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)
Kevin J. McCarthy
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, 2008
------------------
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.
SEMI-ANNUAL REPORT
March 31, 2008
Nuveen Investments
MUNICIPAL CLOSED-END FUNDS
Photo of: Small child
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
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
Photo of: Man working on computer
LIFE IS COMPLEX.
NUVEEN
MAKES THINGS
E-simple.
----------------------------------------------------------------------------
It only takes a minute to sign up for e-Reports. Once enrolled, you'll
receive an e-mail as soon as your Nuveen Investments Fund information is
ready--no more waiting for delivery by regular mail. Just click on the link
within the e-mail to see the report and save it on your computer if you
wish.
FREE E-REPORTS RIGHT TO YOUR E-MAIL!
www.investordelivery.com
If you receive your Nuveen Fund
dividends and statements from your
financial advisor or brokerage account.
OR
www.nuveen.com/accountaccess
If you receive your Nuveen Fund dividends
and statements directly from Nuveen.
Logo: NUVEEN Investments
Chairman's
LETTER TO SHAREHOLDERS
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
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 Common Share Dividend
and Share Price Information, and the Performance Overview sections of this
report.
With the recent volatility in the stock market, many have begun to wonder which
way the market is headed, and whether they need to adjust their holdings of
investments. No one knows what the future will bring, which is why we think a
well-balanced portfolio that is structured and carefully monitored with the help
of an investment professional is an important component in achieving your long
term financial goals. A well-diversified portfolio may actually help to reduce
your overall investment risk, and we believe that investments like your Nuveen
Investments Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
We also are pleased to be able to offer you a choice concerning how you receive
your shareholder reports and other Fund information. As an alternative to mailed
copies, you can sign up to receive future Fund reports and other Fund
information by e-mail and the internet. 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 15, 2008
Portfolio Manager's COMMENTS
Nuveen Investments Municipal Closed-End Funds
NNY, NNP, NAN, NXK
Portfolio manager Cathryn Steeves examines key investment strategies and the
six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for these four Funds in
2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2008?
During this six-month period, the municipal market experienced a great deal of
volatility, as factors related to the sub-prime mortgage crisis had an indirect,
but important, influence on the municipal market's performance. We sought to
capitalize on this environment by continuing to focus on relative value, as we
looked for undervalued sectors and individual credits with the potential to
perform well over the long term.
Among our additions to these Funds were bonds issued by New York City, where we
considered many bonds a good value. When the market discounted lower-quality
and higher-yielding bonds, we selectively took advantage of opportunities to add
some uninsured, lower-rated health care credits to the Funds. We also bought
small positions in auction rate bonds at attractive yields. Auction rate bonds
are short-term securities whose interest payments are adjusted periodically
through an auction process, which typically also serves as a means for buying
and selling.
To generate cash for purchases and move the Funds' durations(1) closer to our
strategic range, we selectively sold some holdings with shorter durations.
Selling shorter duration bonds and reinvesting further out on the municipal bond
yield curve also helped to improve the Funds' overall call protection profiles.
In addition, we took advantage of strong bids to sell some sub-5% coupon bonds
that were attractive to the retail market.
Over the course of the entire reporting period, we saw the municipal yield curve
steepen, as municipal bond interest rates at the short end of the curve declined
while longer-term rates rose. In this environment, we continued to emphasize a
disciplined approach to duration management. As part of our duration strategies,
we used inverse
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.
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio manager as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.
4
floating rate securities,(2) a type of derivative financial instrument, in all
four of these New York Funds. Inverse floaters typically provide the dual
benefit of lengthening the Funds' durations to be closer to our strategic target
and enhancing their income-generation capabilities. During this period, all of
the Funds also used forward interest rate swaps, another type of derivative
financial instrument. The goal of this strategy was to help us manage the risk
vs. our strategic benchmark. We believed that the forward interest rate swaps
had accomplished this goal, therefore we removed the swaps from the Funds.
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
Total Returns on Common Share Net Asset Value*
For periods ended 3/31/08
Six-Month 1-Year 5-Year 10-Year
NNY(3) -0.08% 0.97% 3.91% 4.38%
NNP -1.55% -1.20% 4.51% 5.85%
NAN -1.77% -1.39% 4.70% NA
NXK -1.38% -0.79% 5.08% NA
Lehman Brothers
NY Tax-Exempt
Bond Index(4) 1.25% 2.55% 3.94% 5.03%
Lipper NY
Municipal Debt Funds
Average(5) -2.92% -3.44% 4.60% 4.91%
For the six months ended March 31, 2008, the cumulative returns on NAV for NNY,
NNP, NAN, and NXK underperformed the return of the Lehman Brothers New York
Tax-Exempt Bond Index. At the same time, the six-month returns for all four of
these New York Funds outperformed the average return for the Lipper New York
Municipal Debt Funds Average.
One of the major factors impacting the six-month performance of NNP, NAN, and
NXK, especially in relation to that of the unleveraged Lehman Brothers New York
Tax-
* Six-month returns are cumulative; returns for one-year, five-year, and
ten-year 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.
(2) An inverse floating rate security is a financial instrument designed to pay
long-term tax-exempt interest at a rate that varies inversely with a
short-term tax-exempt interest rate index. For the Nuveen Funds, the index
typically used is the Securities Industry and Financial Markets (SIFM)
Municipal Swap Index (previously referred to as the Bond Market Association
Index or BMA). Inverse floaters, including those inverse floating rate
securities in which the Funds invested during the reporting period, are
further defined within the Notes to Financial Statements and Glossary of
Terms Used in This Report sections of this shareholder report.
(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 Average is calculated using the
returns of all closed-end funds in this category for each period as
follows: 6 months, 17 funds; 1 year, 17 funds; 5 years, 17 funds; and 10
years, 6 funds. Fund and Lipper returns assume reinvestment of dividends.
5
Exempt Bond Index, was the use of financial leverage. While leverage provides
opportunities for additional income and total returns for common shareholders,
the benefits of leveraging are tied in part to the short-term rates that
leveraged Funds pay their preferred shareholders. During this period, the
leveraged Funds' borrowing costs remained relatively high, negatively impacting
their total returns along with the relatively weak returns of the underlying
bonds.
Other key factors that influenced the Funds' returns included yield curve and
duration positioning, credit exposure and sector allocations, the use of
derivatives, and holdings of bonds backed by certain municipal bond insurers.
During this six-month period, bonds in the Lehman Brothers Municipal Bond Index
with maturities of eight years or less, especially those maturing in two to four
years, benefited the most from changes in the interest rate environment. As a
result, these shorter maturity bonds generally outperformed credits with longer
maturities. Bonds having the longest maturities (22 years and longer) posted the
worst returns. In this market environment, the performance of NNY (which does
not use financial leverage) benefited from the fact that its duration was
shorter than the leverage-adjusted durations of the other three Funds in this
report. Among the three leveraged Funds, NXK had a slightly shorter duration.
As mentioned earlier, all four of these Funds used inverse floating rate
securities to synthetically extend their durations and move the Funds closer to
our strategic duration target. Because the inverse floaters effectively
increased the Funds' exposure to longer maturity bonds during a period when
shorter maturities were in favor in the market, these inverse floaters had a
negative impact on performance. However, the inverse floaters also benefited the
Funds by helping to support their income streams. In general, these four Funds
had smaller positions in inverse floaters than their peers in the Lipper New
York Municipal Debt Funds Average, which helped the relative performance of the
Nuveen New York Funds.
Lower credit quality bonds (bonds rated BBB or below) and non-rated bonds posted
poor returns. The underperformance of this sector was largely the result of
risk-averse investors' flight to quality as disruptions in the financial and
housing markets deepened. With allocations of 6% to 10% in bonds rated BBB and
4% to 8% in sub-investment grade and non-rated bonds, these Funds were more
heavily weighted in lower quality bonds than the Lehman Brothers New York
Tax-Exempt Bond Index. This helped to explain some of their underperformance
relative to the index. In general, bonds that carried any credit risk,
regardless of sector, tended to perform
6
poorly. Revenue bonds as a whole, and especially the industrial development and
health care sectors that had ranked among the top performers in the Lehman
Brothers Municipal Bond Index over the past few years, underperformed the
general municipal market. The housing sector also performed poorly.
Sectors of the market that generally contributed to the Funds' performance
included water and sewer, resource recovery, special tax, and electric
utilities. Pre-refunded bonds(6) performed exceptionally well, due primarily to
their shorter effective maturities and higher credit quality.
Another factor that had an impact on the performance of the New York Funds was
their position in bonds backed by certain municipal insurers. These municipal
issuers included Financial Guaranty Insurance Company (FGIC), Radian Asset
Assurance, XL Capital Assurance (XLCA) and Financial Security Assurance (FSA).
As concern increased about the balance sheets of municipal bond insurers, prices
on bonds insured by these companies declined, detracting from the performance
of the Funds. On the whole, the holdings of all of our Funds continued to be
well diversified not only between insured and uninsured bonds, but also within
the insured bond category.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES
The Portfolios of Investments reflect the ratings on certain bonds insured by
AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at
least one rating agency reduced the rating for AMBAC-insured bonds to AA and at
least one rating agency further reduced the ratings for CIFG-insured,
FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one
rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31,
2008, one or more rating agencies have placed each of these insurers on
"negative credit watch", which may presage one or more rating reductions for
such insurer or insurers in the future. If one or more insurers' ratings are
reduced by these rating agencies, it would likely reduce the effective rating of
many of the bonds insured by that insurer or insurers. It is important to note
that municipal bonds historically have had a very low rate of default.
(6) 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.
7
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED MARKETS
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the preferred shares issued by these Funds than there
were offers to buy. This meant that these auctions "failed to clear'' and that
many or all auction preferred shareholders who wanted to sell their shares in
these auctions were unable to do so. This decline in liquidity in auction
preferred shares did not lower the credit quality of these shares, and auction
preferred shareholders unable to sell their shares received distributions at the
"maximum rate'' calculated in accordance with the pre-established terms of the
auction preferred shares. At the time this report was prepared, the Funds'
managers could not predict when future auctions might succeed in attracting
sufficient buyers for the shares offered, if ever. The Funds' managers are
working diligently to develop mechanisms designed to improve the liquidity of
the auction preferred shares, or to refund them, but at present there is no
assurance that these efforts will succeed. These developments generally do not
affect the management or investment policies of these Funds. However, one
implication of these auction failures for common shareholders is that the Funds'
cost of leverage will be higher than it otherwise would have been had the
auctions continued to be successful. As a result, the Funds' future common share
earnings may be lower than they otherwise would have been.
For current, up-to-date information, please visit the Nuveen CEF Auction Rate
Preferred Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
8
Common Share
Dividend and Share Price
INFORMATION
The common share dividends of NNY, NNP, and NXK remained stable throughout the
six-month reporting period ended March 31, 2008. As previously noted, all of the
Funds in this report except NNY use leverage to potentially enhance
opportunities for additional income for common shareholders. While this strategy
continued to provide incremental income, the extent of this benefit was reduced
to a degree by short-term interest rates that kept the Funds' borrowing costs
relatively high. The Funds' income streams were also impacted as the proceeds
from older, higher-yielding bonds that matured or were called were reinvested
into bonds currently available in the market, which generally offered lower
yields. A combination of these factors resulted in one monthly common share
dividend reduction in NAN over the six-month period ended March 31, 2008.
Due to capital gains generated by normal portfolio activity, common shareholders
of the Funds received capital gains and net ordinary income distributions at the
end of December 2007 as follows:
Short-Term Capital Gains
Long-Term Capital Gains and/or Ordinary Income
(per share) (per share)
NNY $0.0108 --
NNP $0.0294 $0.0009
NAN $0.0682 --
NXK $0.0402 --
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 common share 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 common share
9
NAV. Each Fund will, over time, pay all of its net investment income as
dividends to shareholders. As of March 31, 2008, NNY had a positive UNII
balance, based upon our best estimate, for tax purposes and a positive UNII
balance for financial statement purposes, while NNP, NAN, and NXK had positive
UNII balances, based upon our best estimate, for tax purposes and negative UNII
balances for financial statement purposes.
As of March 31, 2008, the Funds' common share prices were trading at discounts
to their common share NAVs as shown in the accompanying chart:
3/31/08 Six-Month Average
Discount Discount
NNY -2.78% -6.45%
NNP -6.60% -8.42%
NAN -6.66% -7.70%
NXK -8.30% -8.44%
10
NNY
Performance
OVERVIEW
Nuveen New York
Municipal Value
Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 42%
AA 37%
A 9%
BBB 6%
BB or Lower 3%
N/R 3%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
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:
Common Share Price Performance -- Weekly Closing Price
4/01/07 9.69
9.7
9.74
9.82
9.84
9.8
9.7
9.68
9.65
9.64
9.63
9.68
9.65
9.65
9.66
9.66
9.71
9.74
9.67
9.76
9.75
9.8
9.82
9.81
9.83
9.78
9.78
9.82
9.83
9.83
9.82
9.76
9.79
9.83
9.78
9.8
9.7
9.6
9.67
9.76
9.83
9.77
9.79
9.77
9.85
9.81
9.7
9.58
9.45
9.32
9.34
9.44
9.36
9.36
9.36
9.3699
9.4
9.36
9.35
9.36
9.39
9.36
9.41
9.41
9.49
9.44
9.398
9.41
9.41
9.41
9.42
9.403
9.39
9.39
9.35
9.33
9.39
9.36
9.37
9.33
9.38
9.25
9.3
9.3
9.28
9.25
9.32
9.33
9.32
9.35
9.37
9.28
9.26
9.22
9.27
9.14
9.05
9.17
9.16
9.3
9.35
9.24
9.4
9.35
9.35
9.35
9.38
9.4
9.6
9.7
9.5499
9.62
9.58
9.57
9.52
9.46
9.4
9.4199
9.37
9.32
9.24
9.31
9.42
9.53
9.55
9.51
9.5
9.5
9.45
9.43
9.41
9.34
9.3
9.29
9.3
9.29
9.37
9.383
9.29
9.25
9.17
9.18
9.2
9.24
9.25
9.19
9.18
9.13
9.25
9.24
9.18
9.18
9.17
9.18
9.14
9.1
9.14
9.17
9.13
9.2
9.08
9.17
9.08
9.05
9.02
9.02
9
9.04
9.0001
9
8.98
8.97
9.16
9.21
9.22
9.15
9.16
9.08
9.15
9.11
9.0501
9.01
9.05
9.06
9.05
8.98
9.06
8.98
9.06
9.15
9.13
9.12
9.14
9.3
9.31
9.35
9.4
9.47
9.42
9.42
9.38
9.45
9.44
9.39
9.18
9.21
9.3
9.25
9.38
9.4
9.48
9.5501
9.45
9.54
9.61
9.65
9.6
9.39
9.43
9.46
9.5299
9.39
9.24
9.32
9.34
9.42
9.33
9.49
9.518
9.54
9.5001
9.49
9.32
9.3
9.3
9.36
9.41
9.38
9.3
9.28
9.25
9.25
9.25
9.19
9.39
9.42
9.42
9.45
9.45
9.6
9.44
9.41
3/31/08 9.44
FUND SNAPSHOT
------------------------------------
Common Share Price $9.44
------------------------------------
Common Share
Net Asset Value $9.71
------------------------------------
Premium/(Discount) to NAV -2.78%
------------------------------------
Market Yield 4.51%
------------------------------------
Taxable-Equivalent Yield(2) 6.72%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $146,791
------------------------------------
Average Effective
Maturity on Securities (Years) 16.88
------------------------------------
Modified Duration 5.70
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 1.76% -0.08%
------------------------------------
1-Year 1.36% 0.97%
------------------------------------
5-Year 4.80% 3.91%
------------------------------------
10-Year 4.08% 4.38%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 21.6%
------------------------------------
Health Care 12.0%
------------------------------------
Education and Civic
Organizations 9.8%
------------------------------------
U.S. Guaranteed 9.5%
------------------------------------
Long-Term Care 8.9%
------------------------------------
Transportation 8.3%
------------------------------------
Tax Obligation/General 7.9%
------------------------------------
Utilities 7.0%
------------------------------------
Housing/Multifamily 5.0%
------------------------------------
Other 10.0%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) 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 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0108 per share.
11
NNP
Performance
OVERVIEW
Nuveen New York
Performance Plus
Municipal Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 43%
AA 38%
A 7%
BBB 8%
BB or Lower 2%
N/R 2%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.064
May 0.064
Jun 0.061
Jul 0.061
Aug 0.061
Sep 0.061
Oct 0.061
Nov 0.061
Dec 0.061
Jan 0.061
Feb 0.061
Mar 0.061
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 15.9
15.89
16.5
16.25
16.11
16.2
16.05
16.1
15.94
15.83
15.78
15.75
15.77
15.74
15.85
15.9
15.86
15.84
15.836
15.84
15.9
15.93
15.95
15.93
15.9
15.89
15.8
15.77
15.73
15.71
15.72
15.72
15.72
15.6703
15.68
15.6397
15.62
15.61
15.57
15.64
15.649
15.7
15.64
15.58
15.6
15.51
15.34
14.98
14.89
14.67
14.62
14.56
14.54
14.49
14.53
14.53
14.5
14.45
14.423
14.52
14.56
14.5
14.51
14.51
14.62
14.6868
14.61
14.57
14.54
14.68
14.51
14.46
14.43
14.43
14.39
14.44
14.36
14.36
14.34
14.18
14.15
14.13
14.31
14.37
14.45
14.49
14.3
14.37
14.48
14.45
14.33
14.32
14.3
14.21
14.1
13.95
13.87
13.97
14.11
13.99
14.1
14.17
14.33
14.26
14.28
14.5
14.45
14.54
14.6
14.59
14.59
14.72
14.95
14.87
14.92
14.8
14.77
14.59
14.6
14.72
14.53
14.28
14.29
14.25
14.25
14.29
14.3
14.3
14.25
14.29
14.27
14.45
14.27
14.3099
14.33
14.33
14.3
14.21
14.15
14.1601
14.24
14.16
14.37
14.16
14.16
14.25
14.06
14.05
14.17
14.2
14.21
14.11
14.1
14.01
14.01
14.11
14.05
13.91
13.82
13.98
13.89
13.82
13.71
13.7
13.9
14.01
13.9
13.8
13.78
13.9
14
14.05
14
13.98
14.13
14.25
14.2
14.18
14.15
13.96
13.9
13.75
13.62
13.53
13.6
13.78
13.87
13.84
13.95
13.93
13.98
14.19
14.27
14.43
14.71
14.75
14.75
14.78
14.78
14.73
14.72
14.67
14.52
14.4799
14.26
14.26
14.44
14.44
14.38
14.38
14.41
14.35
14.32
14.24
14.31
14.29
14.33
14.44
14.5
14.54
14.58
14.38
13.98
13.96
14.2
13.97
13.93
13.91
14.05
14.05
13.94
13.71
13.48
13.77
13.93
14
13.89
13.94
13.76
13.93
13.79
13.71
13.61
13.46
13.58
13.57
13.59
13.65
13.82
13.94
13.99
13.94
3/31/08 13.87
FUND SNAPSHOT
------------------------------------
Common Share Price $13.87
------------------------------------
Common Share
Net Asset Value $14.85
------------------------------------
Premium/(Discount) to NAV -6.60%
------------------------------------
Market Yield 5.28%
------------------------------------
Taxable-Equivalent Yield(2) 7.87%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $223,818
------------------------------------
Average Effective
Maturity on Securities (Years) 16.94
------------------------------------
Leverage-Adjusted Duration 9.46
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.26% -1.55%
------------------------------------
1-Year -7.79% -1.20%
------------------------------------
5-Year 4.40% 4.51%
------------------------------------
10-Year 4.57% 5.85%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.6%
------------------------------------
Education and Civic
Organizations 14.9%
------------------------------------
Health Care 12.4%
------------------------------------
U.S. Guaranteed 11.3%
------------------------------------
Tax Obligation/General 7.4%
------------------------------------
Transportation 6.6%
------------------------------------
Utilities 6.0%
------------------------------------
Long-Term Care 4.9%
------------------------------------
Other 13.9%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) 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 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2007 of $0.0303 per share.
12
NAN
Performance
OVERVIEW
Nuveen New York
Dividend Advantage
Municipal Fund
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 38%
AA 38%
A 10%
BBB 6%
BB or Lower 5%
N/R 3%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.063
May 0.063
Jun 0.063
Jul 0.063
Aug 0.063
Sep 0.0595
Oct 0.0595
Nov 0.0595
Dec 0.0595
Jan 0.0595
Feb 0.0595
Mar 0.0575
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 15.44
15.41
15.44
15.49
15.48
15.6
15.73
15.38
15.4
15.27
15.3
15.29
15.38
15.35
15.36
15.48
15.53
15.36
15.5
15.45
15.53
15.55
15.54
15.57
15.64
15.65
15.71
15.74
15.68
15.54
15.45
15.56
15.48
15.49
15.46
15.46
15.51
15.47
15.48
15.51
15.25
15.1999
15.17
15.2
15.24
15.2
15.36
15.14
15.14
15.1
15.14
15.04
15.05
15.04
15.05
14.98
14.94
14.93
14.93
14.87
14.8
14.78
14.82
14.82
14.95
15
14.93
14.96
14.92
14.87
14.85
14.73
14.72
14.65
14.58
14.5
14.46
14.43
14.31
14.29
14.27
14.34
14.41
14.43
14.52
14.6
14.5201
14.56
14.54
14.5
14.55
14.52
14.47
14.33
14.26
14
13.85
13.9
13.75
13.78
14
13.97
14.01
14.17
14.17
14.24
14.35
14.49
14.58
14.54
14.5
14.58
14.7
14.67
14.71
14.51
14.55
14.38
14.4
14.3
14.25
14.33
14.28
14.36
14.28
14.39
14.33
14.33
14.38
14.22
14.02
14.14
14.144
14.07
14.05
14.09
14.17
14.1
14.12
14.07
14
13.93
13.98
14
14.01
14.09
13.76
13.77
13.81
13.82
13.85
13.93
14.01
14.03
14
13.93
13.87
13.75
13.45
13.46
13.36
13.18
13.22
13.16
13.25
13.2
13.17
13.25
13.34
13.5
13.5
13.45
13.58
13.6
13.55
13.58
13.61
13.62
13.6
13.45
13.28
13.25
13.33
13.32
13.25
13.18
13.17
13.28
13.17
13.21
13.35
13.52
13.59
13.83
14.08
14.11
14.05
14.05
14.13
14.118
14.1
14.11
14.09
14.02
13.85
13.99
14.03
13.95
14
14
13.99
13.98
14.03
14.04
14.03
14.07
14.13
14.15
14.19
14.25
14.34
14.01
13.67
13.4
13.78
13.53
13.4
13.39
13.48
13.6
13.45
13.32
13.13
13.2
13.22
13.35
13.24
13.45
13.21
13.17
13.08
13.08
13
12.98
12.93
13.07
13.13
13.25
13.26
13.3
13.36
13.3
3/31/08 13.32
FUND SNAPSHOT
------------------------------------
Common Share Price $13.32
------------------------------------
Common Share
Net Asset Value $14.27
------------------------------------
Premium/(Discount) to NAV -6.66%
------------------------------------
Market Yield 5.18%
------------------------------------
Taxable-Equivalent Yield(2) 7.72%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $132,186
------------------------------------
Average Effective
Maturity on Securities (Years) 18.02
------------------------------------
Leverage-Adjusted Duration 9.35
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -4.15% -1.77%
------------------------------------
1-Year -8.76% -1.39%
------------------------------------
5-Year 4.14% 4.70%
------------------------------------
Since
Inception 4.84% 6.15%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Health Care 22.4%
------------------------------------
Tax Obligation/Limited 21.2%
------------------------------------
Education and Civic
Organizations 14.2%
------------------------------------
Tax Obligation/General 9.4%
------------------------------------
Transportation 7.5%
------------------------------------
U.S. Guaranteed 5.8%
------------------------------------
Long-Term Care 4.1%
------------------------------------
Housing/Multifamily 3.6%
------------------------------------
Other 11.8%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) 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 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0682 per share.
13
NXK
Performance
OVERVIEW
Nuveen New York
Dividend Advantage
Municipal Fund 2
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 42%
AA 29%
A 11%
BBB 10%
BB or Lower 5%
N/R 3%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.063
May 0.063
Jun 0.06
Jul 0.06
Aug 0.06
Sep 0.06
Oct 0.057
Nov 0.057
Dec 0.057
Jan 0.057
Feb 0.057
Mar 0.057
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 15.53
15.5848
15.51
15.55
15.59
15.7
15.53
15.5
15.4
15.34
15.3
15.4
15.48
15.43
15.456
15.52
15.46
15.5
15.45
15.55
15.45
15.44
15.42
15.46
15.41
15.4
15.36
15.21
15.27
15.22
15.2
15.29
15.22
15.2
15.12
15.16
15.08
15.1
15
14.95
15.03
14.97
14.98
14.96
14.9
14.78
14.55
14.4
14.46
14.02
14.11
14.13
14.1
14.06
14.1
14.14
14.16
14.09
14.14
14.14
14.12
13.9801
14.0999
14.0999
14.18
14.19
14.1
14.16
14.15
14.216
14.1
14.13
14.136
14.13
13.96
14.03
13.84
13.82
13.74
13.72
13.62
13.59
13.87
13.8
13.88
13.95
13.99
14
14
14
13.94
13.99
13.83
13.77
13.78
13.67
13.48
13.41
13.44
13.41
13.51
13.57
13.91
13.85
13.76
13.94
13.85
13.9
13.9
13.92
13.96
14.06
14.12
14.22
14.23
14.14
14.2
14.2199
14.02
14.1
14.05
14.19
13.97
13.9
13.86
14.05
14.16
14.16
14.16
14.28
14.3
14.65
14.2601
14.3175
14.4101
14.4
14.32
14.5
14.2399
14.22
14.01
14.02
14.12
14.04
14.05
14.04
13.76
13.68
13.57
13.56
13.52
13.49
13.52
13.36
13.36
13.19
13.2
13.1
13
13.06
12.9
12.88
12.75
12.8101
12.89
12.95
12.91
12.93
13.07
13.1
12.86
13.19
13.1901
13.21
13.34
13.26
13.34
13.28
13.26
13.18
12.96
12.96
13.01
13.05
13.05
13.08
13.09
13.08
13.02
13.12
13.14
13.37
13.33
13.68
13.79
13.8
13.86
13.92
13.86
13.9468
13.978
13.98
13.96
13.96
13.78
13.66
13.74
13.68
13.8
13.85
13.7799
13.85
13.88
13.86
13.8
13.91
13.93
13.93
13.98
14.02
13.92
13.77
13.39
13.16
13.42
13.37
13.06
13.11
13.39
13.36
13.3
13.06
12.77
12.89
12.98
13.14
13.25
13.33
13.17
13.09
13.09
12.99
12.9
12.8
12.88
13
12.86
13
13.08
13.02
13.19
13.1099
3/31/08 13.04
FUND SNAPSHOT
------------------------------------
Common Share Price $13.04
------------------------------------
Common Share
Net Asset Value $14.22
------------------------------------
Premium/(Discount) to NAV -8.30%
------------------------------------
Market Yield 5.25%
------------------------------------
Taxable-Equivalent Yield(2) 7.82%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $92,383
------------------------------------
Average Effective
Maturity on Securities (Years) 17.58
------------------------------------
Leverage-Adjusted Duration 9.16
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -5.27% -1.38%
------------------------------------
1-Year -11.23% -0.79%
------------------------------------
5-Year 4.71% 5.08%
------------------------------------
Since
Inception 4.33% 6.17%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 18.8%
------------------------------------
Health Care 15.7%
------------------------------------
Education and Civic
Organizations 12.5%
------------------------------------
Tax Obligation/General 11.4%
------------------------------------
Transportation 10.9%
------------------------------------
U.S. Guaranteed 9.1%
------------------------------------
Utilities 8.3%
------------------------------------
Other 13.3%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) 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 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0402 per share.
14
NNY
NNP
NAN
NXK
Shareholder MEETING REPORT
The special meeting of shareholders was held in the offices of Nuveen
Investments on October 12, 2007; the meetings for NNY, NNP, NAN and NXK were
subsequently adjourned to October 22, 2007 and additionally adjourned to
November 8, 2007 for NNY and NXK.
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
Common and Common and Common and
Preferred Preferred Preferred
shares voting shares voting shares voting
Common together together together
shares as a class as a class as a class
====================================================================================================================================
For 7,733,973 7,430,913 4,354,646 3,074,160
Against 435,249 364,232 203,333 141,417
Abstain 333,356 441,481 214,707 148,662
Broker Non-Votes 2,949,336 2,605,476 1,657,337 1,109,956
------------------------------------------------------------------------------------------------------------------------------------
Total 11,451,914 10,842,102 6,430,023 4,474,195
====================================================================================================================================
TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR:
For 10,966,160 10,396,126 6,189,413 4,331,620
Against 288,924 167,173 112,801 51,876
Abstain 196,830 278,803 127,809 90,699
------------------------------------------------------------------------------------------------------------------------------------
Total 11,451,914 10,842,102 6,430,023 4,474,195
====================================================================================================================================
15
NNY
Nuveen New York Municipal Value Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.3% (1.3% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 Baa3 $ 234,589
Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
1,950 Seneca Nation of Indians Capital Improvements Authority, New York, 6/17 at 100.00 BB 1,720,095
Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
2,225 Total Consumer Discretionary 1,954,684
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.5% (1.5% OF TOTAL INVESTMENTS)
300 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 283,152
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
430 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 410,323
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
225 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 209,988
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
1,070 4.750%, 6/01/22 6/16 at 100.00 BBB 1,006,720
345 5.000%, 6/01/26 6/16 at 100.00 BBB 320,298
------------------------------------------------------------------------------------------------------------------------------------
2,370 Total Consumer Staples 2,230,481
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.8% (9.8% OF TOTAL INVESTMENTS)
275 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 245,314
Albany Law School, Series 2007A, 5.000%, 7/01/31
115 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 92,930
Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,175 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,089,037
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
800 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AA 812,392
Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 -
RAAI Insured
505 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 508,318
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
615 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 686,697
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 1,287,575
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 764,655
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- 1,129,730
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,598,408
575 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 510,962
Civic Facility Revenue Bonds, Bard College Project,
Series 2007-A2, 4.500%, 8/01/36
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- $ 258,542
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
1,650 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,338,597
Civic Facility Revenue Bonds, Horace Mann School,
Series 2002, 4.644%, 7/01/41 - MBIA Insured (4)
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 231,603
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- 1,115,631
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
1,175 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,100,940
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 4.750%, 1/01/42 - AMBAC Insured
1,610 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,432,337
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
4.500%, 3/01/39 - FGIC Insured
170 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 158,870
Revenue Bonds, New York Chiropractic College, Series 2007,
5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
14,765 Total Education and Civic Organizations 14,446,604
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.2% (1.2% OF TOTAL INVESTMENTS)
400 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 405,260
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,369,819
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
1,705 Total Financials 1,775,079
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.1% (12.0% OF TOTAL INVESTMENTS)
490 Cattaraugus County Industrial Development Agency, New York, 8/08 at 102.00 A+ 496,507
Revenue Bonds, Olean General Hospital, Series 1998A,
5.250%, 8/01/23
1,005 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 995,824
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 712,929
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,800 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,762,614
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 1,297,250
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
2,350 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 2,335,971
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,033,060
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 Baa1 249,985
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,595 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,752,458
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 504,485
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 486,260
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 276,138
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
17
NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
Madison County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Oneida Health System, Series 2007A:
$ 280 5.250%, 2/01/27 No Opt. Call BBB- $ 258,252
260 5.500%, 2/01/32 No Opt. Call BBB- 239,288
470 Nassau County Industrial Development Agency, New York, No Opt. Call A3 491,065
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 511,765
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 1,220,919
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,039,080
490 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 472,419
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 242,905
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
825 Newark-Wayne Community Hospital, New York, Hospital Revenue 9/08 at 100.00 N/R 825,569
Refunding and Improvement Bonds, Series 1993A, 7.600%, 9/01/15
500 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B- 504,645
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
17,480 Total Health Care 17,709,388
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.0% (5.0% OF TOTAL INVESTMENTS)
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 420,876
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 AA+ 1,713,457
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:
1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,026,290
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,005,020
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,004,280
480 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 439,987
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 446,926
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 1,320,377
GNMA Collateralized Mortgage Loan Revenue Bonds, Living
Independently for the Elderly Inc., Series 2001A,
5.375%, 8/20/21
------------------------------------------------------------------------------------------------------------------------------------
7,285 Total Housing/Multifamily 7,377,213
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.0% (3.9% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 852,445
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
370 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 353,246
Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32
(Alternative Minimum Tax)
3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,795,900
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 800,293
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,910 Total Housing/Single Family 5,801,884
------------------------------------------------------------------------------------------------------------------------------------
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 9.0% (8.9% OF TOTAL INVESTMENTS)
$ 1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA $ 1,037,660
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 8/08 at 102.00 AAA 1,000,790
Mortgage Nursing Home Revenue Bonds, Eger Healthcare
Center of Staten Island, Series 1998, 5.100%, 2/01/28
2,760 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AA 2,793,175
Mortgage Nursing Home Revenue Bonds, Hebrew Home for
the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
2,250 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 2,275,290
Mortgage Nursing Home Revenue Bonds, Rosalind and
Joseph Gurwin Jewish Geriatric Center of Long Island,
Series 1997, 5.700%, 2/01/37 - AMBAC Insured
1,455 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 100.00 AA- 1,461,358
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 8/08 at 100.00 AAA 2,005,760
Mortgage Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
450 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 452,745
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
270 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 270,548
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
135 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 N/R 106,912
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
530 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 550,983
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
820 New York City Industrial Development Agency, New York, 7/16 at 101.00 N/R 783,248
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2008A-1, 5.500%, 7/01/18
235 Suffolk County Industrial Development Agency, New York, 7/16 at 101.00 N/R 223,234
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2008-B1, 5.800%, 7/01/23
225 Yonkers Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 213,734
Facilities Revenue Bonds, Special Needs Facilities Pooled
Program Bonds, Series 2008-C1, 5.800%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
13,130 Total Long-Term Care 13,175,437
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
240 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 217,428
Solid Waste Disposal Revenue Bonds, International Paper
Company Project, Series 2003A, 5.200%, 12/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.9% (7.9% OF TOTAL INVESTMENTS)
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AA 816,533
Fiscal Series 2004C, 5.250%, 8/15/16
1,000 New York City, New York, General Obligation Bonds, 11/14 at 100.00 AAA 1,067,900
Fiscal Series 2004E, 5.000%, 11/01/19 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, 9/15 at 100.00 AA 2,079,920
Fiscal Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured
2,795 New York City, New York, General Obligation Bonds, 8/16 at 100.00 AA 2,825,186
Fiscal Series 2007A, 5.000%, 8/01/25
4,760 New York City, New York, General Obligation Bonds, 12/17 at 100.00 AA 4,863,434
Series D, 5.125%, 12/01/25
------------------------------------------------------------------------------------------------------------------------------------
11,305 Total Tax Obligation/General 11,652,973
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.7% (21.6% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270
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 AA- 404,772
250 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AA- 251,340
19
NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 275 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA $ 290,285
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
350 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 375,389
School 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 2,067,680
1,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,001,170
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,001,620
Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 498,994
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:
740 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 756,117
550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 559,807
1,890 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,904,629
1,200 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,206,696
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,363,915
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,530 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 1,560,294
Future Tax Secured Bonds, Fiscal Series 2007C-1,
5.000%, 11/01/27
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310
Infrastructure Revenue Bonds, Series 2003A,
5.000%, 3/15/21
2,100 New York State Environmental Facilities Corporation, 12/17 at 100.00 AAA 2,145,224
State Personal Income Tax Revenue Bonds, Series 2008A,
5.000%, 12/15/27 (UB)
840 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 842,050
Tax Revenue Bonds, Economic Development and Housing,
Series 2006A, 5.000%, 3/15/36
2,450 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,749,782
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170
Fund Bonds, Second Generation, Series 2005B,
5.000%, 4/01/21 - AMBAC Insured
1,175 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA 1,196,350
Fund Bonds, Series 2007, 5.000%, 4/01/27
1,620 New York State Thruway Authority, State Personal Income Tax 3/12 at 100.00 AAA 1,687,246
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 1,852,308
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,042,440
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
600 New York State Urban Development Corporation, Special No Opt. Call AA- 683,724
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 1,273,874
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
40 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 42,146
Center Bonds, Series 1990E, 7.250%, 1/01/10
------------------------------------------------------------------------------------------------------------------------------------
30,925 Total Tax Obligation/Limited 31,926,112
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.4% (8.3% OF TOTAL INVESTMENTS)
$ 180 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ $ 183,168
Series 2001A, 5.625%, 7/15/25
2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,474,900
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
500 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 530,585
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 BB+ 848,298
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 1,052,770
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
165 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 165,644
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
400 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 402,628
Series 2005G, 5.000%, 1/01/30 - FSA Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 502,255
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:
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450
435 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 435,922
430 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 444,173
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,576,875
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 870,480
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 833,352
------------------------------------------------------------------------------------------------------------------------------------
12,290 Total Transportation 12,330,500
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.6% (9.5% OF TOTAL INVESTMENTS) (5)
Albany Industrial Development Agency, New York,
Revenue Bonds, Albany Law School, Series 2000A:
600 5.700%, 10/01/20 (Pre-refunded 10/01/10) - RAAI Insured 10/10 at 100.00 AA (5) 647,994
750 5.750%, 10/01/30 (Pre-refunded 10/01/10) - RAAI Insured 10/10 at 100.00 AA (5) 810,900
220 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 N/R (5) 243,168
Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
2,980 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,486,749
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
25 Dormitory Authority of the State of New York, Suffolk County, No Opt. Call Baa1 (5) 32,656
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
3,125 East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101.00 N/R (5) 3,192,344
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1998A, 5.250%, 8/01/38 (Pre-refunded 8/01/08)
325 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 352,859
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
960 Metropolitan Transportation Authority, New York, Commuter 5/08 at 102.00 AAA 974,054
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
540 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 575,089
Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.150%, 6/01/25 (Pre-refunded 6/01/10)
450 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 495,653
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
(Pre-refunded 7/01/10)
21
NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (5) (continued)
$ 750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- (5) $ 798,465
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 1,151,610
Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11 -
MBIA Insured (Alternative Minimum Tax) (ETM)
1,120 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (5) 1,242,998
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
12,845 Total U.S. Guaranteed 14,004,539
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.1% (7.0% OF TOTAL INVESTMENTS)
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 A- 1,522,005
1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 1,513,920
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
1,000 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 963,650
Keyspan Glenwood Energy Project, Series 2003,
5.250%, 6/01/27 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 914,090
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, 3/11 at 100.00 AAA 1,511,520
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 2005A, 4.100%, 3/15/15 -
MBIA Insured
500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 494,650
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 Baa2 247,915
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)
1,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 1,504,995
Bonds, Series 2000A, 5.250%, 11/15/40
25 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 26,409
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 947,620
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 508,795
------------------------------------------------------------------------------------------------------------------------------------
10,600 Total Utilities 10,401,139
------------------------------------------------------------------------------------------------------------------------------------
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.9% (1.9% OF TOTAL INVESTMENTS)
$ 415 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 448,582
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+ 1,625,055
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+ 783,830
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
2,655 Total Water and Sewer 2,857,467
------------------------------------------------------------------------------------------------------------------------------------
$ 145,730 Total Investments (cost $147,223,960) - 100.7% 147,860,928
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.3)% (3,412,500)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 2,342,184
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 146,790,612
====================================================================================================================
(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 Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Investment valued at fair value using methods determined in
good faith by, or at the discretion of, the Board of
Directors/Trustees.
(5) 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.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
23
NNP
Nuveen New York Performance Plus Municipal Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 685 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 584,339
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.5% (1.6% OF TOTAL INVESTMENTS)
615 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 580,462
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 993,330
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
570 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 531,970
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
2,855 4.750%, 6/01/22 6/16 at 100.00 BBB 2,686,155
930 5.000%, 6/01/26 6/16 at 100.00 BBB 863,412
------------------------------------------------------------------------------------------------------------------------------------
5,970 Total Consumer Staples 5,655,329
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.3% (14.9% OF TOTAL INVESTMENTS)
655 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 584,293
Albany Law School, Series 2007A, 5.000%, 7/01/31
275 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 222,225
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
1,285 Cattaraugus County Industrial Development Agency, New York, 9/08 at 101.00 BBB- 1,301,718
Revenue Bonds, St. Bonaventure University, Series 1998B,
5.000%, 9/15/13
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 1,099,300
Revenue Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,815 Dormitory Authority of the State of New York, General 7/17 at 100.00 AA 2,609,055
Revenue Bonds, Manhattan College, Series 2007A,
5.000%, 7/01/41 - RAAI Insured
2,120 Dormitory Authority of the State of New York, General No Opt. Call AAA 2,335,689
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/20 - AMBAC Insured
1,215 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 1,222,983
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
730 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 815,103
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
230 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 240,881
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 8,595,850
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 1,298,738
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,019,540
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 3,844,214
2,500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,843,525
State University Educational Facilities, Series 1993A,
5.875%, 5/15/17
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
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 $ 1,513,572
475 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 481,379
2,800 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 2,488,164
Civic Facility Revenue Bonds, Bard College Project,
Series 2007-A2, 4.500%, 8/01/36
635 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 619,525
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
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 1,023,770
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,380,869
3,950 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 3,204,519
Civic Facility Revenue Bonds, Horace Mann School,
Series 2002, 4.644%, 7/01/41 - MBIA Insured (4)
580 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 548,286
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- 862,079
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
2,300 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,155,031
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 4.750%, 1/01/42 - AMBAC Insured
3,855 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 3,429,601
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
4.500%, 3/01/39 - FGIC Insured
5,000 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 Aaa 5,021,700
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
420 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 392,503
Revenue Bonds, New York Chiropractic College, Series 2007,
5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
53,040 Total Education and Civic Organizations 52,238,178
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.3% (0.8% OF TOTAL INVESTMENTS)
1,000 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,013,150
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,826,426
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,740 Total Financials 2,839,576
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 19.5% (12.4% OF TOTAL INVESTMENTS)
50 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 49,006
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
800 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 102.00 AA 816,992
Mortgage Hospital Revenue Bonds, St. James Mercy Hospital,
Series 1998, 5.250%, 2/01/18
1,235 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,223,724
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
1,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,731,399
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
4,500 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 4,406,535
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 3,891,750
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 8,234,319
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
25
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,200 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 $ 1,120,716
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
5,600 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 5,566,568
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
3,400 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 3,512,404
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
2,925 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,213,756
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 1,669,050
North Shore Long Island Jewish Obligated Group, Series 2005A,
5.000%, 11/01/34
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 1,261,213
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 875,268
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
Madison County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Oneida Health System, Series 2007A:
710 5.250%, 2/01/27 No Opt. Call BBB- 654,854
625 5.500%, 2/01/32 No Opt. Call BBB- 575,213
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 1,039,080
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,298,850
735 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 708,628
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
735 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 714,141
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
1,100 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B- 1,110,219
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
43,265 Total Health Care 43,673,685
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.2% (4.0% OF TOTAL INVESTMENTS)
4,530 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 4,592,876
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 1,618,082
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,008,560
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 911,802
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 438,935
1,500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 1,504,575
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 1,063,302
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
690 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 638,699
Revenue, Series 2007A, 5.250%, 11/01/38
(Alternative Minimum Tax)
1,100 New York State Housing Finance Agency, Secured Mortgage 8/09 at 101.00 Aa1 1,118,568
Program Multifamily Housing Revenue Bonds, Series 1999I,
6.200%, 2/15/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,950 Total Housing/Multifamily 13,895,399
------------------------------------------------------------------------------------------------------------------------------------
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.5% (3.5% OF TOTAL INVESTMENTS)
$ 835 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 $ 765,703
Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (
Alternative Minimum Tax)
2,295 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 2,059,326
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
880 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 840,154
Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32
(Alternative Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,265,300
Revenue Bonds, Series 73A, 5.250%, 10/01/17
(Alternative Minimum Tax)
310 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 324,121
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
5,595 New York State Mortgage Agency, Homeowner Mortgage 4/11 at 100.00 Aa1 5,523,160
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 1,581,532
Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
12,825 Total Housing/Single Family 12,359,296
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.7% (4.9% OF TOTAL INVESTMENTS)
2,755 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AA 2,788,115
Mortgage Nursing Home Revenue Bonds, Hebrew Home
for the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,100 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 1,106,710
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
645 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 646,309
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
1,375 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 102.00 BBB- 1,377,351
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 N/R 41,430
425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 336,575
1,350 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 1,403,447
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1:
1,965 5.500%, 7/01/18 7/16 at 101.00 N/R 1,876,929
755 5.800%, 7/01/23 7/16 at 101.00 N/R 717,197
470 New York State Medical Care Facilities Finance Agency, 8/08 at 100.00 AA+ 471,260
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, Series 1995C, 6.100%, 8/15/15
2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,768,913
FHA-Insured Mortgage Assisted Civic Facility Revenue Bonds,
Bishop Commons Inc., Series 1999A, 5.375%, 2/01/49
340 Suffolk County Industrial Development Agency, New York, 7/16 at 101.00 N/R 322,976
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2008-B1, 5.800%, 7/01/23
3,280 Syracuse Housing Authority, New York, FHA-Insured Mortgage 8/08 at 102.00 AAA 3,353,078
Revenue Bonds, Loretto Rest Residential Healthcare Facility,
Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
17,265 Total Long-Term Care 17,210,290
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
575 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 520,921
Solid Waste Disposal Revenue Bonds, International Paper
Company Project, Series 2003A, 5.200%, 12/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
27
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.6% (7.4% OF TOTAL INVESTMENTS)
$ 1,800 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA $ 1,959,678
Series 2004C, 5.250%, 8/15/16
2,500 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 2,669,750
Series 2004E, 5.000%, 11/01/19 - FSA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 3,119,880
Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured
6,400 New York City, New York, General Obligation Bonds, Fiscal 6/16 at 100.00 AA 6,467,968
Series 2006J-1, 5.000%, 6/01/25
10,000 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 10,178,595
5.125%, 12/01/26
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 207,074
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 207,074
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
750 5.250%, 7/01/23 5/08 at 100.00 A3 751,005
500 5.250%, 7/01/24 5/08 at 100.00 A3 500,670
------------------------------------------------------------------------------------------------------------------------------------
25,350 Total Tax Obligation/General 26,061,694
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 35.5% (22.6% OF TOTAL INVESTMENTS)
2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 2,452,632
Series 2003A, 5.000%, 11/01/23
250 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 251,340
Health Revenue Bonds, Series 2005A, 5.000%, 7/01/25 -
CIFG Insured
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 1,350,780
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,445,040
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AA- 1,013,870
Mental Health Services Facilities Improvements,
Series 2005D-1, 5.000%, 8/15/23 - FGIC Insured
690 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 728,350
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 5,169,200
2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,502,925
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,487,417
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,003,240
1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,307,813
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,496,981
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:
2,670 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,728,153
2,125 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,162,889
2,475 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 2,494,157
3,100 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 3,117,298
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
2,665 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,732,958
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
3,640 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 3,712,072
Future Tax Secured Bonds, Fiscal Series 2007C-1,
5.000%, 11/01/27
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,000 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA $ 5,107,675
Personal Income Tax Revenue Bonds, Series 2008A,
5.000%, 12/15/27 (UB)
2,030 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 2,034,953
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 6,285,216
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170
Fund Bonds, Second Generation, Series 2005B,
5.000%, 4/01/21 - AMBAC Insured
2,800 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA 2,850,876
Fund Bonds, Series 2007, 5.000%, 4/01/27
6,500 New York State Thruway Authority, State Personal Income Tax 3/12 at 100.00 AAA 6,769,815
Revenue Bonds, Series 2002A, 5.125%, 3/15/21
6,700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 6,894,701
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- 3,106,530
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
3,595 New York State Urban Development Corporation, Service No Opt. Call AA- 3,802,539
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
1,300 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 1,308,320
Personal Income Tax Revenue Bonds, Series 2005B,
5.000%, 3/15/30 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
76,845 Total Tax Obligation/Limited 79,397,220
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.3% (6.6% OF TOTAL INVESTMENTS)
955 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,015,748
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call A 1,607,625
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 BB+ 1,465,242
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
215 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 215,839
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
1,100 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,107,227
Series 2005G, 5.000%, 1/01/30 - FSA Insured
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,004,510
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 AA- 2,321,735
1,080 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 1,082,290
1,025 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 1,058,784
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/08 at 100.00 CCC+ 1,708,480
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 2,070,300
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19
5,750 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 5,926,813
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 2,500,056
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.250%, 11/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
23,265 Total Transportation 23,084,649
------------------------------------------------------------------------------------------------------------------------------------
29
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.7% (11.3% OF TOTAL INVESTMENTS) (5)
$ 1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA (5) $ 1,628,625
Bonds, Albany Law School, Series 1999A, 6.750%, 12/01/29
(Pre-refunded 12/01/09) - RAAI Insured
1,520 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 Aaa 1,700,059
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
(Pre-refunded 2/01/13)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
25 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 27,040
10 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809
155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 167,646
20 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 21,632
10 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809
155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 167,646
25 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 27,040
15 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 16,213
180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 194,686
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 AAA 1,101,820
Columbia University, Series 2002B, 5.375%, 7/01/19
(Pre-refunded 7/01/12)
350 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 376,901
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - FSA Insured
815 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 884,862
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
5,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,392,300
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
(Pre-refunded 10/01/15) - FGIC Insured
595 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 633,663
Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.150%, 6/01/25 (Pre-refunded 6/01/10)
2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 AAA 2,671,875
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27 (Pre-refunded 7/15/09)
1,150 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 1,266,668
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2000, 8.125%, 7/01/19
(Pre-refunded 7/01/10)
1,000 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,059,060
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) -
AMBAC Insured
2,950 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 3,230,162
Personal Income Tax Revenue Bonds, Series 2003B,
5.000%, 3/15/22 (Pre-refunded 3/15/13)
2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,282,901
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 1,694,624
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 8,262,224
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded 1/01/22)
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (5) 3,859,250
Loan Note, Series 1999A, 6.500%, 10/01/24
(Pre-refunded 10/01/10)
2,520 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (5) 2,796,746
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26
(Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
36,170 Total U.S. Guaranteed 39,485,261
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.5% (6.0% OF TOTAL INVESTMENTS)
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 A- 3,145,477
3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 3,128,768
2,300 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 2,216,395
Keyspan Glenwood Energy Project, Series 2003,
5.250%, 6/01/27 (Alternative Minimum Tax)
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 2,500 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- $ 2,285,225
Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP,
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 1,963,860
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 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 4,013,320
Bonds, Series 2000A, 5.250%, 11/15/40
820 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 866,207
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,539,440
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
21,820 Total Utilities 21,158,692
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.8% (3.7% OF TOTAL INVESTMENTS)
2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,696,895
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+ 2,166,740
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+ 2,356,787
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, Pooled
Loan Issue, Series 2002F:
1,345 5.250%, 11/15/19 11/12 at 100.00 AAA 1,425,431
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,302,788
------------------------------------------------------------------------------------------------------------------------------------
12,125 Total Water and Sewer 12,948,641
------------------------------------------------------------------------------------------------------------------------------------
$ 345,890 Total Investments (cost $348,837,816) - 156.9% 351,113,170
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.6)% (7,950,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 4,954,427
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (55.5)% (6) (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 223,817,597
====================================================================================================================
(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 Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Investment valued at fair value using methods determined in
good faith by, or at the discretion of, the Board of
Directors/Trustees.
(5) 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.
(6) Preferred Shares, at Liquidation Value as a percentage of
total investments is (35.4)%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
31
NAN
Nuveen New York Dividend Advantage Municipal Fund
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.7% (1.8% OF TOTAL INVESTMENTS)
$ 500 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 426,525
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
3,600 Seneca Nation of Indians Capital Improvements Authority, 6/17 at 100.00 BB 3,175,560
New York, Special Obligation Bonds, Series 2007A,
5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
4,100 Total Consumer Discretionary 3,602,085
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.6% (1.7% OF TOTAL INVESTMENTS)
400 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 377,536
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
870 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 830,189
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
325 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 303,316
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
960 4.750%, 6/01/22 6/16 at 100.00 BBB 903,226
1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,044,450
------------------------------------------------------------------------------------------------------------------------------------
3,680 Total Consumer Staples 3,458,717
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.9% (14.2% OF TOTAL INVESTMENTS)
380 Albany Industrial Development Agency, New York, Revenue 7/17 at 100.00 BBB 338,979
Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
160 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 129,294
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
120 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 112,088
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,635 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,515,383
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
705 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 709,632
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
845 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 943,510
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
195 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 204,225
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 1,287,575
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 1,818,233
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 756,735
1,630 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 1,448,467
Civic Facility Revenue Bonds, Bard College Project,
Series 2007-A2, 4.500%, 8/01/36
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 370 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- $ 360,983
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 3,114,813
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,782,285
3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,090,600
Civic Facility Revenue Bonds, St. John Fisher College,
Series 1999, 5.375%, 6/01/24 - RAAI Insured
2,300 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,865,923
Civic Facility Revenue Bonds, Horace Mann School,
Series 2002, 4.644%, 7/01/41 - MBIA Insured (4)
330 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 311,956
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- 1,825,578
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
1,630 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,527,261
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 4.750%, 1/01/42 - AMBAC Insured
2,240 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,992,816
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
4.500%, 3/01/39 - FGIC Insured
1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,516,185
Civic Facility Revenue Bonds, Niagara University, Series 2001A,
5.350%, 11/01/23 - RAAI Insured
245 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 228,960
Revenue Bonds, New York Chiropractic College, Series 2007,
5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
29,705 Total Education and Civic Organizations 28,946,661
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 2.2% (1.4% OF TOTAL INVESTMENTS)
1,100 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,114,465
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,826,426
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,840 Total Financials 2,940,891
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 34.5% (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 1,105,250
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,363,290
2,205 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AAA 2,252,694
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 4,875,806
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:
1,710 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 1,761,386
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,033,420
625 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 619,294
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,600 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 2,545,998
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
33
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
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 7/08 at 101.00 AA $ 2,044,320
2,000 5.500%, 7/01/27 - RAAI Insured 7/08 at 101.00 AA 2,005,080
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 2,075,600
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 161,083
500 5.500%, 7/01/30 7/11 at 101.00 Ba2 466,965
3,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 3,131,195
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
1,575 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,627,070
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 Baa1 249,985
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,415 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,554,689
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 927,250
North Shore Long Island Jewish Obligated Group,
Series 2005A, 5.000%, 11/01/34
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 BB 1,874,000
NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 504,485
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 583,512
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
420 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 399,924
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
Madison County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Oneida Health System, Series 2007A:
410 5.250%, 2/01/27 No Opt. Call BBB- 378,155
360 5.500%, 2/01/32 No Opt. Call BBB- 331,322
1,750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 1,818,390
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 -
AMBAC Insured
575 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 554,369
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
100 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 97,162
Civic 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 4,059,239
Civic Facility Revenue Bonds, Kingston Hospital, Series 1999,
5.650%, 11/15/24
3,435 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AAA 3,477,594
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 B- 656,039
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
45,400 Total Health Care 45,534,566
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6% (3.6% OF TOTAL INVESTMENTS)
2,585 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 2,620,880
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 3,015,060
Multifamily Housing Revenue Bonds, Series 2001A,
5.500%, 11/01/31
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 750 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA $ 752,288
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 623,315
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
405 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 374,888
Revenue, Series 2007A, 5.250%, 11/01/38
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,420 Total Housing/Multifamily 7,386,431
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.1% (2.7% OF TOTAL INVESTMENTS)
645 Guam Housing Corporation, Mortgage-Backed Securities No Opt. Call AAA 648,941
Program Single Family Mortgage Revenue Bonds,
Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
485 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 444,750
Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37
(Alternative Minimum Tax)
1,350 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 1,211,369
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
510 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 486,907
Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32
(Alternative Minimum Tax)
1,735 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,814,029
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 800,293
Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,565 Total Housing/Single Family 5,406,289
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.3% (4.1% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA 1,933,340
Nursing Home Mortgage Revenue Bonds, Gurwin Jewish
Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41
600 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 603,660
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
375 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 375,761
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 N/R 197,985
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
905 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 786,680
Revenue Bonds, Woodland Village Project, Series 2006,
5.500%, 8/01/33
750 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 779,693
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1:
1,140 5.500%, 7/01/18 7/16 at 101.00 N/R 1,088,905
635 5.800%, 7/01/23 7/16 at 101.00 N/R 603,206
1,920 Yonkers Industrial Development Agency, New York, FHA-Insured 2/09 at 101.00 AAA 1,942,214
Mortgage Revenue Bonds, Michael Malotz Skilled Nursing
Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
8,575 Total Long-Term Care 8,311,444
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
330 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 298,964
Solid Waste Disposal Revenue Bonds, International Paper
Company Project, Series 2003A, 5.200%, 12/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.5% (9.4% OF TOTAL INVESTMENTS)
2,600 New York City, New York, General Obligation Bonds, Fiscal 5/09 at 101.00 AAA 2,612,116
Series 1999J, 5.125%, 5/15/29 - MBIA Insured
35
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AA $ 1,088,710
Fiscal Series 2004C, 5.250%, 8/15/16
3,700 New York City, New York, General Obligation Bonds, 8/16 at 100.00 AA 3,739,959
Fiscal Series 2007A, 5.000%, 8/01/25
6,590 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 6,733,197
5.125%, 12/01/25
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 789,106
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 786,334
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,465,068
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 6/08 at 100.00 A3 500,670
500 5.250%, 7/01/24 6/08 at 100.00 A3 500,670
------------------------------------------------------------------------------------------------------------------------------------
18,610 Total Tax Obligation/General 19,215,830
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 32.6% (21.2% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270
Series 2003A, 5.250%, 11/01/21
590 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AA- 604,597
of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
1,850 Dormitory Authority of the State of New York, Secured Hospital 8/08 at 101.50 AAA 1,880,211
Revenue Refunding Bonds, Wyckoff Heights Medical Center,
Series 1998H, 5.300%, 8/15/21 - MBIA Insured
185 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 195,282
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
550 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 589,897
School 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 2,067,680
2,000 5.000%, 11/15/30 11/12 at 100.00 AA 2,002,340
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,001,620
Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,006,898
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:
1,100 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,123,958
810 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 824,442
2,375 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 2,393,383
2,100 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,111,718
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,712,585
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
2,115 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 2,156,877
Future Tax Secured Bonds, Fiscal Series 2007C-1,
5.000%, 11/01/27
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,920 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 2,996,621
Personal Income Tax Revenue Bonds, Series 2008A,
5.000%, 12/15/26 (UB)
1,190 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 1,192,904
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 Trust No Opt. Call AAA 3,816,024
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170
Fund Bonds, Second Generation, Series 2005B,
5.000%, 4/01/21 - AMBAC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,625 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA $ 1,654,526
Fund Bonds, Series 2007, 5.000%, 4/01/27
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 4,116,239
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,042,440
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510
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 3,479,335
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.250%, 10/15/15 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
41,955 Total Tax Obligation/Limited 43,137,837
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.5% (7.5% OF TOTAL INVESTMENTS)
310 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 315,456
Series 2001A, 5.625%, 7/15/25
3,000 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,969,880
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 1,014,520
Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 -
FGIC Insured
1,750 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 1,805,545
American Airlines-JFK International Airport Special Facility
Revenue Bonds, Series 2005, 7.750%, 8/01/31
(Alternative Minimum Tax)
105 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 80,974
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 1,052,770
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
450 New York City Industrial Development Authority, New York, 5/12 at 100.00 B 378,045
JetBlue,, 5.000%, 5/15/20 (Alternative Minimum Tax)
160 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 160,624
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 704,599
Series 2005G, 5.000%, 1/01/30 - FSA Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 502,255
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:
1,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,312,285
615 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 616,304
590 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 609,446
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 1,071,850
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 2,576,875
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
------------------------------------------------------------------------------------------------------------------------------------
14,980 Total Transportation 15,171,428
------------------------------------------------------------------------------------------------------------------------------------
37
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.9% (5.8% OF TOTAL INVESTMENTS) (5)
$ 390 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 N/R (5) $ 431,071
Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
25 5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 27,040
10 5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809
305 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 328,442
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - FSA Insured
490 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 532,003
Senior Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
35 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 35,547
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
535 Metropolitan Transportation Authority, New York, Commuter 5/08 at 102.00 AAA 542,832
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
1,360 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 1,448,373
Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.150%, 6/01/25 (Pre-refunded 6/01/10)
570 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 627,827
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 3,327,960
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
(Pre-refunded 1/01/22) - FSA Insured
600 Utica Industrial Development Agency, New York, Revenue Bonds, 6/09 at 101.00 N/R (5) 639,768
Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (5) 831,735
Loan Note, Series 1999A, 6.500%, 10/01/24
(Pre-refunded 10/01/10)
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,384,363
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- (5) 1,553,748
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
10,720 Total U.S. Guaranteed 11,721,518
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.5% (3.6% OF TOTAL INVESTMENTS)
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 A- 2,536,675
500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 504,640
1,400 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 1,349,110
Keyspan Glenwood Energy Project, Series 2003,
5.250%, 6/01/27 (Alternative Minimum Tax)
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 247,915
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 Baa2 595,818
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)
2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,010,560
Bonds, Series 2000A, 5.250%, 11/15/30
------------------------------------------------------------------------------------------------------------------------------------
7,250 Total Utilities 7,244,718
------------------------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 0.9% (0.5% OF TOTAL INVESTMENTS)
$ 1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ $ 1,196,930
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
$ 202,260 Total Investments (cost $203,752,511) - 154.0% 203,574,309
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.6)% (4,740,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 2,351,477
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.2)% (6) (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 132,185,786
====================================================================================================================
(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 Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Investment valued at fair value using methods determined in
good faith by, or at the discretion of, the Board of
Directors/Trustees.
(5) 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.
(6) Preferred Shares, at Liquidation Value as a percentage of
total investments is (33.9)%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
39
NXK
Nuveen New York Dividend Advantage Municipal Fund 2
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.1% (1.4% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 234,589
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
1,950 Seneca Nation of Indians Capital Improvements Authority, 6/17 at 100.00 BB 1,720,095
New York, Special Obligation Bonds, Series 2007A,
5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
2,225 Total Consumer Discretionary 1,954,684
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.7% (1.8% OF TOTAL INVESTMENTS)
395 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 372,817
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 496,665
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
200 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 186,656
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
715 4.750%, 6/01/22 6/16 at 100.00 BBB 672,715
835 5.000%, 6/01/26 6/16 at 100.00 BBB 775,214
------------------------------------------------------------------------------------------------------------------------------------
2,645 Total Consumer Staples 2,504,067
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.1% (12.5% OF TOTAL INVESTMENTS)
260 Albany Industrial Development Agency, New York, Revenue 7/17 at 100.00 BBB 231,933
Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
110 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 88,890
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
1,975 Amherst Industrial Development Agency, New York, Revenue 8/11 at 102.00 AAA 1,985,784
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 -
AMBAC Insured
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,125 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,042,695
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,025,640
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 No Opt. Call AA- 1,065,180
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
485 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 488,186
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 1,000,670
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 AA- 558,290
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 AA- 1,282,938
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 120 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 $ 106,636
Civic Facility Revenue Bonds, Bard College Project,
Series 2007-A2, 4.500%, 8/01/36
265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 258,542
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 2,189,825
Civic Facility Revenue Bonds, St. John Fisher College,
Series 2001, 5.250%, 6/01/26 - RAAI Insured
1,575 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,277,751
Civic Facility Revenue Bonds, Horace Mann School,
Series 2002, 4.644%, 7/01/41 - MBIA Insured (4)
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 231,603
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- 1,115,631
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
1,120 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,049,406
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 4.750%, 1/01/42 - AMBAC Insured
1,545 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,374,509
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
4.500%, 3/01/39 - FGIC Insured
170 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 158,870
Revenue Bonds, New York Chiropractic College, Series 2007,
5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
18,140 Total Education and Civic Organizations 17,617,045
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 2.0% (1.3% OF TOTAL INVESTMENTS)
500 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 506,575
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,369,819
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
1,805 Total Financials 1,876,394
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.9% (15.7% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 3,025,529
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
2,505 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 2,589,844
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 8/08 at 102.00 AAA 1,509,630
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
1,620 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,649,921
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,700 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,664,691
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AA 511,080
Revenue 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 466,965
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
2,300 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 2,286,269
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 1,249,925
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
520 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 571,334
New York and PresbyterianHospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 BB 1,405,500
NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
41
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 $ 486,260
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 276,138
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
Madison County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Oneida Health System, Series 2007A:
275 5.250%, 2/01/27 No Opt. Call BBB- 253,641
250 5.500%, 2/01/32 No Opt. Call BBB- 230,085
475 Nassau County Industrial Development Agency, New York, No Opt. Call A3 496,290
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 A1 861,050
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 519,540
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/22 - AMBAC Insured
490 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 472,419
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
495 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 480,952
Civic 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 437,640
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 613,123
------------------------------------------------------------------------------------------------------------------------------------
22,055 Total Health Care 22,057,826
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.0% (2.0% OF TOTAL INVESTMENTS)
1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 963,720
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 455,901
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 219,467
500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 501,525
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
440 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 403,322
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
290 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 268,439
Revenue, Series 2007A, 5.250%, 11/01/38
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,910 Total Housing/Multifamily 2,812,374
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.0% (2.0% OF TOTAL INVESTMENTS)
335 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 307,198
Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37
(Alternative Minimum Tax)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 852,445
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
350 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 334,152
Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32
(Alternative Minimum Tax)
1,235 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,291,254
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,870 Total Housing/Single Family 2,785,049
------------------------------------------------------------------------------------------------------------------------------------
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.0% (3.9% OF TOTAL INVESTMENTS)
$ 450 Dormitory Authority of the State of New York, GNMA Collateralized 2/17 at 103.00 AA $ 452,745
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41
2,150 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 2,182,551
Bonds, Rehabilitation Association Pooled Loan Program 1,
Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
255 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 255,518
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
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 N/R 41,430
175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 138,590
635 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 551,980
Revenue Bonds, Woodland Village Project, Series 2006,
5.500%, 8/01/33
525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 545,785
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1:
355 5.500%, 7/01/18 7/16 at 101.00 N/R 339,089
440 5.800%, 7/01/23 7/16 at 101.00 N/R 417,969
430 Suffolk County Industrial Development Agency, New York, 7/16 at 100.00 N/R 410,727
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2008-B1, 5.500%, 7/01/18
170 Yonkers Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 161,488
Facilities Revenue Bonds, Special Needs Facilities Pooled
Program Bonds, Series 2008-C1, 5.800%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
5,635 Total Long-Term Care 5,497,872
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
230 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 208,369
Solid Waste Disposal Revenue Bonds, International Paper
Company Project, Series 2003A, 5.200%, 12/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.4% (11.4% OF TOTAL INVESTMENTS)
1,775 Bath Central School District, Steuben County, New York, General 6/12 at 100.00 A 1,776,420
Obligation Bonds, Series 2002, 4.000%, 6/15/18 - FGIC Insured
3,605 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 3,656,947
Series 1998H, 5.375%, 8/01/27 - MBIA Insured
750 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA 816,533
Series 2004C, 5.250%, 8/15/16
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 2,079,920
Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured
2,600 New York City, New York, General Obligation Bonds, Fiscal 6/16 at 100.00 AA 2,627,612
Series 2006J-1, 5.000%, 6/01/25
4,540 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 4,638,653
5.125%, 12/01/25
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
250 5.250%, 7/01/23 5/08 at 100.00 A3 250,335
250 5.250%, 7/01/24 5/08 at 100.00 A3 250,335
------------------------------------------------------------------------------------------------------------------------------------
15,770 Total Tax Obligation/General 16,096,755
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 28.7% (18.8% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270
Series 2003A, 5.250%, 11/01/21
125 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 131,948
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
1,750 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 1,809,220
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 498,994
Revenue Bonds, Series 2003, 5.500%, 1/01/34
43
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
Portfolio of INVESTMENTS March 31, 2008 (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:
$ 1,140 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA $ 1,164,829
835 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 849,888
750 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 755,805
1,300 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,307,254
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,025,500
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,460 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 1,488,908
Future Tax Secured Bonds, Fiscal Series 2007C-1,
5.000%, 11/01/27
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,024,320
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- 1,036,310
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,020 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 2,063,501
Personal Income Tax Revenue Bonds, Series 2008A,
5.000%, 12/15/27 (UB)
840 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 842,050
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 1,101,330
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,145,554
2,300 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,581,428
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured (UB)
1,125 New York State Thruway Authority, Highway and Bridge 10/17 at 100.00 AA 1,145,441
Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
2,100 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,144,562
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510
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 2,264,063
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
25,750 Total Tax Obligation/Limited 26,469,685
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.6% (10.9% OF TOTAL INVESTMENTS)
895 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 923,765
Series 2001A, 5.625%, 7/15/20
2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,474,900
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
460 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 459,972
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,250 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 1,289,675
American Airlines-JFK International Airport Special Facility
Revenue Bonds, Series 2005, 7.750%, 8/01/31
(Alternative Minimum Tax)
50 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 38,559
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 1,052,770
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
New York City Industrial Development Authority, New York, JetBlue,:
50 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B 42,005
250 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B 190,183
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 300 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA $ 301,971
Series 2005G, 5.000%, 1/01/30 - FSA Insured
3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 3,415,333
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:
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450
280 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 280,594
410 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 423,514
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,576,875
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 870,480
Lien General Purpose Revenue Refunding Bonds,
Series 2002E, 5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
15,125 Total Transportation 15,350,046
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 13.9% (9.1% OF TOTAL INVESTMENTS) (5)
2,750 Albany Industrial Development Agency, New York, Revenue Bonds, 7/11 at 101.00 Aaa 3,015,595
St. Rose College, Series 2001A, 5.375%, 7/01/31
(Pre-refunded 7/01/11) - AMBAC Insured
1,105 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 N/R (5) 1,215,467
Series 2001A, 5.625%, 7/15/20 (Pre-refunded 7/15/11)
1,905 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- (5) 2,086,013
Bonds, Child Care Facilities Development Program, Series 2002,
5.375%, 4/01/17 (Pre-refunded 4/01/12)
25 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 25,552
Fiscal 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 3,430,214
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/21 (Pre-refunded 1/01/11) - FSA Insured
2,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 2,131,160
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 Bonds, 6/09 at 101.00 N/R (5) 959,652
Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
11,890 Total U.S. Guaranteed 12,863,653
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.7% (8.3% OF TOTAL INVESTMENTS)
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 A- 1,724,939
1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 1,715,776
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
900 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 867,285
Keyspan Glenwood Energy Project, Series 2003,
5.250%, 6/01/27 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 914,090
Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP,
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 445,185
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 Baa2 1,963,860
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)
2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,006,660
Bonds, Series 2000A, 5.250%, 11/15/40
45
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
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:
$ 1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R $ 1,184,525
750 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 663,645
------------------------------------------------------------------------------------------------------------------------------------
12,000 Total Utilities 11,731,535
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.2% (0.8% OF TOTAL INVESTMENTS)
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,083,371
Water and Sewerage System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 140,050 Total Investments (cost $141,730,768) - 152.5% 140,908,725
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.5)% (3,240,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 1,714,713
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.9)% (6) (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 92,383,438
====================================================================================================================
(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 Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Investment valued at fair value using methods determined in
good faith by, or at the discretion of, the Board of
Directors/Trustees.
(5) 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.
(6) Preferred Shares, at Liquidation Value as a percentage of
total investments is (33.4)%.
N/R Not rated.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
46
Statement of
ASSETS & LIABILITIES
March 31, 2008 (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 $147,223,960,
$348,837,816, $203,752,511
and $141,730,768, respectively) $147,860,928 $351,113,170 $203,574,309 $140,908,725
Cash 765,889 354,762 -- --
Receivables:
Interest 2,140,295 5,258,549 3,043,362 2,117,039
Investments sold -- 415,000 90,000 60,000
Other assets 7,390 43,791 9,960 1,923
------------------------------------------------------------------------------------------------------------------------------------
Total assets 150,774,502 357,185,272 206,717,631 143,087,687
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 148,070 6,149
Floating rate obligations 3,412,500 7,950,000 4,740,000 3,240,000
Accrued expenses:
Management fees 67,505 184,351 90,583 51,396
Other 56,705 125,369 50,494 38,381
Common share dividends payable 447,180 748,273 496,594 347,536
Preferred share dividends payable N/A 59,682 6,104 20,787
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 3,983,890 9,067,675 5,531,845 3,704,249
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $146,790,612 $223,817,597 $132,185,786 $ 92,383,438
====================================================================================================================================
Common shares outstanding 15,120,364 15,067,371 9,265,330 6,495,717
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 9.71 $ 14.85 $ 14.27 $ 14.22
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 151,204 $ 150,674 $ 92,653 $ 64,957
Paid-in surplus 144,256,690 219,590,838 131,650,640 92,259,136
Undistributed (Over-distribution of) net investment income 565,038 (284,541) (360,952) (167,667)
Accumulated net realized gain (loss) from investments and
derivative transactions 1,180,712 2,085,272 981,647 1,049,055
Net unrealized appreciation (depreciation) of investments 636,968 2,275,354 (178,202) (822,043)
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $146,790,612 $223,817,597 $132,185,786 $ 92,383,438
====================================================================================================================================
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.
47
Statement of
OPERATIONS
Six Months Ended March 31, 2008 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 3,822,996 $ 9,012,219 $ 5,254,991 $ 3,572,098
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 407,182 1,109,550 649,187 451,281
Preferred shares - auction fees N/A 155,374 86,250 58,750
Preferred shares - dividend disbursing agent fees N/A 19,970 4,993 4,989
Shareholders' servicing agent fees and expenses 17,080 16,927 1,863 756
Interest expense on floating rate obligations 17,141 39,223 23,788 16,102
Custodian's fees and expenses 44,074 138,684 76,389 61,149
Directors'/Trustees' fees and expenses 1,303 3,328 2,022 1,399
Professional fees 7,348 12,591 7,268 5,681
Shareholders' reports - printing and mailing expenses 15,866 21,210 12,262 9,304
Stock exchange listing fees 4,721 4,793 4,768 368
Investor relations expense 6,282 14,051 8,200 5,716
Other expenses 5,107 22,018 8,454 6,776
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 526,104 1,557,719 885,444 622,271
Custodian fee credit (3,724) (7,439) (7,087) (1,372)
Expense reimbursement -- -- (103,069) (142,531)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 522,380 1,550,280 775,288 478,368
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,300,616 7,461,939 4,479,703 3,093,730
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 537,573 947,579 222,562 480,537
Forward swaps 643,914 1,157,352 790,334 568,424
Change in net unrealized appreciation (depreciation) of:
Investments (4,305,083) (10,087,862) (6,109,558) (4,248,663)
Forward swaps (323,848) (657,782) (423,860) (284,292)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (3,447,444) (8,640,713) (5,520,522) (3,483,994)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (2,131,416) (1,159,038) (805,975)
From accumulated net realized gains N/A (158,639) (197,285) (81,611)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (2,290,055) (1,356,323) (887,586)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ (146,828) $ (3,468,829) $(2,397,142) $(1,277,850)
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
48
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
3/31/08 9/30/07 3/31/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,300,616 $ 6,556,706 $ 7,461,939 $ 14,960,498
Net realized gain (loss) from:
Investments 537,573 231,013 947,579 445,302
Forward swaps 643,914 162,384 1,157,352 188,601
Change in net unrealized appreciation (depreciation) of:
Investments (4,305,083) (2,823,183) (10,087,862) (6,994,469)
Forward swaps (323,848) 62,890 (657,782) 200,123
Distributions to Preferred shareholders:
From net investment income N/A N/A (2,131,416) (4,072,186)
From accumulated net realized gains N/A N/A (158,639) (206,467)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations (146,828) 4,189,810 (3,468,829) 4,521,402
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,220,638) (6,441,277) (5,528,218) (11,569,947)
From accumulated net realized gains (163,300) -- (442,981) (874,665)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,383,938) (6,441,277) (5,971,199) (12,444,612)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- -- -- 562,712
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions -- -- -- 562,712
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (3,530,766) (2,251,467) (9,440,028) (7,360,498)
Net assets applicable to Common
shares at the beginning of period 150,321,378 152,572,845 233,257,625 240,618,123
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $146,790,612 $150,321,378 $223,817,597 $233,257,625
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 565,038 $ 485,060 $ (284,541) $ (86,846)
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
49
Statement of
CHANGES in NET ASSETS (continued) (Unaudited)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
----------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/08 9/30/07 3/31/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,479,703 $ 8,954,429 $ 3,093,730 $ 6,148,652
Net realized gain (loss) from:
Investments 222,562 645,062 480,537 250,099
Forward swaps 790,334 138,518 568,424 92,578
Change in net unrealized appreciation (depreciation) of:
Investments (6,109,558) (4,543,056) (4,248,663) (2,608,004)
Forward swaps (423,860) 129,650 (284,292) 79,076
Distributions to Preferred shareholders:
From net investment income (1,159,038) (2,217,934) (805,975) (1,528,636)
From accumulated net realized gains (197,285) (199,414) (81,611) (131,824)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations (2,397,142) 2,907,255 (1,277,850) 2,301,941
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,289,190) (7,081,173) (2,221,535) (4,916,434)
From accumulated net realized gains (631,896) (822,944) (261,128) (545,812)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,921,086) (7,904,117) (2,482,663) (5,462,246)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- 353,520 -- 237,308
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions -- 353,520 -- 237,308
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (6,318,228) (4,643,342) (3,760,513) (2,922,997)
Net assets applicable to Common
shares at the beginning of period 138,504,014 143,147,356 96,143,951 99,066,948
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $132,185,786 $138,504,014 $92,383,438 $96,143,951
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ (360,952) $ (392,427) $ (167,667) $ (233,887)
====================================================================================================================================
See accompanying notes to financial statements.
50
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
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) (collectively, the "Funds"). 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 may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or forward swap
contract, each Fund may use market quotes provided by major broker/dealers in
such investments. If it is determined that the market price for an investment or
derivative instrument is unavailable or inappropriate, the Board of
Directors/Trustees of the Funds, or its designee, may establish fair value in
accordance with procedures established in good faith by the Board of
Directors/Trustees. 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/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/delayed delivery purchase commitments. At March 31, 2008, there were
no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its 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.
51
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Effective March 31, 2008, the Funds adopted Financial Accounting Standards Board
(FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN
48). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the affirmative evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine whether it
is "more-likely-than-not" (i.e., a greater than 50-percent likelihood) of being
sustained by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax benefit or expense in the
current year.
Implementation of FIN 48 required management of the Funds to analyze all open
tax years, as defined by the statute of limitations, for all major
jurisdictions, which includes federal and certain states. Open tax years are
those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). The Funds have
no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the six months ended March 31, 2008.
The Funds are also not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
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 declared and distributed to shareholders 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 than one 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
================================================================================
52
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). A Fund may also enter into shortfall and
forbearance agreements (sometimes referred to as a "recourse trust" or "credit
recovery swap") with a broker-dealer by which a Fund agrees to reimburse the
broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation
value of the floating rate certificates, as well as any shortfalls in interest
cash flows. The inverse floater held by a Fund gives the Fund the right (a) to
cause the holders of the floating rate certificates to tender their notes at
par, and (b) to have the broker transfer the fixed-rate bond held by the trust
to the Fund, thereby collapsing the trust. An investment in an
externally-deposited inverse floater is identified in the Portfolio of
Investments as an "Inverse floating rate investment". An investment in a
self-deposited inverse floater, recourse trust or credit recovery swap is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Interest
expense on floating rate obligations" in the Statement of Operations.
During the six months ended March 31, 2008, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2008, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND ADVANTAGE 2
VALUE PLUS ADVANTAGE DIVIDEND
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------
Average floating rate obligations $1,217,828 $2,787,705 $1,690,164 $1,144,262
Average annual interest rate and fees 2.82% 2.81% 2.81% 2.81%
==================================================================================================================
Forward Swap Transactions
Each Fund is authorized to invest in forward interest rate swap transactions.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of
53
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
each swap) on behalf of each Fund with a value approximately equal to the amount
of any unrealized gain above a pre-determined threshold. Reciprocally, when any
of the Funds have an unrealized loss on a swap contract, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a
value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently
adjusted if and when the swap valuations fluctuate, either up or down, by at
least the predetermined threshold amount. All of the Funds invested in forward
interest rate swap transactions during the six months ended March 31, 2008.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
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
3/31/08 9/30/07 3/31/08 9/30/07
----------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 35,433
======================================================================================================================
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
------------------------ --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/08 9/30/07 3/31/08 9/30/07
----------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 22,835 -- 15,365
======================================================================================================================
54
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2008, were as
follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
---------------------------------------------------------------------------------------------------------------------
Purchases $21,383,971 $51,930,493 $33,731,158 $22,242,709
Sales and maturities 15,675,847 40,413,139 24,276,564 17,524,485
=====================================================================================================================
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 timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140. To the extent that differences arise that
are permanent in nature, such amounts are reclassified within the capital
accounts on the Statement of Assets and Liabilities presented in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification. Temporary and permanent differences do not impact the
net asset values of the Funds.
At March 31, 2008, 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 $143,501,483 $340,481,870 $198,912,723 $138,419,176
=====================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2008, 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 $ 3,671,958 $ 9,298,959 $ 4,243,505 $ 2,072,878
Depreciation (2,735,491) (6,642,606) (4,335,473) (2,833,408)
----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $ 936,467 $ 2,656,353 $ (91,968) $ (760,530)
======================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2007, 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 * $742,063 $529,876 $134,069 $120,739
Undistributed net ordinary income ** -- 17,459 -- --
Undistributed net long-term capital gains 162,525 581,961 797,932 342,833
======================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 4, 2007, paid on October 1, 2007.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
55
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2007, 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 $6,441,277 $15,691,798 $9,335,293 $6,464,107
Distributions from net ordinary income ** -- 5,811 33 8,211
Distributions from net long-term capital gains -- 1,081,132 1,022,358 677,636
======================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
5. MANAGEMENT FEES 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. ("Nuveen"), and a specific fund-level component, based only on
the amount of assets within each individual Fund and for New York Value (NNY) a
gross interest income component. 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 (excluding interest on bonds underlying a "self-deposited
inverse floater" trust that is attributed to the Fund over and above the net
interest earned on the inverse floater itself) 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
================================================================================
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, 2008, the complex-level fee rate was .1870%.
56
The complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(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
preferred stock issued by or borrowings by the Nuveen funds) of
Nuveen-sponsored funds in the U.S.
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 its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
--------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
57
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
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. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement on Financial Accounting
Standards No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those fiscal
years. The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of March 31, 2008, management does not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 161
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years beginning
after November 15, 2008, and interim periods within those fiscal years. As of
March 31, 2008, management does not believe the adoption of SFAS No. 161 will
impact the financial statement amounts; however, additional footnote disclosures
may be required about the use of derivative instruments and hedging items.
7. SUBSEQUENT EVENTS
Auction Rate Preferred Markets
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds (excluding New
York Value (NNY)) than there were offers to buy. This meant that these auctions
"failed to clear,'' and that many Preferred shareholders who wanted to sell
their shares in these auctions were unable to do so. Preferred shareholders
unable to sell their shares received distributions at the "maximum rate''
calculated in accordance with the pre-established terms of the Preferred shares.
These developments generally do not affect the management or investment policies
of the Funds. However, one implication of these auction failures for Common
shareholders is that the Funds' cost of leverage will be higher than it
otherwise would have been had the auctions continued to be successful. As a
result, the Funds' future Common share earnings may be lower than they otherwise
would have been.
58
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2008, to shareholders of record on
April 15, 2008, 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 $.0610 $.0575 $.0570
================================================================================
59
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ ---------------------------------
Distributions Distributions
from Net 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:
2008(b) $ 9.94 $ .22 $(.23) N/A N/A $ (.01) $ (.21) $(.01) $ (.22)
2007 10.09 .43 (.15) N/A N/A .28 (.43) -- (.43)
2006 10.07 .44 .01 N/A N/A .45 (.43) -- (.43)
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)
NEW YORK PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 15.48 .50 (.58) $(.14) $(.01) (.23) (.37) (.03) (.40)
2007 16.01 .99 (.41) (.27) (.01) .30 (.77) (.06) (.83)
2006 16.44 1.01 --* (.20) (.05) .76 (.89) (.30) (1.19)
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)
====================================================================================================================================
Total Returns
----------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
===========================================================================================
NEW YORK VALUE (NNY)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $ -- $ 9.71 $ 9.44 1.76% (.08)%
2007 -- 9.94 9.50 4.40 2.79
2006 -- 10.09 9.51 7.50 4.56
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
NEW YORK PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) -- 14.85 13.87 (.26) (1.55)
2007 -- 15.48 14.30 (5.02) 1.90
2006 -- 16.01 15.88 6.69 4.91
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
===========================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund***
------------------------------------------ -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $146,791 .70%**** .68%**** 4.40%**** .70%**** .67%**** 4.40%**** 11%
2007 150,321 .69 .65 4.32 .68 .63 4.34 15
2006 152,573 .66 .66 4.35 .64 .64 4.37 13
2005 152,236 .66 .66 4.44 .66 .66 4.45 18
2004 151,314 .72 .72 4.52 .72 .72 4.52 9
2003 150,418 .88 .88 4.37 .87 .87 4.38 10
NEW YORK PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 223,818 1.34**** 1.31**** 6.43**** 1.34**** 1.30**** 6.43**** 11
2007 233,258 1.29 1.22 6.33 1.28 1.21 6.34 14
2006 240,618 1.22 1.22 6.33 1.20 1.20 6.35 13
2005 246,255 1.20 1.20 6.36 1.20 1.20 6.37 16
2004 247,139 1.21 1.21 6.58 1.21 1.21 6.59 5
2003 247,777 1.22 1.22 6.67 1.21 1.21 6.67 14
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- --------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK VALUE (NNY)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) N/A N/A N/A $3,413 $44,016
2007 N/A N/A N/A -- --
2006 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 -- --
NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $124,300 $25,000 $70,016 7,950 44,788
2007 124,300 25,000 71,914 -- --
2006 124,300 25,000 73,395 -- --
2005 124,300 25,000 74,528 -- --
2004 124,300 25,000 74,706 -- --
2003 124,300 25,000 74,834 -- --
================================================================================
N/A Fund is not authorized to issue Preferred shares.
* Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per share.
** 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. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
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. The last dividend declared in the period, which is typically paid on
the first business day of the following month, is assumed to be reinvested
at the ending net asset value. The actual reinvest price for the last
dividend declared in the period may often be based on the Fund's market
price (and not its net asset value), and therefore may be different from
the price used in the calculation. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Annualized.
+ 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.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended March 31, 2008.
See accompanying notes to financial statements.
60-61 spread
Financial
HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ ---------------------------------
Distributions Distributions
from Net 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 DIVIDEND ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $14.95 $ .48 $(.59) $(.13) $(.02) $ (.26) $(.35) $(.07) $ (.42)
2007 15.49 .97 (.39) (.24) (.02) .32 (.77) (.09) (.86)
2006 15.83 .98 --* (.21) (.03) .74 (.89) (.19) (1.08)
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)
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 14.80 .48 (.55) (.12) (.01) (.20) (.34) (.04) (.38)
2007 15.29 .95 (.34) (.24) (.02) .35 (.76) (.08) (.84)
2006 15.57 .97 .05 (.20) (.03) .79 (.87) (.20) (1.07)
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)
====================================================================================================================================
Total Returns
----------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
=======================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
---------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $ -- $14.27 $13.32 (4.15)% (1.77)%
2007 -- 14.95 14.33 (2.86) 2.07
2006 -- 15.49 15.60 3.49 4.91
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
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) -- 14.22 13.04 (5.27) (1.38)
2007 -- 14.80 14.16 (3.20) 2.35
2006 -- 15.29 15.47 7.96 5.37
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
=======================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund***
------------------------------------------- --------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $132,186 1.29%**** 1.26%**** 6.37%**** 1.13%**** 1.10%**** 6.53%**** 12%
2007 138,504 1.29 1.19 6.15 1.06 .96 6.37 18
2006 143,147 1.18 1.18 6.11 .88 .88 6.41 15
2005 145,701 1.16 1.16 6.13 .80 .80 6.50 20
2004 145,592 1.17 1.17 6.38 .74 .74 6.81 8
2003 143,886 1.19 1.19 6.50 .74 .74 6.95 8
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 92,383 1.30**** 1.27**** 6.18**** 1.00**** .97**** 6.48**** 12
2007 96,144 1.32 1.22 5.98 .98 .88 6.32 17
2006 99,067 1.19 1.19 5.96 .76 .76 6.38 14
2005 100,606 1.18 1.18 6.01 .73 .73 6.46 19
2004 100,706 1.17 1.17 6.19 .72 .72 6.64 7
2003 99,701 1.19 1.19 6.41 .75 .75 6.85 8
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- --------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $69,000 $25,000 $72,893 $4,740 $43,444
2007 69,000 25,000 75,183 -- --
2006 69,000 25,000 76,865 -- --
2005 69,000 25,000 77,790 -- --
2004 69,000 25,000 77,751 -- --
2003 69,000 25,000 77,133 -- --
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 47,000 25,000 74,140 3,240 44,020
2007 47,000 25,000 76,140 -- --
2006 47,000 25,000 77,695 -- --
2005 47,000 25,000 78,514 -- --
2004 47,000 25,000 78,567 -- --
2003 47,000 25,000 78,033 -- --
================================================================================
* Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per share.
** 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. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
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. The last dividend declared in the period, which is typically paid on
the first business day of the following month, is assumed to be reinvested
at the ending net asset value. The actual reinvest price for the last
dividend declared in the period may often be based on the Fund's market
price (and not its net asset value), and therefore may be different from
the price used in the calculation. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Annualized.
+ 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.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended March 31, 2008.
See accompanying notes to financial statements.
62-63 spread
Reinvest Automatically
EASILY and CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen 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
greater of the net asset value or 95% of 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. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. 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.
64
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.
65
Glossary of
TERMS USED in this REPORT
[] AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
[] 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 the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (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 unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
[] INVERSE FLOATERS: Inverse floating rate securities are created by
depositing a municipal bond, typically with a fixed interest rate, into a
special purpose trust created by a broker-dealer. This trust, in turn, (a)
issues floating rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the
deposited bond's par amount or market value, and (b) issues an inverse
floating rate certificate (sometimes referred to as an "inverse floater")
to an investor (such as a Fund) interested in gaining investment exposure
to a long-term municipal bond. The income received by the holder of the
inverse floater varies inversely with the short-term rate paid to the
floating rate certificates' holders, and in most circumstances the holder
of the inverse floater bears substantially all of the underlying bond's
downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the
underlying bond's value. Hence, an inverse floater essentially represents
an investment in the underlying bond on a leveraged basis.
[] 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 Preferred 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.
[] ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon
to its holders during the life of the bond. Tax-exempt income to the holder
of the bond comes from accretion of the difference between the original
purchase price of the bond at issuance and the par value of the bond at
maturity and is effectively paid at maturity. The market prices of zero
coupon bonds generally are more volatile than the market prices of bonds
that pay interest periodically.
66
Other Useful INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2007, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities 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 (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 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone
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 common
or preferred shares were repurchased during the period covered by this report.
Any future repurchases will be reported to shareholders in the next annual or
semi-annual report.
67
Nuveen Investments:
-------------------
SERVING INVESTORS FOR GENERATIONS
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 $153 billion in assets, as of March 31, 2008, 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 six
distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; Symphony,
a leading institutional manager of market-neutral alternative investment
portfolios; Santa Barbara, a leader in growth equities; and Tradewinds, a leader
in global equities.
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.
Learn more about Nuveen Funds at: www.nuveen.com/etf
Share prices
Fund details
Daily financial news
Investor education
Interactive planning tools
ESA-A-0308D
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.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
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: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: June 6, 2008
-------------------------------------------------------------------
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 6, 2008
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 6, 2008
-------------------------------------------------------------------