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, 2006
------------------
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, 2006
Nuveen Investments
Municipal Exchange-Traded
Closed-End 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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DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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Photo: 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 report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Manager's Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.
Municipal bonds can be an important building block in a well balanced investment
portfolio. In addition to providing attractive tax-free monthly income, a
municipal bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a recognized way
to try to reduce some of the risk that comes with investing. I encourage you to
contact your personal financial advisor who can help explain this important
investment strategy.
"PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK
THAT COMES WITH INVESTING."
Nuveen Investments is pleased to offer you choices when it comes to receiving
your fund reports. As an alternative to mailed print copies, you can also sign
up to receive 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. The inside front cover of this report
contains information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in the
months and years ahead. 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.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 3, 2006
Nuveen Investments New York Municipal Exchange-Traded Closed-End Funds
(NNY, NNP, NAN, NXK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews key investment strategies and the
six-month performance of these four New York Funds. With 15 years of investment
experience, including 9 years with Nuveen, Paul has managed NNY, NNP, and NAN
since 1999 and NXK since its inception in 2001.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED MARCH 31, 2006?
During this reporting period, we saw an increase in interest rates across the
yield curve, although short-term rates rose at a much faster pace than
longer-term rates. For example, between October 1, 2005 and March 31, 2006 the
Federal Reserve implemented four increases of 0.25% each in the fed funds rate
raising this short-term target from 3.75% to 4.75%. In contrast, the yield on
the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term
municipal market rates, stood at 5.14% at the end of March 2006, an increase of
just 10 basis points from the beginning of October 2005. As interest rates
increased, bond valuations generally declined, and the yield curve flattened as
short-term rates approached the levels of longer-term rates.
In this environment, one of our key strategies continued to be careful duration1
management, part of which included efforts to more closely align the duration
and yield curve positioning of these Funds. During this period, our purchase
activity focused mainly on attractively priced bonds maturing in 10 to 20 years.
As the yield curve continued to flatten, we believed that bonds in this part of
the curve generally offered better value and reward opportunities more
commensurate with their risk levels. To help us maintain the Funds' durations
within our preferred strategic range, we were also selectively selling holdings
with shorter durations (under 10 years), including bonds priced to short call
dates, bonds that were currently callable, and short-dated pre-refunded bonds.
Selling these shorter duration bonds and reinvesting further out in the 10- to
20-year part of the yield curve also helped to improve the Funds' overall call
protection profile.
As yields rose during this period, we also found some opportunities to sell a
few of our holdings that were purchased when yields were lower and replace them
with similar, newer credits that yielded comparatively more. This process
allowed us to maintain the Funds' current portfolio characteristics while
strengthening their income streams. It also
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
4
enabled us to realize some capital losses that can be used to offset any capital
gains realized in 2006 or carried forward to offset future realized gains.
In looking for potential purchase candidates, we still kept an opportunistic eye
toward all types of bonds that we believed could add value to the Funds'
portfolios. Overall, portfolio activity was relatively light during this period,
with turnover levels across the Funds falling into the 9% to 12% range. This was
due in part to the 13% decline in New York municipal supply during this
six-month period. The decrease in supply was even more evident during the first
three months of 2006, when new issuance in the state dropped 38% from the levels
of the first quarter of 2005.
In general, much of the new supply was highly rated and/or insured, and the
majority of our new purchases during this time were higher-rated credits, as we
participated in some of the larger issues of the period, including the $950
million Long Island Power Authority (LIPA) offering in March 2006. We purchased
a significant amount of these insured bonds for each of the Funds, both to
replace the 1998 LIPA bonds that were advance refunded2 and to add to our
position in these credits.
While we continued to emphasize maintaining the Funds' weightings of bonds rated
BBB or lower and nonrated bonds, tighter supply, and declining relative
valuations meant fewer opportunities to find additional lower-rated issues that
we believed represented value for shareholders. As a result of this as well as
advance refundings of some of the Funds' lower-rated holdings, the Funds'
allocations of lower quality bonds declined slightly over this period, although
they continued to have good exposure to this asset class.
One area where we did find an opportunity to purchase lower-rated bonds was the
tobacco sector. In February 2006, we participated in the $1.4 billion issuance
of BBB rated tobacco bonds by TSASC, Inc. New York, purchasing these credits for
all four of the New York Funds. This enabled us to replace a portion of the
Funds' tobacco exposure that had been reduced by pre-refundings by New York City
(the aforementioned TSASC deal) and some of the state's larger counties.
2 Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
5
HOW DID THE FUNDS PERFORM?
Individual results for these New York Funds, as well as relevant index and peer
group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 3/31/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NNY3 1.13% 4.53% 4.99% 5.04%
--------------------------------------------------------------------------------
NNP 0.54% 4.85% 7.22% 6.73%
--------------------------------------------------------------------------------
NAN 0.79% 5.26% 7.39% NA
--------------------------------------------------------------------------------
NXK 1.10% 5.33% 7.71% NA
--------------------------------------------------------------------------------
Lehman Brothers NY
Tax-Exempt
Bond Index4 1.03% 3.68% 5.06% 5.98%
--------------------------------------------------------------------------------
Lipper NY
Municipal Debt
Funds Average5 1.58% 5.81% 6.44% 6.28%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. 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.
For the six months ended March 31, 2006, the cumulative returns on net asset
value (NAV) for NNY and NXK exceeded the return on their Lehman Brothers New
York municipal benchmark, while NNP and NAN trailed this index. All of the Funds
underperformed the average return for the Lipper New York peer group.
One of the factors affecting the six-month performance of these Funds relative
to that of the unleveraged Lehman Brothers New York Tax-Exempt Bond Index was
the use of financial leverage. Three of these Funds (NNP, NAN, and NXK) use
leverage, while NNY is not leveraged. Although leveraging provides opportunities
for additional income and total returns for common shareholders when interest
rates fall or short-term interest rates remain consistently and relatively low
(as they have over the past several years), this benefit is reduced when
interest rates rise. With increases in both short-term and long-term interest
rates during this six-month period, the decline in value of the bonds in these
Funds' portfolios was exacerbated by the effects of leveraging.
In addition, the benefits of leveraging are tied in part to the short-term rates
that leveraged Funds pay their MuniPreferred(R) shareholders. During periods of
low short-term
3 NNY is an unleveraged Fund; the remaining three Funds in this report are
leveraged.
4 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.
5 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, 20; 1 year, 20; 5 years, 10; and 10
years, 7. Fund and Lipper returns assume reinvestment of dividends.
6
rates, these Funds generally pay lower dividends to their MuniPreferred
shareholders, which can leave more earnings to support common share dividends.
Conversely, when short-term interest rates rise, as they did during this
reporting period, the Funds' borrowing costs also rise, impacting the Funds'
income streams and total returns. Since NNY is not leveraged, it was not
affected by the rise in borrowing costs, which helped its total return
performance for the period and accounted for much of the performance
differential between NNY and the other Funds in this report. However, we remain
convinced that, over the long term, the use of financial leverage should work to
the benefit of the Funds that are leveraged. This is demonstrated by the
five-year and ten-year return performance--both absolute and relative--of the
Funds in this report.
During this reporting period, positive contributors to the Funds' returns
included yield curve and duration positioning, allocations to lower-rated
credits, and pre-refunding activity. The credit quality and value of the Nuveen
New York Funds were also positively impacted by Standard & Poor's February 2006
upgrade of the credit rating on New York personal income tax (PIT) bonds to AAA
from AA. The upgrade of these credits, which are issued by public authorities
such as New York Dormitory Authority, New York Urban Development Corporation,
New York Housing Finance Authority, and New York Thruway Authority, also served
as an indication of the state's improving financial status.
As the yield curve continued to flatten over the course of this period and
opportunities in lower-quality bonds dwindled, yield curve and duration
positioning played more important roles in the Funds' performances. On the
whole, intermediate bonds were the most impacted by recent changes in the yield
curve. As a result, these bonds generally underperformed both very short bonds
and longer bonds, with credits having the longest durations posting the best
returns for this period. Yield curve positioning or, more specifically, greater
exposure to those parts of the yield curve that performed well helped the
performances of these Funds during this period. However, each of these Funds was
slightly underexposed to bonds in the longest part of the curve, which hampered
their performances to some degree.
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, all of these Funds benefited from
their allocations of lower-quality credits. The performance of this sector was
largely the result of investor demand for the higher yields typically associated
with lower-quality bonds, which drove
7
up their value. As of March 31, 2006, bonds rated BBB or lower and nonrated
bonds accounted for 11% of NNY and NAN's portfolio, 12% of NNP, and 14% of NXK.
Among the lower-rated holdings making contributions to the Funds' cumulative
returns for this period were healthcare (including hospitals) and tobacco
credits. At period end, NNY and NNP each held 1.3% of their portfolios in
unenhanced, tobacco bonds, while NAN and NXK had allocations of 2% to these
credits. Each of the four New York Funds also had modest exposure to bonds
issued for British Airways and/or American Airlines, which posted strong
performance for the period amid signs of improvement in the airline industry.
We also continued to see a number of advance refundings during this period,
which benefited the Funds through price appreciation and enhanced credit
quality.
While advance refundings generally enhanced performance for this six-month
period, the rising interest rate environment--especially at the short end of the
yield curve--meant that many of the the Funds' holdings of older, previously
pre-refunded bonds tended to underperform the general municipal market, due
primarily to the shorter effective maturities of these bonds. This was
especially true in NNP, which had the largest allocation of pre-refunded bonds
among these four Funds. In addition to the factors mentioned above,
security-specific issues--including the timing and amount of advance
refundings--also accounted for some of the performance differential among these
Funds.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2006?
We continued to believe that maintaining strong credit quality was an important
requirement. As of March 31, 2006, all of these Funds continued to offer
excellent credit quality, with bonds rated AAA/U.S. guaranteed and AA comprising
82% of NXK's portfolio, 83% of NNP, and 84% in NNY and NAN.
As of March 31, 2006, potential call exposure for the period April 2006 through
the end of 2007 ranged from 2% in NXK and 4% in NAN and NNP to 10% in NNY. We
continued to work to manage the call structure of all of these Funds in a manner
to enable us to balance the funds' income and total return objectives. The
number of actual bond calls will depend largely on future market interest rates
and borrower-specific circumstances.
8
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report except NNY use leverage to
potentially enhance opportunities for additional income for common shareholders.
During periods of rising short-term interest rates, as was the case during this
reporting period, the Funds' borrowing costs also rise, reducing the extent of
the benefits of leveraging. The Funds' income streams were also impacted as the
proceeds from older, higher-yielding bonds that matured or were called were
reinvested into bonds generally offering lower yields. These factors resulted in
one monthly dividend reduction in NNP, NAN, and NXK over the six-month period
ended March 31, 2006. The dividend of NNY remained stable throughout this
reporting period.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and net ordinary income
distributions at the end of December 2005, as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NNP $0.3007 $0.0012
--------------------------------------------------------------------------------
NAN $0.1864 --
--------------------------------------------------------------------------------
NXK $0.2014 $0.0040
--------------------------------------------------------------------------------
These distributions, which represented an important part of the total returns of
these three Funds for this period, were generated by bond calls and the sale of
appreciated securities. This had a slight negative impact on the Funds' earning
power per common share and was a minor factor in the common share dividend
reductions noted above.
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, 2006, all of the
Funds in this report had positive UNII balances for financial statement purposes
and positive UNII balances, based upon our best estimate, for tax purposes.
9
At the end of the reporting period, the Funds' share prices were trading at
premiums or discounts to their NAVs as shown in the accompanying chart:
3/31/06 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NNY -4.21% -7.83%
--------------------------------------------------------------------------------
NNP +3.74% +1.83%
--------------------------------------------------------------------------------
NAN +4.71% +3.95%
--------------------------------------------------------------------------------
NXK +2.52% +1.77%
--------------------------------------------------------------------------------
10
Nuveen New York Municipal Value Fund, Inc.
NNY
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 57%
AA 27%
A 5%
BBB 6%
BB or Lower 3%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
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.
4/01/05 9.57
9.42
9.49
9.46
9.34
9.36
9.45
9.45
9.4
9.42
9.44
9.38
9.35
9.3
9.29
9.24
9.3
9.34
9.41
9.37
9.46
9.46
9.47
9.47
9.45
9.5
9.45
9.45
9.56
9.53
9.53
9.5
9.58
9.55
9.57
9.53
9.61
9.62
9.7
9.59
9.53
9.59
9.6
9.74
9.71
9.64
9.61
9.64
9.6
9.59
9.73
9.69
9.65
9.75
9.64
9.54
9.5
9.58
9.64
9.61
9.68
9.64
9.62
9.65
9.68
9.73
9.7
9.74
9.71
9.65
9.69
9.71
9.74
9.69
9.73
9.71
9.75
9.7
9.65
9.75
9.71
9.7
9.69
9.78
9.69
9.69
9.7
9.73
9.69
9.69
9.7
9.68
9.6
9.62
9.52
9.54
9.52
9.59
9.55
9.56
9.6
9.54
9.59
9.68
9.63
9.6
9.69
9.77
9.7
9.71
9.72
9.74
9.64
9.65
9.7
9.67
9.63
9.54
9.44
9.45
9.45
9.48
9.45
9.33
9.24
9.29
9.24
9.26
9.28
9.26
9.31
9.28
9.25
9.26
9.21
9.26
9.25
9.15
9.05
9.05
8.99
9.01
8.97
9.01
9.1
9.12
9.14
9.11
9.15
9.08
9.12
9.05
9.06
9.16
9.15
9.11
9.16
9.1
9.02
9.13
9.06
9.06
9.05
9.03
9.04
9.1
9.07
9.11
9.11
9.09
9.09
9.07
9.13
9.15
9.14
9.14
9.07
9.08
9.06
9.03
9
9.05
8.98
9.01
9.01
9.06
9.02
9.1
9.12
9.14
9.15
9.15
9.2
9.2
9.21
9.2
9.28
9.3
9.33
9.32
9.24
9.22
9.18
9.18
9.24
9.22
9.22
9.24
9.32
9.27
9.29
9.32
9.3
9.26
9.25
9.23
9.18
9.24
9.26
9.24
9.27
9.25
9.29
9.23
9.25
9.23
9.28
9.27
9.31
9.29
9.29
9.34
9.36
9.37
9.37
9.39
9.42
9.37
9.4
9.41
9.44
9.36
9.43
9.47
9.48
9.58
9.51
9.59
9.58
9.6
9.67
9.62
9.73
9.68
9.5
3/31/06 9.55
FUND SNAPSHOT
------------------------------------
Common Share Price $9.55
------------------------------------
Common Share
Net Asset Value $9.97
------------------------------------
Premium/(Discount) to NAV -4.21%
------------------------------------
Market Yield 4.46%
------------------------------------
Taxable-Equivalent Yield1 6.66%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $150,739
------------------------------------
Average Effective
Maturity on Securities (Years) 17.65
------------------------------------
Modified Duration 5.28
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.52% 1.13%
------------------------------------
1-Year 4.93% 4.53%
------------------------------------
5-Year 5.92% 4.99%
------------------------------------
10-Year 4.52% 5.04%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.2%
------------------------------------
U.S. Guaranteed 13.3%
------------------------------------
Health Care 12.1%
------------------------------------
Long-Term Care 11.2%
------------------------------------
Utilities 9.3%
------------------------------------
Transportation 8.3%
------------------------------------
Education and
Civic Organizations 6.8%
------------------------------------
Housing/Multifamily 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%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
11
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 58%
AA 25%
A 5%
BBB 7%
BB or Lower 3%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0815
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.078
Oct 0.078
Nov 0.078
Dec 0.078
Jan 0.078
Feb 0.078
Mar 0.074
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.74
14.9
14.94
15.01
14.94
14.95
15.03
15.03
15.03
15.07
15.06
15.1
15.23
15.18
15.18
15.16
15.19
15.3
15.34
15.44
15.39
15.39
15.5
15.61
15.71
15.65
15.54
15.58
15.65
15.66
15.62
15.66
15.74
15.71
15.75
15.73
15.74
15.91
15.86
15.85
15.73
15.72
15.93
16.01
16
16.04
15.98
15.99
15.97
15.92
15.92
15.86
15.88
15.81
16.04
16.04
15.95
15.94
16
15.99
16.02
16.17
16.22
16.2
16.15
16.2
16.17
16.15
16.16
16.19
16.19
16.2
16.14
16.15
16.2
16.14
16.24
16.19
16.2
16.25
16.16
16.24
16.22
16.25
16.2
16.2
16.33
16.47
16.34
16.37
16.38
16.23
16.11
16.17
16.13
16.1
16.12
16.14
16.12
16.23
16.27
16.25
16.32
16.35
16.35
16.45
16.52
16.54
16.62
16.54
16.8
16.82
16.81
16.8
16.75
16.84
16.5
16.31
16.3
16.27
16.24
16.22
16.37
16.23
15.96
15.92
15.93
16.06
16.03
16.01
16.01
16.07
16.08
16.08
16.1
16.03
16.18
16
15.89
15.7
15.51
15.54
15.49
15.61
15.75
15.85
15.85
15.9
15.99
15.97
15.98
15.9
15.82
15.86
15.91
15.99
16.04
16.06
16.07
16.1
16.05
15.93
15.98
16.01
16.08
16.1
16.1
16.13
16.12
16.33
16.39
16.53
16.47
16.55
16.53
16.43
16.38
16.39
16.35
16.36
15.9
15.93
15.9
15.81
15.84
15.85
15.75
15.75
15.83
15.83
15.87
15.89
16.02
16.02
16.18
16.43
16.55
16.65
16.75
16.64
16.59
16.58
16.32
16.46
16.34
16.4
16.36
16.43
16.42
16.34
16.42
16.54
16.5
16.5
16.59
16.6
16.49
16.43
16.6
16.49
16.6
16.51
16.64
16.6
16.71
16.7
17.05
16.96
17.08
16.98
17.02
17.18
17.25
17.15
17.14
16.96
16.86
16.8
16.96
16.8
16.79
16.63
16.61
16.53
16.61
16.56
16.65
16.63
16.58
16.68
16.67
16.56
16.31
16.3
16.31
3/31/06 16.35
FUND SNAPSHOT
------------------------------------
Common Share Price $16.35
------------------------------------
Common Share
Net Asset Value $15.76
------------------------------------
Premium/(Discount) to NAV 3.74%
------------------------------------
Market Yield 5.43%
------------------------------------
Taxable-Equivalent Yield1 8.10%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $236,477
------------------------------------
Average Effective
Maturity on Securities (Years) 16.55
------------------------------------
Leverage-Adjusted Duration 8.38
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 6.98% 0.54%
------------------------------------
1-Year 19.50% 4.85%
------------------------------------
5-Year 9.41% 7.22%
------------------------------------
10-Year 6.46% 6.73%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 19.7%
------------------------------------
U.S. Guaranteed 17.6%
------------------------------------
Health Care 10.7%
------------------------------------
Education and
Civic Organizations 10.6%
------------------------------------
Utilities 9.0%
------------------------------------
Transportation 8.7%
------------------------------------
Long-Term Care 5.0%
------------------------------------
Water and Sewer 4.8%
------------------------------------
Other 13.9%
------------------------------------
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%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.3019 per share.
12
Nuveen New York Dividend Advantage Municipal Fund
NAN
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 58%
AA 26%
A 5%
BBB 6%
BB or Lower 3%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0825
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.0785
Oct 0.0785
Nov 0.0785
Dec 0.0785
Jan 0.0785
Feb 0.0785
Mar 0.0745
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.89
15.01
15.03
15.03
15
14.99
15.07
15.18
15.16
15.19
15.01
15.05
15.16
15.19
15.25
15.21
15.26
15.44
15.7
15.7
15.73
15.73
15.9
15.61
15.72
15.8
15.77
15.85
16
15.73
15.71
15.81
15.97
15.96
15.95
15.72
15.69
15.71
15.83
15.85
15.86
15.84
15.93
15.92
15.93
15.9
15.94
15.91
15.9
15.94
15.95
15.97
16
15.9
15.91
15.98
16.02
15.93
15.99
15.91
15.93
15.97
16
16.06
16.15
16.15
16.18
16.2
16.14
16.23
16.35
16.54
16.4
16.38
16.47
16.44
16.35
16.4
16.37
16.25
16.22
16.19
16.7
16.49
16.49
16.49
16.37
16.31
16.3
16.2
16.1
15.95
15.96
15.96
15.93
15.89
15.98
16.05
15.94
15.99
15.95
16.12
16.17
16.22
16.35
16.47
16.42
16.45
16.3
16.39
16.51
16.62
16.69
16.7
16.7
16.7
16.66
16.52
16.46
16.55
16.64
16.7
16.43
16.25
15.94
15.93
15.84
15.95
16
16.11
16.17
16.25
16.27
15.9
15.84
15.9
15.92
15.78
15.63
15.75
15.51
15.38
15.33
15.4
15.49
15.57
15.91
15.75
15.8
15.94
15.94
15.85
15.78
16
15.95
15.93
16
15.95
15.89
15.9
15.82
15.69
15.66
15.8
15.8
15.65
15.71
15.68
15.76
15.71
16
16.05
16.15
16.2
16.31
16.32
16.31
16.42
16.3
16.33
16.13
16.05
15.92
16.01
16.04
16.04
16.05
16.07
16.3
16.29
16.38
16.5
16.59
16.59
16.55
16.65
16.74
16.78
16.8
16.73
16.6
16.75
16.65
16.78
16.43
16.26
16.29
16.4
16.36
16.38
16.3
16.45
16.47
16.66
16.75
16.68
16.53
16.46
16.61
16.45
16.5
16.28
16.3
16.35
16.38
16.38
16.48
16.57
16.66
16.61
16.6
16.62
16.61
16.7
16.7
16.26
16.33
16.12
16.02
16.11
15.97
15.91
15.83
15.71
15.67
15.73
15.68
15.89
15.94
15.91
15.95
16.04
15.95
15.93
15.75
3/31/06 16.02
FUND SNAPSHOT
------------------------------------
Common Share Price $16.02
------------------------------------
Common Share
Net Asset Value $15.30
------------------------------------
Premium/(Discount) to NAV 4.71%
------------------------------------
Market Yield 5.58%
------------------------------------
Taxable-Equivalent Yield1 8.33%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $141,202
------------------------------------
Average Effective
Maturity on Securities (Years) 17.24
------------------------------------
Leverage-Adjusted Duration 7.77
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.46% 0.79%
------------------------------------
1-Year 15.08% 5.26%
------------------------------------
5-Year 8.10% 7.39%
------------------------------------
Since
Inception 7.40% 7.35%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Health Care 22.4%
------------------------------------
Tax Obligation/Limited 20.0%
------------------------------------
U.S. Guaranteed 12.0%
------------------------------------
Education and
Civic Organizations 10.0%
------------------------------------
Transportation 8.2%
------------------------------------
Tax Obligation/General 7.5%
------------------------------------
Utilities 6.6%
------------------------------------
Other 13.3%
------------------------------------
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%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.1864 per share.
13
Nuveen New York Dividend Advantage Municipal Fund 2
NXK
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 66%
AA 16%
A 4%
BBB 9%
BB or Lower 3%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.076
Oct 0.076
Nov 0.076
Dec 0.076
Jan 0.076
Feb 0.076
Mar 0.072
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.6
14.67
14.75
14.69
14.61
14.55
14.54
14.6
14.65
14.67
14.75
14.82
14.95
14.91
14.77
14.81
14.75
15.04
15
14.94
14.97
14.97
15.12
15.06
15.13
15.04
15
15.15
15.25
15.15
15.07
15
14.99
15.19
15.24
15.27
15.28
15.2
15.11
15.15
15.15
15.13
15.2
15.34
15.27
15.27
15.28
15.3
15.3
15.34
15.34
15.28
15.29
15.24
15.27
15.3
15.25
15.25
15.38
15.45
15.54
15.75
15.74
15.77
15.79
15.7
15.86
15.84
15.8
15.85
15.83
15.93
15.87
15.82
15.88
15.92
15.92
15.85
15.85
16
15.95
15.99
15.99
16.03
15.83
15.83
15.78
15.88
15.87
15.8
15.81
15.92
15.7
15.74
15.72
15.75
15.87
16
15.8
15.78
15.7
15.72
15.71
15.72
15.8
16
15.95
16
16
16.02
16.13
16.05
16.13
16.05
15.99
16.11
15.95
15.92
15.9
15.89
16.06
15.85
15.84
15.66
15.62
15.49
15.44
15.49
15.4
15.34
15.4
15.39
15.37
15.39
15.28
15.34
15.35
15.39
15.2
15.4
15.02
15
15.4
14.89
15.01
15
14.95
14.95
14.88
14.95
15.02
15.1
15.04
15.44
15.1
15.11
15.12
15.1
14.92
15.12
15.02
14.94
15
15.05
15
14.95
15
14.98
15
15.19
15.34
15.39
15.2
15.14
15.02
15.11
15.14
15.4
15.19
15.34
15.01
15.25
15.25
15.38
15.45
15.46
15.8
15.92
16.08
16.02
16.1
16.22
16.06
16.06
16.22
16.38
16.28
16.18
16.2
16.04
15.91
15.91
15.95
15.91
15.95
16.25
16.15
15.94
15.9
15.96
15.9
16.11
15.95
15.84
16.15
16
15.8
15.89
16.05
16
16.1
16.1
16.05
15.97
16.1
15.9
15.85
16.06
16.12
16.1
16.03
16.15
16
16
16.01
15.9
15.76
15.76
15.8
15.6
15.49
15.35
15.3
15.13
15.32
15.42
15.43
15.47
15.42
15.46
15.47
15.57
15.4
15.46
15.43
3/31/06 15.46
FUND SNAPSHOT
------------------------------------
Common Share Price $15.46
------------------------------------
Common Share
Net Asset Value $15.08
------------------------------------
Premium/(Discount) to NAV 2.52%
------------------------------------
Market Yield 5.59%
------------------------------------
Taxable-Equivalent Yield1 8.34%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $97,543
------------------------------------
Average Effective
Maturity on Securities (Years) 16.88
------------------------------------
Leverage-Adjusted Duration 7.75
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.04% 1.10%
------------------------------------
1-Year 13.76% 5.33%
------------------------------------
5-Year 7.39% 7.71%
------------------------------------
Since
Inception 7.37% 7.65%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 20.0%
------------------------------------
U.S. Guaranteed 14.9%
------------------------------------
Health Care 13.3%
------------------------------------
Transportation 12.2%
------------------------------------
Education and
Civic Organizations 10.6%
------------------------------------
Utilities 10.5%
------------------------------------
Tax Obligation/General 8.6%
------------------------------------
Other 9.9%
------------------------------------
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%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.2054 per share.
14
Shareholder
MEETING REPORT
The shareholder meeting was held at the offices of Nuveen Investments on March
29, 2006.
NNY NNP NAN
------------------------------------------------------------------------------------------------------------------------------------
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
Common together together together together
shares as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 12,325,233 12,344,036 -- 8,533,294 --
Withhold 220,023 258,176 -- 69,352 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,545,256 12,602,212 -- 8,602,646 --
====================================================================================================================================
Lawrence H. Brown
For -- 12,350,782 -- 8,532,967 --
Withhold -- 251,430 -- 69,679 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,602,212 -- 8,602,646 --
====================================================================================================================================
Jack B. Evans
For 12,341,157 12,350,449 -- 8,540,836 --
Withhold 204,099 251,763 -- 61,810 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,545,256 12,602,212 -- 8,602,646 --
====================================================================================================================================
William C. Hunter
For -- 12,359,115 -- 8,540,436 --
Withhold -- 243,097 -- 62,210 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,602,212 -- 8,602,646 --
====================================================================================================================================
David J. Kundert
For -- 12,357,715 -- 8,540,036 --
Withhold -- 244,497 -- 62,610 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,602,212 -- 8,602,646 --
====================================================================================================================================
William J. Schneider
For 12,341,557 -- 4,070 -- 2,647
Withhold 203,699 -- 21 -- 2
------------------------------------------------------------------------------------------------------------------------------------
Total 12,545,256 -- 4,091 -- 2,649
====================================================================================================================================
Timothy R. Schwertfeger
For -- -- 4,070 -- 2,647
Withhold -- -- 21 -- 2
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 4,091 -- 2,649
====================================================================================================================================
Judith M. Stockdale
For 12,331,520 12,353,582 -- 8,538,261 --
Withhold 213,736 248,630 -- 64,385 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,545,256 12,602,212 -- 8,602,646 --
====================================================================================================================================
Eugene S. Sunshine
For -- 12,347,838 -- 8,537,461 --
Withhold -- 254,374 -- 65,185 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 12,602,212 -- 8,602,646 --
====================================================================================================================================
15
Shareholder
MEETING REPORT (continued)
NXK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and
MuniPreferred MuniPreferred
shares voting shares voting
together together
as a class as a class
====================================================================================================================================
Robert P. Bremner
For 5,820,272 --
Withhold 47,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
Lawrence H. Brown
For 5,815,703 --
Withhold 52,356 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
Jack B. Evans
For 5,820,932 --
Withhold 47,127 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
William C. Hunter
For 5,820,932 --
Withhold 47,127 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
David J. Kundert
For 5,819,576 --
Withhold 48,483 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
William J. Schneider
For -- 1,676
Withhold -- 34
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,710
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,676
Withhold -- 34
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,710
====================================================================================================================================
Judith M. Stockdale
For 5,820,676 --
Withhold 47,383 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
Eugene S. Sunshine
For 5,820,932 --
Withhold 47,127 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,868,059 --
====================================================================================================================================
16
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.2% (0.3% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 277,043
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.3% (1.3% OF TOTAL INVESTMENTS)
135 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 138,341
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
360 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 364,604
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
455 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 464,719
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
275 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 277,797
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
345 4.750%, 6/01/22 6/16 at 100.00 BBB 342,478
345 5.000%, 6/01/26 6/16 at 100.00 BBB 340,874
------------------------------------------------------------------------------------------------------------------------------------
1,915 Total Consumer Staples 1,928,813
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.7% (6.8% 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 639,210
750 5.750%, 10/01/30 - RAAI Insured 10/10 at 100.00 AA 800,543
800 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AA 845,072
Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 -
RAAI Insured
615 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 691,850
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,346,213
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 102.00 AA 809,378
Pratt Institute, Series 1999, 6.000%, 7/01/24 - RAAI Insured
Dormitory Authority of the State of New York, Second General
Resolution Consolidated Revenue Bonds, City University System,
Series 1993A:
1,000 5.750%, 7/01/18 No Opt. Call AA- 1,121,570
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,634,360
265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 271,137
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 249,552
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- 1,137,103
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
575 New York City Trust for Cultural Resources, New York, Revenue 7/10 at 101.00 A 617,585
Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,350 Total Education and Civic Organizations 10,163,573
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.3% (0.3% OF TOTAL INVESTMENTS)
400 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call Aa3 440,712
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
17
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 11.9% (12.1% OF TOTAL INVESTMENTS)
$ 490 Cattaraugus County Industrial Development Agency, 8/08 at 102.00 AA $ 504,974
New York, Revenue Bonds, Olean General Hospital,
Series 1998A, 5.250%, 8/01/23
2,250 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 102.00 AAA 2,331,630
Mortgage Nursing Home Revenue Bonds, Rosalind and
Joseph Gurwin Jewish Geriatric Center of Long Island,
Series 1997, 5.700%, 2/01/37 - AMBAC Insured
705 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 732,241
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
900 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 933,444
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
1,800 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,828,440
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,361,787
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Ba1 1,072,540
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Ba1 253,113
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,630 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,748,843
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
100 Dormitory Authority of the State of New York, Revenue Bonds, 7/06 at 102.00 B2 98,583
Nyack Hospital, Series 1996, 6.250%, 7/01/13
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 525,080
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 517,620
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 302,531
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
670 Nassau County Industrial Development Agency, New York, No Opt. Call A3 705,182
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 518,730
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 1,249,730
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,600
500 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 507,645
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
250 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 B2 255,415
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
970 Newark-Wayne Community Hospital, New York, Hospital 9/06 at 100.00 N/R 969,952
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 521,080
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
17,230 Total Health Care 18,002,160
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.1% (5.1% OF TOTAL INVESTMENTS)
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 433,128
Section 8 Assisted Revenue Refunding Bonds, Bennet Project,
Series 2001A, 6.700%, 4/01/21
1,690 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 1,759,087
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
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 $ 1,050,870
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,036,510
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,036,180
480 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 482,554
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
440 New York State Housing Finance Agency, Secured Mortgage 8/11 at 100.00 Aa1 459,708
Program Multifamily Housing Revenue Bonds, Series 2001E,
5.600%, 8/15/20 (Alternative Minimum Tax)
1,275 Westchester County Industrial Development Agency, New York, 8/11 at 102.00 Aaa 1,357,569
GNMA Collateralized Mortgage Loan Revenue Bonds,
Living Independently for the Elderly Inc., Series 2001A,
5.375%, 8/20/21
------------------------------------------------------------------------------------------------------------------------------------
7,285 Total Housing/Multifamily 7,615,606
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.7% (3.8% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 946,846
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,843,337
Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative
Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 848,896
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,540 Total Housing/Single Family 5,639,079
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 11.1% (11.2% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,078,340
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,032,720
Mortgage Nursing Home Revenue Bonds, Eger Healthcare
Center of Staten Island, Series 1998, 5.100%, 2/01/28
2,945 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 102.00 AA 3,052,874
Mortgage Nursing Home Revenue Bonds, Hebrew Home for
the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,770 Dormitory Authority of the State of New York, FHA-Insured 8/06 at 102.00 AA- 1,815,312
Mortgage Revenue Bonds, German Masonic Home
Corporation, Series 1996, 5.950%, 8/01/26
2,000 Dormitory Authority of the State of New York, FHA-Insured 8/06 at 102.00 AAA 2,076,280
Mortgage Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Aa3 1,078,330
Concord Nursing Home Inc., Series 2000, 6.500%, 7/01/29
135 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 A 136,937
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
2,015 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 2,108,959
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 3,180,812
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1998A, 5.250%, 8/01/38
525 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 563,750
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 555,557
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
16,045 Total Long-Term Care 16,679,871
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.9% (3.9% OF TOTAL INVESTMENTS)
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 800,700
Fiscal Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds,
Fiscal Series 2004E:
1,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,053,070
400 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 420,344
19
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 825 New York City, New York, General Obligation Bonds, 8/15 at 100.00 AAA $ 878,567
Fiscal Series 2006C, 5.000%, 8/01/16 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, 9/15 at 100.00 AAA 2,111,360
Fiscal Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
550 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 579,816
Series 2000A, 6.000%, 6/01/20 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,525 Total Tax Obligation/General 5,843,857
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.9% (22.2% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,072,720
Series 2003A, 5.250%, 11/01/21
Dormitory Authority of the State of New York, Department
of Health Revenue Bonds, Series 2005A:
395 5.250%, 7/01/24 - CIFG Insured 7/15 at 100.00 AAA 423,519
250 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 259,835
50 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 51,063
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - FSA Insured
380 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 395,588
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
1,810 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,913,713
Bonds, Child Care Facilities Development Program,
Series 2002, 5.375%, 4/01/16
275 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 289,702
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
350 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 388,794
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
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 2,124,240
1,000 5.000%, 11/15/30 11/12 at 100.00 AA- 1,026,290
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,047,180
Service Contract Refunding Bonds, Series 2002A,
5.125%, 1/01/29
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 585,049
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,049,200
740 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 776,408
550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 576,263
1,510 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,579,898
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,382,548
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,000 New York Convention Center Development Corporation, 11/15 at 100.00 AAA 1,031,710
Hotel Unit Fee Revenue Bonds, Series 2005,
5.000%, 11/15/44 - AMBAC Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,043,640
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
840 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 872,365
Income Tax Revenue Bonds, Economic Development and
Housing, Series 2006A, 5.000%, 3/15/36
2,450 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,785,944
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,620 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AAA 1,695,071
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,800 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,917,540
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,125,500
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,078,710
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,750 New York State Urban Development Corporation, Service 1/17 at 100.00 AA- $ 1,869,840
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
600 New York State Urban Development Corporation, Special No Opt. Call AA- 698,442
Project Revenue Bonds, University Facilities Grants,
Series 1995, 5.875%, 1/01/21
1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,291,820
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
75 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 80,528
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 1,652,250
Loan Note, Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
31,065 Total Tax Obligation/Limited 33,085,370
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2% (8.3% OF TOTAL INVESTMENTS)
400 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 424,588
Series 2001A, 5.625%, 7/15/25
500 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 545,660
Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 -
AMBAC Insured
1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,005,114
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 B- 1,119,500
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
670 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 697,651
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
400 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 417,588
1,200 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,250,904
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 526,980
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
500 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 532,970
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,048,810
435 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 454,484
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,598,350
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 888,537
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 855,384
------------------------------------------------------------------------------------------------------------------------------------
11,785 Total Transportation 12,366,520
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 13.2% (13.3% OF TOTAL INVESTMENTS) (4)
3,345 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,990,885
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
600 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 655,320
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
25 Dormitory Authority of the State of New York, Suffolk County, 4/06 at 109.85 Baa1 (4) 33,997
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
350 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 384,111
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
2,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,330,932
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
21
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
$ 150 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA $ 164,885
655 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 723,598
1,000 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 BBB- (4) 1,093,610
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27 (Pre-refunded 7/15/09)
20 New York City, New York, General Obligation Bonds, 10/07 at 101.00 Aaa 20,940
Fiscal Series 1997G, 6.000%, 10/15/26 (Pre-refunded 10/15/07)
350 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA 381,336
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,072,490
Trust Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/20 (Pre-refunded 4/01/14) - MBIA Insured
750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- (4) 822,810
Certificates of Participation, High School Facility,
Series 2000, 6.625%, 6/15/28 (Pre-refunded 6/15/09)
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,154,220
Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11 -
MBIA Insured (Alternative Minimum Tax) (ETM)
2,600 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 2,975,049
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded 1/01/22)
1,250 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 1,359,463
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,410,775
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
1,120 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 1,265,398
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
17,715 Total U.S. Guaranteed 19,839,819
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.2% (9.3% OF TOTAL INVESTMENTS)
150 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 155,725
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,330 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 2,472,316
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- 791,513
General Revenue Bonds, Series 2001L, 5.375%, 5/01/33
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
1,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 1,576,185
1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 1,573,680
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 1,005,660
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 1,491,420
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 1,565,145
Series 2000A, 5.250%, 11/15/40
New York State Power Authority, General Revenue Bonds,
Series 2006A:
520 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 553,259
345 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 366,224
500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 527,795
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative
Minimum Tax)
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 262,725
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative
Minimum Tax)
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
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 $ 950,710
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 534,215
------------------------------------------------------------------------------------------------------------------------------------
13,420 Total Utilities 13,826,572
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.1% (2.1% OF TOTAL INVESTMENTS)
300 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 314,547
Revenue Bonds, Series 2001, 5.150%, 8/01/22
415 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 455,072
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,625,370
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
740 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 797,106
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
2,955 Total Water and Sewer 3,192,095
------------------------------------------------------------------------------------------------------------------------------------
$ 140,505 Total Investments (cost $142,523,278) - 98.8% 148,901,090
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 1,837,885
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 150,738,975
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
23
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.4% (0.2% OF TOTAL INVESTMENTS)
$ 685 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 690,090
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.9% (1.3% OF TOTAL INVESTMENTS)
250 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 256,187
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
745 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 754,529
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 1,041,270
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
695 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 702,068
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
930 4.750%, 6/01/22 6/16 at 100.00 BBB 923,202
930 5.000%, 6/01/26 6/16 at 100.00 BBB 918,877
------------------------------------------------------------------------------------------------------------------------------------
4,550 Total Consumer Staples 4,596,133
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.9% (10.6% OF TOTAL INVESTMENTS)
1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA 1,650,360
Bonds, Albany Law School, Series 1999A, 6.750%, 12/01/29 -
RAAI Insured
2,700 Brookhaven Industrial Development Agency, New York, Revenue 12/07 at 101.00 A3 2,788,533
Bonds, St. Joseph's College, Series 2000, 6.000%, 12/01/20
1,285 Cattaraugus County Industrial Development Agency, New York, 9/08 at 101.00 BBB- 1,301,589
Revenue Bonds, St. Bonaventure University, Series 1998B,
5.000%, 9/15/13
1,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 1,104,520
Revenue Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,120 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,409,465
Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 -
AMBAC Insured
730 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 821,221
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
580 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 619,858
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
8,345 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 8,987,315
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
1,250 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,349,563
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,079,170
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 4,108,018
2,500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,834,875
State University Educational Facilities, Series 1993A,
5.875%, 5/15/17
Dormitory Authority of the State of New York, 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 1,543,938
475 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 491,986
635 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 649,707
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
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 $ 1,046,960
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,474,263
580 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 590,776
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- 878,671
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
750 New York City Trust for Cultural Resources, New York, Revenue 7/10 at 101.00 A 805,545
Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
34,965 Total Education and Civic Organizations 37,536,333
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,000 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call Aa3 1,101,780
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.1% (10.7% OF TOTAL INVESTMENTS)
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AA- 1,044,290
Mortgage Hospital Revenue Bonds, St. James Mercy Hospital,
Series 1998, 5.250%, 2/01/18
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,074,320
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
4,500 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 4,571,100
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
3,750 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 4,085,362
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 8,482,400
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 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Ba2 1,189,572
Bonds, Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
3,400 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Ba1 3,646,636
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
4,090 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,388,202
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 1,312,700
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
900 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 931,716
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
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 1,063,600
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,329,500
750 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 761,468
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
745 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 761,137
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2002C, 6.450%, 7/01/32
1,320 New York State Medical Care Facilities Finance Agency, 8/06 at 100.00 AAA 1,327,009
FHA-Insured Mortgage Revenue Bonds, Hospital and Nursing
Home Projects, Series 1992B, 6.200%, 8/15/22
1,100 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 BB 1,146,376
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
36,255 Total Health Care 38,115,388
------------------------------------------------------------------------------------------------------------------------------------
25
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.1% (4.7% OF TOTAL INVESTMENTS)
$ 4,530 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA $ 4,715,186
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
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 1,668,781
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,072,360
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 942,132
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 462,965
1,500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 1,568,235
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
1,160 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 1,166,171
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
1,585 New York State Housing Finance Agency, Multifamily 8/06 at 100.00 Aa1 1,597,300
Housing Revenue Bonds, Secured Mortgage Program,
Series 1992A, 7.000%, 8/15/12 (Alternative Minimum Tax)
390 New York State Housing Finance Agency, Multifamily 5/06 at 100.00 AAA 391,041
Housing Revenue Bonds, Series 1989B, 7.550%, 11/01/29 -
AMBAC Insured (Alternative Minimum Tax)
1,100 New York State Housing Finance Agency, Secured Mortgage 8/09 at 101.00 Aa1 1,143,450
Program Multifamily Housing Revenue Bonds, Series 1999I,
6.200%, 2/15/20 (Alternative Minimum Tax)
1,055 Puerto Rico Housing Finance Corporation, Multifamily 4/06 at 100.00 BBB+ 1,063,345
Mortgage Revenue Bonds, Portfolio A, Series 1990I,
7.500%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
16,290 Total Housing/Multifamily 16,790,966
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.4% (3.6% OF TOTAL INVESTMENTS)
2,295 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 2,287,381
Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative
Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,281,113
Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative
Minimum Tax)
350 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 352,657
Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative
Minimum Tax)
6,985 New York State Mortgage Agency, Homeowner Mortgage 4/11 at 100.00 Aa1 7,186,028
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 1,677,579
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
12,540 Total Housing/Single Family 12,784,758
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.4% (5.0% OF TOTAL INVESTMENTS)
2,945 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 102.00 AA 3,052,875
Mortgage Nursing Home Revenue Bonds, Hebrew Home for
the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,520 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,600,043
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
1,375 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 102.00 A 1,494,130
Miriam Osborn Memorial Home Association, Series 2000B,
6.375%, 7/01/29 - ACA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 A 51,519
425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 A 431,099
1,340 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 1,438,905
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 1,415,097
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2001A-1, 7.250%, 7/01/16
1,035 New York State Medical Care Facilities Finance Agency, 8/06 at 102.00 AA+ 1,057,501
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, Series 1995C, 6.100%, 8/15/15
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA $ 2,881,868
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 Mortgage 2/08 at 102.00 AAA 4,193,720
Revenue Bonds, Loretto Rest Residential Healthcare Facility,
Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
16,795 Total Long-Term Care 17,616,757
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.8% (3.8% OF TOTAL INVESTMENTS)
1,800 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A+ 1,921,680
Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
2,500 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 2,632,675
1,000 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,050,860
1,600 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 1,703,888
Series 2006C, 5.000%, 8/01/16 - FSA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 3,167,040
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,350 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 1,423,184
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 213,174
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 213,174
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
750 5.250%, 7/01/23 1/08 at 100.00 A3 767,115
500 5.250%, 7/01/24 1/08 at 100.00 A3 511,410
------------------------------------------------------------------------------------------------------------------------------------
12,900 Total Tax Obligation/General 13,604,200
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.6% (19.7% OF TOTAL INVESTMENTS)
2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 2,515,080
Series 2003A, 5.000%, 11/01/23
250 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AAA 259,835
Health Revenue Bonds, Series 2005A, 5.000%, 7/01/25 -
CIFG Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
35 5.875%, 2/15/18 - FSA Insured 8/10 at 100.00 AAA 37,976
30 5.875%, 2/15/19 - FSA Insured 8/10 at 100.00 AAA 32,551
40 8/15/19 - FSA Insured 8/10 at 100.00 AAA 43,402
Dormitory Authority of the State of New York, 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 1,346,049
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,473,737
955 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 994,174
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
690 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 726,887
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
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 5,310,600
2,500 5.000%, 11/15/30 11/12 at 100.00 AA- 2,565,725
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,460,534
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,094,360
1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,347,879
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,755,146
Revenue Bonds, Series 2003, 5.500%, 1/01/34
27
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
$ 1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA $ 1,049,200
2,670 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,801,364
2,125 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,226,469
1,520 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,590,361
2,665 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,770,294
Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
1,800 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AAA 1,857,078
Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 -
AMBAC Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,043,640
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,030 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 2,108,216
Tax Revenue Bonds, Economic Development and Housing,
Series 2006A, 5.000%, 3/15/36
5,600 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 6,367,872
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
6,500 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AAA 6,801,210
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
6,700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 7,137,510
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
3,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 3,236,130
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
4,000 New York State Urban Development Corporation, Service 1/17 at 100.00 AA- 4,273,920
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 3,833,220
Loan Note, Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
65,795 Total Tax Obligation/Limited 70,060,419
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.1% (8.7% OF TOTAL INVESTMENTS)
1,225 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,276,034
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call AAA 1,611,075
Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured
1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,736,106
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
2,830 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,946,794
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
1,100 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 1,148,367
3,100 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 3,231,502
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,053,960
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
2,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,412,263
1,080 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 1,128,373
1,925 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,999,517
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)
2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/06 at 102.00 CCC 1,865,498
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 Aa2 2,071,040
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 5,750 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 $ 5,976,205
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/12 at 100.00 AAA 2,566,152
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.250%, 11/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
30,150 Total Transportation 31,022,886
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 26.4% (17.6% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 168,911
155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 168,911
180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 196,155
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 AAA 1,089,440
Columbia University, Series 2002B, 5.375%, 7/01/19
(Pre-refunded 7/01/12)
1,200 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,310,640
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
5,535 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,949,461
State University Educational Facilities, Series 2002A,
5.000%, 5/15/17 (Pre-refunded 5/15/12) - FGIC Insured
870 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 954,790
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,500 5.750%, 6/15/17 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,658,115
1,500 5.750%, 6/15/18 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,658,115
5,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,198,800
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded
10/01/15) - FGIC Insured
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
400 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 439,692
725 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 800,929
2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 BBB- (4) 2,734,025
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27 (Pre-refunded 7/15/09)
5,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 5,403,300
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33 (Pre-refunded 6/15/10)
1,000 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 1,072,000
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/19) - AMBAC Insured
610 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA 664,613
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
1,500 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,627,305
Trust Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/22 (Pre-refunded 4/01/13) - MBIA Insured
2,950 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 3,155,054
Personal Income Tax Revenue Bonds, Series 2003B,
5.000%, 3/15/22 (Pre-refunded 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 3/15/12) 3/12 at 100.00 AAA 3,105,788
2,000 5.375%, 3/15/20 (Pre-refunded 3/15/12) 3/12 at 100.00 AAA 2,171,880
2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,367,224
Water Treatment Plant Bonds, Series 1994, 8.000%, 11/01/09 -
MBIA Insured (Alternative Minimum Tax) (ETM)
1,600 Triborough Bridge and Tunnel Authority, New York, General No Opt. Call AAA 1,731,520
Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
7,500 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 8,581,875
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded 1/01/22)
29
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,750 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA $ 4,078,388
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
3,000 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 3,385,860
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
2,520 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 2,847,146
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
57,105 Total U.S. Guaranteed 62,519,937
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.6% (9.0% OF TOTAL INVESTMENTS)
1,650 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,712,980
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 5,293,000
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 3,880,206
Revenue Bonds, Series 2003C, 5.000%, 9/01/15 - CIFG Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
3,100 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 3,257,449
3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 3,252,272
2,500 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 2,514,150
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 4,173,720
Series 2000A, 5.250%, 11/15/40
New York State Power Authority, General Revenue Bonds,
Series 2006A:
1,225 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,303,351
820 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 870,446
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 2,088,720
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001D,
5.550%, 11/15/24 (Mandatory put 11/15/15)
4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,716,280
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
31,045 Total Utilities 32,062,574
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.2% (4.8% OF TOTAL INVESTMENTS)
700 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 733,943
Revenue Bonds, Series 2001, 5.150%, 8/01/22
2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,735,917
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 2,167,160
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
2,225 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 2,396,703
Water and Sewerage System Revenue Bonds, Fiscal Series
2003A, 5.375%, 6/15/19
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
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 $ 1,075,660
3,345 5.250%, 11/15/19 11/12 at 100.00 AAA 3,598,083
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,379,441
------------------------------------------------------------------------------------------------------------------------------------
15,825 Total Water and Sewer 17,086,907
------------------------------------------------------------------------------------------------------------------------------------
$ 335,900 Total Investments (cost $339,948,770) - 150.4% 355,589,128
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 5,187,806
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.6)% (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 236,476,934
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
31
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 500 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 503,715
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.0% (2.0% OF TOTAL INVESTMENTS)
165 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 169,084
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
485 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 491,203
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
910 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 929,438
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
400 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 404,068
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
1,125 4.750%, 6/01/22 6/16 at 100.00 BBB 1,116,776
1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,111,545
------------------------------------------------------------------------------------------------------------------------------------
4,210 Total Consumer Staples 4,222,114
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.6% (10.0% OF TOTAL INVESTMENTS)
1,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 1,080,870
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
845 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 950,591
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 534,360
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,346,213
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
1,750 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,889,388
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 808,665
370 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 378,569
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
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 3,209,911
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,895,943
3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,211,834
Civic Facility Revenue Bonds, St. John Fisher College,
Series 1999, 5.375%, 6/01/24 - RAAI Insured
330 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 336,131
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- 1,860,714
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
500 New York City Trust for Cultural Resources, New York, Revenue 7/10 at 101.00 A 537,030
Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,602,765
Civic Facility Revenue Bonds, Niagara University, Series 2001A,
5.350%, 11/01/23 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
19,465 Total Education and Civic Organizations 20,642,984
------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.4% (0.3% OF TOTAL INVESTMENTS)
$ 600 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call Aa3 $ 661,068
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 33.0% (22.4% 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 1,148,616
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,490,426
2,435 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AAA 2,546,937
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 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 5,091,677
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Victory Memorial Hospital,
Series 1999:
2,095 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 2,180,413
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,110,000
625 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 649,150
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA 2,015,780
Nursing Home Mortgage Revenue Bonds, Gurwin Jewish
Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41
2,600 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 2,641,080
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
Dormitory Authority of the State of New York, 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 2,076,780
2,000 5.500%, 7/01/27 - RAAI Insured 7/07 at 102.00 AA 2,077,660
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 2,178,860
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
Dormitory Authority of the State of New York, Revenue Bonds,
Lenox Hill Hospital Obligated Group, Series 2001:
165 5.375%, 7/01/20 7/11 at 101.00 Ba2 164,660
500 5.500%, 7/01/30 7/11 at 101.00 Ba2 495,655
1,575 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Ba1 1,689,251
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Ba1 253,113
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
2,450 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,628,630
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/06 at 102.00 B2 246,458
Nyack Hospital, Series 1996, 6.250%, 7/01/13
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 525,080
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 621,144
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
1,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 1,928,884
Revenue Refunding Bonds, Wyckoff Heights Medical Center,
Series 1998H, 5.300%, 8/15/21 - MBIA Insured
420 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 438,148
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
1,750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 1,861,300
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 -
AMBAC Insured
585 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 593,945
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
33
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 100 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 B2 $ 102,166
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
4,000 Ulster County Industrial Development Agency, New York, 11/09 at 101.00 A2 4,149,159
Civic Facility Revenue Bonds, Kingston Hospital, Series 1999,
5.650%, 11/15/24
3,750 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AA+ 3,980,925
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 677,404
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
44,555 Total Health Care 46,563,301
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.1% (3.5% OF TOTAL INVESTMENTS)
2,585 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 2,690,675
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,109,530
Multifamily Housing Revenue Bonds, Series 2001A,
5.500%, 11/01/31
750 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 784,118
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
680 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 683,618
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
------------------------------------------------------------------------------------------------------------------------------------
7,015 Total Housing/Multifamily 7,267,941
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.5% (2.4% OF TOTAL INVESTMENTS)
645 Guam Housing Corporation, Mortgage-Backed Securities No Opt. Call AAA 712,357
Program Single Family Mortgage Revenue Bonds,
Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
1,350 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 1,345,518
Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative
Minimum Tax)
1,975 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,989,990
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 848,896
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,810 Total Housing/Single Family 4,896,761
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.9% (3.3% 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 1,234,238
1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,343,287
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 A 253,588
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
665 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 714,084
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 786,165
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
2,445 Yonkers Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,537,519
FHA-Insured Mortgage Revenue Bonds, Michael Malotz
Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,510 Total Long-Term Care 6,868,881
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.0% (7.5% OF TOTAL INVESTMENTS)
4,950 New York City, New York, General Obligation Bonds, 5/09 at 101.00 AAA 5,152,949
Fiscal Series 1999J, 5.125%, 5/15/29 - MBIA Insured
1,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 1,067,600
Fiscal Series 2004C, 5.250%, 8/15/16
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
$ 1,500 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA $ 1,579,605
600 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 630,516
1,125 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 1,198,046
Series 2006C, 5.000%, 8/01/16 - FSA Insured
800 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 843,368
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 794,786
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 798,473
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,465,957
Series 1999, 5.600%, 10/15/16
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
500 5.250%, 7/01/23 1/08 at 100.00 A3 511,410
500 5.250%, 7/01/24 1/08 at 100.00 A3 511,410
------------------------------------------------------------------------------------------------------------------------------------
14,695 Total Tax Obligation/General 15,554,120
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.4% (20.0% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,072,720
Series 2003A, 5.250%, 11/01/21
1,155 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,222,983
State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/18 -
MBIA Insured
590 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AAA 632,598
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
35 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 37,976
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.875%, 8/15/18 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 520,510
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,054,970
Bonds, Child Care Facilities Development Program,
Series 2002, 5.375%, 4/01/19
185 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 194,890
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
550 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 610,962
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
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 2,124,240
2,000 5.000%, 11/15/30 11/12 at 100.00 AA- 2,052,580
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,700 5.750%, 1/01/17 No Opt. Call AA- 1,906,380
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,047,180
1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,180,545
Revenue Bonds, Series 2003, 5.500%, 1/01/34
2,180 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 2,356,362
and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 -
AMBAC Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,049,200
1,100 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,154,120
810 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 848,678
1,875 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,961,794
1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,735,982
Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
700 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AAA 722,197
Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 -
AMBAC Insured
35
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- $ 1,043,640
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
1,190 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 1,235,851
Income Tax Revenue Bonds, Economic Development and
Housing, Series 2006A, 5.000%, 3/15/36
3,400 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 3,866,208
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
4,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 4,261,199
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,125,500
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,078,710
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 3,541,753
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.250%, 10/15/15 - AMBAC Insured
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 826,125
Loan Note, Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
38,865 Total Tax Obligation/Limited 41,465,853
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0% (8.2% OF TOTAL INVESTMENTS)
700 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 743,029
Series 2001A, 5.625%, 7/15/25
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,058,100
Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 -
FGIC Insured
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B- 1,119,500
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
865 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 900,699
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
700 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 730,779
2,100 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 2,189,082
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 526,980
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
800 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 852,752
1,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,363,453
615 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 642,546
3,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 3,116,130
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)
1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 1,067,550
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 Aa2 2,598,350
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
------------------------------------------------------------------------------------------------------------------------------------
16,080 Total Transportation 16,908,950
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.7% (12.0% OF TOTAL INVESTMENTS) (4)
600 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 655,320
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
525 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 576,166
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 1,294,962
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,520 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 6,027,618
Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23 (Pre-refunded
10/01/14) - FSA Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
$ 265 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA $ 291,296
1,665 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 1,839,375
50 New York City, New York, General Obligation Bonds, Fiscal 5/09 at 101.00 AAA 52,656
Series 1999J, 5.125%, 5/15/29 (Pre-refunded 5/15/09) -
MBIA Insured
400 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA 435,812
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,084,870
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/23 (Pre-refunded 4/01/13) - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 2,144,980
Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/20 (Pre-refunded 4/01/14) - MBIA Insured
1,000 New York State Urban Development Corporation, State 3/12 at 100.00 AAA 1,072,710
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27
(Pre-refunded 3/15/12)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 Aa2 (4) 3,365,610
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
(Pre-refunded 1/01/22)
2,250 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 2,447,033
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
600 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R (4) 656,022
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,410,775
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
1,400 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 1,581,748
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
22,775 Total U.S. Guaranteed 24,936,953
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.7% (6.6% OF TOTAL INVESTMENTS)
1,300 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,349,621
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
2,000 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 2,126,140
Revenue Bonds, Series 2003C, 5.000%, 9/01/15 - CIFG Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
2,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 2,626,975
2,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 2,622,800
2,000 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 2,103,000
Series 2000A, 5.250%, 11/15/30
New York State Power Authority, General Revenue Bonds,
Series 2006A:
700 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 744,772
465 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 493,607
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 262,725
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative
Minimum Tax)
600 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 630,444
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001B,
5.550%, 11/15/24 (Mandatory put 11/15/13) (Alternative
Minimum Tax)
695 Suffolk County Industrial Development Agency, New York, No Opt. Call N/R 691,407
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,010 Total Utilities 13,651,491
------------------------------------------------------------------------------------------------------------------------------------
37
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.3% (1.6% OF TOTAL INVESTMENTS)
$ 1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ $ 1,217,202
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 2,102,915
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
3,085 Total Water and Sewer 3,320,117
------------------------------------------------------------------------------------------------------------------------------------
$ 196,175 Total Investments (cost $198,813,172) - 146.9% 207,464,249
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 2,738,044
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.9)% (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 141,202,293
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
38
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.2% (0.2% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 277,043
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.0% (2.0% OF TOTAL INVESTMENTS)
480 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 486,139
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 520,635
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
245 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 247,492
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
835 4.750%, 6/01/22 6/16 at 100.00 BBB 828,896
835 5.000%, 6/01/26 6/16 at 100.00 BBB 825,013
------------------------------------------------------------------------------------------------------------------------------------
2,895 Total Consumer Staples 2,908,175
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.5% (10.6% OF TOTAL INVESTMENTS)
2,750 Albany Industrial Development Agency, New York, Revenue 7/11 at 101.00 Aaa 2,924,625
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 2,101,795
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,073,060
Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 1,080,870
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 1,059,510
Canisius College, Series 2000, 5.250%, 7/01/30 - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 562,480
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,265 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 1,327,731
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 271,137
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
2,190 Monroe County Industrial Development Agency, New York, 6/11 at 102.00 AA 2,298,427
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- 249,552
Civic Facility Revenue Bonds, St. Francis College, Series 2004,
5.000%, 10/01/34
1,100 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 1,137,103
Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
------------------------------------------------------------------------------------------------------------------------------------
14,290 Total Education and Civic Organizations 15,086,290
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.6% (0.4% OF TOTAL INVESTMENTS)
500 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call Aa3 550,890
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 19.4% (13.3% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 3,172,770
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999, 5.500%, 8/01/38 - AMBAC Insured
39
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,505 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA $ 2,654,899
Mortgage Revenue Bonds, New York Hospital Medical Center
of Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,570,680
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
860 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 891,958
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
1,700 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,726,860
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AA 519,195
Bonds, Franciscan Health Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 -
RAAI Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 495,655
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Ba1 1,265,563
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,235 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,325,044
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Nyack Hospital, Series 1996:
115 6.000%, 7/01/06 7/06 at 102.00 B2 114,943
100 6.250%, 7/01/13 7/06 at 102.00 B2 98,583
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 517,620
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 302,531
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
670 Nassau County Industrial Development Agency, New York, No Opt. Call A3 705,182
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 A2 875,755
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 531,800
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 100.00 B2 507,645
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
500 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 B2 510,830
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 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 454,589
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 639,250
------------------------------------------------------------------------------------------------------------------------------------
18,110 Total Health Care 18,881,352
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.9% (2.0% OF TOTAL INVESTMENTS)
160 New York City Housing Development Corporation, New York, 5/11 at 101.00 Aa2 168,098
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 1,022,110
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 471,066
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 231,482
500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 522,745
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 440 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA $ 442,341
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
------------------------------------------------------------------------------------------------------------------------------------
2,780 Total Housing/Multifamily 2,857,842
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.4% (1.7% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 946,846
Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative
Minimum Tax)
1,395 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,405,588
Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,345 Total Housing/Single Family 2,352,434
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.1% (2.1% OF TOTAL INVESTMENTS)
2,150 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AAA 2,242,751
Revenue Bonds, Rehabilitation Association Pooled Loan
Program 1, Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 A 51,519
175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 A 177,511
525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 550,316
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
2,900 Total Long-Term Care 3,022,097
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.5% (8.6% OF TOTAL INVESTMENTS)
1,775 Bath Central School District, Steuben County, New York, 6/12 at 100.00 AAA 1,737,122
General Obligation Bonds, Series 2002, 4.000%, 6/15/18 -
FGIC Insured
3,620 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 3,777,289
Series 1998H, 5.375%, 8/01/27 - MBIA Insured
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 800,700
Fiscal Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,220 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,284,745
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,155,946
750 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 798,697
Series 2006C, 5.000%, 8/01/16 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,111,360
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
250 5.250%, 7/01/23 1/08 at 100.00 A3 255,705
250 5.250%, 7/01/24 1/08 at 100.00 A3 255,705
------------------------------------------------------------------------------------------------------------------------------------
11,715 Total Tax Obligation/General 12,177,269
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.2% (20.0% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,072,720
Series 2003A, 5.250%, 11/01/21
250 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 260,255
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Service Contract
Bonds, Child Care Facilities Development Program, Series 2002:
1,905 5.375%, 4/01/17 4/12 at 100.00 AA- 2,012,594
1,000 5.375%, 4/01/19 4/12 at 100.00 AA- 1,054,970
125 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 131,683
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
1,750 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 1,858,710
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
1,000 Metropolitan Transportation Authority, New York, State Service No Opt. Call AA- 1,121,400
Contract Refunding Bonds, Series 2002A, 5.750%, 1/01/17
41
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB $ 585,049
Revenue Bonds, Series 2003, 5.500%, 1/01/34
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 1,196,088
835 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 874,871
500 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 523,145
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,039,510
Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,046,920
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,043,640
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
840 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 872,365
Tax Revenue Bonds, Economic Development and Housing,
Series 2006A, 5.000%, 3/15/36
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 1,128,561
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,186,571
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,049,380
Trust Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/21 - MBIA Insured
2,300 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,615,376
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - 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 2,130,600
2,100 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,231,775
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,078,710
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
2,250 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 2,331,698
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
26,750 Total Tax Obligation/Limited 28,446,591
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.8% (12.2% OF TOTAL INVESTMENTS)
2,000 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 2,128,760
Series 2001A, 5.625%, 7/15/20
460 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 478,069
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B- 1,119,500
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
485 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 505,016
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
300 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 313,191
1,300 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,355,146
3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 3,583,464
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
750 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 799,455
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,048,810
280 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 292,541
2,195 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 2,266,184
Revenue Bonds, One Hundred Twentieth Series 2000,
5.500%, 10/15/35 - MBIA Insured (Alternative Minimum Tax)
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 $ 2,598,350
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 888,537
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,450 Total Transportation 17,377,023
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.7% (14.9% OF TOTAL INVESTMENTS) (4)
400 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 436,880
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
2,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 2,088,940
General Revenue Bonds, Series 1998A, 5.250%, 12/01/26
(Pre-refunded 6/01/08) - AMBAC Insured
2,750 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 2,953,693
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
10 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 10,500
Series 1998H, 5.375%, 8/01/27 (Pre-refunded 8/01/08) -
MBIA Insured
3,205 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 3,408,550
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/21 (Pre-refunded 1/01/11) - FSA Insured
2,500 New York State Urban Development Corporation, State 3/12 at 100.00 AAA 2,681,775
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
3/15/12)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/11 at 100.00 AAA 3,200,250
Purpose Revenue Bonds, Series 1996B, 5.200%, 1/01/22
(Pre-refunded 1/01/11)
5,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 5,437,846
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
900 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R (4) 984,033
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
19,765 Total U.S. Guaranteed 21,202,467
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 15.2% (10.5% OF TOTAL INVESTMENTS)
1,500 Long Island Power Authority, New York, Electric System 5/11 at 100.00 A- 1,583,025
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 1,594,605
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
1,700 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 1,786,343
1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 1,783,504
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 1,005,660
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 2,086,860
Series 2000A, 5.250%, 11/15/40
New York State Power Authority, General Revenue Bonds,
Series 2006A:
320 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 340,467
215 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 228,227
450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 475,016
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative
Minimum Tax)
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 2,088,720
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 1,188,388
750 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 696,803
------------------------------------------------------------------------------------------------------------------------------------
14,385 Total Utilities 14,857,618
------------------------------------------------------------------------------------------------------------------------------------
43
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.2% (1.5% OF TOTAL INVESTMENTS)
$ 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ $ 1,083,580
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 1,075,660
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Water and Sewer 2,159,240
------------------------------------------------------------------------------------------------------------------------------------
$ 135,160 Total Investments (cost $137,589,231) - 145.7% 142,156,331
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 2,386,527
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.2)% (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 97,542,858
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) 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. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
See accompanying notes to financial statements.
44
Statement of
ASSETS AND LIABILITIES March 31, 2006 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $142,523,278,
$339,948,770, $198,813,172
and $137,589,231, respectively) $148,901,090 $355,589,128 $207,464,249 $142,156,331
Cash -- 335,981 -- 441,166
Receivables:
Interest 2,093,527 5,093,714 3,034,385 2,065,136
Investments sold -- 25,000 135,000 95,000
Other assets 7,861 37,775 10,429 1,280
------------------------------------------------------------------------------------------------------------------------------------
Total assets 151,002,478 361,081,598 210,644,063 144,758,913
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 149,895 -- 286,437 --
Payable for investments purchased -- -- -- 143,367
Accrued expenses:
Management fees 69,640 192,944 77,823 41,587
Other 43,968 79,369 47,169 22,706
Preferred share dividends payable N/A 32,351 30,341 8,395
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 263,503 304,664 441,770 216,055
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $150,738,975 $236,476,934 $141,202,293 $ 97,542,858
====================================================================================================================================
Common shares outstanding 15,120,364 15,001,337 9,226,646 6,469,973
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 9.97 $ 15.76 $ 15.30 $ 15.08
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $151,204 $150,013 $92,266 $64,700
Paid-in surplus 144,256,690 218,531,062 131,048,681 91,861,920
Undistributed (Over-distribution of) net investment income 320,424 1,421,045 527,013 444,067
Accumulated net realized gain (loss) from investments (367,155) 734,456 883,256 605,071
Net unrealized appreciation (depreciation) of investments 6,377,812 15,640,358 8,651,077 4,567,100
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $150,738,975 $236,476,934 $141,202,293 $ 97,542,858
====================================================================================================================================
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.
45
Statement of
OPERATIONS Six Months Ended March 31, 2006 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 3,802,195 $ 9,037,801 $ 5,194,207 $ 3,511,801
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 412,537 1,140,587 671,034 463,624
Preferred shares - auction fees N/A 155,117 86,004 58,661
Preferred shares - dividend disbursing agent fees N/A 19,945 4,986 4,986
Shareholders' servicing agent fees and expenses 22,016 22,076 2,393 899
Custodian's fees and expenses 22,536 49,222 27,443 19,027
Directors'/Trustees' fees and expenses 1,799 3,900 2,640 1,758
Professional fees 6,216 11,589 8,405 7,322
Shareholders' reports - printing and mailing expenses 16,292 21,365 9,226 9,501
Stock exchange listing fees 5,039 5,063 5,061 274
Investor relations expense 6,780 14,375 9,739 7,257
Other expenses 4,365 15,126 8,225 7,147
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 497,580 1,458,365 835,156 580,456
Custodian fee credit (9,677) (27,878) (11,006) (12,633)
Expense reimbursement -- -- (211,552) (218,093)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 487,903 1,430,487 612,598 349,730
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,314,292 7,607,314 4,581,609 3,162,071
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 258,044 736,435 884,354 605,083
Change in net unrealized appreciation (depreciation)
of investments (1,848,553) (5,256,870) (3,316,290) (2,023,380)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (1,590,509) (4,520,435) (2,431,936) (1,418,297)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (1,072,482) (764,579) (505,194)
From accumulated net realized gains N/A (720,259) (267,113) (203,337)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (1,792,741) (1,031,692) (708,531)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 1,723,783 $ 1,294,138 $ 1,117,981 $ 1,035,243
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
46
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP)
----------------------------- -------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/06 9/30/05 3/31/06 9/30/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,314,292 $ 6,771,319 $ 7,607,314 $ 15,760,974
Net realized gain (loss) from investments 258,044 1,440,260 736,435 5,223,289
Change in net unrealized appreciation
(depreciation) of investments (1,848,553) (830,389) (5,256,870) (3,719,101)
Distributions to Preferred Shareholders:
From net investment income N/A N/A (1,072,482) (2,030,536)
From accumulated net realized gains N/A N/A (720,259) (72,204)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 1,723,783 7,381,190 1,294,138 15,162,422
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,220,638) (6,459,423) (6,972,229) (14,852,006)
From accumulated net realized gains -- -- (4,504,776) (1,194,491)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,220,638) (6,459,423) (11,477,005) (16,046,497)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- -- 404,913 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions -- -- 404,913 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,496,855) 921,767 (9,777,954) (884,075)
Net assets applicable to Common
shares at the beginning of period 152,235,830 151,314,063 246,254,888 247,138,963
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $150,738,975 $152,235,830 $236,476,934 $246,254,888
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 320,424 $ 226,770 $ 1,421,045 $ 1,858,442
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
47
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
------------------------------ ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/06 9/30/05 3/31/06 9/30/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,581,609 $ 9,492,793 $ 3,162,071 $ 6,536,758
Net realized gain (loss) from investments 884,354 3,413,773 605,083 1,513,468
Change in net unrealized appreciation
(depreciation) of investments (3,316,290) (2,619,438) (2,023,380) (816,269)
Distributions to Preferred Shareholders:
From net investment income (764,579) (1,210,994) (505,194) (824,602)
From accumulated net realized gains (267,113) -- (203,337) (26,248)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 1,117,981 9,076,134 1,035,243 6,383,107
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (4,303,793) (9,067,881) (2,937,080) (6,141,020)
From accumulated net realized gains (1,716,946) -- (1,311,855) (399,692)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (6,020,739) (9,067,881) (4,248,935) (6,540,712)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 404,027 100,992 150,102 57,704
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions 404,027 100,992 150,102 57,704
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (4,498,731) 109,245 (3,063,590) (99,901)
Net assets applicable to Common
shares at the beginning of period 145,701,024 145,591,779 100,606,448 100,706,349
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $141,202,293 $145,701,024 $ 97,542,858 $100,606,448
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 527,013 $ 1,013,776 $ 444,067 $ 724,270
====================================================================================================================================
48
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 or certain U.S. territories.
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
market 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
investments are valued at amortized cost, which approximates market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments 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, 2006, there
were no such outstanding purchase commitments in any of the Funds.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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.
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 paid by the Funds on each
Series is determined every seven days, pursuant to a dutch auction process
overseen by the auction agent, and is payable 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
================================================================================
50
Derivative Financial Instruments
The Funds are authorized to 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, 2006.
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, their 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.
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
3/31/06 9/30/05 3/31/06 9/30/05
--------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- 24,202 --
========================================================================================================
NEW YORK NEW YORK DIVIDEND
DIVIDEND ADVANTAGE (NAN) ADVANTAGE 2 (NXK)
------------------------ ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/06 9/30/05 3/31/06 9/30/05
--------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions 24,598 6,166 9,343 3,630
========================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended March 31, 2006, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------
Purchases $15,221,647 $33,869,144 $24,487,926 $16,705,834
Sales and maturities 15,006,263 36,569,414 25,992,232 14,663,227
=========================================================================================================
51
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At March 31, 2006, 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 $142,278,805 $339,663,404 $198,748,812 $137,541,436
============================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2006, 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 $7,039,228 $16,879,185 $9,160,185 $4,939,621
Depreciation (416,943) (953,461) (444,748) (324,726)
------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $6,622,285 $15,925,724 $8,715,437 $4,614,895
============================================================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2005, the Funds' last tax 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 * $535,229 $2,747,947 $1,086,003 $1,162,793
Undistributed net ordinary income ** -- 21,435 -- 30,315
Undistributed net long-term capital gains -- 5,223,056 1,982,961 1,502,376
=========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2005, paid on October 3, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
52
The tax character of distributions paid during the fiscal year ended September
30, 2005, the Funds' last tax 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 $6,441,278 $16,930,267 $10,302,766 $6,979,318
Distributions from net ordinary income ** 17,730 34,069 -- 3,548
Distributions from net long-term capital gains -- 1,266,695 -- 425,821
=========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2005, the Funds' last tax year end, New York Value (NNY) had
unused capital loss carryforwards of $625,199 available for federal income tax
purposes to be applied against future capital gains, if any. If not applied the
carryforwards will expire in 2012.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components -- a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., 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.
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.
The annual fund-level fee, payable monthly, for each Fund (excluding New York
Value (NNY)) is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS NEW YORK PERFORMANCE PLUS (NNP)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
53
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NAN)
(INCLUDING NET ASSETS NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
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
================================================================================
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 stated in the table below. As
of March 31, 2006, the complex-level fee rate was .1887%.
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.
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.
54
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
--------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2006, to shareholders of record on
April 15, 2006, 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 $.0740 $.0745 $.0720
================================================================================
55
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 Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) $10.07 $ .22 $ (.11) $ N/A $ N/A $ .11 $ (.21) $ -- $ (.21)
2005 10.01 .45 .04 N/A N/A .49 (.43) -- (.43)
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)
NEW YORK PERFORMANCE
PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 16.44 .51 (.30) (.07) (.05) .09 (.47) (.30) (.77)
2005 16.50 1.05 .10 (.14) -- 1.01 (.99) (.08) (1.07)
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)
NEW YORK DIVIDEND
ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 15.83 .50 (.26) (.08) (.03) .13 (.47) (.19) (.66)
2005 15.83 1.03 .09 (.13) -- .99 (.99) -- (.99)
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)
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 15.57 .49 (.22) (.08) (.03) .16 (.45) (.20) (.65)
2005 15.60 1.01 .10 (.13) -- .98 (.95) (.06) (1.01)
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:
2006(b) $ -- $ 9.97 $ 9.55 5.52% 1.13%
2005 -- 10.07 9.26 5.88 4.95
2004 -- 10.01 9.15 5.29 5.04
2003 -- 9.95 9.11 1.65 2.59
2002 -- 10.16 9.42 4.55 8.26
2001 -- 9.86 9.49 14.66 9.23
NEW YORK PERFORMANCE
PLUS (NNP)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) -- 15.76 16.35 6.98 .54
2005 -- 16.44 16.01 9.37 6.29
2004 -- 16.50 15.66 8.19 7.55
2003 -- 16.57 15.66 1.88 4.25
2002 -- 17.11 16.60 14.44 13.65
2001 -- 15.95 15.39 15.56 15.01
NEW YORK DIVIDEND
ADVANTAGE (NAN)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) -- 15.30 16.02 3.46 .79
2005 -- 15.83 16.11 14.24 6.38
2004 -- 15.83 15.01 6.13 7.68
2003 -- 15.66 15.09 3.86 5.04
2002 -- 15.85 15.47 13.57 12.95
2001 -- 14.86 14.44 24.06 16.98
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) -- 15.08 15.46 5.04 1.10
2005 -- 15.57 15.34 10.61 6.45
2004 -- 15.60 14.82 9.02 7.80
2003 .01 15.44 14.55 5.35 5.39
2002 -- 15.62 14.78 8.48 13.67
2001(a) (.13) 14.55 14.46 (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:
2006(b) $150,739 .66%* 4.38%* .65%* 4.39%* 10%
2005 152,236 .66 4.44 .66 4.45 18
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
NEW YORK PERFORMANCE
PLUS (NNP)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 236,477 1.22* 6.33* 1.19* 6.35* 9
2005 246,255 1.20 6.36 1.20 6.37 16
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
NEW YORK DIVIDEND
ADVANTAGE (NAN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 141,202 1.17* 6.11* .86* 6.42* 12
2005 145,701 1.16 6.13 .80 6.50 20
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
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(b) 97,543 1.18* 5.95* .71* 6.42* 10
2005 100,606 1.18 6.01 .73 6.46 19
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:
2006(b) $ N/A $ N/A $ N/A
2005 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
NEW YORK PERFORMANCE
PLUS (NNP)
-----------------------------------------------------------------------
Year Ended 9/30:
2006(b) 124,300 25,000 72,562
2005 124,300 25,000 74,528
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
NEW YORK DIVIDEND
ADVANTAGE (NAN)
-----------------------------------------------------------------------
Year Ended 9/30:
2006(b) 69,000 25,000 76,160
2005 69,000 25,000 77,790
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
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
-----------------------------------------------------------------------
Year Ended 9/30:
2006(b) 47,000 25,000 76,884
2005 47,000 25,000 78,514
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 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, 2006.
See accompanying notes to financial statements.
56-57 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 EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Closed-End 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.
58
Other Useful
INFORMATION
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, 2005, 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 Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
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.
59
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $145 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.
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ESA-A-0306D
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 Portfolio of Investments 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 to this filing.
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.
During this reporting period, the registrant's Board of Trustees implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of trustees by amending the registrant's by-laws to include a
provision specifying the date by which shareholder nominations for election as
trustee at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if and only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of trustees, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
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
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: June 8, 2006
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2006
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By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2006
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* Print the name and title of each signing officer under his or her signature.