UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09135
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Nuveen New York Dividend Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30
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Date of reporting period: March 31, 2009
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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 | Nuveen Investments
March 31, 2009 | 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
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Chairman's
LETTER TO SHAREHOLDERS
[PHOTO OF ROBERT P. BREMNER] | Robert P. Bremner | Chairman of the Board
Dear Shareholders,
The problems in the U.S. financial system and the slowdown in global economic
activity continue to create a very difficult environment for the U.S. economy.
The administration, the Federal Reserve System and Congress have initiated a
variety of programs directed at restoring liquidity to the financial markets,
providing financial support for critical financial institutions and stimulating
economic activity. There are encouraging signs that these initiatives are
beginning to have a constructive impact. It is not possible to predict whether
the actions taken to date will be sufficient to restore more normal conditions
in the financial markets or enable the economy to stabilize and set a course
toward recovery. However, the speed and scope of the government's actions are
very encouraging and more importantly, reflect a commitment to act decisively to
meet the economic challenges we face.
The performance information in the attached report reflects the impact of many
negative forces at work in the equity and fixed income markets. The comments by
the portfolio manager describe the strategies being used to pursue your Fund's
long term investment goals. The financial markets continue to experience serious
dislocations and thorough research and strong investment disciplines have never
been more important in identifying risks and opportunities. I hope you will read
this information carefully.
Your Board is particularly sensitive to our shareholders' concerns in these
uncertain times. We believe that frequent and thorough communication is
essential in this regard and encourage you to visit the Nuveen website:
www.nuveen.com, for recent developments in all Nuveen funds. We also encourage
you to communicate with your financial consultant for answers to your questions
and to seek advice on your long term investment strategy in the current market
environment.
Nuveen continues to work on resolving the issues related to the auction rate
preferred shares situation, but the unsettled conditions in the credit markets
have slowed progress. Nuveen is actively pursuing a number of solutions, all
with the goal of providing liquidity for preferred shareholders while preserving
the potential benefits of leverage for common shareholders. We appreciate the
patience you have shown as we work through the many issues involved.
On behalf of myself and the other members of your Fund's Board, we look forward
to continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
Robert P. Bremner
Chairman of the Nuveen Fund Board
May 22, 2009
Portfolio Manager's COMMENTS
Nuveen Investments Municipal Closed-End Funds | NNY, NNP, NAN, NXK
Portfolio manager Cathryn Steeves discusses 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 THE NEW YORK FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED MARCH 31, 2009?
During this period, pressure in the financial and credit markets led to
increased price volatility for most securities, reduced liquidity and a general
flight to quality. In this environment, we continued to focus on value investing
and the Funds' liquidity and duration positions.(1)
In the exceptionally illiquid market of the past six months, we believed that it
was prudent to concentrate not only on managing and preserving liquidity but
also incorporating extra liquidity whenever we found appropriate opportunities
to do so. We monitored the types of credits and bond structures that were
attractive to the retail market and took advantage of strong bids to sell bonds
into relatively consistent retail demand. The bonds we sold tended to be higher
quality credits with short or intermediate maturities. A small number of bond
calls also provided some extra liquidity. In general, our investment activity
during this period was limited, as we waited for more clarity in the market.
As a key dimension of risk management, a disciplined approach to duration
positioning remained an important component of our management strategies. As
part of this approach, we continued to use inverse floating rate securities(2)
in all four of these Funds. Inverse floaters typically provide the dual benefit
of bringing the Funds' durations closer to our strategic target and enhancing
their income-generation capabilities. During this period, NNY invested in
additional types of derivatives(3) intended to help extend its duration and
manage common share net asset value (NAV) volatility without having a negative
impact on its income stream or common share dividends over the short term. As of
March 31, 2009, the inverse floaters remained in place in all four of these New
York Funds, while we removed the derivative positions from NNY in view of
current market conditions.
----------
(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.
(2) An inverse floating rate security, also known as inverse floaters, 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 report.
(3) Each Fund may invest in derivative instruments such as forwards, futures,
options and swap transactions. For additional information on the derivative
instruments in which the Fund was invested during and at the end of the
reporting period, see the Portfolio of Investments, Financial Statements, and
Notes to Financial Statements sections of this report.
Certain statements in this report are forward-looking statements. Discussions of
specific investments are for illustration only and are not intended as
recommendations of individual investments. The forward-looking statements and
other views expressed herein are those of the portfolio manager as of the date
of this report. Actual future results or occurrences may differ significantly
from those anticipated in any forward-looking statements and the views expressed
herein are subject to change at any time, due to numerous market and other
factors. The Funds disclaim any obligation to update publicly or revise any
forward-looking statements or views expressed herein.
4
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.
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 3/31/09
Six-Month 1-Year 5-Year 10-Year
NNY(4) 2.82% 0.44% 2.81% 3.90%
NNP 4.12% -1.33% 2.40% 5.18%
NAN 1.41% -4.46% 1.81% N/A
NXK 2.24% -3.21% 2.24% N/A
Lipper NY
Municipal Debt Funds
Average(5) -2.87% -9.62% 0.58% 3.71%
Barclays Capital
NY Municipal
Bond Index(6) 5.07% 2.61% 3.32% 4.65%
S&P NY Municipal
Bond Index(7) 4.08% 1.21% 3.19% 4.59%
For the six months ended March 31, 2009, the cumulative returns on common share
NAV for NNY, NNP, NAN and NXK exceeded the average return for the Lipper New
York Municipal Debt Funds Average. NNP also outperformed the Standard & Poor's
(S&P) New York Municipal Bond Index return for the same period, while the other
three Funds lagged this index. All of the Funds underperformed the Barclays
Capital New York Municipal Bond Index for the period.
Key management factors that influenced the Funds' returns during this period
included duration and yield curve positioning, the use of derivatives, credit
exposure and sector allocations. In addition, the use of leverage was an
important factor affecting the Funds' performance (with the exception of NNY,
which is unleveraged) over this period. The impact of leverage is discussed in
more detail on page 7.
Over the course of this reporting period, the yield curve remained steep. Bonds
in the Barclays Capital Municipal Bond Index with maturities between four and
seventeen years, especially those maturing in approximately fifteen years,
benefited the most from this interest rate environment. Because they were less
sensitive to interest rate
----------
*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.
(4) NNY is an unleveraged Fund; the remaining three Funds in this report are
leveraged.
(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; one-year, 17 funds; five-year, 17 funds; and ten-year, 6
funds. Fund and Lipper returns assume reinvestment of dividends.
(6) The Barclays Capital (formerly Lehman Brothers) New York Municipal Bond
Index is an unleveraged, unmanaged index comprising a broad range of
investment-grade New York municipal bonds. Results for the Barclays Capital
index do not reflect any expenses.
(7) The Standard & Poor's (S&P) New York Municipal Bond Index is an unleveraged,
market value-weighted index designed to measure the performance of the
investment-grade New York municipal bond market.
5
changes, these bonds generally outperformed credits with longer maturities, as
bonds with the longest maturities (22 years and longer) posted a loss for the
period. In general, these four Funds had good exposure to the intermediate part
of the yield curve, which performed well and lower exposures to the
underperforming longest part of the curve. As a result, duration and yield curve
positioning were positive contributors to the Funds' performance across the
board.
As mentioned earlier, NNY used derivative positions during this period to
synthetically extend duration and move the Fund closer to our strategic duration
target. Despite the fact that longer duration municipal bonds generally
underperformed those with shorter durations, the use of these derivatives
generally had a positive impact on NNY's total return performance. This positive
impact was attributable to the fact that the derivative positions provided
exposure to the taxable markets during a period when, in contrast to historical
trends, the taxable markets and the municipal market moved in opposite
directions. As municipal market performance lagged the gains in the taxable
markets, these derivatives performed well. The inverse floaters used by all of
these Funds also generally had a positive impact on performance.
Credit exposure was also a major factor in performance during these six months.
Because risk-averse investors generally sought higher quality investments as
disruptions in the financial markets deepened, bonds with higher credit quality
typically performed very well. At the same time, securities rated BBB or below
and non-rated bonds generally posted poor returns. Overall, NNP and NNY had the
most advantageous credit positioning for the municipal market environment of
this six-month period, that is, they were more heavily weighted in the AAA and
AA credit categories that performed well. On the other hand, NAN was negatively
impacted by its relatively greater exposure to bonds rated A, BBB or lower and
non-rated issues.
During this period, pre-refunded(8) bonds, which are backed by U.S. Treasury
securities, were one of the top performing segments of the municipal bond
market, due primarily to their shorter effective maturities, higher credit
quality, and perceived safety. As of March 31, 2009, NNP had the heaviest
weighting of pre-refunded bonds among these four Funds, while NAN had the
smallest allocation. The insured bond segment of the municipal market also
performed very well. Additional sectors of the market that generally contributed
to the Funds' returns included general obligation and other tax-backed bonds,
water and sewer, housing and education. In particular, the Funds' performance
were boosted by their overweightings in both insured bonds and housing credits.
----------
(8) Pre-refundings, also known as advance 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.
6
Holdings that generally detracted from the Funds' performances included
industrial development revenue (IDR) bonds, which performed very poorly during
this period. Health care bonds in general also underperformed the overall
municipal market. Overall, these Funds tended to be more heavily weighted in IDR
and health care credits than the market in general. This was especially true in
NAN, where health care accounted for approximately 22% of the Fund's portfolio.
Alongside current coupon bonds in these sectors, zero coupon bonds were among
the worst performing categories in the municipal market, as were lower-rated
tobacco bonds backed by the 1998 master tobacco settlement agreement, which
comprised approximately 1% to 2% of these Funds' portfolios as of March 31,
2009.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
In addition to the factors previously discussed, one of the primary factors
impacting the six-month returns of NNP, NAN, and NXK relative to those of the
unleveraged Barclays Capital New York Municipal Bond Index and S&P New York
Municipal Bond Index was the use of financial leverage by these three Funds.
(NNY is unleveraged.) While leverage offers opportunities to generate additional
income and total returns for common shareholders, the benefits provided by
leveraging are influenced by the price movements of the bonds in each Fund's
portfolio. During this period, declining valuations had a negative effect on
performance that was magnified by the use of leverage. In addition, at various
points during the six-month period, the Funds' borrowing costs were relatively
high, negatively impacting their total returns.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES
Another factor that had an impact on the performance of these Funds was their
positions in bonds backed by municipal bond insurers that experienced downgrades
in their credit ratings. During the period covered by this report, ACA, AMBAC,
CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA (formerly XLCA) experienced one or more
rating reductions by at least one or more rating agencies. At the time this
report was prepared, there are no longer any bond insurers rated triple-A by all
three of the major rating agencies (Moody's Investor Service, S&P and Fitch) and
at least one rating agency has placed each of these insurers on "negative credit
watch," "credit outlook developing" or "rating withdrawn," which may presage one
or more rating reductions for such insurer or insurers in the future. As concern
increased about the balance sheets of these insurers, prices on bonds insured by
these companies - especially those bonds with weaker underlying credits -
declined, detracting from the Funds' performance. By the end of this period,
most insured bonds were being valued according to their fundamentals as if they
were uninsured. 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. It is important to note that municipal bonds
historically have had a very low rate of default.
7
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS
As noted in the last shareholder report, beginning in February 2008, more shares
were submitted for sale in the regularly scheduled auctions for the auction rate
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, of the Funds'
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This decline in liquidity in auction rate
preferred shares did not lower the credit quality of these shares, and auction
rate preferred shareholders unable to sell their shares received distributions
at the "maximum rate" applicable to failed auctions, as calculated in accordance
with the pre-established terms of the auction rate preferred shares.
These developments generally have not affected the portfolio management or
investment policies of these Funds. However, one continuing implication for
common shareholders of these auction failures is that the Funds' cost of
leverage will likely be higher, at least temporarily, 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 might have been.
As noted in the last shareholder report, the Funds' Board of Directors/Trustees
authorized a plan to use tender option bonds (TOBs), also known as floating rate
securities, to refinance a portion of the Funds' outstanding auction rate
preferred shares. As of March 31, 2009, the amount of auction rate preferred
securities redeemed by the Funds are as shown in the accompanying table. As
noted previously, NNY is an unleveraged Fund.
Auction Rate % of Original
Preferred Shares Auction Rate
Fund Redeemed Preferred Shares
NNP $36,650,000 29.5%
NAN $17,600,000 25.5%
NXK $12,900,000 27.4%
While the Funds' Board of Directors/Trustees and management continue to work to
resolve this situation, the Funds cannot provide any assurance on when the
remaining outstanding auction rate preferred shares might be redeemed.
As of March 31, 2009, sixty-seven Nuveen closed-end municipal funds have
redeemed and/or noticed for redemption at par a portion of their outstanding
auction rate preferred shares. These redemptions bring the total amount of
Nuveen's municipal closed-end funds' auction rate preferred share redemptions to
approximately $2.1 billion of the original $11 billion outstanding.
For 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
During the six-month reporting period ended March 31, 2009, NNP had an increase
in its monthly dividend, while the dividends of NNY, NAN and NXK remained stable
throughout the reporting period.
As the result of normal portfolio activity, common shareholders of the Funds
received capital gains and net ordinary income distributions at the end of
December 2008 as follows:
Short-Term Capital Gains
Long-Term Capital Gains and/or Ordinary Income
(per share) (per share)
NNY $0.0628 $0.0354
NNP $0.0751 $0.0558
NAN $0.0353 $0.0525
NXK $0.0822 $0.0566
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of March 31, 2009, all of the
Funds in this report had a positive UNII balance, based upon our best estimate,
for tax purposes and a positive UNII balance for financial statement purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
On July 30, 2008, the Funds' Board of Directors/Trustees approved an open-market
share repurchase program under which each Fund may repurchase an aggregate of up
to 10% of its outstanding common shares. As of March, 2009, the Funds
repurchased common shares as shown in the accompanying table:
Common Shares % of Outstanding
Fund Repurchased Common Shares
NNP 27,800 0.2%
NXK 7,200 0.1%
9
During the six months ended March 31, 2009, common shares were repurchased at a
weighted average price and a weighted average discount per common share as shown
in the accompanying table:
Weighted Average Weighted Average
Price Per Share Discount Per Share
Fund Repurchased Repurchased
NNP $11.10 19.25%
NXK $10.62 18.33%
As of March 31, 2009, the Funds' common share prices were trading at discounts
to their common share NAVs as shown in the accompanying table:
3/31/09 Six-Month Average
Discount Discount
NNY -2.93% -4.59%
NNP -15.51% -18.70%
NAN -13.55% -16.69%
NXK -13.31% -18.11%
10
NNY Performance OVERVIEW | Nuveen New York Municipal Value Fund, Inc.
as of March 31, 2009
Credit Quality (as a % of total investments)(1)
[PIE CHART]
AAA/U.S.
Guaranteed 31%
AA 41%
A 13%
BBB 8%
BB or Lower 3%
N/R or N/A 4%
2008-2009 Monthly Tax-Free Dividends Per Common Share(3)
[BAR CHART]
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
Common Share Price Performance -- Weekly Closing Price
[LINE CHART]
4/01/08 $ 9.44
9.52
9.5
9.39
9.5
9.42
9.58
9.43
9.47
9.5
9.5
9.44
9.49
9.47
9.498
9.34
9.3
9.46
9.53
9.517
9.41
9.4
9.48
9.61
9.4401
9.15
9.18
8.97
7.89
8.1
8.5099
8.61
8.61
8.51
8.17
8.36
8.35
8.35
8.58
8.45
8.9
9
8.95
8.95
8.98
9.07
9.13
8.82
8.95
8.8
9
8.9399
8.99
3/31/09 8.95
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(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 2008 of $0.0982 per share.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 8.95
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 9.22
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.93%
--------------------------------------------------------------------------------
Market Yield 4.76%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 7.09%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 139,692
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.94
--------------------------------------------------------------------------------
Modified Duration 6.12
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 2.84% 2.82%
--------------------------------------------------------------------------------
1-Year 0.43% 0.44%
--------------------------------------------------------------------------------
5-Year 3.85% 2.81%
--------------------------------------------------------------------------------
10-Year 3.98% 3.90%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 25.6%
--------------------------------------------------------------------------------
Health Care 11.6%
--------------------------------------------------------------------------------
Long-Term Care 8.9%
--------------------------------------------------------------------------------
Tax Obligation/General 8.2%
--------------------------------------------------------------------------------
Transportation 8.1%
--------------------------------------------------------------------------------
U.S. Guaranteed 7.9%
--------------------------------------------------------------------------------
Education and Civic Organizations 7.9%
--------------------------------------------------------------------------------
Utilities 6.4%
--------------------------------------------------------------------------------
Other 15.4%
--------------------------------------------------------------------------------
11
NNP Performance OVERVIEW | Nuveen New York Performance Plus Municipal Fund, Inc.
as of March 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.66
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 13.80
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -15.51%
--------------------------------------------------------------------------------
Market Yield 6.12%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 9.12%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 207,563
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.21
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.91
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 9.19% 4.12%
--------------------------------------------------------------------------------
1-Year -9.79% -1.33%
--------------------------------------------------------------------------------
5-Year -0.86% 2.40%
--------------------------------------------------------------------------------
10-Year 2.83% 5.18%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 23.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.5%
--------------------------------------------------------------------------------
Education and Civic Organizations 13.2%
--------------------------------------------------------------------------------
Health Care 11.4%
--------------------------------------------------------------------------------
Tax Obligation/General 7.2%
--------------------------------------------------------------------------------
Transportation 6.9%
--------------------------------------------------------------------------------
Utilities 5.6%
--------------------------------------------------------------------------------
Other 18.8%
--------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1)
[PIE CHART]
AAA/U.S.
Guaranteed 34%
AA 42%
A 7%
BBB 13%
BB or Lower 2%
N/R 2%
2008-2009 Monthly Tax-Free Dividends Per Common Share(3)
[BAR CHART]
Apr $ 0.061
May 0.061
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.058
Oct 0.058
Nov 0.058
Dec 0.058
Jan 0.058
Feb 0.058
Mar 0.0595
Common Share Price Performance -- Weekly Closing Price
[LINE CHART]
4/01/08 $ 13.9
14.18
14.25
14.29
14.44
14.52
14.55
14.51
14.5201
14.54
14.42
14
13.63
13.43
13.63
13.65
13.4724
13.45
13.4899
13.39
13.32
13.37
13.47
13.7
13.24
12.37
11.69
11.25
8.73
9.94
11.03
10.89
11.39
10.59
9.72
10.06
9.46
8.6
9.82
10.1099
10.63
11.92
11.54
11.53
11.7
12.06
11.89
11.51
11.61
10.92
11.46
11.53
11.73
3/31/09 11.66
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(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 2008 of $0.1309 per share.
12
NAN Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund
as of March 31, 2009
Credit Quality (as a % of total investments)(1)
[PIE CHART]
AAA/U.S.
Guaranteed 20%
AA 40%
A 22%
BBB 11%
BB or Lower 4%
N/R or N/A 3%
2008-2009 Monthly Tax-Free Dividends Per Common Share(3)
[BAR CHART]
Apr $ 0.0575
May 0.0575
Jun 0.0575
Jul 0.0575
Aug 0.0575
Sep 0.059
Oct 0.059
Nov 0.059
Dec 0.059
Jan 0.059
Feb 0.059
Mar 0.059
Common Share Price Performance -- Weekly Closing Price
[LINE CHART]
4/01/08 $ 13.35
13.45
13.49
13.42
13.47
13.45
13.53
13.54
13.38
13.52
13.55
13.26
13.07
12.93
13.05
13.08
12.86
12.78
12.75
12.92
12.82
12.89
12.88
12.92
12.81
12.19
11.5001
11.12
8.03
9.65
10.5
10.46
10.68
10.09
9.05
9.41
9.16
8.41
9.18
9.5
10.09
10.95
11
11.1
11.59
11.45
11.75
11.01
11.416
10.49
10.92
10.89
11.2399
3/31/09 11.1
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and after
period end.
(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 2008 of $0.0878 per share.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.10
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 12.84
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -13.55%
--------------------------------------------------------------------------------
Market Yield 6.38%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 9.51%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 118,944
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.59
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.74
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 1.90% 1.41%
--------------------------------------------------------------------------------
1-Year -10.67% -4.46%
--------------------------------------------------------------------------------
5-Year -1.19% 1.81%
--------------------------------------------------------------------------------
Since Inception 3.15% 5.02%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 22.3%
--------------------------------------------------------------------------------
Health Care 22.1%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.7%
--------------------------------------------------------------------------------
Tax Obligation/General 10.0%
--------------------------------------------------------------------------------
Transportation 7.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 4.4%
--------------------------------------------------------------------------------
Long-Term Care 3.9%
--------------------------------------------------------------------------------
Utilities 3.9%
--------------------------------------------------------------------------------
Other 13.0%
--------------------------------------------------------------------------------
13
NXK Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund 2
as of March 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 11.20
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 12.92
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -13.31%
--------------------------------------------------------------------------------
Market Yield 6.21%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 9.25%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 83,837
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.07
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.00
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 5.29% 2.24%
--------------------------------------------------------------------------------
1-Year -7.49% -3.21%
--------------------------------------------------------------------------------
5-Year -0.37% 2.24%
--------------------------------------------------------------------------------
Since Inception 2.78% 4.95%
--------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 19.5%
--------------------------------------------------------------------------------
Health Care 15.0%
--------------------------------------------------------------------------------
Tax Obligation/General 12.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 11.4%
--------------------------------------------------------------------------------
Transportation 11.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.5%
--------------------------------------------------------------------------------
Utilities 8.1%
--------------------------------------------------------------------------------
Other 12.8%
--------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1)
[PIE CHART]
AAA/U.S.
Guaranteed 21%
AA 40%
A 21%
BBB 11%
BB or Lower 4%
N/R 3%
2008-2009 Monthly Tax-Free Dividends Per Common Share(3)
[BAR CHART]
Apr $ 0.057
May 0.057
Jun 0.057
Jul 0.057
Aug 0.057
Sep 0.058
Oct 0.058
Nov 0.058
Dec 0.058
Jan 0.058
Feb 0.058
Mar 0.058
Common Share Price Performance -- Weekly Closing Price
[LINE CHART]
4/01/08 $ 13.1
13.1
13.32
13.35
13.34
13.43
13.5
13.43
13.5
13.46
13.4
13.14
12.95
12.73
12.96
12.89
12.83
12.84
12.65
12.74
12.63
12.62
12.62
12.73
12.56
11.838
11.35
10.61
7.822
9.41
10.6
10.45
10.55
10.06
8.85
9.27
8.81
8.7499
8.91
9.47
9.89
10.92
10.55
10.53
10.992
11.08
11.42
10.95
11.055
11.12
11.12
11.2605
3/31/09 11.1501
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and
SYNCORA as of March 31, 2009. Please see the Portfolio Manager's
Commentary for an expanded discussion of the affect on the Fund of changes
to the ratings of certain bonds in the portfolio resulting from changes to
the ratings of the under- lying insurers both during the period and after
period end.
(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 2008 of $0.1388 per share.
14
NNY | Nuveen New York Municipal Value Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.0% (1.0% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BB+ $ 166,832
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 1,242,735
Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
2,225 Total Consumer Discretionary 1,409,567
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.2% (1.2% OF TOTAL INVESTMENTS)
265 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through 6/11 at 101.00 BBB 205,714
Bonds, Series 2001, 5.250%, 6/01/25
410 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 292,010
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
195 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 150,482
Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
1,000 4.750%, 6/01/22 6/16 at 100.00 BBB 739,930
345 5.000%, 6/01/26 6/16 at 100.00 BBB 239,565
------------------------------------------------------------------------------------------------------------------------------------
2,215 Total Consumer Staples 1,627,701
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 7.9% (7.9% OF TOTAL INVESTMENTS)
275 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 207,001
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 69,835
Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
90 Cattaraugus County Industrial Development Agency, New York, Revenue 5/16 at 100.00 BBB- 67,706
Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
1,175 Dormitory Authority of the State of New York, General Revenue Bonds, 7/17 at 100.00 BBB+ 855,365
Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured
800 Dormitory Authority of the State of New York, Insured Revenue Bonds, 7/11 at 102.00 BBB+ 712,464
D'Youville College, Series 2001, 5.250%, 7/01/20 - RAAI Insured
505 Dormitory Authority of the State of New York, Lease Revenue Bonds, 7/15 at 100.00 AA- 503,051
State University Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - MBIA Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 BBB+ 1,149,788
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 - RAAI
Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, Pratt 7/09 at 102.00 BBB+ 690,495
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- 1,155,890
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,547,434
575 Dutchess County Industrial Development Agency, New York, Civic 8/17 at 100.00 Baa1 434,459
Facility Revenue Bonds, Bard College Project, Series 2007-A2,
4.500%, 8/01/36
15
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
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, Revenue 10/15 at 100.00 A $ 240,803
Bonds, Adelphi University, Civic Facility Project, Series 2005,
5.000%, 10/01/35
245 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 206,337
Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%,
10/01/34
1,100 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 1,108,228
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, PILOT Revenue 1/17 at 100.00 A 874,259
Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%,
1/01/42 - AMBAC Insured
1,610 New York City Industrial Development Authority, New York, PILOT 9/16 at 100.00 BBB- 1,102,335
Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%,
3/01/39 - FGIC Insured
170 Seneca County Industrial Development Authority, New York, Revenue 10/17 at 100.00 BBB 115,665
Bonds, New York Chiropractic College, Series 2007, 5.000%,
10/01/27
------------------------------------------------------------------------------------------------------------------------------------
12,500 Total Education and Civic Organizations 11,041,115
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.0% (1.0% OF TOTAL INVESTMENTS)
400 Liberty Development Corporation, New York, Goldman Sachs Headquarter No Opt. Call A1 333,168
Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 1,113,426
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
1,705 Total Financials 1,446,594
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 11.6% (11.6% OF TOTAL INVESTMENTS)
490 Cattaraugus County Industrial Development Agency, New York, Revenue 8/09 at 101.00 A+ 478,064
Bonds, Olean General Hospital, Series 1998A, 5.250%, 8/01/23
1,005 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AA- 959,252
Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%,
8/01/29 - FGIC Insured
700 Dormitory Authority of the State of New York, FHA-Insured Revenue 2/15 at 100.00 AA- 703,010
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 Revenue 8/15 at 100.00 A- 1,639,422
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 1,258,263
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 2,253,697
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, Mount 7/10 at 101.00 A3 885,020
Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, Mount 5/09 at 100.00 A3 230,475
Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,595 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 1,716,794
York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 -
FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, South 7/13 at 100.00 Baa1 439,345
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 390,445
Winthrop-South Nassau University Hospital Association, Series
2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, New York, Civic 7/10 at 100.00 BB 191,197
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:
280 5.250%, 2/01/27 No Opt. Call BBB- 211,929
260 5.500%, 2/01/32 No Opt. Call BBB- 193,463
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 360 Nassau County Industrial Development Agency, New York, Revenue No Opt. Call A3 $ 373,655
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, Health 8/09 at 101.00 A+ 505,570
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 A+ 1,187,784
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 1,005,990
485 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Ba2 332,172
Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
245 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 Ba2 169,542
Facility Revenue Bonds, Staten Island University Hospital, Series
2002C, 6.450%, 7/01/32
745 Newark-Wayne Community Hospital, New York, Hospital Revenue 9/09 at 100.00 N/R 704,740
Refunding and Improvement Bonds, Series 1993A, 7.600%, 9/01/15
500 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. 7/11 at 101.00 B- 351,125
John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
17,280 Total Health Care 16,180,954
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9% (4.9% OF TOTAL INVESTMENTS)
400 East Syracuse Housing Authority, New York, FHA-Insured Section 8 4/10 at 102.00 AAA 414,536
Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A,
6.700%, 4/01/21
1,690 New York City Housing Development Corporation, New York, Capital 7/15 at 100.00 AA+ 1,693,465
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 1,013,870
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 989,750
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 982,120
440 New York State Housing Finance Agency, Secured Mortgage Program 8/11 at 100.00 Aa1 446,173
Multifamily Housing Revenue Bonds, Series 2001E, 5.600%, 8/15/20
(Alternative Minimum Tax)
1,275 Westchester County Industrial Development Agency, New York, GNMA 8/11 at 102.00 Aaa 1,307,564
Collateralized Mortgage Loan Revenue Bonds, Living Independently
for the Elderly Inc., Series 2001A, 5.375%, 8/20/21
------------------------------------------------------------------------------------------------------------------------------------
6,805 Total Housing/Multifamily 6,847,478
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.1% (4.1% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/15 at 100.00 Aa1 822,529
Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
370 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/17 at 100.00 Aa1 340,378
Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax)
3,750 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 9/09 at 100.50 Aa1 3,781,386
Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third 4/13 at 101.00 Aaa 800,327
Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,910 Total Housing/Single Family 5,744,620
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.9% (8.9% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue Bonds, 8/09 at 101.00 AA 1,028,180
WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 - MBIA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 101.00 AAA 957,900
Nursing Home Revenue Bonds, Eger Healthcare Center of Staten
Island, Series 1998, 5.100%, 2/01/28
2,655 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 100.00 AA 2,655,609
Nursing Home Revenue Bonds, Hebrew Home for the Aged at
Riverdale, Series 1997, 6.125%, 2/01/37
17
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 2,250 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 100.00 A $ 2,221,965
Nursing Home Revenue Bonds, Rosalind and Joseph Gurwin Jewish
Geriatric Center of Long Island, Series 1997, 5.700%, 2/01/37 -
AMBAC Insured
1,285 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 100.00 AA- 1,285,848
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 Mortgage 8/09 at 100.00 AAA 2,000,880
Revenue Bonds, W.K. Nursing Home Corporation, Series 1996,
6.125%, 2/01/36
450 Dormitory Authority of the State of New York, GNMA Collateralized 2/17 at 103.00 A- 422,658
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41
270 Dormitory Authority of the State of New York, Non-State Supported 11/16 at 100.00 Aa3 251,988
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 73,107
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
530 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 487,208
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, Civic 7/16 at 101.00 N/R 658,017
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008A-1, 5.500%, 7/01/18
235 Suffolk County Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 178,097
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008-B1, 5.800%, 7/01/23
225 Yonkers Industrial Development Agency, New York, Civic Facilities 7/16 at 101.00 N/R 169,625
Revenue Bonds, Special Needs Facilities Pooled Program Bonds,
Series 2008-C1, 5.800%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
12,855 Total Long-Term Care 12,391,082
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.1% (0.1% OF TOTAL INVESTMENTS)
240 Jefferson County Industrial Development Agency, New York, Solid 12/13 at 100.00 BBB 158,842
Waste Disposal Revenue Bonds, International Paper Company
Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.2% (8.2% OF TOTAL INVESTMENTS)
750 New York City, New York, General Obligation Bonds, Fiscal Series 8/14 at 100.00 AA 815,273
2004C, 5.250%, 8/15/16
1,000 New York City, New York, General Obligation Bonds, Fiscal Series 11/14 at 100.00 AAA 1,035,190
2004E, 5.000%, 11/01/19 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal Series 9/15 at 100.00 AA 2,058,820
2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
2,795 New York City, New York, General Obligation Bonds, Fiscal Series 8/16 at 100.00 AA 2,791,085
2007A, 5.000%, 8/01/25
4,760 New York City, New York, General Obligation Bonds, Series D, 5.125%, 12/17 at 100.00 AA 4,788,463
12/01/25
------------------------------------------------------------------------------------------------------------------------------------
11,305 Total Tax Obligation/General 11,488,831
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 20.5% (20.6% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, Series 11/13 at 100.00 AAA 1,075,720
2003A, 5.250%, 11/01/21
395 Dormitory Authority of the State of New York, Department of Health 7/15 at 100.00 AA- 400,637
Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG Insured
275 Dormitory Authority of the State of New York, State Personal Income 3/15 at 100.00 AAA 290,395
Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured
350 Erie County Industrial Development Agency, New York, School Facility 5/14 at 100.00 AAA 355,985
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 2,023,520
1,000 5.000%, 11/15/30 11/12 at 100.00 AA 970,370
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 958,570
Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 560 Monroe Newpower Corporation, New York, Power Facilities Revenue 1/13 at 102.00 BBB $ 363,446
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 761,312
550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 562,529
1,890 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,909,070
1,200 New York City Transitional Finance Authority, New York, Building Aid 1/17 at 100.00 AA- 1,147,776
Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,330 New York City Transitional Finance Authority, New York, Future Tax 2/13 at 100.00 AAA 1,359,061
Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
1,530 New York City Transitional Finance Authority, New York, Future Tax 11/17 at 100.00 AAA 1,544,826
Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
1,000 New York State Environmental Facilities Corporation, Infrastructure 3/14 at 100.00 AA- 1,020,450
Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,100 New York State Environmental Facilities Corporation, State Personal 12/17 at 100.00 AAA 2,122,008
Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
840 New York State Housing Finance Agency, State Personal Income Tax 9/15 at 100.00 AAA 818,143
Revenue Bonds, Economic Development and Housing, Series 2006A,
5.000%, 3/15/36
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 10/15 at 100.00 AA 1,038,930
Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC
Insured
610 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA 887,160
Bonds, Series 2005B, Trust 2800, 19.498%, 4/01/20 - AMBAC Insured
(IF)
1,175 New York State Thruway Authority, Highway and Bridge Trust Fund 10/17 at 100.00 AA 1,170,852
Bonds, Series 2007, 5.000%, 4/01/27
1,065 New York State Thruway Authority, State Personal Income Tax Revenue 3/12 at 100.00 AAA 1,095,257
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 AA- 1,811,088
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,991,400
1,000 New York State Tobacco Settlement Financing Corporation, Tobacco 6/13 at 100.00 AA- 1,010,550
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 Project No Opt. Call AA- 687,306
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 A 1,258,179
Agreement Revenue Bonds, John P. Colahan Court Complex, Series
1999, 5.000%, 4/15/16 - AMBAC Insured
20 Triborough Bridge and Tunnel Authority, New York, Convention Center No Opt. Call AA- 20,934
Bonds, Series 1990E, 7.250%, 1/01/10
------------------------------------------------------------------------------------------------------------------------------------
28,260 Total Tax Obligation/Limited 28,655,474
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.1% (8.1% OF TOTAL INVESTMENTS)
180 Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 7/11 at 101.00 BBB+ 177,811
5.625%, 7/15/25
2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,282,075
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
500 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 511,715
Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC
Insured
1,100 New York City Industrial Development Agency, New York, Special 6/09 at 102.00 Ba1 529,287
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, Special 8/12 at 101.00 B- 755,130
Facilities Revenue Bonds, JFK Airport - American Airlines Inc.,
Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
19
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 165 New York State Thruway Authority, General Revenue Bonds, Series 1/15 at 100.00 A+ $ 158,400
2005F, 5.000%, 1/01/30 - AMBAC Insured
400 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 394,380
2005G, 5.000%, 1/01/30 - FSA Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, 4/09 at 101.00 AA- 434,320
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 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,003,260
435 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 432,634
325 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 320,008
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.447%,
8/15/32 - FSA Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, New York, General Purpose 11/12 at 100.00 Aa2 2,574,050
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 AA- 873,218
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA- 820,776
------------------------------------------------------------------------------------------------------------------------------------
12,185 Total Transportation 11,267,064
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.9% (7.9% OF TOTAL INVESTMENTS) (4)
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 BBB+ (4) 644,262
750 5.750%, 10/01/30 (Pre-refunded 10/01/10) - RAAI Insured 10/10 at 100.00 BBB+ (4) 805,890
220 Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 7/11 at 101.00 N/R (4) 245,606
5.625%, 7/15/25 (Pre-refunded 7/15/11)
2,765 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,300,551
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, Lease 4/09 at 106.84 Baa1 (4) 33,126
Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14
(ETM)
305 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 328,253
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 Facilities 5/09 at 101.00 A (4) 968,515
Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM)
480 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco 6/10 at 101.00 AAA 508,075
Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25
(Pre-refunded 6/01/10)
410 New York City Industrial Development Agency, New York, Civic 7/10 at 102.00 N/R (4) 445,613
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10)
555 New York State Thruway Authority, State Personal Income Tax Revenue 3/12 at 100.00 Aa3 (4) 612,387
Bonds, Series 2002A, 5.125%, 3/15/21 (Pre-refunded 3/15/12)
750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- (4) 766,740
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 Water No Opt. Call AA (4) 1,153,340
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 Bonds, 2/11 at 100.00 BBB- (4) 1,229,133
Community Development Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
9,940 Total U.S. Guaranteed 11,041,491
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.4% (6.4% 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 AA- $ 1,498,350
1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AA- 1,490,235
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 231,288
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
1,000 Nassau County Industrial Development Authority, New York, Keyspan 6/13 at 100.00 A- 879,380
Glenwood Energy Project, Series 2003, 5.250%, 6/01/27
(Alternative Minimum Tax)
1,500 New York State Energy Research and Development Authority, Pollution 3/11 at 100.00 AA- 1,456,260
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, Solid Waste 11/11 at 101.00 Baa2 468,035
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, Solid Waste 11/11 at 101.00 Baa2 228,845
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 Bonds, 11/10 at 100.00 Aa2 1,500,390
Series 2000A, 5.250%, 11/15/40
25 Power Authority of the State of New York, General Revenue Bonds, 11/15 at 100.00 Aa2 26,817
Series 2006A, 5.000%, 11/15/19 - FGIC Insured
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue
Cogeneration Partners Facility, Series 1998:
860 5.300%, 1/01/13 (Alternative Minimum Tax) 7/09 at 101.00 N/R 752,775
575 5.500%, 1/01/23 (Alternative Minimum Tax) 7/09 at 101.00 N/R 404,398
------------------------------------------------------------------------------------------------------------------------------------
9,460 Total Utilities 8,936,773
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.0% (2.0% OF TOTAL INVESTMENTS)
415 New York City Municipal Water Finance Authority, New York, Water and 6/10 at 101.00 AAA 442,510
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, Water and 6/11 at 101.00 AAA 1,623,225
Sewerage System Revenue Bonds, Fiscal Series 2001D,
5.500%, 6/15/17
740 New York City Municipal Water Finance Authority, New York, Water and 6/12 at 100.00 AAA 773,455
Sewerage System Revenue Bonds, Fiscal Series 2003A,
5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
2,655 Total Water and Sewer 2,839,190
------------------------------------------------------------------------------------------------------------------------------------
$ 135,540 Total Long-Term Municipal Bonds (cost $136,828,280) - 93.8% 131,076,776
=============-----------------------------------------------------------------------------------------------------------------------
21
NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 6.1% (6.1% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 5.0% (5.0% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 5.0% (5.0% OF TOTAL INVESTMENTS)
7,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 7/09 at 100.00 A-1 $ 7,000,000
Bonds, Variable Rate Demand Revenue Obligations, Series 2008A,
4.100%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSITS - 1.1% (1.1% OF TOTAL INVESTMENTS)
1,480 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A N/A 1,479,902
------------------------------------------------------------------------------------------------------------------------------------
$ 8,480 Total Short-Term Investments (cost $8,479,902) 8,479,902
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $145,308,182) - 99.9% 139,556,678
---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (1.0)% (1,415,000)
---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 1,550,812
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 139,692,490
=====================================================================================================================
(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 may reflect the ratings on certain bonds
insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
N/A Not applicable.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
22
NNP | Nuveen New York Performance Plus Municipal Fund, Inc.
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.2% (0.1% OF TOTAL INVESTMENTS)
$ 685 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BB+ $ 415,562
Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.0% (1.3% OF TOTAL INVESTMENTS)
540 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through 6/11 at 101.00 BBB 419,191
Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through 6/13 at 100.00 BBB 748,950
Bonds, Series 2003, 5.750%, 6/01/33
500 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 385,850
Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
2,660 4.750%, 6/01/22 6/16 at 100.00 BBB 1,968,214
930 5.000%, 6/01/26 6/16 at 100.00 BBB 645,783
------------------------------------------------------------------------------------------------------------------------------------
5,630 Total Consumer Staples 4,167,988
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.0% (13.2% OF TOTAL
INVESTMENTS)
655 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 493,038
Albany Law School, Series 2007A, 5.000%, 7/01/31
275 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 166,997
Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
1,285 Cattaraugus County Industrial Development Agency, New York, Revenue 9/09 at 100.50 BBB- 1,218,784
Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13
90 Cattaraugus County Industrial Development Agency, New York, Revenue 5/16 at 100.00 BBB- 67,706
Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
1,000 Dormitory Authority of the State of New York, Consolidated Revenue No Opt. Call AAA 1,068,020
Bonds, City University System, Series 1993B, 6.000%, 7/01/14 -
FSA Insured
2,815 Dormitory Authority of the State of New York, General Revenue Bonds, 7/17 at 100.00 BBB+ 2,049,236
Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured
2,120 Dormitory Authority of the State of New York, General Revenue Bonds, No Opt. Call AA- 2,385,212
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 Bonds, 7/15 at 100.00 AA- 1,210,310
State University Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - MBIA Insured
230 Dormitory Authority of the State of New York, Revenue Bonds, Fashion 7/10 at 101.00 AAA 240,863
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 BBB+ 7,675,980
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 BBB+ 1,186,675
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 BBB+ 920,660
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 BBB+ 3,426,676
2,500 Dormitory Authority of the State of New York, Revenue Bonds, State No Opt. Call AA- 2,916,500
University Educational Facilities, Series 1993A, 5.875%, 5/15/17
23
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 2,800 Dutchess County Industrial Development Agency, New York, Civic 8/17 at 100.00 Baa1 $ 2,115,624
Facility Revenue Bonds, Bard College Project, Series 2007-A2,
4.500%, 8/01/36
635 Hempstead Town Industrial Development Agency, New York, Revenue 10/15 at 100.00 A 577,018
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 BBB+ 938,820
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 BBB+ 2,039,860
580 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 488,470
Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%,
10/01/34
850 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 856,358
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, PILOT Revenue 1/17 at 100.00 A 1,711,315
Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%,
1/01/42 - AMBAC Insured
3,855 New York City Industrial Development Authority, New York, PILOT 9/16 at 100.00 BBB- 2,639,441
Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%,
3/01/39 - FGIC Insured
5,000 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aa3 4,892,000
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
420 Seneca County Industrial Development Authority, New York, Revenue 10/17 at 100.00 BBB 285,760
Bonds, New York Chiropractic College, Series 2007, 5.000%,
10/01/27
------------------------------------------------------------------------------------------------------------------------------------
46,395 Total Education and Civic Organizations 41,571,323
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
1,000 Liberty Development Corporation, New York, Goldman Sachs Headquarter No Opt. Call A1 832,920
Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 1,484,568
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,740 Total Financials 2,317,488
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.3% (11.4% OF TOTAL INVESTMENTS)
50 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 100.50 A 47,076
Hospital Revenue Bonds, New York and Presbyterian Hospital,
Series 1998, 4.750%, 8/01/27 - AMBAC Insured
630 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 101.00 AA 636,955
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 Mortgage 2/15 at 100.00 AA- 1,178,783
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 Revenue 2/15 at 100.00 AA- 1,707,310
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 Revenue 8/15 at 100.00 A- 4,098,555
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 3,774,788
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 AA- 7,352,319
Catholic Health Services of Long Island Obligated Group - St.
Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%,
7/01/22 - MBIA Insured
1,200 Dormitory Authority of the State of New York, Revenue Bonds, Lenox 7/11 at 101.00 Ba1 845,364
Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,760 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA $ 1,738,334
Memorial Sloan Kettering Cancer Center, Series 2008, Trust
3209, 14.073%, 7/01/35 (IF)
3,400 Dormitory Authority of the State of New York, Revenue Bonds, Mount 7/10 at 101.00 A3 3,009,068
Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25
2,925 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 3,148,353
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, North 11/16 at 100.00 A3 1,519,506
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, South 7/13 at 100.00 Baa1 1,098,363
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 702,801
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- 537,392
625 5.500%, 2/01/32 No Opt. Call BBB- 465,056
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 A+ 1,010,880
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A1 1,257,488
730 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Ba2 499,970
Facility Revenue Bonds, Staten Island University Hospital, Series
2001B, 6.375%, 7/01/31
725 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 Ba2 501,707
Facility Revenue Bonds, Staten Island University Hospital, Series
2002C, 6.450%, 7/01/32
1,100 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. 7/11 at 101.00 B- 772,475
John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
39,240 Total Health Care 35,902,543
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.1% (4.0% OF TOTAL INVESTMENTS)
4,530 New York City Housing Development Corporation, New York, Capital 7/15 at 100.00 AA+ 4,539,287
Fund Program Revenue Bonds, Series 2008, 5.000%, 7/01/25 - FGIC
Insured (UB)
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 1,593,498
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,964,240
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 911,620
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 415,229
1,500 New York City Housing Development Corporation, New York, Multifamily 5/14 at 100.00 AA 1,480,860
Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
690 New York State Housing Finance Agency, Affordable Housing Revenue, 11/17 at 100.00 Aa2 630,246
Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
1,100 New York State Housing Finance Agency, Secured Mortgage Program 8/09 at 101.00 Aa1 1,113,662
Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
12,790 Total Housing/Multifamily 12,648,642
------------------------------------------------------------------------------------------------------------------------------------
25
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.7% (3.8% OF TOTAL INVESTMENTS)
$ 835 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/17 at 100.00 Aa1 $ 749,404
2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
2,295 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/15 at 100.00 Aa1 1,987,057
Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
880 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/17 at 100.00 Aa1 809,547
Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 9/09 at 100.50 Aa1 1,260,463
Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax)
310 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/09 at 100.00 Aa1 292,522
Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax)
5,325 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/11 at 100.00 Aa1 5,127,869
Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax)
1,660 New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third 4/13 at 101.00 Aaa 1,581,598
Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
12,555 Total Housing/Single Family 11,808,460
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.1% (4.7% OF TOTAL INVESTMENTS)
2,650 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 100.00 AA 2,650,610
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 Collateralized 2/17 at 103.00 A- 1,033,164
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41
645 Dormitory Authority of the State of New York, Non-State Supported 11/16 at 100.00 Aa3 601,972
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, Miriam 7/10 at 102.00 BBB 1,117,889
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 29,516
425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 230,150
1,350 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 1,241,001
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 1,576,834
755 5.800%, 7/01/23 7/16 at 101.00 N/R 572,184
75 New York State Medical Care Facilities Finance Agency, FHA-Insured 8/09 at 100.00 AA+ 75,233
Mortgage Hospital and Nursing Home Revenue Bonds, Series 1995C,
6.100%, 8/15/15
2,755 Oswego County Industrial Development Agency, New York, FHA-Insured 8/09 at 101.00 AA+ 2,652,101
Mortgage Assisted Civic Facility Revenue Bonds, Bishop Commons
Inc., Series 1999A, 5.375%, 2/01/49
340 Suffolk County Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 257,672
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008-B1, 5.800%, 7/01/23
2,705 Syracuse Housing Authority, New York, FHA-Insured Mortgage Revenue 8/09 at 101.00 AAA 2,738,731
Bonds, Loretto Rest Residential Healthcare Facility, Series
1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
16,190 Total Long-Term Care 14,777,057
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
575 Jefferson County Industrial Development Agency, New York, Solid 12/13 at 100.00 BBB 380,558
Waste Disposal Revenue Bonds, International Paper Company
Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.9% (7.2% OF TOTAL INVESTMENTS)
$ 3,000 New York City, New York, General Obligation Bonds, Fiscal Series 9/15 at 100.00 AA $ 3,088,230
2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
6,400 New York City, New York, General Obligation Bonds, Fiscal Series 6/16 at 100.00 AA 6,393,920
2006J-1, 5.000%, 6/01/25 (UB)
10,000 New York City, New York, General Obligation Bonds, Fiscal Series 12/17 at 100.00 AA 10,023,600
2007D-1, 5.125%, 12/01/26 (UB)
450 New York City, New York, General Obligation Bonds, Series 2008, 8/14 at 100.00 AA 606,654
Trust 3217, 18.316%, 8/15/16 (IF)
835 New York City, New York, General Obligation Bonds, Tender Option 11/14 at 100.00 AAA 923,151
Bond Trust 1198, 9.048%, 11/01/19 - FSA Insured (IF)
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
200 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AA- 204,578
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AA- 204,578
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
750 5.250%, 7/01/23 5/09 at 100.00 A3 749,993
500 5.250%, 7/01/24 5/09 at 100.00 A3 499,965
------------------------------------------------------------------------------------------------------------------------------------
22,335 Total Tax Obligation/General 22,694,669
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.8% (22.9% OF TOTAL INVESTMENTS)
2,400 Battery Park City Authority, New York, Senior Revenue Bonds, Series 11/13 at 100.00 AAA 2,517,240
2003A, 5.000%, 11/01/23
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 1,349,945
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,455,469
1,000 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AA- 989,940
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 Income 3/15 at 100.00 AAA 728,626
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 5,058,800
2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,425,925
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,400,330
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,917,140
1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 1,265,056
1,680 Monroe Newpower Corporation, New York, Power Facilities Revenue 1/13 at 102.00 BBB 1,090,337
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 2008:
2,670 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,746,896
2,125 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,173,408
2,475 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,499,973
3,100 New York City Transitional Finance Authority, New York, Building Aid 1/17 at 100.00 AA- 2,965,088
Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
2,665 New York City Transitional Finance Authority, New York, Future Tax 2/13 at 100.00 AAA 2,723,230
Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
3,640 New York City Transitional Finance Authority, New York, Future Tax 11/17 at 100.00 AAA 3,675,272
Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
27
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Environmental Facilities Corporation, Infrastructure 3/14 at 100.00 AA- $ 1,020,450
Revenue Bonds, Series 2003A, 5.000%, 3/15/21
5,000 New York State Environmental Facilities Corporation, State Personal 12/17 at 100.00 AAA 5,052,400
Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
2,030 New York State Housing Finance Agency, State Personal Income Tax 9/15 at 100.00 AAA 1,977,179
Revenue Bonds, Economic Development and Housing, Series 2006A,
5.000%, 3/15/36
1,100 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 1,084,545
2005G, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 10/15 at 100.00 AA 1,038,930
Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC
Insured
1,400 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA 2,036,104
Bonds, Series 2005B, Trust 2800, 19.498%, 4/01/20 - AMBAC Insured
(IF)
2,800 New York State Thruway Authority, Highway and Bridge Trust Fund 10/17 at 100.00 AA 2,790,116
Bonds, Series 2007, 5.000%, 4/01/27
4,285 New York State Thruway Authority, State Personal Income Tax Revenue 3/12 at 100.00 AAA 4,406,737
Bonds, Series 2002A, 5.125%, 3/15/21
6,700 New York State Tobacco Settlement Financing Corporation, Tobacco 6/13 at 100.00 AA- 6,741,271
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, Tobacco 6/13 at 100.00 AA- 3,031,650
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 Contract No Opt. Call AA- 3,728,842
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 Personal Income 3/15 at 100.00 AAA 1,299,974
Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
71,280 Total Tax Obligation/Limited 72,190,873
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.4% (6.9% OF TOTAL INVESTMENTS)
810 Albany Parking Authority, New York, Revenue Bonds, Series 2001B, 10/11 at 101.00 BBB+ 862,448
5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call AA- 1,595,775
Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured
1,900 New York City Industrial Development Agency, New York, Special 6/09 at 102.00 Ba1 914,223
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, Series 1/15 at 100.00 A+ 206,400
2005F, 5.000%, 1/01/30 - AMBAC Insured
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, 4/09 at 101.00 AA- 868,640
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 - SYNCORA GTY Insured 6/15 at 101.00 AA- 2,307,498
1,080 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,074,125
770 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 758,173
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.447%,
8/15/32 - FSA Insured (IF)
2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/09 at 100.00 CCC+ 805,066
American Airlines Inc., Series 1996A, 6.250%, 6/01/26
(Alternative Minimum Tax)
2,000 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/12 at 100.00 Aa2 2,068,340
Revenue Bonds, Series 2001A, 5.000%, 1/01/19
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 5,750 Triborough Bridge and Tunnel Authority, New York, General Purpose 11/12 at 100.00 Aa2 $ 5,920,314
Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/12 at 100.00 AA- 2,462,328
General Purpose Revenue Refunding Bonds, Series 2002E, 5.250%,
11/15/22 - MBIA Insured
1,750 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/18 at 100.00 AA- 1,686,633
General Purpose Revenue Refunding Bonds, Tender Option Bond Trust
1184, 9.236%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
23,515 Total Transportation 21,529,963
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.5% (13.5% OF TOTAL INVESTMENTS) (4)
1,500 Albany Industrial Development Agency, New York, Revenue Bonds, 12/09 at 101.00 BBB+ (4) 1,578,870
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 Nursing 2/13 at 102.00 Aaa 1,757,105
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 Aa3 (4) 26,793
10 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,713
155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 166,115
20 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 21,434
10 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,713
155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 166,115
25 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aa3 (4) 26,793
15 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 16,069
180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 192,908
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 AAA 1,133,520
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, Fashion 7/10 at 101.00 AAA 374,595
Institute of Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - FSA Insured
765 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 823,324
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 Tax Fund 10/15 at 100.00 AAA 5,712,500
Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) -
FGIC Insured
525 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco 6/10 at 101.00 AAA 555,707
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, Tobacco 7/09 at 101.00 AAA 2,568,000
Settlement Asset-Backed Bonds, Series 1999A, 6.500%, 7/15/27
(Pre-refunded 7/15/09)
1,040 New York City Industrial Development Agency, New York, Civic 7/10 at 102.00 N/R (4) 1,130,334
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, Revenue Bonds, 7/09 at 101.00 AAA 1,023,560
American Museum of Natural History, Series 1999A, 5.750%, 7/01/29
(Pre-refunded 7/01/09) - AMBAC Insured
2,215 New York State Thruway Authority, State Personal Income Tax Revenue 3/12 at 100.00 Aa3 (4) 2,444,031
Bonds, Series 2002A, 5.125%, 3/15/21 (Pre-refunded 3/15/12)
2,950 New York State Urban Development Corporation, State Personal Income 3/13 at 100.00 AAA 3,329,429
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 Water No Opt. Call AA (4) 2,185,944
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 Purpose No Opt. Call AAA 1,772,224
Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
29
NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 7,500 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/22 at 100.00 AAA $ 8,874,522
Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded
1/01/22)
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan 10/10 at 101.00 BBB+ (4) 3,809,278
Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10)
2,520 Yonkers Industrial Development Agency, New York, Revenue Bonds, 2/11 at 100.00 BBB- (4) 2,765,549
Community Development Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
38,155 Total U.S. Guaranteed 42,476,145
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.5% (5.6% 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 AA- 3,096,590
3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AA- 3,079,819
2,300 Nassau County Industrial Development Authority, New York, Keyspan 6/13 at 100.00 A- 2,022,574
Glenwood Energy Project, Series 2003, 5.250%, 6/01/27
(Alternative Minimum Tax)
2,000 Niagara County Industrial Development Agency, New York, Solid Waste 11/11 at 101.00 Baa2 1,785,220
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 Bonds, 11/10 at 100.00 Aa2 4,001,040
Series 2000A, 5.250%, 11/15/40
820 Power Authority of the State of New York, General Revenue Bonds, 11/15 at 100.00 Aa2 879,581
Series 2006A, 5.000%, 11/15/19 - FGIC Insured
4,000 Suffolk County Industrial Development Agency, New York, Revenue 7/09 at 101.00 N/R 2,813,200
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998,
5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
19,320 Total Utilities 17,678,024
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.2% (4.1% OF TOTAL INVESTMENTS)
2,495 New York City Municipal Water Finance Authority, New York, Water and 6/10 at 101.00 AAA 2,660,394
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, Water and 6/11 at 101.00 AAA 2,164,300
Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%,
6/15/17
2,225 New York City Municipal Water Finance Authority, New York, Water and 6/12 at 100.00 AAA 2,325,592
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 1,417,522
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,251,835
------------------------------------------------------------------------------------------------------------------------------------
12,125 Total Water and Sewer 12,819,643
------------------------------------------------------------------------------------------------------------------------------------
$ 323,530 Total Long-Term Municipal Bonds (cost $326,353,114) - 151.0% 313,378,938
=============-----------------------------------------------------------------------------------------------------------------------
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM MUNICIPAL BONDS - 0.7% (0.5% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 0.7% (0.5% OF TOTAL INVESTMENTS)
$ 1,500 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 7/09 at 100.00 A-1 $ 1,500,000
Bonds, Variable Rate Demand Revenue Obligations, Series 2008A,
4.100%, 11/01/31 - FSA Insured (5)
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Municipal Bonds (cost $1,500,000) 1,500,000
---------------------------------------------------------------------------------------------------------------------
Total Investments (cost $327,853,114) - 151.7% 314,878,938
---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.5)% (23,810,000)
---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 4,143,578
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (42.2)% (6) (87,650,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 207,562,516
=====================================================================================================================
(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 may reflect the ratings on certain bonds
insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 27.8%.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
31
NAN | Nuveen New York Dividend Advantage Municipal Fund
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.2% (1.4% OF TOTAL INVESTMENTS)
$ 500 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BB+ $ 303,330
Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
3,600 Seneca Nation of Indians Capital Improvements Authority, New York, 6/17 at 100.00 BB 2,294,280
Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
4,100 Total Consumer Discretionary 2,597,610
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.4% OF TOTAL INVESTMENTS)
355 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through 6/11 at 101.00 BBB 275,579
Bonds, Series 2001, 5.250%, 6/01/25
835 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 594,704
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
285 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 219,935
Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
895 4.750%, 6/01/22 6/16 at 100.00 BBB 662,237
1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 781,189
------------------------------------------------------------------------------------------------------------------------------------
3,495 Total Consumer Staples 2,533,644
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.2% (12.7% OF TOTAL
INVESTMENTS)
380 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 286,037
Albany Law School, Series 2007A, 5.000%, 7/01/31
160 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 97,162
Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
120 Cattaraugus County Industrial Development Agency, New York, Revenue 5/16 at 100.00 BBB- 90,275
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 BBB+ 1,190,231
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI
Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue Bonds, No Opt. Call AA- 1,055,150
State University Dormitory Facilities, Series 2003B, 5.250%,
7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY Insured
705 Dormitory Authority of the State of New York, Lease Revenue Bonds, 7/15 at 100.00 AA- 702,279
State University Dormitory Facilities, Series 2004A, 5.000%,
7/01/29 - MBIA Insured
195 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 204,210
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 BBB+ 1,149,788
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 BBB+ 1,661,345
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 BBB+ 674,543
1,630 Dutchess County Industrial Development Agency, New York, Civic 8/17 at 100.00 Baa1 1,231,595
Facility Revenue Bonds, Bard College Project, Series 2007-A2,
4.500%, 8/01/36
370 Hempstead Town Industrial Development Agency, New York, Revenue 10/15 at 100.00 A 336,215
Bonds, Adelphi University, Civic Facility Project, Series 2005,
5.000%, 10/01/35
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
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 A3 $ 2,810,880
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 A3 2,401,878
3,070 Monroe County Industrial Development Agency, New York, Civic 6/09 at 102.00 BBB+ 2,647,936
Facility Revenue Bonds, St. John Fisher College, Series 1999,
5.375%, 6/01/24 - RAAI Insured
330 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 277,923
Facility Revenue Bonds, St. Francis College, Series 2004,
5.000%, 10/01/34
1,800 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 1,813,464
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, PILOT 1/17 at 100.00 A 1,212,802
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, PILOT 9/16 at 100.00 BBB- 1,533,683
Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%,
3/01/39 - FGIC Insured
1,500 Niagara County Industrial Development Agency, New York, Civic 11/11 at 101.00 BBB+ 1,312,635
Facility Revenue Bonds, Niagara University, Series 2001A,
5.350%, 11/01/23 - RAAI Insured
245 Seneca County Industrial Development Authority, New York, Revenue 10/17 at 100.00 BBB 166,693
Bonds, New York Chiropractic College, Series 2007, 5.000%,
10/01/27
------------------------------------------------------------------------------------------------------------------------------------
26,560 Total Education and Civic Organizations 22,856,724
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 2.0% (1.3% OF TOTAL INVESTMENTS)
1,100 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 916,212
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 1,484,568
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,840 Total Financials 2,400,780
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 33.5% (22.1% 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 904,378
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 991,311
2,055 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 101.00 AA- 2,076,598
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 Mortgage 8/09 at 101.00 A 4,835,711
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:
1,585 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AA- 1,625,941
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AA- 2,052,480
625 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AA- 596,550
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 Revenue 8/15 at 100.00 A- 2,368,054
Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
Dormitory Authority of the State of New York, Insured Revenue
Bonds, Franciscan Health Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997:
2,000 5.500%, 7/01/17 - RAAI Insured 7/09 at 100.00 A3 1,964,760
2,000 5.500%, 7/01/27 - RAAI Insured 7/09 at 100.00 A3 1,728,380
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 2,013,220
Catholic Health Services of Long Island Obligated Group - St.
Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20
33
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
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 Ba1 $ 132,870
500 5.500%, 7/01/30 7/11 at 101.00 Ba1 352,235
995 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 982,752
Memorial Sloan Kettering Cancer Center, Series 2008, Trust 3209,
14.073%, 7/01/35 (IF)
1,575 Dormitory Authority of the State of New York, Revenue Bonds, Mount 7/10 at 101.00 A3 1,393,907
Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, Mount 5/09 at 100.00 A3 230,475
Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,415 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 1,523,049
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, North 11/16 at 100.00 A3 844,170
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, NYU 7/17 at 100.00 BB+ 1,324,420
Hospitals Center, Series 2007B, 5.625%, 7/01/37
500 Dormitory Authority of the State of New York, Revenue Bonds, South 7/13 at 100.00 Baa1 439,345
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 468,534
Winthrop-South Nassau University Hospital Association, Series
2003A, 5.500%, 7/01/32
420 Livingston County Industrial Development Agency, New York, Civic 7/10 at 100.00 BB 276,906
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- 310,325
360 5.500%, 2/01/32 No Opt. Call BBB- 267,872
1,750 New York City Health and Hospitals Corporation, New York, Health 2/13 at 100.00 A1 1,760,483
System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC
Insured
570 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Ba2 390,387
Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
100 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 Ba2 69,201
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
4,000 Ulster County Industrial Development Agency, New York, Civic 11/09 at 101.00 A1 4,022,319
Facility Revenue Bonds, Kingston Hospital, Series 1999, 5.650%,
11/15/24
3,260 Yates County Industrial Development Agency, New York, FHA-Insured 8/09 at 101.00 AAA 3,427,237
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 Bonds, St. 7/11 at 101.00 B- 456,463
John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
42,790 Total Health Care 39,830,333
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6% (3.7% OF TOTAL INVESTMENTS)
2,585 New York City Housing Development Corporation, New York, Capital 7/15 at 100.00 AA+ 2,590,299
Fund Program Revenue Bonds, Series 2008, 5.000%, 7/01/25 - FGIC
Insured (UB)
3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 2,969,250
Multifamily Housing Revenue Bonds, Series 2001A, 5.500%, 11/01/31
750 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 740,430
Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
405 New York State Housing Finance Agency, Affordable Housing Revenue, 11/17 at 100.00 Aa2 369,927
Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
6,740 Total Housing/Multifamily 6,669,906
------------------------------------------------------------------------------------------------------------------------------------
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.3% (2.9% OF TOTAL INVESTMENTS)
$ 645 Guam Housing Corporation, Mortgage-Backed Securities Program Single No Opt. Call AAA $ 638,550
Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31
(Alternative Minimum Tax)
485 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/17 at 100.00 Aa1 435,283
2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
1,350 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/15 at 100.00 Aa1 1,168,857
Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
510 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/17 at 100.00 Aa1 469,169
Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax)
1,735 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/09 at 100.00 Aa1 1,637,181
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 800,327
Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,565 Total Housing/Single Family 5,149,367
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.0% (3.9% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured Nursing 2/15 at 100.00 AA 1,780,420
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 Collateralized 2/17 at 103.00 A- 563,544
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41
375 Dormitory Authority of the State of New York, Non-State Supported 11/16 at 100.00 Aa3 349,984
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 135,383
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
905 East Rochester Housing Authority, New York, Senior Living Revenue 8/16 at 101.00 N/R 556,394
Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
750 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 689,445
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 914,804
635 5.800%, 7/01/23 7/16 at 101.00 N/R 481,241
1,635 Yonkers Industrial Development Agency, New York, FHA-Insured 8/09 at 101.00 AA- 1,616,508
Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion,
Series 1999, 5.450%, 2/01/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
8,290 Total Long-Term Care 7,087,723
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
330 Jefferson County Industrial Development Agency, New York, Solid 12/13 at 100.00 BBB 218,407
Waste Disposal Revenue Bonds, International Paper Company
Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.2% (10.0% OF TOTAL INVESTMENTS)
2,600 New York City, New York, General Obligation Bonds, Fiscal Series 5/09 at 101.00 AA 2,553,408
1999J, 5.125%, 5/15/29 - MBIA Insured
3,700 New York City, New York, General Obligation Bonds, Fiscal Series 8/16 at 100.00 AA 3,694,819
2007A, 5.000%, 8/01/25
6,590 New York City, New York, General Obligation Bonds, Fiscal 2007 12/17 at 100.00 AA 6,629,408
Series D-1, 5.125%, 12/01/25 (UB)
250 New York City, New York, General Obligation Bonds, Series 2008, 8/14 at 100.00 AA 337,030
Trust 3217, 18.316%, 8/15/16 (IF)
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AA- 783,605
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AA- 776,491
2,280 Rockland County, New York, General Obligation Bonds, Series 1999, 10/09 at 101.00 AA- 2,349,586
5.600%, 10/15/16
35
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
$ 500 5.250%, 7/01/23 5/09 at 100.00 A3 $ 499,995
500 5.250%, 7/01/24 5/09 at 100.00 A3 499,965
------------------------------------------------------------------------------------------------------------------------------------
17,860 Total Tax Obligation/General 18,124,307
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.9% (22.3% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, Series 11/13 at 100.00 AAA 1,075,720
2003A, 5.250%, 11/01/21
590 Dormitory Authority of the State of New York, Department of Health 7/15 at 100.00 AA- 598,419
Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG Insured
1,850 Dormitory Authority of the State of New York, Secured Hospital 8/09 at 100.75 AA 1,855,754
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 Income 3/15 at 100.00 AAA 195,356
Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured
550 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 559,405
Facility Revenue Bonds, Buffalo City School District, Series
2004, 5.750%, 5/01/26 - FSA Insured (UB)
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 2,023,520
2,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,940,740
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 958,570
Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
1,130 Monroe Newpower Corporation, New York, Power Facilities Revenue 1/13 at 102.00 BBB 733,381
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 2008:
1,100 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 1,131,680
810 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 828,452
2,375 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,398,964
2,100 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- 2,008,608
Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,670 New York City Transitional Finance Authority, New York, Future Tax 2/13 at 100.00 AAA 1,706,490
Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
2,115 New York City Transitional Finance Authority, New York, Future Tax 11/17 at 100.00 AAA 2,135,494
Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
1,000 New York State Environmental Facilities Corporation, Infrastructure 3/14 at 100.00 AA- 1,020,450
Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,920 New York State Environmental Facilities Corporation, State Personal 12/17 at 100.00 AAA 2,969,260
Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
1,190 New York State Housing Finance Agency, State Personal Income Tax 9/15 at 100.00 AAA 1,159,036
Revenue Bonds, Economic Development and Housing, Series 2006A,
5.000%, 3/15/36
700 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 690,165
2005G, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 10/15 at 100.00 AA 1,038,930
Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC
Insured
850 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA 1,236,206
Bonds, Series 2005B, Trust 2800, 19.498%, 4/01/20 - AMBAC
Insured (IF)
1,625 New York State Thruway Authority, Highway and Bridge Trust Fund 10/17 at 100.00 AA 1,619,264
Bonds, Series 2007, 5.000%, 4/01/27
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
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 AA- $ 4,024,639
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,991,400
1,000 New York State Tobacco Settlement Financing Corporation, Tobacco 6/13 at 100.00 AA- 1,010,550
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 A 3,426,986
Agreement Revenue Bonds, John P. Colahan Court Complex, Series
1999, 5.250%, 10/15/15 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
40,105 Total Tax Obligation/Limited 40,337,439
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.7% (7.7% OF TOTAL INVESTMENTS)
310 Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 7/11 at 101.00 BBB+ 306,230
5.625%, 7/15/25
3,000 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,738,490
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AA- 1,003,310
Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 - FGIC
Insured
1,750 New York City Industrial Development Agency, New York, American 8/16 at 101.00 B- 1,193,850
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, Special 6/09 at 102.00 Ba1 50,523
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, Special 8/12 at 101.00 B- 755,130
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, JetBlue,, 5/12 at 100.00 B- 261,437
5.000%, 5/15/20 (Alternative Minimum Tax)
160 New York State Thruway Authority, General Revenue Bonds, Series 1/15 at 100.00 A+ 153,600
2005F, 5.000%, 1/01/30 - AMBAC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA- 434,320
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 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,304,238
615 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 611,654
440 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 433,242
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
17.447%, 8/15/32 - FSA Insured (IF)
1,000 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/12 at 100.00 Aa2 1,069,300
Revenue Bonds, Series 2001A, 5.250%, 1/01/16
2,500 Triborough Bridge and Tunnel Authority, New York, General Purpose 11/12 at 100.00 Aa2 2,574,050
Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21
1,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/18 at 100.00 AA- 963,790
General Purpose Revenue Refunding Bonds, Tender Option Bond
Trust 1184, 9.236%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
15,130 Total Transportation 13,853,164
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 6.7% (4.4% OF TOTAL INVESTMENTS) (4)
390 Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 7/11 at 101.00 N/R (4) 435,392
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 Aa3 (4) 26,793
10 5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,713
305 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 326,432
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20
(Pre-refunded 7/01/10) - FSA Insured
37
NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 460 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA $ 495,070
Senior Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
535 Metropolitan Transportation Authority, New York, Commuter 5/09 at 101.00 A (4) 539,745
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC
Insured (ETM)
1,205 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco 6/10 at 101.00 AAA 1,275,480
Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25
(Pre-refunded 6/01/10)
515 New York City Industrial Development Agency, New York, Civic 7/10 at 102.00 N/R (4) 559,733
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10)
600 Utica Industrial Development Agency, New York, Revenue Bonds, Utica 6/09 at 101.00 N/R (4) 612,324
College, Series 2004A, 6.875%, 12/01/34 (Pre-refunded 6/01/09)
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan 10/10 at 101.00 BBB+ (4) 820,965
Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10)
1,250 Westchester Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 1,361,213
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 Bonds, 2/11 at 100.00 BBB- (4) 1,536,416
Community Development Properties - Yonkers Inc. Project, Series
2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
7,445 Total U.S. Guaranteed 8,000,276
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.9% (3.9% 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 AA- 2,497,250
500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AA- 496,745
1,400 Nassau County Industrial Development Authority, New York, Keyspan 6/13 at 100.00 A- 1,231,132
Glenwood Energy Project, Series 2003, 5.250%, 6/01/27
(Alternative Minimum Tax)
250 Niagara County Industrial Development Agency, New York, Solid Waste 11/11 at 101.00 Baa2 228,845
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, Solid Waste 11/11 at 101.00 Baa2 555,054
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 Bonds, 11/10 at 100.00 Aa2 2,005,420
Series 2000A, 5.250%, 11/15/30
------------------------------------------------------------------------------------------------------------------------------------
7,250 Total Utilities 7,014,446
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.7% OF TOTAL INVESTMENTS)
1,130 New York City Municipal Water Finance Authority, New York, Water 6/12 at 100.00 AAA 1,181,088
and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%,
6/15/19
------------------------------------------------------------------------------------------------------------------------------------
$ 189,630 Total Long-Term Investments (cost $190,979,962) - 149.5% 177,855,214
=============-----------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.2% (1.5% OF TOTAL INVESTMENTS)
$ 2,643 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/09 N/A $ 2,642,920
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $2,642,920) 2,642,920
---------------------------------------------------------------------------------------------------------------------
Total Investments (cost $193,622,882) - 151.7% 180,498,134
---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (10.5)% (12,530,000)
---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 2,375,882
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (43.2)% (5) (51,400,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 118,944,016
=====================================================================================================================
(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 may reflect the ratings on certain bonds
insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 28.5%.
N/A Not applicable.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
39
NXK | Nuveen New York Dividend Advantage Municipal Fund 2
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.7% (1.1% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BB+ $ 166,832
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 1,242,735
Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
2,225 Total Consumer Discretionary 1,409,567
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.2% (1.5% OF TOTAL INVESTMENTS)
350 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through 6/11 at 101.00 BBB 271,698
Bonds, Series 2001, 5.250%, 6/01/25
500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 374,475
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
175 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 135,048
Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%,
6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
665 4.750%, 6/01/22 6/16 at 100.00 BBB 492,053
835 5.000%, 6/01/26 6/16 at 100.00 BBB 579,816
------------------------------------------------------------------------------------------------------------------------------------
2,525 Total Consumer Staples 1,853,090
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.9% (11.4% OF TOTAL
INVESTMENTS)
260 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 195,710
Albany Law School, Series 2007A, 5.000%, 7/01/31
110 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 66,799
Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
1,975 Amherst Industrial Development Agency, New York, Revenue Bonds, UBF 8/11 at 102.00 A 1,851,523
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, Revenue 5/16 at 100.00 BBB- 67,706
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 BBB+ 818,966
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI
Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 100.50 AA- 2,013,100
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 Bonds, No Opt. Call AA- 1,055,150
State University Dormitory Facilities, Series 2003B, 5.250%,
7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY Insured
485 Dormitory Authority of the State of New York, Lease Revenue Bonds, 7/15 at 100.00 AA- 483,128
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 AA- 864,200
Canisius College, Series 2000, 5.250%, 7/01/30 - MBIA Insured
1,265 Dormitory Authority of the State of New York, Third General 7/09 at 101.00 AA- 1,270,819
Resolution Consolidated Revenue Bonds, City University System,
Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
120 Dutchess County Industrial Development Agency, New York, Civic 8/17 at 100.00 Baa1 90,670
Facility Revenue Bonds, Bard College Project, Series 2007-A2,
4.500%, 8/01/36
40
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, Revenue 10/15 at 100.00 A $ 240,803
Bonds, Adelphi University, Civic Facility Project, Series 2005,
5.000%, 10/01/35
2,190 Monroe County Industrial Development Agency, New York, Civic 6/11 at 102.00 BBB+ 1,824,686
Facility Revenue Bonds, St. John Fisher College, Series 2001,
5.250%, 6/01/26 - RAAI Insured
245 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 206,337
Facility Revenue Bonds, St. Francis College, Series 2004,
5.000%, 10/01/34
1,100 New York City Industrial Development Agency, New York, Civic 2/11 at 100.00 A- 1,108,228
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, PILOT 1/17 at 100.00 A 833,336
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, PILOT 9/16 at 100.00 BBB- 1,057,831
Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%,
3/01/39 - FGIC Insured
170 Seneca County Industrial Development Authority, New York, Revenue 10/17 at 100.00 BBB 115,665
Bonds, New York Chiropractic College, Series 2007, 5.000%,
10/01/27
------------------------------------------------------------------------------------------------------------------------------------
16,065 Total Education and Civic Organizations 14,164,657
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.8% (1.2% OF TOTAL INVESTMENTS)
500 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 416,460
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 1,113,426
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
1,805 Total Financials 1,529,886
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.4% (15.0% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured Mortgage 8/09 at 101.00 A 3,005,609
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 Mortgage 8/09 at 101.00 A 2,518,051
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 Mortgage 8/09 at 101.00 A 1,481,805
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 Revenue 2/15 at 100.00 AA- 1,626,966
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 Revenue 8/15 at 100.00 A- 1,548,343
Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 100.00 A3 491,190
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, Lenox 7/11 at 101.00 Ba1 352,235
Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30
725 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 716,075
Memorial Sloan Kettering Cancer Center, Series 2008, Trust 3209,
14.073%, 7/01/35 (IF)
1,250 Dormitory Authority of the State of New York, Revenue Bonds, Mount 6/09 at 100.00 A3 1,152,375
Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
520 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 559,707
York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 -
FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, NYU 7/17 at 100.00 BB+ 993,315
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 390,445
Winthrop-South Nassau University Hospital Association, Series
2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, New York, Civic 7/10 at 100.00 BB 191,197
Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005,
6.000%, 7/01/30
41
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS March 31, 2009 (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:
$ 275 5.250%, 2/01/27 No Opt. Call BBB- $ 208,145
250 5.500%, 2/01/32 No Opt. Call BBB- 186,023
365 Nassau County Industrial Development Agency, New York, Revenue No Opt. Call A3 378,844
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, Health 8/09 at 101.00 A+ 856,545
System Revenue Bonds, Series 1999A, 5.250%, 2/15/17
500 New York City Health and Hospitals Corporation, New York, Health 2/13 at 100.00 A1 502,995
System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC
Insured
485 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Ba2 332,172
Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
490 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 Ba2 339,085
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 404,630
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 509,557
------------------------------------------------------------------------------------------------------------------------------------
20,360 Total Health Care 18,745,309
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS)
1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 935,490
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 455,810
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 207,614
500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 493,620
Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
290 New York State Housing Finance Agency, Affordable Housing Revenue, 11/17 at 100.00 Aa2 264,886
Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,470 Total Housing/Multifamily 2,357,420
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1% (2.1% OF TOTAL INVESTMENTS)
335 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/17 at 100.00 Aa1 300,659
2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
950 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/15 at 100.00 Aa1 822,529
Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
350 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/17 at 100.00 Aa1 321,979
Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax)
1,235 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/09 at 100.00 Aa1 1,165,371
Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,870 Total Housing/Single Family 2,610,538
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.9% (4.0% OF TOTAL INVESTMENTS)
450 Dormitory Authority of the State of New York, GNMA Collateralized 2/17 at 103.00 A- 422,658
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 A 2,187,690
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 Supported 11/16 at 100.00 Aa3 237,989
Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series
2006, 5.000%, 11/01/31
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
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 $ 29,516
175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 94,768
635 East Rochester Housing Authority, New York, Senior Living Revenue 8/16 at 101.00 N/R 390,398
Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
525 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 482,612
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 284,873
440 5.800%, 7/01/23 7/16 at 101.00 N/R 333,458
430 Suffolk County Industrial Development Agency, New York, Civic 7/16 at 100.00 N/R 345,058
Facility Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2008-B1, 5.500%, 7/01/18
170 Yonkers Industrial Development Agency, New York, Civic Facilities 7/16 at 101.00 N/R 128,161
Revenue Bonds, Special Needs Facilities Pooled Program Bonds,
Series 2008-C1, 5.800%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
5,635 Total Long-Term Care 4,937,181
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS)
230 Jefferson County Industrial Development Agency, New York, Solid 12/13 at 100.00 BBB 152,223
Waste Disposal Revenue Bonds, International Paper Company
Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 18.3% (12.4% OF TOTAL INVESTMENTS)
1,775 Bath Central School District, Steuben County, New York, General 6/12 at 100.00 AA- 1,796,016
Obligation Bonds, Series 2002, 4.000%, 6/15/18 - FGIC Insured
3,605 New York City, New York, General Obligation Bonds, Fiscal Series 8/09 at 100.50 AA 3,613,685
1998H, 5.375%, 8/01/27 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal Series 9/15 at 100.00 AA 2,058,820
2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
2,600 New York City, New York, General Obligation Bonds, Fiscal Series 6/16 at 100.00 AA 2,597,530
2006J-1, 5.000%, 6/01/25 (UB)
4,540 New York City, New York, General Obligation Bonds, Fiscal 2007 D-1, 12/17 at 100.00 AA 4,567,149
5.125%, 12/01/25 (UB)
190 New York City, New York, General Obligation Bonds, Series 2008, 8/14 at 100.00 AA 256,143
Trust 3217, 18.316%, 8/15/16 (IF)
United Nations Development Corporation, New York, Senior Lien
Revenue Bonds, Series 2004A:
250 5.250%, 7/01/23 5/09 at 100.00 A3 249,998
250 5.250%, 7/01/24 5/09 at 100.00 A3 249,983
------------------------------------------------------------------------------------------------------------------------------------
15,210 Total Tax Obligation/General 15,389,324
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.0% (19.5% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, Series 11/13 at 100.00 AAA 1,075,720
2003A, 5.250%, 11/01/21
125 Dormitory Authority of the State of New York, State Personal Income 3/15 at 100.00 AAA 131,998
Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured
1,750 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 11/12 at 100.00 AAA 1,770,580
Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities Revenue 1/13 at 102.00 BBB 363,446
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 2008:
1,140 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 1,172,832
835 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 854,021
750 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 757,568
43
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,300 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- $ 1,243,424
Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC
Insured
1,000 New York City Transitional Finance Authority, New York, Future Tax 2/13 at 100.00 AAA 1,021,850
Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
1,460 New York City Transitional Finance Authority, New York, Future Tax 11/17 at 100.00 AAA 1,474,147
Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
1,000 New York City Transitional Finance Authority, New York, Future Tax 2/13 at 100.00 AAA 1,026,070
Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 -
MBIA Insured
1,000 New York State Environmental Facilities Corporation, Infrastructure 3/14 at 100.00 AA- 1,020,450
Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,020 New York State Environmental Facilities Corporation, State Personal 12/17 at 100.00 AAA 2,041,170
Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
840 New York State Housing Finance Agency, State Personal Income Tax 9/15 at 100.00 AAA 818,143
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 A 1,095,284
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 A 1,137,521
300 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 295,785
2005G, 5.000%, 1/01/30 - FSA Insured (UB)
575 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA 836,257
Bonds, Series 2005B, Trust 2800, 19.498%, 4/01/20 - AMBAC
Insured (IF)
1,125 New York State Thruway Authority, Highway and Bridge Trust Fund 10/17 at 100.00 AA 1,121,029
Bonds, Series 2007, 5.000%, 4/01/27
2,100 New York State Tobacco Settlement Financing Corporation, Tobacco 6/13 at 100.00 AA- 2,090,970
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, Tobacco 6/13 at 100.00 AA- 1,010,550
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 4/09 at 101.00 BBB 1,944,158
Refunding Bonds, Matching Fund Loan Note, Series 1998A, 5.500%,
10/01/22
------------------------------------------------------------------------------------------------------------------------------------
24,325 Total Tax Obligation/Limited 24,302,973
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.9% (11.3% OF TOTAL INVESTMENTS)
895 Albany Parking Authority, New York, Revenue Bonds, Series 2001A, 7/11 at 101.00 BBB+ 904,854
5.625%, 7/15/20
2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,282,075
Revenue Bonds, Series 2007B, 5.000%, 11/15/33
460 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AA- 458,431
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC
Insured
1,250 New York City Industrial Development Agency, New York, American 8/16 at 101.00 B- 852,750
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, Special 6/09 at 102.00 Ba1 24,059
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, Special 8/12 at 101.00 B- 755,130
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- 29,049
250 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B- 119,113
3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA- 2,953,375
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
$ 1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- $ 1,003,260
280 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 278,477
310 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 305,238
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
17.447%, 8/15/32 - FSA Insured (IF)
2,500 Triborough Bridge and Tunnel Authority, New York, General Purpose 11/12 at 100.00 Aa2 2,574,050
Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien No Opt. Call AA- 873,218
General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%,
11/15/20 - MBIA Insured
750 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/18 at 100.00 AA- 722,843
General Purpose Revenue Refunding Bonds, Tender Option Bond
Trust 1184, 9.236%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
15,475 Total Transportation 14,135,922
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.1% (9.5% OF TOTAL INVESTMENTS) (4)
2,750 Albany Industrial Development Agency, New York, Revenue Bonds, St. 7/11 at 101.00 Baa1 (4) 3,050,079
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, Series 2001A, 7/11 at 101.00 BBB+ (4) 1,228,517
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- (4) 2,141,982
Bonds, Child Care Facilities Development Program, Series 2002,
5.375%, 4/01/17 (Pre-refunded 4/01/12)
3,205 New York State Urban Development Corporation, Service Contract 1/11 at 100.00 AAA 3,437,522
Revenue Bonds, Correctional Facilities, Series 2000C, 5.125%,
1/01/21 (Pre-refunded 1/01/11) - FSA Insured
1,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, Series 7/09 at 101.00 AAA 1,027,020
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, Utica 6/09 at 101.00 N/R (4) 918,486
College, Series 2004A, 6.875%, 12/01/34 (Pre-refunded 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
10,865 Total U.S. Guaranteed 11,803,606
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.0% (8.1% 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 AA- 1,698,130
1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AA- 1,688,933
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 231,288
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
900 Nassau County Industrial Development Authority, New York, Keyspan 6/13 at 100.00 A- 791,442
Glenwood Energy Project, Series 2003, 5.250%, 6/01/27
(Alternative Minimum Tax)
450 Niagara County Industrial Development Agency, New York, Solid Waste 11/11 at 101.00 Baa2 421,232
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, Solid Waste 11/11 at 101.00 Baa2 1,785,220
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 Bonds, 11/10 at 100.00 Aa2 2,000,520
Series 2000A, 5.250%, 11/15/40
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,075 5.300%, 1/01/13 (Alternative Minimum Tax) 7/09 at 101.00 N/R 940,969
750 5.500%, 1/01/23 (Alternative Minimum Tax) 7/09 at 101.00 N/R 527,475
------------------------------------------------------------------------------------------------------------------------------------
10,825 Total Utilities 10,085,209
------------------------------------------------------------------------------------------------------------------------------------
45
NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS March 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.3% (0.9% OF TOTAL INVESTMENTS)
$ 1,000 New York City Municipal Water Finance Authority, New York, Water 6/11 at 101.00 AAA $ 1,082,149
and Sewerage System Revenue Bonds, Fiscal Series 2001D,
5.500%, 6/15/17
------------------------------------------------------------------------------------------------------------------------------------
$ 131,885 Total Investments (cost $133,470,618) - 148.6% 124,559,054
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (10.0)% (8,375,000)
---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 1,752,656
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (40.7)% (5) (34,100,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 83,836,710
=====================================================================================================================
(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 may reflect the ratings on certain bonds
insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of March
31, 2009. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 27.4%.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
46
| Statement of ASSETS & LIABILITIES March 31, 2009 (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 $145,308,182, $327,853,114,
$193,622,882 and $133,470,618, respectively) $ 139,556,678 $ 314,878,938 $ 180,498,134 $ 124,559,054
Cash -- -- -- 96,615
Receivables:
Interest 2,118,358 5,133,795 2,999,694 2,082,810
Investments sold -- 270,000 -- --
Other assets 7,404 65,667 24,624 11,298
----------------------------------------------------------------------------------------------------------------------------------
Total assets 141,682,440 320,348,400 183,522,452 126,749,777
----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 322,958 -- --
Floating rate obligations 1,415,000 23,810,000 12,530,000 8,375,000
Common share dividends payable 452,731 736,815 513,227 356,485
Accrued expenses:
Management fees 66,751 159,744 85,956 49,849
Other 55,468 106,367 49,253 31,733
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,989,950 25,135,884 13,178,436 8,813,067
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 87,650,000 51,400,000 34,100,000
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 139,692,490 $ 207,562,516 $ 118,944,016 $ 83,836,710
==================================================================================================================================
Common shares outstanding 15,143,721 15,039,571 9,265,330 6,488,517
==================================================================================================================================
Net asset value per Common share outstanding (net assets
applicable to Common shares, divided by Common shares
outstanding) $ 9.22 $ 13.80 $ 12.84 $ 12.92
==================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 151,437 $ 150,396 $ 92,653 $ 64,885
Paid-in surplus 144,463,300 219,281,992 131,648,450 92,181,769
Undistributed (Over-distribution of) net investment income 634,114 1,188,166 452,093 426,010
Accumulated net realized gain (loss) from investments and
derivative transactions 195,143 (83,862) (124,432) 75,610
Net unrealized appreciation (depreciation) of investments (5,751,504) (12,974,176) (13,124,748) (8,911,564)
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 139,692,490 $ 207,562,516 $ 118,944,016 $ 83,836,710
==================================================================================================================================
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, 2009 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 3,766,921 $ 8,714,131 $ 5,077,445 $ 3,474,168
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 393,794 922,443 537,135 373,640
Preferred shares - auction fees N/A 109,262 64,073 42,508
Preferred shares - dividend disbursing agent fees N/A 19,945 4,986 4,986
Shareholders' servicing agent fees and expenses 14,211 13,425 1,505 688
Interest expense on floating rate obligations 13,561 247,056 128,496 87,183
Custodian's fees and expenses 15,492 28,722 17,387 14,521
Directors'/Trustees' fees and expenses 1,795 3,518 2,005 1,361
Professional fees 6,838 13,678 8,821 7,389
Shareholders' reports - printing and mailing expenses 19,380 23,746 14,938 10,552
Stock exchange listing fees 4,591 4,622 4,607 458
Investor relations expense 12,266 20,734 12,009 8,302
Other expenses 4,880 17,548 11,135 9,594
----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 486,808 1,424,699 807,097 561,182
Custodian fee credit (7,381) (16,888) (8,557) (6,695)
Expense reimbursement -- -- (41,553) (86,298)
----------------------------------------------------------------------------------------------------------------------------------
Net expenses 479,427 1,407,811 756,987 468,189
----------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,287,494 7,306,320 4,320,458 3,005,979
----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 3,701 (406,890) (174,369) (118,939)
Futures 176,461 -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 426,578 2,316,608 (1,985,552) (740,458)
Futures 13,211 -- -- --
----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 619,951 1,909,718 (2,159,921) (859,397)
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (681,307) (424,901) (251,884)
From accumulated net realized gains N/A (402,191) (231,464) (159,247)
----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders N/A (1,083,498) (656,365) (411,131)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from operations $ 3,907,445 $ 8,132,540 $ 1,504,172 $ 1,735,451
==================================================================================================================================
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
3/31/09 9/30/08 3/31/09 9/30/08
----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,287,494 $ 6,538,133 $ 7,306,320 $ 14,829,808
Net realized gain (loss) from:
Investments 3,701 637,972 (406,890) 1,501,901
Forward swaps -- 643,914 -- 1,157,352
Futures 176,461 205,254 -- --
Change in net unrealized appreciation (depreciation) of:
Investments 426,578 (11,120,133) 2,316,608 (27,654,000)
Forward swaps -- (323,848) -- (657,782)
Futures 13,211 (13,211) -- --
Distributions to Preferred Shareholders:
From net investment income N/A N/A (681,307) (3,995,402)
From accumulated net realized gains N/A N/A (402,191) (158,639)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 3,907,445 (3,431,919) 8,132,540 (14,976,762)
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,223,126) (6,441,276) (5,308,089) (10,862,069)
From accumulated net realized gains (1,484,820) (163,300) (1,928,624) (442,981)
----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (4,707,946) (6,604,576) (7,236,713) (11,305,050)
----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 208,108 -- -- --
Repurchased -- -- (309,124) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions 208,108 -- (309,124) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (592,393) (10,036,495) 586,703 (26,281,812)
Net assets applicable to Common
shares at the beginning of period 140,284,883 150,321,378 206,975,813 233,257,625
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 139,692,490 $ 140,284,883 $ 207,562,516 $ 206,975,813
==================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 634,114 $ 569,746 $ 1,188,166 $ (128,758)
==================================================================================================================================
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
3/31/09 9/30/08 3/31/09 9/30/08
----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,320,458 $ 8,918,978 $ 3,005,979 $ 6,142,237
Net realized gain (loss) from:
Investments (174,369) 329,463 (118,939) 681,579
Forward swaps -- 790,334 -- 568,424
Futures -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments (1,985,552) (17,070,552) (740,458) (11,597,726)
Forward swaps -- (423,860) -- (284,292)
Futures -- -- -- --
Distributions to Preferred Shareholders:
From net investment income (424,901) (2,186,301) (251,884) (1,522,297)
From accumulated net realized gains (231,464) (197,285) (159,247) (81,611)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 1,504,172 (9,839,223) 1,735,451 (6,093,686)
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,279,927) (6,499,628) (2,260,092) (4,449,564)
From accumulated net realized gains (813,496) (631,896) (901,605) (261,128)
----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (4,093,423) (7,131,524) (3,161,697) (4,710,692)
----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- --
Repurchased -- -- (76,617) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions -- -- (76,617) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (2,589,251) (16,970,747) (1,502,863) (10,804,378)
Net assets applicable to Common
shares at the beginning of period 121,533,267 138,504,014 85,339,573 96,143,951
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 118,944,016 $ 121,533,267 $ 83,836,710 $ 85,339,573
==================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 452,093 $ (163,537) $ 426,010 $ (67,993)
==================================================================================================================================
See accompanying notes to financial statements.
50
| Statement of CASH FLOWS Six Months Ended March 31, 2009 (Unaudited)
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
SHARES FROM OPERATIONS $ 8,132,540 $ 1,504,172 $ 1,735,451
Adjustments to reconcile the net increase (decrease) in net assets applicable
to Common shares from operations to net cash provided by (used in)
operating activities:
Purchases of investments (3,218,998) (1,819,486) (1,346,534)
Proceeds from sales and maturities of investments 10,656,339 7,318,263 4,347,168
Proceeds from (Purchases of) short-term investments, net 1,500,000 (2,642,920) --
Amortization (Accretion) of premiums and discounts, net (81,996) 3,931 29,377
(Increase) Decrease in receivable for interest (62,785) (19,111) (31,787)
(Increase) Decrease in receivable for investments sold 1,040,808 -- --
(Increase) Decrease in other assets 342,608 122,675 96,634
Increase (Decrease) in payable for investments purchased (987,141) -- --
Increase (Decrease) in payable for preferred share dividends (117,853) (33,032) (70,429)
Increase (Decrease) in accrued management fees (219) (1,453) (506)
Increase (Decrease) in accrued other liabilities (12,777) (2,328) (7,725)
Net realized (gain) loss from investments 406,890 174,369 118,939
Change in net unrealized (appreciation) depreciation of investments (2,316,608) 1,985,552 740,458
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 15,280,808 6,590,632 5,611,046
-----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in cash overdraft balance 322,958 -- --
Increase (Decrease) in floating rate obligations (9,340,000) (3,795,000) (3,045,000)
Cash distributions paid to Common shareholders (7,216,330) (4,091,792) (3,159,582)
Cost of Common shares repurchased (309,124) -- (76,617)
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (16,542,496) (7,886,792) (6,281,199)
-----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (1,261,688) (1,296,160) (670,153)
Cash at the beginning of period 1,261,688 1,296,160 766,768
-----------------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF PERIOD $ -- $ -- $ 96,615
===================================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest on floating rate obligations was as follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
Cash paid for interest $ 247,056 $ 128,496 $ 87,183
===================================================================================================================================
See accompanying notes to financial statements.
51
| 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"). Common shares of New York Value (NNY),
New York Performance Plus (NNP) and New York Dividend Advantage (NAN) are traded
on the New York Stock Exchange while Common shares of New York Dividend
Advantage 2 (NXK) are traded on the NYSE Alternet US (formerly 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 US
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. Prices
of forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. Futures contracts are
valued using the closing settlement price, or, in the absence of such a price,
at the mean of the bid and asked prices. When market price quotes are not
readily available (which is usually the case for municipal securities), the
pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates 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, 2009, 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.
52
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. 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). Furthermore,
management of the Funds is 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 distributed to shareholders at least 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 US
generally accepted accounting principles.
Preferred Shares
New York Value (NNY) is not authorized to issue Preferred shares. The Funds have
issued and outstanding Preferred shares, $25,000 stated value per share, as a
means of effecting financial leverage. Each Fund's Preferred shares are issued
in one or more Series. The dividend rate paid by the Funds on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable at the end of each rate period. As of March 31,
2009, 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 1,129 -- --
Series T 564 -- --
Series W 1,410 -- 1,364
Series F 403 2,056 --
--------------------------------------------------------------------------------------------------
Total 3,506 2,056 1,364
===================================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds 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" applicable to failed auctions as calculated
in accordance with the pre-established terms of the Preferred shares.
These developments have generally not affected the portfolio 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 likely
be higher, at least temporarily, 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. As of March 31, 2009,
the aggregate amount of outstanding Preferred shares redeemed by each Fund is as
follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------
Preferred shares redeemed, at liquidation value $ 36,650,000 $ 17,600,000 $ 12,900,000
==================================================================================================
53
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
Inverse Floating Rate Securities
Each Fund is authorized to 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"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates 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 "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction in
accordance Statement of Financial Accounting Standards No. 140 (SFAS No. 140)
"Accounting for Transfers and Servicing of Financial Assets Extinguishment of
Liabilities." In such instances, a fixed-rate bond deposited into a special
purpose trust is identified in Portfolio of Investments as "(UB) - Underlying
bond of an inverse floating rate trust," with the Fund accounting for the
short-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 the
related interest paid to the holders of the short-term floating rate
certificates is recognized as "Interest expense on floating rate obligations" on
the Statement of Operations.
During the six months ended March 31, 2009, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") 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 issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities. At March 31, 2009, the Funds were not invested in any
externally-deposited Recourse Trusts.
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ --
=================================================================================================================
54
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, 2009, were as follows:
NEW YORK NEW YOR NEW YORK
NEW YORK PERFORMANC DIVIDEN DIVIDEND
VALUE PLUS ADVANTAG ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------------
Average floating rate obligations $ 1,434,34 $ 24,333,51 $ 12,764,67 $ 8,579,038
Average annual interest rate and fees 1.9 2.0 2.0 2.04%
=================================================================================================================
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. None of the Funds
invested in forward interest rate swap transactions during the six months ended
March 31, 2009.
Futures Contracts
Each Fund is authorized to invest in futures contracts. Upon entering into a
futures contract, a Fund is required to deposit with the broker an amount of
cash or liquid securities equal to a specified percentage of the contract
amount. This is known as the "initial margin." Subsequent payments ("variation
margin") are made or received by a Fund each day, depending on the daily
fluctuation of the value of the contract.
During the period the futures contract is open, changes in the value of the
contract are recognized as an unrealized gain or loss by "marking-to-market" on
a daily basis to reflect the changes in market value of the contract. When the
contract is closed or expired, a Fund records a realized gain or loss equal to
the difference between the value of the contract on the closing date and value
of the contract when originally entered into. Cash held by the broker to cover
initial margin requirements on open futures contracts, if any, is recognized on
the Statement of Assets and Liabilities. Additionally, the Statement of Assets
and Liabilities reflects a receivable or payable for the variation margin, when
applicable. New York Value (NNY) was the only Fund to invest in futures
contracts during the six months ended March 31, 2009.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices.
Market and Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (credit risk). Similar to credit risk, each Fund may be
exposed to counterparty risk, or the risk that an institution or other entity
with which the Fund has unsettled or open transactions will default. The
potential loss could exceed the value of the financial assets recorded on the
financial statements. Financial assets, which potentially expose each Fund to
credit risk, consist principally of cash due from counterparties on forward,
option and swap transactions. The extent of each Fund's exposure to credit and
counterparty risks in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
55
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
Each Fund helps manage credit risk by entering into agreements only with
counterparties Nuveen Asset Management (the "Adviser"), a wholly owned
subsidiary of Nuveen Investments Inc. ("Nuveen") believes have the financial
resources to honor their obligations and by having the Adviser monitor the
financial stability of the counterparties. Additionally, counterparties may be
required to pledge collateral daily (based on the daily valuation of the
financial asset) on behalf of each Fund with a value approximately equal to the
amount of any unrealized gain above a pre-determined threshold. Reciprocally,
when each Fund has an unrealized loss, 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 valuations
fluctuate, either up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
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 US 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. FAIR VALUE MEASUREMENTS
During the current fiscal period, the Funds adopted the provisions of Statement
of Financial Accounting Standards No. 157 (SFAS No. 157) "Fair Value
Measurements." SFAS No. 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands
disclosure about fair value measurements. In determining the value of each
Fund's investments various inputs are used. These inputs are summarized in the
three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities.
56
The following is a summary of each Fund's fair value measurements as of March
31, 2009:
NEW YORK VALUE (NNY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------
Investments $ 1,479,902 $ 138,076,776 $ -- $ 139,556,678
=================================================================================================================
NEW YORK PERFORMANCE PLUS (NNP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------
Investments $ -- $ 314,878,938 $ -- $ 314,878,938
=================================================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------
Investments $ 2,642,920 $ 177,855,214 $ -- $ 180,498,134
=================================================================================================================
NEW YORK DIVIDEND ADVANTAGE 2 (NXK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------------------------------------------------------
Investments $ -- $ 124,559,054 $ -- $ 124,559,054
=================================================================================================================
3. FUND SHARES
Common Shares On July 30, 2008, the Funds' Board of Directors/Trustees approved
an open market share repurchase program under which each Fund may repurchase an
aggregate of up to approximately 10% of its outstanding Common 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
3/31/09 9/30/08 3/31/09 9/30/08
-----------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions 23,357 -- -- --
Repurchased -- -- (27,800) --
-----------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased -- -- $ 11.10 --
Discount per share repurchased -- -- 19.25% --
=================================================================================================================
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
-------------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/09 9/30/08 3/31/09 9/30/08
-----------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- --
Repurchased -- -- (7,200) --
-----------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased -- -- $ 10.62 --
Discount per share repurchased -- -- 18.33% --
==================================================================================================================
Preferred Shares
New York Value (NNY) is not authorized to issue Preferred shares. Transactions
in Preferred shares were as follows:
NEW YORK PERFORMANCE PLUS (NNP) NEW YORK DIVIDEND ADVANTAGE (NAN)
---------------------------------------------- ----------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/09 9/30/08 3/31/09 9/30/08
---------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series M -- $ -- 471 $ 11,775,000 -- $ -- -- $ --
Series T -- -- 236 5,900,000 -- -- -- --
Series W -- -- 590 14,750,000 -- -- -- --
Series F -- -- 169 4,225,000 -- -- 704 17,600,000
---------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 1,466 $ 36,650,000 -- $ -- 704 $ 17,600,000
===========================================================================================================================
57
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/09 9/30/08
-----------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series W -- $ -- 516 $ 12,900,000
===============================================================================================
4. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2009, were as
follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------
Purchases $ -- $ 3,218,998 $ 1,819,486 $ 1,346,534
Sales and maturities 415,000 10,656,339 7,318,263 4,347,168
===============================================================================================
5. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the 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, if any. 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, 2009, 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 $ 143,577,394 $ 303,665,450 $ 180,991,495 $ 125,025,868
=============================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2009, 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 $ 2,693,429 $ 7,426,912 $ 2,000,813 $ 1,503,500
Depreciation (8,129,185) (20,030,059) (15,030,654) (10,347,396)
------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $ (5,435,756) $ (12,603,147) $ (13,029,841) $ (8,843,896)
==============================================================================================================================
58
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2008, 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 * $ 797,986 $ 460,790 $ 315,952 $ 313,543
Undistributed net ordinary income ** 544,327 1,144,666 651,694 488,761
Undistributed net long-term capital gains 949,431 1,541,514 437,714 709,841
==============================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 2, 2008, paid on October 1, 2008.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2008, 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 $ 6,441,276 $ 14,832,086 $ 8,711,129 $ 5,933,482
Distributions from net ordinary income** -- 18,150 -- --
Distributions from net long-term capital gains 163,300 601,620 829,181 342,739
==============================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
As of September 30, 2008, the Funds' last tax year end, the Funds had no capital
loss carryforwards or deferred post-October losses.
6. 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 the
Adviser, 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:
NEW YORK PERFORMANCE PLUS (NNP)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
---------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
=====================================================================================================================
59
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
NEW YORK DIVIDEND ADVANTAGE (NAN)
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
---------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
=====================================================================================================================
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 following table.
As of March 31, 2009, the complex-level fee rate was .2000%.
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 daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but which generally includes assets attributable
to preferred stock issued by or borrowings (including the issuance of
commercial paper or notes) by such fund, but excludes assets attributable
to investments in other Nuveen funds.
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.
60
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
--------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
7. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 161 (SFAS 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 and
interim periods beginning after November 15, 2008. As of March 31, 2009,
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.
Financial Accounting Standards Board Staff Position No. 157-4 (FSP No. 157-4)
On April 9, 2009, the Financial Accounting Standards Board issued FSP No. 157-4,
"Determining Fair Value When the Volume and Level of Activity for the Asset or
Liability Have Significantly Decreased and Identifying Transactions That Are Not
Orderly." FSP No. 157-4 provides additional guidance for estimating fair value
in accordance with SFAS No. 157, "Fair Value Measurements," when the volume and
level of activity for the asset or liability have significantly decreased. FSP
No. 157-4 also requires additional disaggregation of the current SFAS No. 157
required disclosures. FSP No. 157-4 is effective for interim and annual
reporting periods ending after June 15, 2009, and shall be applied
prospectively. At this time, management is evaluating the implications of FSP
No. 157-4 and the impact it will have on the financial statement disclosures.
61
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
8. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2009, to shareholders of record on
April 15, 2009, 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 $ .0595 $ .0590 $ .0580
================================================================================
Auction Participation Fees
Effective May 1, 2009, auction participation fees for Nuveen Preferred shares
with respect to auctions that have failed have been reduced from 25 bps
(annualized) to 15 bps (annualized). All auction participants have signed new
agreements incorporating this change.
62
| Financial HIGHLIGHTS(Unaudited)
63
| Financial HIGHLIGHTS(Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
-----------------------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
----------------------------------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 9.28 $ .22 $ .03 N/A N/A $ .25
2008 9.94 .43 (.65) N/A N/A (.22)
2007 10.09 .43 (.15) N/A N/A .28
2006 10.07 .44 .01 N/A N/A .45
2005 10.01 .45 .04 N/A N/A .49
2004 9.95 .45 .04 N/A N/A .49
NEW YORK PERFORMANCE PLUS (NNP)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 13.74 .49 .13 $ (.05) $ (.03) .54
2008 15.48 .98 (1.69) (.27) (.01) (.99)
2007 16.01 .99 (.41) (.27) (.01) .30
2006 16.44 1.01 --**** (.20) (.05) .76
2005 16.50 1.05 .10 (.14) -- 1.01
2004 16.57 1.08 .18 (.06) (.01) 1.19
======================================================================================================================
Less Distributions
---------------------------------
Net
Investment Capital Ending
Income to Gains to Common
Common Common Share Ending
Share- Share- Net Asset Market
holders holders Total Value Value
---------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ (.21) $ (.10) $ (.31) $ 9.22 $ 8.95
2008 (.43) (.01) (.44) 9.28 9.01
2007 (.43) -- (.43) 9.94 9.50
2006 (.43) -- (.43) 10.09 9.51
2005 (.43) -- (.43) 10.07 9.26
2004 (.43) -- (.43) 10.01 9.15
NEW YORK PERFORMANCE PLUS (NNP)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) (.35) (.13) (.48) 13.80 11.66
2008 (.72) (.03) (.75) 13.74 11.16
2007 (.77) (.06) (.83) 15.48 14.30
2006 (.89) (.30) (1.19) 16.01 15.88
2005 (.99) (.08) (1.07) 16.44 16.01
2004 (1.01) (.25) (1.26) 16.50 15.66
=============================================================================================
Preferred Shares at End of Period
----------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
--------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
--------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) N/A N/A N/A
2008 N/A N/A N/A
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
NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 87,650 $ 25,000 $ 84,202
2008 87,650 25,000 84,035
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
================================================================================
64
Ratios/Supplemental Data
-------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement/Refund
-------------------- ----------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value** Value** Shares (000) Interest++(a) Interest++(a) Income++
-------------------------------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
-------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 2.84% 2.82% $ 139,692 .71%* .69%* 4.78%*
2008 (.62) (2.38) 140,285 .71 .68 4.39
2007 4.40 2.79 150,321 .69 .65 4.32
2006 7.50 4.56 152,573 .66 .66 4.35
2005 5.88 4.95 152,236 .66 .66 4.44
2004 5.29 5.04 151,314 .72 .72 4.52
NEW YORK PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 9.19 4.12 207,563 1.42* 1.17* 7.27*
2008 (17.61) (6.71) 206,976 1.42 1.27 6.48
2007 (5.02) 1.90 233,258 1.29 1.22 6.33
2006 6.69 4.91 240,618 1.22 1.22 6.33
2005 9.37 6.29 246,255 1.20 1.20 6.36
2004 8.19 7.55 247,139 1.21 1.21 6.58
===================================================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement/Refund***
---------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
----------------------------------------------------------------------------------------------
NEW YORK VALUE (NNY)
----------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) .70%* .68%* 4.80%* --%
2008 .70 .67 4.40 16
2007 .68 .63 4.34 15
2006 .64 .64 4.37 13
2005 .66 .66 4.45 18
2004 .72 .72 4.52 9
NEW YORK PERFORMANCE PLUS (NNP)
----------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.40* 1.16* 7.29* 1
2008 1.41 1.26 6.49 16
2007 1.28 1.21 6.34 14
2006 1.20 1.20 6.35 13
2005 1.20 1.20 6.37 16
2004 1.21 1.21 6.59 5
==============================================================================================
* Annualized.
** Total Return Based 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 Based 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, expense reimbursement and legal fee refund,
where applicable.
**** Rounds to less than $.01 per share.
+ 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, 2009.
N/A Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
65
| Financial HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
----------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
-------------------------------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE (NAN)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 13.12 $ .47 $ (.24) $ (.05) $ (.02) $ .16
2008 14.95 .96 (1.76) (.24) (.02) (1.06)
2007 15.49 .97 (.39) (.24) (.02) .32
2006 15.83 .98 --**** (.21) (.03) .74
2005 15.83 1.03 .09 (.13) -- .99
2004 15.66 1.06 .16 (.06) -- 1.16
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 13.14 .46 (.13) (.04) (.02) .27
2008 14.80 .95 (1.64) (.23) (.01) (.93)
2007 15.29 .95 (.34) (.24) (.02) .35
2006 15.57 .97 .05 (.20) (.03) .79
2005 15.60 1.01 .10 (.13) -- .98
2004 15.44 1.02 .20 (.06) -- 1.16
=========================================================================================================================
Less Distributions
----------------------------------
Net
Investment Capital Ending
Income to Gains to Common
Common Common Share Ending
Share- Share- Net Asset Market
holders holders Total Value Value
------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ (.35) $ (.09) $ (.44) $ 12.84 $ 11.10
2008 (.70) (.07) (.77) 13.12 11.36
2007 (.77) (.09) (.86) 14.95 14.33
2006 (.89) (.19) (1.08) 15.49 15.60
2005 (.99) -- (.99) 15.83 16.11
2004 (.99) -- (.99) 15.83 15.01
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) (.35) (.14) (.49) 12.92 11.20
2008 (.69) (.04) (.73) 13.14 11.15
2007 (.76) (.08) (.84) 14.80 14.16
2006 (.87) (.20) (1.07) 15.29 15.47
2005 (.95) (.06) (1.01) 15.57 15.34
2004 (.95) (.05) (1.00) 15.60 14.82
================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
--------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE (NAN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) $ 51,400 $ 25,000 $ 82,852
2008 51,400 25,000 84,112
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
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 34,100 25,000 86,464
2008 34,100 25,000 87,566
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
================================================================================
66
Ratios/Supplemental Data
--------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement/Refund
-------------------- -----------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value** Value** Shares (000) Interest++(a) Interest++(a) Income++
-----------------------------------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE (NAN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.90% 1.41% $ 118,944 1.40%* 1.18%* 7.43%*
2008 (16.02) (7.45) 121,533 1.36 1.23 6.45
2007 (2.86) 2.07 138,504 1.29 1.19 6.15
2006 3.49 4.91 143,147 1.18 1.18 6.11
2005 14.24 6.38 145,701 1.16 1.16 6.13
2004 6.13 7.68 145,592 1.17 1.17 6.38
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 5.29 2.24 83,837 1.39* 1.17* 7.19*
2008 (16.79) (6.63) 85,340 1.37 1.23 6.25
2007 (3.20) 2.35 96,144 1.32 1.22 5.98
2006 7.96 5.37 99,067 1.19 1.19 5.96
2005 10.61 6.45 100,606 1.18 1.18 6.01
2004 9.02 7.80 100,706 1.17 1.17 6.19
============================================================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement/Refund***
-----------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
-----------------------------------------------------------------------------------------------------
NEW YORK DIVIDEND ADVANTAGE (NAN)
-----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.32%* 1.09%* 7.52%* 1%
2008 1.21 1.08 6.60 17
2007 1.06 .96 6.37 18
2006 .88 .88 6.41 15
2005 .80 .80 6.50 20
2004 .74 .74 6.81 8
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(b) 1.16* .94* 7.42* 1
2008 1.10 .96 6.52 17
2007 .98 .88 6.32 17
2006 .76 .76 6.38 14
2005 .73 .73 6.46 19
2004 .72 .72 6.64 7
=====================================================================================================
* Annualized.
** Total Return Based 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 Based 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, expense reimbursement and legal fee refund
where applicable.
**** Rounds to less than $.01 per share.
+ 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, 2009.
See accompanying notes to financial statements.
67
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.
68
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.
69
Glossary of TERMS USED in this REPORT
o 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.
o 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 common share NAV or market price and reinvested dividends and capital
gains distributions, if any) over the time period being considered.
o 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.
o 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.
o 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.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common 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 common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o 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.
o 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.
70
| 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, 2008, 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
(NYSE) 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.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. During the period covered by this report, the Funds repurchased
and/or redeemed shares of their common and/or preferred stock as shown in the
accompanying table:
COMMON SHARES PREFERRED SHARED
FUND REPURCHASED REDEEMED
NNP 27,800 --
NXK 7,200 --
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
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
71
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.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $115 billion of
assets on March 31, 2009.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
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and policies, risk considerations, charges and expenses of the Fund carefully
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representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
PLEASE read the prospectus carefully before you invest or send money.
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ESA-A-0309D
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
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By (Signature and Title) /s/ Kevin J. McCarthy
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Kevin J. McCarthy
(Vice President and Secretary)
Date: June 19, 2009
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 19, 2009
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By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 19, 2009
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