highway and Bridge 4/11 at 100.00 AA*** 4,581,612
Service Contract Bonds, Series 2001, 5.250%, 4/01/17
(Pre-refunded to 4/01/11)
2,950 New York State Urban Development Corporation, State 3/13 at 100.00 AA*** 3,201,370
Personal Income Tax Revenue Bonds, Series 2003B,
5.000%, 3/15/22 (Pre-refunded to 3/15/13)
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 (Pre-refunded to 3/15/12) 3/12 at 100.00 AA*** 3,160,414
2,000 5.375%, 3/15/20 (Pre-refunded to 3/15/12) 3/12 at 100.00 AA*** 2,210,080
2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,477,107
Water Treatment Plant Bonds, Series 1994, 8.000%, 11/01/09
(Alternative Minimum Tax) - MBIA Insured
965 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 1,089,215
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 1,728,752
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 8,533,275
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.1% (8.1% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
1,650 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 1,739,331
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,597,325
5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 5,231,950
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
3,650 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 3,887,615
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- 3,851,560
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 4,176,240
Series 2000A, 5.250%, 11/15/40
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 2,118,900
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)
1,875 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,958,231
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,848,400
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.2% (6.9% OF TOTAL INVESTMENTS)
700 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 735,112
Revenue Bonds, Series 2001, 5.150%, 8/01/22
1,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,343,738
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+ 5,364,550
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+ 2,195,460
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 2,807,224
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+ 2,411,700
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
715 New York State Environmental Facilities Corporation, State 6/05 at 100.00 AAA 784,634
Water Pollution Control Revolving Fund Revenue Bonds,
New York City Municipal Water Finance Authority,
Series 1990A, 7.500%, 6/15/12
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 140 New York State Environmental Facilities Corporation, 11/06 at 100.00 AAA $ 143,272
State 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 1,089,260
3,345 5.250%, 11/15/19 11/12 at 100.00 AAA 3,632,101
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,390,113
------------------------------------------------------------------------------------------------------------------------------------
$ 340,015 Total Long-Term Investments (cost $341,046,037) - 149.0% 362,198,412
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 5,194,411
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.1)% (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 243,092,823
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: 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: 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.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
29
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.4% (4.3% OF TOTAL INVESTMENTS)
$ 940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 943,243
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
530 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 547,999
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 279,959
1,795 6.150%, 6/01/25 6/10 at 101.00 BBB 1,863,228
890 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 911,663
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 529,634
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
440 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 430,874
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
2,250 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 2,336,760
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,326,275
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.3% (14.4% OF TOTAL INVESTMENTS)
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 3,234,495
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,905,348
3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,210,545
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 537,910
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
330 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 334,109
Civic Facility Revenue Bonds, St. Francis College,
Series 2004, 5.000%, 10/01/34
1,800 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,849,410
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
500 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 559,015
Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured
2,500 New York State Dormitory Authority, Insured Revenue 7/07 at 101.00 AAA 2,619,625
Bonds, Rochester Institute of Technology, Series 1997,
5.250%, 7/01/22 - MBIA Insured
3,500 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AA- 3,720,395
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 1,089,610
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
445 New York State Dormitory Authority, Revenue Bonds, No Opt. Call AAA 506,459
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
500 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 539,450
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
1,250 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AA 1,382,050
Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI 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 1,936,410
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 829,268
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 3,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 A+ $ 3,225,630
University of Rochester, Series 1999A, 5.500%, 7/01/16
1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,575,690
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 633,906
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 34.4% (23.2% OF TOTAL INVESTMENTS)
Albany Industrial Development Agency, New York, Revenue
Bonds, Albany Medical Center, Series 1999:
1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 1,127,291
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,443,414
1,750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 1,861,510
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/22 - AMBAC Insured
2,515 New York State Dormitory Authority, FHA-Insured 2/09 at 101.00 AAA 2,689,290
Mortgage 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 5,063,934
Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999, 5.450%, 8/01/29 - AMBAC Insured
New York State Dormitory Authority, FHA-Insured Mortgage
Hospital Revenue Bonds, Victory Memorial Hospital, Series 1999:
2,225 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 2,341,724
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,093,020
625 New York State Dormitory Authority, FHA-Insured Mortgage 2/15 at 100.00 AAA 647,312
Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,000 New York State Dormitory Authority, FHA-Insured Nursing 2/15 at 100.00 AA 2,000,000
Mortgage Revenue Bonds, Gurwin Jewish Geriatric Center
of Long Island, Series 2005A, 4.900%, 2/15/41 (WI,
settling 4/12/05)
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 2,124,060
2,000 5.500%, 7/01/27 - RAAI Insured 7/07 at 102.00 AA 2,120,200
2,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Baa1 2,198,380
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, 7/05 at 100.00 BBB- 1,000,950
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
1,575 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 Ba1 1,637,370
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
2,465 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 2,684,237
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
250 New York State Dormitory Authority, Revenue Bonds, 7/06 at 102.00 Ba3 249,985
Nyack Hospital, Series 1996, 6.250%, 7/01/13
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 522,185
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
600 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 617,574
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
4,850 New York State Dormitory Authority, Secured Hospital 2/08 at 101.50 AAA 5,145,365
Revenue Refunding Bonds, Wyckoff Heights Medical
Center, Series 1998H, 5.300%, 8/15/21 - MBIA Insured
4,000 Ulster County Industrial Development Agency, New York, 11/09 at 101.00 A2 4,147,600
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+ 4,142,322
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 659,685
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
2,690 Yonkers Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,808,037
FHA-Insured Mortgage Revenue Bonds, Michael Malotz
Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 -
MBIA Insured
31
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS)
$ 940 New York City Housing Development Corporation, New York, 11/10 at 101.00 AA $ 992,772
Multifamily Housing Revenue Bonds, Series 2000A,
5.850%, 11/01/20 (Alternative Minimum Tax)
3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,081,210
Multifamily Housing Revenue Bonds, Series 2001A,
5.500%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS)
645 Guam Housing Corporation, Single Family Mortgage Revenue No Opt. Call AAA 699,025
Bonds, Mortgage-Backed Securities Program, Series 1998A,
5.750%, 9/01/31 (Alternative Minimum Tax)
2,435 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 2,507,441
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 846,325
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.9% (2.0% OF TOTAL INVESTMENTS)
Appleridge Retirement Community Inc., New York,
GNMA Collateralized Mortgage Revenue Bonds, Series 1999:
1,150 5.700%, 9/01/31 9/09 at 102.00 Aaa 1,254,949
1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,360,938
745 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 802,790
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 784,733
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.4% (9.7% OF TOTAL INVESTMENTS)
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 334,224
335 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 373,217
300 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 334,224
5,000 New York City, New York, General Obligation Bonds, 5/09 at 101.00 AAA 5,151,100
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 A1 1,208,621
Fiscal Series 2004B, 5.250%, 8/01/15
1,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 1,070,600
Fiscal Series 2004C, 5.250%, 8/15/16
800 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 844,344
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 3,186,072
1,195 5.125%, 9/01/23 9/07 at 101.00 Aa1 1,252,420
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 804,002
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 804,391
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,513,404
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 564,158
535 5.600%, 8/15/18 5/08 at 101.00 Aaa 580,074
535 5.600%, 8/15/19 8/08 at 101.00 Aaa 580,074
1,000 Yonkers, New York, General Obligation Bonds, School Issue, 6/09 at 101.00 AAA 1,059,340
Series 1999C, 5.000%, 6/01/19 - FGIC Insured
-------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 26.6% (18.0% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,081,120
Bonds, Series 2003A, 5.250%, 11/01/21
550 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 617,117
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,700 5.750%, 1/01/17 No Opt. Call AA- 1,929,602
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,029,810
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
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 $ 2,119,600
2,000 5.000%, 11/15/30 11/12 at 100.00 AA- 2,046,320
1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,162,544
Revenue Bonds, Series 2003, 5.500%, 1/01/34
2,180 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 2,397,826
and Use Tax Revenue Bonds, Series 2004H,
5.250%, 11/15/13 - AMBAC Insured
1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,736,249
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
2,000 New York State Dormitory Authority, Lease Revenue Bonds, 5/10 at 101.00 AAA 2,206,200
Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
35 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 38,793
Mental Health Services Facilities Improvements,
Series 2000D, 5.875%, 8/15/18 - FSA Insured
1,000 New York State Dormitory Authority, Service Contract 4/12 at 100.00 AA- 1,059,740
Bonds, Child Care Facilities Development Program,
Series 2002, 5.375%, 4/01/19
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,047,390
Infrastructure Revenue Bonds, Series 2003A,
5.000%, 3/15/21
1,000 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,071,490
Trust Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/23 - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 2,113,520
Trust Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 - MBIA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,100 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,153,130
810 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 847,835
1,375 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,431,609
3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 3,616,480
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.250%, 10/15/15 - AMBAC Insured
New York State 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 2,141,660
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,126,020
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,084,350
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 518,665
500 5.250%, 7/01/24 1/08 at 100.00 A3 516,880
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 849,765
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- 814,823
1,400 6.625%, 2/01/26 2/11 at 100.00 BBB- 1,503,880
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2% (5.5% OF TOTAL INVESTMENTS)
700 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 738,409
Series 2001A, 5.625%, 7/15/25
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,056,750
Transportation Revenue Refunding Bonds, Series 2002A,
5.125%, 11/15/22 - FGIC Insured
1,080 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 1,118,221
Transportation Revenue Bonds, Series 2005A,
5.000%, 11/15/33 - AMBAC Insured
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 812,710
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
33
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 625 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA $ 649,150
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 527,290
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 3,190,410
Revenue 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- 1,079,070
Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 AA- 2,605,175
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 14.1% (9.5% OF TOTAL INVESTMENTS)
1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 1,309,850
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 6,118,423
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 1,561,602
740 6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 825,418
2,500 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 2,808,450
Tax Secured Revenue Bonds, Series 2000A,
5.750%, 11/15/16 (Pre-refunded to 11/15/10) - MBIA Insured
New York State Dormitory Authority, Revenue Bonds, Mental Health
Services Facilities Improvements, Series 2000D:
1,750 5.875%, 8/15/18 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,964,603
175 5.875%, 8/15/18 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 197,010
600 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA*** 666,474
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded to 3/15/13)
1,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA*** 1,089,810
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
to 3/15/12)
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 142,022
140 5.600%, 8/15/18 (Pre-refunded to 8/15/08) 8/08 at 101.00 Aaa 152,947
140 5.600%, 8/15/19 (Pre-refunded to 8/15/08) 8/08 at 101.00 Aaa 152,947
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AA-*** 3,328,080
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
(Pre-refunded to 1/01/22)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.1% (6.8% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
2,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 2,424,522
4,575 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,833,854
2,000 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,130,200
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 2,094,400
Series 2000A, 5.250%, 11/15/30
600 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 639,636
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001B,
5.550%, 11/15/24 (Alternative Minimum Tax) (Mandatory
put 11/15/13)
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 265,233
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Alternative Minimum Tax) (Mandatory
put 11/15/14)
1,065 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,112,275
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 955 Suffolk County Industrial Development Agency, New York, No Opt. Call N/R $ 973,632
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8% (2.6% OF TOTAL INVESTMENTS)
2,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,145,820
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33
1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 1,224,818
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
1,955 New York State Environmental Facilities Corporation, State 11/12 at 100.00 AAA 2,129,500
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 200,145 Total Long-Term Investments (cost $200,289,418) - 147.8% 212,505,982
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.2% (0.2% OF TOTAL INVESTMENTS)
320 New York City, New York, General Obligation Bonds, Variable A-1+ 320,000
Rate Demand Obligations, Fiscal Series 2002A-7,
2.260%, 11/01/24 - AMBAC Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 320 Total Short-Term Investments (cost $320,000) 320,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $200,609,418) - 148.0% 212,825,982
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.0)% (75,888)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 143,750,094
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: 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: 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.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in
effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
35
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.5% (4.5% OF TOTAL INVESTMENTS)
$ 525 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 524,638
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 498,570
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
265 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 259,504
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
5,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 5,192,800
Series 1999-1, 6.250%, 7/15/27
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.6% (10.8% OF TOTAL INVESTMENTS)
2,750 Albany Industrial Development Agency, New York, Revenue 7/11 at 101.00 Aaa 2,922,590
Bonds, St. Rose College, Series 2001A, 5.375%, 7/01/31 -
AMBAC Insured
1,975 Amherst Industrial Development Agency, New York, Revenue 8/11 at 102.00 AAA 2,094,468
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 2,294,222
Civic Facility Revenue Bonds, St. John Fisher College,
Series 2001, 5.250%, 6/01/26 - RAAI Insured
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 248,050
Civic Facility Revenue Bonds, St. Francis College,
Series 2004, 5.000%, 10/01/34
1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,130,195
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,084,940
New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,089,610
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 AAA 1,054,550
Canisius College, Series 2000, 5.250%, 7/01/30 -
MBIA Insured
290 New York State Dormitory Authority, Revenue Bonds, City No Opt. Call AAA 330,052
University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,265 New York State Dormitory Authority, Third General Resolution 7/08 at 102.00 AAA 1,330,502
Consolidated Revenue Bonds, City University System,
Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
900 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R 950,859
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.3% (11.3% OF TOTAL INVESTMENTS)
760 Nassau County Industrial Development Agency, New York, No Opt. Call A3 819,029
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 873,970
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 531,860
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 492,995
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 494,600
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA $ 3,144,480
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 2,716,472
Revenue Bonds, New York Hospital Medical Center of
Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured
1,500 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 1,592,610
Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
500 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AA 531,015
Franciscan Health Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 -
RAAI Insured
500 New York State Dormitory Authority, Revenue Bonds, Lenox 7/11 at 101.00 Baa2 515,005
Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30
1,250 New York State Dormitory Authority, Revenue Bonds, 7/05 at 100.00 BBB- 1,251,188
Mount Sinai NYU Health Obligated Group, Series 2002C,
6.000%, 7/01/26
1,245 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 1,355,730
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
New York State Dormitory Authority, Revenue Bonds,
Nyack Hospital, Series 1996:
220 6.000%, 7/01/06 7/06 at 102.00 Ba3 221,850
100 6.250%, 7/01/13 7/06 at 102.00 Ba3 99,994
500 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 514,645
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
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 449,523
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 632,296
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6% (3.8% OF TOTAL INVESTMENTS)
3,640 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,815,120
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 1,013,590
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 471,639
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 229,280
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.8% (1.2% OF TOTAL INVESTMENTS)
1,715 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,766,021
Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.8% (1.9% OF TOTAL INVESTMENTS)
525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 549,313
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 Bonds, 7/11 at 102.00 AAA 2,238,301
Rehabilitation Association Pooled Loan Program 1,
Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.2% (9.1% OF TOTAL INVESTMENTS)
1,775 Bath Central School District, Steuben County, New York, 6/12 at 100.00 AAA 1,731,300
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 5,411,400
Bonds, Series 1999B, 5.250%, 6/01/22 - AMBAC Insured
37
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 4,000 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA $ 4,247,360
Series 1998H, 5.375%, 8/01/27 - MBIA Insured
825 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 886,322
Series 2004B, 5.250%, 8/01/15
750 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 802,950
Series 2004C, 5.250%, 8/15/16
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.2% (15.3% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,081,120
Series 2003A, 5.250%, 11/01/21
1,000 Metropolitan Transportation Authority, New York, State Service No Opt. Call AA- 1,135,060
Contract Refunding Bonds, Series 2002A, 5.750%, 1/01/17
1,750 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 1,854,650
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 576,128
Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,039,670
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
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- 2,024,710
1,000 5.375%, 4/01/19 4/12 at 100.00 AA- 1,059,740
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,047,390
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 1,134,318
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,189,069
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,140 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,195,062
835 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 874,003
2,100 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,232,321
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,084,350
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 259,333
250 5.250%, 7/01/24 1/08 at 100.00 A3 258,440
2,250 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 2,330,640
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- 1,629,645
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.250%, 2/01/16
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.8% (9.6% OF TOTAL INVESTMENTS)
2,000 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 2,123,680
Series 2001A, 5.625%, 7/15/20
1,000 New York City Industrial Development Agency, New York, 12/12 at 101.00 Ba2 1,048,420
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 812,710
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
375 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 389,490
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 3,585,572
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,195 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA $ 2,293,073
Revenue 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- 2,605,175
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 891,883
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 20.0% (13.8% OF TOTAL INVESTMENTS)
2,750 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 2,993,925
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, Sales 11/10 at 100.00 AAA 1,844,181
Tax Secured Revenue Bonds, Series 2000A,
5.375%, 11/15/17 (Pre-refunded to 11/15/10) -
MBIA Insured
400 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AA*** 444,316
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded to 3/15/13)
3,750 New York State Dormitory Authority, Third General Resolution 1/08 at 102.00 AAA 4,057,013
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, Service 1/11 at 100.00 AAA 4,570,415
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/21 (Pre-refunded to 1/01/11) - FSA Insured
2,500 New York State Urban Development Corporation, State 3/12 at 100.00 AA*** 2,724,525
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
to 3/15/12)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/11 at 100.00 AAA 3,272,370
Purpose Revenue Bonds, Series 1996B, 5.200%, 1/01/22
(Pre-refunded to 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.3% (12.7% OF TOTAL INVESTMENTS)
5,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 5,282,900
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- 1,559,565
General Revenue Bonds, Series 2001L, 5.375%, 5/01/33
1,500 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 1,597,650
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- 1,925,780
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 2,088,120
Series 2000A, 5.250%, 11/15/40
450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 483,053
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 2,118,900
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 1,225,033
2,000 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,924,200
39
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.7% (6.0% OF TOTAL INVESTMENTS)
$ 6,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ $ 6,437,460
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,097,730
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
1,000 New York State Environmental Facilities Corporation, State 11/12 at 100.00 AAA 1,089,260
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 136,490 Total Long-Term Investments (cost $137,416,048) - 144.8% 143,897,456
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 2,514,509
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.3)% (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 99,411,965
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: 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: 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.
40
Statement of
ASSETS AND LIABILITIES March 31, 2005 (Unaudited)
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 $141,075,389,
$341,046,037, $200,609,418
and $137,416,048, respectively) $148,887,294 $362,198,412 $212,825,982 $143,897,456
Cash 352,293 523,570 23,220 304,734
Receivables:
Interest 2,128,249 5,302,326 3,032,613 2,201,975
Investments sold -- 1,588,396 120,000 80,000
Other assets 8,283 34,037 10,835 1,232
------------------------------------------------------------------------------------------------------------------------------------
Total assets 151,376,119 369,646,741 216,012,650 146,485,397
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 781,695 1,954,238 3,110,007 --
Accrued expenses:
Management fees 70,595 197,426 70,208 42,477
Other 53,828 88,080 66,080 27,980
Preferred share dividends payable N/A 14,174 16,261 2,975
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 906,118 2,253,918 3,262,556 73,432
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $150,470,001 $243,092,823 $143,750,094 $ 99,411,965
====================================================================================================================================
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) $ 9.95 $ 16.23 $ 15.63 $ 15.40
====================================================================================================================================
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 net investment income 90,073 2,565,257 1,623,791 1,030,118
Accumulated net realized gain (loss) from investments (1,840,285) 1,099,028 (726,189) 181,625
Net unrealized appreciation of investments 7,811,905 21,152,375 12,216,564 6,481,408
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $150,470,001 $243,092,823 $143,750,094 $ 99,411,965
====================================================================================================================================
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.
41
Statement of
OPERATIONS Six Months Ended March 31, 2005 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 3,907,524 $ 9,442,741 $ 5,368,746 $3,665,141
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 419,618 1,167,651 682,872 472,464
Preferred shares - auction fees N/A 154,949 86,013 58,589
Preferred shares - dividend disbursing agent fees N/A 19,945 4,986 4,986
Shareholders' servicing agent fees and expenses 22,410 22,065 2,135 788
Custodian's fees and expenses 18,584 41,274 25,509 20,407
Directors'/Trustees' fees and expenses 1,198 3,000 1,748 1,164
Professional fees 2,436 11,415 8,587 6,939
Shareholders' reports - printing and mailing expenses 15,760 19,530 5,116 8,287
Stock exchange listing fees 5,307 5,324 5,318 274
Investor relations expense 12,599 26,139 14,858 10,494
Other expenses 4,107 18,147 9,875 9,199
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 502,019 1,489,439 847,017 593,591
Custodian fee credit (2,842) (3,899) (3,538) (3,549)
Expense reimbursement -- -- (267,857) (221,246)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 499,177 1,485,540 575,622 368,796
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,408,347 7,957,201 4,793,124 3,296,345
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments 231,224 1,106,542 762,489 182,357
Change in net unrealized appreciation (depreciation)
of investments (1,244,850) (3,463,954) (2,370,241) (925,341)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (1,013,626) (2,357,412) (1,607,752) (742,984)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (798,629) (475,095) (338,599)
From accumulated net realized gains from investments N/A (72,204) -- (26,248)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (870,833) (475,095) (364,847)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 2,394,721 $ 4,728,956 $ 2,710,277 $2,188,514
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
42
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/05 9/30/04 3/31/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,408,347 $ 6,798,666 $ 7,957,201 $ 16,134,725
Net realized gain from investments 231,224 132,488 1,106,542 1,824,681
Change in net unrealized appreciation
(depreciation) of investments (1,244,850) 466,990 (3,463,954) 1,127,468
Distributions to Preferred Shareholders:
From net investment income N/A N/A (798,629) (886,866)
From accumulated net realized gains from investments N/A N/A (72,204) (186,069)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 2,394,721 7,398,144 4,728,956 18,013,939
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,238,783) (6,501,758) (7,580,605) (15,189,215)
From accumulated net realized gains from investments -- -- (1,194,491) (3,791,706)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,238,783) (6,501,758) (8,775,096) (18,980,921)
------------------------------------------------------------------------------------------------------------------------------------
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 (844,062) 896,386 (4,046,140) (637,577)
Net assets applicable to Common
shares at the beginning of period 151,314,063 150,417,677 247,138,963 247,776,540
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $150,470,001 $151,314,063 $243,092,823 $247,138,963
====================================================================================================================================
Undistributed net investment
income at the end of period $ 90,073 $ (79,491) $ 2,565,257 $ 2,987,290
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
43
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
--------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/05 9/30/04 3/31/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,793,124 $ 9,791,179 $ 3,296,345 $ 6,612,378
Net realized gain from investments 762,489 668,102 182,357 445,277
Change in net unrealized appreciation
(depreciation) of investments (2,370,241) 788,470 (925,341) 840,985
Distributions to Preferred Shareholders:
From net investment income (475,095) (594,153) (338,599) (401,396)
From accumulated net realized gains from investments -- -- (26,248) (19,972)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 2,710,277 10,653,598 2,188,514 7,477,272
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (4,551,962) (9,100,079) (3,083,205) (6,159,904)
From accumulated net realized gains from investments -- -- (399,693) (312,224)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (4,551,962) (9,100,079) (3,482,898) (6,472,128)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- 152,416 -- --
Net proceeds from sale of Preferred shares -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions -- 152,416 -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,841,685) 1,705,935 (1,294,384) 1,005,144
Net assets applicable to Common
shares at the beginning of period 145,591,779 143,885,844 100,706,349 99,701,205
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $143,750,094 $145,591,779 $ 99,411,965 $100,706,349
====================================================================================================================================
Undistributed net investment
income at the end of period $ 1,623,791 $ 1,857,724 $ 1,030,118 $ 1,155,577
====================================================================================================================================
See accompanying notes to financial statements.
44
Notes to
FINANCIAL STATEMENTS (Unaudited)
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.
Investment 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 or, in the absence of a pricing service for a
particular security, the Board of Directors/Trustees of the Funds, or its
designee, may establish fair market value using a wide variety of market data
including yields or prices of municipal bonds of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
securities dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant by the pricing service or the Board
of Directors'/Trustees' designee. 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 transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any 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 March 31, 2005, New
York Value (NNY), New York Performance Plus (NNP) and New York Dividend
Advantage (NAN) had outstanding when-issued purchase commitments of $781,695,
$1,954,238 and $3,110,007, respectively. There were no such outstanding purchase
commitments in New York Dividend Advantage 2 (NXK).
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.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially 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. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
45
Notes to
FINANCIAL STATEMENTS (Unaudited) (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 Preferred shares, $25,000 stated value per
share, 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 is determined
every seven days, pursuant to a dutch auction process overseen by the auction
agent, and is payable weekly at 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 six months ended March 31, 2005.
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.
46
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)
-----------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/05 9/30/04 3/31/05 9/30/04
--------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 19,528
========================================================================================================
NEW YORK
NEW YORK DIVIDEND
DIVIDEND ADVANTAGE (NAN) ADVANTAGE 2 (NXK)
-----------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/05 9/30/04 3/31/05 9/30/04
--------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 9,362 -- --
========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended March 31, 2005, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
--------------------------------------------------------------------------------
Purchases $8,246,000 $11,159,437 $14,549,841 $3,157,202
Sales and maturities 5,630,292 12,166,218 10,985,902 3,547,203
================================================================================
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 March 31, 2005, 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 $140,856,836 $340,789,184 $200,489,659 $137,359,449
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2005, 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 $8,470,216 $22,543,419 $12,664,651 $6,723,492
Depreciation (439,758) (1,134,191) (328,328) (185,485)
--------------------------------------------------------------------------------
Net unrealized
appreciation
of investments $8,030,458 $21,409,228 $12,336,323 $6,538,007
================================================================================
47
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax components of undistributed net investment income and net realized gains
at September 30, 2004, the Funds' last fiscal year end, 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
=========================================================================================================
* Undistributed net tax exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2004, paid on October 1, 2004.
** 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 year ended September
30, 2004, the Funds' last fiscal year end, 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
(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
=========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2004, the Funds' last fiscal year end, 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 current fiscal
year.
48
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
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 the
Adviser, or its predecessor 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 fund assets managed by the Adviser, 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. 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 of April 30,
2005, the complex-level fee rate was .1915%; that is, the funds' effective
management fees were reduced by approximately .0085%.
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 NEW YORK PERFORMANCE PLUS (NNP)
NET ASSETS 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
================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
AVERAGE DAILY NET ASSETS (INCLUDING NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
NET ASSETS 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 net assets over $2 billion .3750
================================================================================
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.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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 NEW YORK PERFORMANCE PLUS (NNP)
NET ASSETS 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
================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
AVERAGE DAILY NET ASSETS (INCLUDING NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
NET ASSETS 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.
50
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.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed to be an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and NAM, which would result in the
automatic termination of each agreement under the 1940 Act. The Board of
Directors/Trustees will consider approval of new ongoing investment management
agreements for each Fund and the submission of those agreements for approval by
each respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
7. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 2, 2005, to shareholders of record on
April 15, 2005, 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 $.0815 $.0825 $.0795
================================================================================
51
Financial
HIGHLIGHTS (Unaudited)
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:
2005(b) $10.01 $ .23 $ (.08) $ N/A $ N/A $.15 $ (.21) $-- $ (.21)
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:
2005(b) 16.50 .53 (.16) (.05) -- .32 (.51) (.08) (.59)
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:
2005(b) 15.83 .52 (.17) (.05) -- .30 (.50) -- (.50)
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:
2005(b) 15.60 .51 (.12) (.05) -- .34 (.48) (.06) (.54)
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:
2005(b) $ -- $ 9.95 $ 9.5200 6.46% 1.54%
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:
2005(b) -- 16.23 14.7700 (2.09) 1.91
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:
2005(b) -- 15.63 14.9300 2.69 1.87
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:
2005(b) -- 15.40 14.6000 2.13 2.18
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:
2005(b) $150,470 .66%* 4.50%* .66%* 4.51%* 4%
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:
2005(b) 243,093 1.21* 6.45* 1.20* 6.45* 3
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:
2005(b) 143,750 1.16* 6.22* .79* 6.59* 5
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:
2005(b) 99,412 1.18* 6.11* .73* 6.55* 2
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:
2005(b) $ N/A $ N/A $ N/A
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:
2005(b) 124,300 25,000 73,892
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:
2005(b) 69,000 25,000 77,083
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:
2005(b) 47,000 25,000 77,879
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,
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.
(b) For the six months ended March 31, 2005.
See accompanying notes to financial statements.
52-53 SPREAD
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
dividends and distributions awaiting reinvestment. Because the market price of
the shares 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.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
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.
54
Other Useful
INFORMATION
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website 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 expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's 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
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
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 covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
55
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 more than $115 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 fixed-income 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, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
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
ESA-A-0305D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
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.
Not applicable to this filing.
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.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
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 second fiscal quarter
of the period covered by this 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.
(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 to
this filing.
(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
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: June 8, 2005
-------------------------------------------------------------------
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
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.