UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09135
---------------------
Nuveen New York Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: March 31, 2007
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT March 31, 2007
Nuveen Investments
Municipal Closed-End Funds
NUVEEN NEW YORK
MUNICIPAL VALUE
FUND, INC.
NNY
NUVEEN NEW YORK
PERFORMANCE PLUS
MUNICIPAL FUND, INC.
NNP
NUVEEN NEW YORK
DIVIDEND ADVANTAGE
MUNICIPAL FUND
NAN
NUVEEN NEW YORK
DIVIDEND ADVANTAGE
MUNICIPAL FUND 2
NXK
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DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-month period covered
by this report your Fund continued to provide you with attractive monthly
tax-free income. For more details about the management strategy and
performance of your Fund, please read the Portfolio Manager's Comments, the
Dividend and Share Price Information and the Performance Overview sections
of this report.
For some time, I've used these letters to remind you that municipal bonds
can be an important building block in a well-balanced investment portfolio.
In addition to providing attractive tax-free monthly income, a municipal
bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a
recognized way to try to reduce some of the risk that comes with investing.
For more information about this important investment strategy, I encourage
you to contact your personal financial advisor.
"IN ADDITION TO PROVIDING ATTRACTIVE TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
We also are pleased to be able to offer you a choice concerning how you
receive your shareholder reports and other Fund information. As an
alternative to mailed copies, you can sign up to receive future Fund
reports and other Fund information by e-mail and the internet. The inside
front cover of this report contains information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in
the months and years ahead. At Nuveen Investments, our mission continues to
be to assist you and your financial advisor by offering investment services
and products that can help you to secure your financial objectives.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 15, 2007
Nuveen Investments Municipal Closed-End Funds
(NNY, NNP, NAN, NXK)
Portfolio Manager's
COMMENTS
Portfolio manager Cathryn Steeves reviews key investment strategies and the
six-month performance of these four New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for the New York Funds in
July 2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2007?
During this six-month period, we saw a modest increase in short-term municipal
interest rates, while longer-term rates continued to decline, resulting in
further flattening of the yield curve. In this environment, where the yield
curve remained a dominant market factor, we continued to emphasize a disciplined
approach to duration1 management and yield curve positioning. As part of this
approach, our purchases for the Funds' portfolios focused mainly on attractively
priced bonds with maturities of 25 years and longer. We believed that bonds in
this part of the yield curve generally offered better value as well as reward
opportunities more commensurate with their risk levels. To help us maintain the
Funds' durations within our preferred strategic range, we also selectively sold
holdings with shorter durations.
Our duration management strategies during this period also included adding small
positions in inverse floating rate trusts,2 a type of derivative financial
instrument, in all four of these Funds. The inverse floaters had the dual
benefit of increasing the Funds' distributable income and bringing their
durations closer to our preferred strategic target. In past shareholder reports,
we had discussed the use of forward interest rate swaps, another type of
derivative instrument, as a duration management tool. During this reporting
period, all of these Funds continued to use forward interest rate swaps to try
to increase their net asset value (NAV) volatility.
We also continued to emphasize maintaining the Funds' weightings of lower credit
quality bonds. Two areas of the market where we continued to find value were the
health care and higher education sectors, where we purchased bonds for all four
of these Funds.
During this period, we saw a number of larger deals in the New York municipal
market, which provided us with more bonds from which to choose in implementing
the strategies we had planned for these Funds. For the six months ended March
31, 2007, municipal issuance in New York totaled $19.5 billion. During the first
three months of 2007, New
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 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, that index is typically 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 the Funds invested in
during the 12 month period, are further defined within the Notes to
Financial Statements and Glossary of Terms Used in This Report sections of
this shareholder report.
4
York supply increased 13% over that of the first three months of 2006 to $7.4
billion, making New York the third largest state issuer in the nation behind
California and Texas.
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 3/31/07
CUMULATIVE ANNUALIZED
-------------- ---------------------------------------
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NNY3 1.72% 5.17% 5.32% 5.08%
--------------------------------------------------------------------------------
NNP 1.54% 5.96% 7.52% 6.83%
--------------------------------------------------------------------------------
NAN 1.68% 5.84% 7.69% NA
--------------------------------------------------------------------------------
NXK 1.75% 6.05% 8.07% NA
--------------------------------------------------------------------------------
Lehman Brothers
NY Tax-Exempt
Bond Index4 1.88% 5.26% 5.35% 5.92%
--------------------------------------------------------------------------------
Lipper NY
Municipal Debt Funds
Average5 2.16% 6.41% 7.29% 6.28%
--------------------------------------------------------------------------------
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended March 31, 2007, the cumulative returns on NAV for NNY,
NNP, NAN, and NXK trailed the return on the Lehman Brothers New York Tax-Exempt
Bond Index. The six-month returns on all four of these New York Funds also
underperformed the average return for the Lipper New York peer group for this
period.
Factors that influenced the Funds' returns during this period included duration,
exposure to lower-rated credits, sector allocations, advance refunding
activity,6 and the use of financial leverage.
As the yield curve continued to flatten over the course of this period, bonds
with longer durations generally outperformed shorter duration bonds. Overall,
our duration management strategies during this period helped to bring the Funds'
durations closer in line with our preferred strategic range. However, the
durations of these Funds continued
3 NNY is an unleveraged Fund; the remaining three Funds in this report are
leveraged.
4 The Lehman Brothers New York Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of investment-grade New York
municipal bonds. Results for the Lehman Brothers index do not reflect any
expenses.
5 The Lipper New York Municipal Debt Funds average is calculated using the
returns of all closed-end funds in this category for each period as
follows: 6 months, 18; 1 year, 18; 5 years, 14; and 10 years, 7. Fund and
Lipper returns assume reinvestment of dividends.
6 Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
5
to be short of our target, and this factor--particularly their underexposure to
bonds in the longest part of the yield curve--slightly hampered the Funds'
performance.
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, all of these Funds benefited from
their weightings in lower-quality credits. In particular, heavier exposures to
nonrated and sub-investment grade bonds were positive contributors to the
performances of all the Funds. The outperformance of these credit sectors was
largely the result of investor demand for the higher yields typically associated
with lower-rated bonds, which drove up their value.
Among the lower-rated holdings making contributions to the Funds' returns were
health care (including hospitals) credits and resource recovery bonds, which
ranked among the top performing revenue sectors in the national Lehman Brothers
Municipal Bond Index for this period. Lower-rated bonds backed by the 1998
master tobacco settlement agreement, which comprised approximately 2% of the
portfolios of these four Funds as of March 31, 2007, also performed well during
this period.
We also continued to see positive contributions from advance refunding activity,
which benefited the Funds through price appreciation and enhanced credit
quality. At the same time, holdings of older, previously pre-refunded bonds
tended to underperform the general municipal market during this period, due
primarily to their shorter effective maturities and higher credit quality. Among
these four Funds, NNP had the heaviest allocation of pre-refunded bonds going
into this period.
Another factor in the six-month performance of these Funds, especially relative
to that of the unleveraged Lehman Brothers New York Tax-Exempt Bond Index, was
the use of financial leverage. Three of these Funds (NNP, NAN, and NXK) use
leverage, while NNY is not leveraged. While leverage can provide opportunities
for additional income and total return for common shareholders, this strategy
can also add volatility to a Fund's NAV and share price. Over this period, these
factors tended to counter balance each other and the use of leverage had a
minimal impact on the total returns of the three leveraged Funds.
6
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report except NNY use leverage to
potentially enhance opportunities for additional income for common shareholders.
While the leveraging strategy used by NNP, NAN, and NXK continued to provide
incremental income for these Funds, the extent of this benefit was reduced
during this period due to higher short-term interest rates, which kept the
Funds' borrowing costs high. The Funds' income streams were also impacted as the
proceeds from older, higher-yielding bonds that matured or were called were
reinvested into bonds currently available in the market, which generally offered
lower yields. These factors resulted in one monthly dividend reduction in NNP,
NAN, and NXK over the six-month period ended March 31, 2007. The dividend of NNY
remained stable throughout this reporting period.
Due to normal portfolio activity, common shareholders of the following Funds
received capital gains and net ordinary income distributions at the end of
December 2006, as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NNP $0.0582 $0.0003
--------------------------------------------------------------------------------
NAN $0.0890 --
--------------------------------------------------------------------------------
NXK $0.0842 $0.0010
--------------------------------------------------------------------------------
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, 2007, NNY and
NNP had positive UNII balances for financial statement purposes and, based on
our best estimates, for tax purposes. NAN and NXK had positive UNII balances,
based on our best estimates, for tax purposes and negative UNII balances for
financial statement purposes.
7
As of March 31, 2007, the Funds' share prices were trading at premiums or
discounts to their NAVs as shown in the accompanying chart:
3/31/07 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NNY -2.99% -4.99%
--------------------------------------------------------------------------------
NNP +0.38% +0.05%
--------------------------------------------------------------------------------
NAN +1.11% +1.54%
--------------------------------------------------------------------------------
NXK +2.72% +2.41%
--------------------------------------------------------------------------------
8
Nuveen New York Municipal Value Fund, Inc.
NNY
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 59%
AA 28%
A 2%
BBB 6%
BB or Lower 3%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.0355
May 0.0355
Jun 0.0355
Jul 0.0355
Aug 0.0355
Sep 0.0355
Oct 0.0355
Nov 0.0355
Dec 0.0355
Jan 0.0355
Feb 0.0355
Mar 0.0355
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 9.6
9.6
9.3
9.2
9.3
9.2
9.2
9.1
9.1
9.2
9.2
9.1
9
9.2
9.3
9.3
9.3
9.3
9.4
9.4
9.5
9.4
9.5
9.4
9.4
9.5
9.5
9.6
9.5
9.4
9.5
9.5
9.4
9.4
9.4
9.5
9.6
9.6
9.7
9.6
9.7
9.5
9.5
9.4
9.5
9.5
9.5
9.5
9.8
9.9
10
10
9.8
3/31/07 9.8
FUND SNAPSHOT
------------------------------------
Common Share Price $9.75
------------------------------------
Common Share
Net Asset Value $10.05
------------------------------------
Premium/(Discount) to NAV -2.99%
------------------------------------
Market Yield 4.37%
------------------------------------
Taxable-Equivalent Yield1 6.51%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $151,932
------------------------------------
Average Effective
Maturity on Securities (Years) 16.99
------------------------------------
Modified Duration 5.34
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.81% 1.72%
------------------------------------
1-Year 6.78% 5.17%
------------------------------------
5-Year 6.32% 5.32%
------------------------------------
10-Year 4.93% 5.08%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.7%
------------------------------------
U.S. Guaranteed 14.6%
------------------------------------
Health Care 12.5%
------------------------------------
Long-Term Care 10.0%
------------------------------------
Transportation 8.2%
------------------------------------
Education and Civic
Organizations 8.1%
------------------------------------
Utilities 6.5%
------------------------------------
Housing/Multifamily 5.0%
------------------------------------
Other 12.4%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
9
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 60%
AA 26%
A 3%
BBB 7%
BB or Lower 2%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.074
May 0.074
Jun 0.0695
Jul 0.0695
Aug 0.0695
Sep 0.0665
Oct 0.0665
Nov 0.0665
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.064
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 16.5
16.4
16.3
16
16.2
16.2
16.1
16
16.1
16.2
16
15.5
15.1
15.1
15.3
15.4
15.5
15.9
16.3
16.3
16.4
16.4
16.5
16.2
15.9
15.9
15.9
15.8
15.5
15.4
15.6
15.8
15.9
15.9
15.9
16.1
15.8
15.9
15.8
16.1
16.2
16
16
16.1
16.3
16.3
16.3
16
15.9
15.9
16
16.1
15.9
3/31/07 15.9
FUND SNAPSHOT
------------------------------------
Common Share Price $15.86
------------------------------------
Common Share
Net Asset Value $15.80
------------------------------------
Premium/(Discount) to NAV 0.38%
------------------------------------
Market Yield 4.84%
------------------------------------
Taxable-Equivalent Yield1 7.21%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $237,668
------------------------------------
Average Effective
Maturity on Securities (Years) 16.17
------------------------------------
Leverage-Adjusted Duration 8.44
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.74% 1.54%
------------------------------------
1-Year 2.46% 5.96%
------------------------------------
5-Year 8.57% 7.52%
------------------------------------
10-Year 6.10% 6.83%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 20.6%
------------------------------------
U.S. Guaranteed 18.7%
------------------------------------
Health Care 11.6%
------------------------------------
Education and Civic
Organizations 11.5%
------------------------------------
Transportation 8.6%
------------------------------------
Utilities 5.5%
------------------------------------
Long-Term Care 4.7%
------------------------------------
Tax Obligation/General 4.7%
------------------------------------
Water and Sewer 4.7%
------------------------------------
Other 9.4%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0585 per share.
10
Nuveen New York Dividend Advantage Municipal Fund
NAN
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 58%
AA 26%
A 5%
BBB 6%
BB or Lower 3%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0745
May 0.0745
Jun 0.0695
Jul 0.0695
Aug 0.0695
Sep 0.0655
Oct 0.0655
Nov 0.0655
Dec 0.0655
Jan 0.0655
Feb 0.0655
Mar 0.063
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 16.1
16.1
15.8
15.8
15.8
15.9
15.9
15.9
16
16.1
15.8
15.8
15.4
15.4
15.4
15.1
15.1
15.7
15.8
15.6
15.7
15.6
15.6
15.5
15.5
15.4
15.6
15.7
15.5
15.4
15.4
15.5
15.6
15.5
15.6
16
15.7
15.7
15.7
15.7
15.6
15.5
15.9
15.8
15.8
16
15.5
15.7
15.8
15.7
15.4
15.5
15.4
3/31/07 15.4
FUND SNAPSHOT
------------------------------------
Common Share Price $15.44
------------------------------------
Common Share
Net Asset Value $15.27
------------------------------------
Premium/(Discount) to NAV 1.11%
------------------------------------
Market Yield 4.90%
------------------------------------
Taxable-Equivalent Yield1 7.30%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $141,341
------------------------------------
Average Effective
Maturity on Securities (Years) 17.14
------------------------------------
Leverage-Adjusted Duration 7.93
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.04% 1.68%
------------------------------------
1-Year 2.06% 5.84%
------------------------------------
5-Year 8.95% 7.69%
------------------------------------
Since
Inception 6.71% 7.15%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Health Care 22.3%
------------------------------------
Tax Obligation/Limited 21.5%
------------------------------------
U.S. Guaranteed 12.2%
------------------------------------
Education and Civic
Organizations 10.8%
------------------------------------
Transportation 9.1%
------------------------------------
Tax Obligation/General 6.8%
------------------------------------
Utilities 4.2%
------------------------------------
Other 13.1%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2006 of
$0.0890 per share.
11
Nuveen New York Dividend Advantage Municipal Fund 2
NXK
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 64%
AA 18%
A 3%
BBB 10%
BB or Lower 3%
N/R 2%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.072
May 0.072
Jun 0.0685
Jul 0.0685
Aug 0.0685
Sep 0.0655
Oct 0.0655
Nov 0.0655
Dec 0.0655
Jan 0.0655
Feb 0.0655
Mar 0.063
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 15.5
15.4
15.2
15.3
15.6
15.6
15.3
15.3
15.4
15.5
15.6
15.6
15.2
15.1
15.5
15.2
15.3
15.3
15.5
15.5
15.3
15.5
15.5
15.4
15.4
15.4
15.5
15.5
15.3
14.8
14.9
15.3
15.5
15.5
15.5
15.8
16.2
16
15.7
15.7
15.7
15.6
15.2
15.8
15.9
15.7
15.8
15.7
15.8
15.6
15.4
15.5
15.5
3/31/07 15.5
FUND SNAPSHOT
------------------------------------
Common Share Price $15.50
------------------------------------
Common Share
Net Asset Value $15.09
------------------------------------
Premium/(Discount) to NAV 2.72%
------------------------------------
Market Yield 4.88%
------------------------------------
Taxable-Equivalent Yield1 7.27%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $97,915
------------------------------------
Average Effective
Maturity on Securities (Years) 16.96
------------------------------------
Leverage-Adjusted Duration 8.01
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.29% 1.75%
------------------------------------
1-Year 6.16% 6.05%
------------------------------------
5-Year 10.06% 8.07%
------------------------------------
Since
Inception 7.17% 7.38%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 20.8%
------------------------------------
Health Care 13.8%
------------------------------------
U.S. Guaranteed 13.5%
------------------------------------
Transportation 13.0%
------------------------------------
Education and Civic
Organizations 11.6%
------------------------------------
Tax Obligation/General 9.4%
------------------------------------
Utilities 7.9%
------------------------------------
Other 10.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2006 of $0.0852 per share.
12
Shareholder
MEETING REPORT
The shareholder meeting was held at the offices of
Nuveen Investments on April 4, 2007.
NNY NNP NAN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
Common together together together together
shares as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For -- 12,916,237 -- 8,709,905 --
Withhold -- 180,800 -- 74,235 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,097,037 -- 8,784,140 --
====================================================================================================================================
Lawrence H. Brown
For 12,952,386 12,910,537 -- 8,701,499 --
Withhold 304,743 186,500 -- 82,641 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,257,129 13,097,037 -- 8,784,140 --
====================================================================================================================================
Jack B. Evans
For -- 12,916,801 -- 8,711,666 --
Withhold -- 180,236 -- 72,474 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,097,037 -- 8,784,140 --
====================================================================================================================================
William C. Hunter
For -- 12,915,970 -- 8,711,666 --
Withhold -- 181,067 -- 72,474 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,097,037 -- 8,784,140 --
====================================================================================================================================
David J. Kundert
For -- 12,911,834 -- 8,712,066 --
Withhold -- 185,203 -- 72,074 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,097,037 -- 8,784,140 --
====================================================================================================================================
William J. Schneider
For -- -- 4,776 -- 2,707
Withhold -- -- 30 -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 4,806 -- 2,720
====================================================================================================================================
Timothy R. Schwertfeger
For 12,958,600 -- 4,776 -- 2,707
Withhold 298,529 -- 30 -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total 13,257,129 -- 4,806 -- 2,720
====================================================================================================================================
Judith M. Stockdale
For 12,958,701 12,912,862 -- 8,704,593 --
Withhold 298,428 184,175 -- 79,547 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,257,129 13,097,037 -- 8,784,140 --
====================================================================================================================================
Carole E. Stone
For 12,958,989 12,915,037 -- 8,712,366 --
Withhold 298,140 182,000 -- 71,774 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,257,129 13,097,037 -- 8,784,140 --
====================================================================================================================================
Eugene S. Sunshine
For -- 12,913,034 -- 8,710,756 --
Withhold -- 184,003 -- 73,384 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,097,037 -- 8,784,140 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NXK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Common and
MuniPreferred MuniPreferred
shares voting shares voting
together together
as a class as a class
====================================================================================================================================
Robert P. Bremner
For 6,113,067 --
Withhold 101,085 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
Lawrence H. Brown
For 6,113,067 --
Withhold 101,085 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
Jack B. Evans
For 6,152,735 --
Withhold 61,417 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
William C. Hunter
For 6,154,335 --
Withhold 59,817 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
David J. Kundert
For 6,153,735 --
Withhold 60,417 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
William J. Schneider
For -- 1,857
Withhold -- 2
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,859
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,857
Withhold -- 2
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,859
====================================================================================================================================
Judith M. Stockdale
For 6,154,335 --
Withhold 59,817 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
Carole E. Stone
For 6,113,667 --
Withhold 100,485 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
Eugene S. Sunshine
For 6,152,735 --
Withhold 61,417 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,214,152 --
====================================================================================================================================
14
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.2% (0.2% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 BBB- $ 284,655
Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.7% (1.7% OF TOTAL INVESTMENTS)
35 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 35,772
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
330 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 340,039
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
445 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 466,040
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
250 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 257,035
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
1,145 4.750%, 6/01/22 6/16 at 100.00 BBB 1,149,580
345 5.000%, 6/01/26 6/16 at 100.00 BBB 350,327
------------------------------------------------------------------------------------------------------------------------------------
2,550 Total Consumer Staples 2,598,793
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.1% (8.1% OF TOTAL INVESTMENTS)
Albany Industrial Development Agency, New York, Revenue
Bonds, Albany Law School, Series 2000A:
600 5.700%, 10/01/20 - RAAI Insured 10/10 at 100.00 AA 634,134
750 5.750%, 10/01/30 - RAAI Insured 10/10 at 100.00 AA 794,385
115 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 116,400
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 93,629
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,175 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,230,119
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
800 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AA 848,824
Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 -
RAAI Insured
615 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 701,789
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,321,075
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 102.00 AA 796,680
Pratt Institute, Series 1999, 6.000%, 7/01/24 - RAAI Insured
Dormitory Authority of the State of New York, Second General
Resolution Consolidated Revenue Bonds, City University System,
Series 1993A:
1,000 5.750%, 7/01/18 No Opt. Call AA- 1,135,390
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,647,758
265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 277,039
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 254,435
Civic Facility Revenue Bonds, St. Francis College, Series 2004,
5.000%, 10/01/34
1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,138,302
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
250 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 265,340
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/36 - AMBAC Insured
15
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 450 New York City Industrial Development Authority, New York, 9/16 at 100.00 AAA $ 476,856
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
5.000%, 3/01/36 - MBIA Insured
575 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 616,676
Revenue Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,430 Total Education and Civic Organizations 12,348,831
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.4% (0.4% OF TOTAL INVESTMENTS)
400 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 456,700
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.6% (12.5% OF TOTAL INVESTMENTS)
490 Cattaraugus County Industrial Development Agency, New York, 8/08 at 102.00 AA 505,293
Revenue Bonds, Olean General Hospital, Series 1998A,
5.250%, 8/01/23
2,250 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 102.00 AAA 2,298,353
Mortgage Nursing Home Revenue Bonds, Rosalind and
Joseph Gurwin Jewish Geriatric Center of Long Island,
Series 1997, 5.700%, 2/01/37 - AMBAC Insured
1,005 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,058,496
Mortgage Revenue Bonds, MontefioreHospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 740,138
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,800 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,858,950
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,347,575
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
1,200 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 1,267,716
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 BBB 1,070,810
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 BBB 253,985
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,610 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,750,537
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 529,185
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 528,485
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 300,341
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
575 Nassau County Industrial Development Agency, New York, No Opt. Call A3 602,002
Revenue Refunding Bonds, North Shore Health System
Obligated Group, Series 2001B, 5.875%, 11/01/11
500 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 516,470
Health System Revenue Bonds, Series 1999A,
5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,258,155
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,070,770
495 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 525,586
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2001B, 6.375%, 7/01/31
250 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 268,230
Civic Facility Revenue Bonds, Staten Island University
Hospital, Series 2002C, 6.450%, 7/01/32
900 Newark-Wayne Community Hospital, New York, Hospital 9/07 at 100.00 N/R 901,314
Revenue Refunding and Improvement Bonds,
Series 1993A, 7.600%, 9/01/15
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 500 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B+ $ 538,365
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
18,240 Total Health Care 19,190,756
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.0% (5.0% OF TOTAL INVESTMENTS)
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 429,340
Section 8 Assisted Revenue Refunding Bonds, Bennet Project,
Series 2001A, 6.700%, 4/01/21
1,690 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 1,794,865
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,048,380
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,039,670
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,039,750
480 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 487,594
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
440 New York State Housing Finance Agency, Secured Mortgage 8/11 at 100.00 Aa1 457,107
Program Multifamily Housing Revenue Bonds, Series 2001E,
5.600%, 8/15/20 (Alternative Minimum Tax)
1,275 Westchester County Industrial Development Agency, New York, 8/11 at 102.00 Aaa 1,358,576
GNMA Collateralized Mortgage Loan Revenue Bonds,
Living Independently for the Elderly Inc., Series 2001A,
5.375%, 8/20/21
------------------------------------------------------------------------------------------------------------------------------------
7,285 Total Housing/Multifamily 7,655,282
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.7% (3.7% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 952,204
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,823,050
Revenue Bonds, Series 73A, 5.250%, 10/01/17
(Alternative Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 850,315
Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,540 Total Housing/Single Family 5,625,569
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 10.1% (10.0% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,059,220
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,028,520
Mortgage Nursing Home Revenue Bonds, Eger Healthcare
Center of Staten Island, Series 1998, 5.100%, 2/01/28
2,855 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 102.00 AA 2,916,639
Mortgage Nursing Home Revenue Bonds, Hebrew Home for
the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
1,615 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 101.00 AA- 1,649,836
Mortgage Revenue Bonds, German Masonic Home
Corporation, Series 1996, 5.950%, 8/01/26
2,000 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 101.00 AAA 2,027,380
Mortgage Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
450 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 488,817
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
270 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 282,485
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
135 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 A 139,413
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
2,015 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 2,067,874
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
3,125 East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101.00 AAA 3,180,031
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1998A, 5.250%, 8/01/38
17
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 530 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R $ 565,367
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
14,995 Total Long-Term Care 15,405,582
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.4% (4.3% OF TOTAL INVESTMENTS)
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, 2006A:
1,230 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 1,216,212
390 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 413,018
750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AA- 812,318
Fiscal Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,069,570
400 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 426,988
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,138,460
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
550 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 578,556
Series 2000A, 6.000%, 6/01/20 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,320 Total Tax Obligation/General 6,655,122
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.9% (22.7% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,083,150
Series 2003A, 5.250%, 11/01/21
Dormitory Authority of the State of New York, Department of
Health Revenue Bonds, Series 2005A:
395 5.250%, 7/01/24 - CIFG Insured 7/15 at 100.00 AAA 428,089
250 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 263,900
50 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 50,559
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - FSA Insured
380 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 400,319
Mental Health Services Facilities Improvements,
Series 2005B, 5.000%, 2/15/30 - AMBAC Insured
1,810 Dormitory Authority of the State of New York, Service 4/12 at 100.00 AA- 1,922,835
Contract Bonds, Child Care Facilities Development Program,
Series 2002, 5.375%, 4/01/16
275 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 293,928
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Education, Series 2006C:
285 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 304,064
585 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 623,165
2,250 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 2,396,790
350 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 391,577
School Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,138,220
1,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,037,380
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,051,310
Service Contract Refunding Bonds, Series 2002A,
5.125%, 1/01/29
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 589,338
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,062,190
740 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 785,525
550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 583,473
1,510 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,598,879
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,403,509
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,000 New York Convention Center Development Corporation, 11/15 at 100.00 AAA 1,050,830
Hotel Unit Fee Revenue Bonds, Series 2005,
5.000%, 11/15/44 - AMBAC Insured
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- $ 1,053,680
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
840 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 885,881
Income Tax Revenue Bonds, Economic Development and
Housing, Series 2006A, 5.000%, 3/15/36
2,450 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,823,821
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,620 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AAA 1,707,917
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,800 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,934,568
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,142,720
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,083,220
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
1,625 New York State Urban Development Corporation, Service No Opt. Call AA- 1,723,296
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
600 New York State Urban Development Corporation, Special No Opt. Call AA- 706,554
Project Revenue Bonds, University Facilities Grants,
Series 1995, 5.875%, 1/01/21
1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,281,771
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
60 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 63,324
Center Bonds, Series 1990E, 7.250%, 1/01/10
------------------------------------------------------------------------------------------------------------------------------------
32,545 Total Tax Obligation/Limited 34,865,782
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.3% (8.2% OF TOTAL INVESTMENTS)
400 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 425,084
Series 2001A, 5.625%, 7/15/25
500 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 545,170
Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 -
AMBAC Insured
1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,098,988
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,182,100
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
670 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 706,703
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
400 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 423,672
1,200 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,269,300
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 520,960
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
500 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 539,230
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,064,400
435 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 461,461
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,635,000
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 903,279
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 859,896
------------------------------------------------------------------------------------------------------------------------------------
11,785 Total Transportation 12,635,243
------------------------------------------------------------------------------------------------------------------------------------
19
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.8% (14.6% OF TOTAL INVESTMENTS) (4)
$ 3,175 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 3,749,516
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
600 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 655,134
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
25 Dormitory Authority of the State of New York, Suffolk County, 4/07 at 108.92 Baa1 (4) 33,498
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
340 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 367,513
Senior Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
50 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 51,352
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
2,330 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- (4) 2,498,016
Revenue Bonds, Series 2001A, 5.375%, 9/01/21
(Pre-refunded 9/01/11)
750 Long Island Power Authority, New York, Electric System General 5/11 at 100.00 A- (4) 800,288
Revenue Bonds, Series 2001L, 5.375%, 5/01/33
(Pre-refunded 5/01/11)
2,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,302,898
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
150 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 161,954
600 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 638,352
1,000 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 AAA 1,072,050
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27 (Pre-refunded 7/15/09)
490 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (4) 543,371
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10)
20 New York City, New York, General Obligation Bonds, 10/07 at 101.00 Aaa 20,450
Fiscal Series 1997G, 6.000%, 10/15/26
(Pre-refunded 10/15/07)
140 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA 150,543
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
125 New York State Urban Development Corporation, Service 1/11 at 100.00 A1 (4) 133,283
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Pre-refunded 1/01/11)
750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- (4) 804,878
Certificates of Participation, High School Facility, Series 2000,
6.625%, 6/15/28 (Pre-refunded 6/15/09)
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,144,130
Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11 -
MBIA Insured (Alternative Minimum Tax) (ETM)
2,600 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 3,028,402
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded 1/01/22)
1,500 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) 1,650,255
Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded
10/01/10)
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,381,613
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
1,120 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 1,240,523
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
20,265 Total U.S. Guaranteed 22,428,019
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.6% (6.5% 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 AAA 1,599,285
1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 1,598,100
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 1,014,530
Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP,
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
1,500 New York State Energy Research and Development Authority, 3/08 at 101.50 AAA 1,515,870
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 2005A, 4.100%, 3/15/15 -
MBIA Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 $ 522,840
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Mandatory put 11/15/12)
(Alternative Minimum Tax)
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 261,928
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Mandatory put 11/15/14)
(Alternative Minimum Tax)
1,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 1,568,280
Bonds, Series 2000A, 5.250%, 11/15/40
345 Power Authority of the State of New York, General Revenue 11/15 at 100.00 AAA 370,930
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 992,830
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 572,671
------------------------------------------------------------------------------------------------------------------------------------
9,670 Total Utilities 10,017,264
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.1% (2.1% OF TOTAL INVESTMENTS)
300 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 317,595
Revenue Bonds, Series 2001, 5.150%, 8/01/22
415 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 447,941
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,614,658
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
740 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 797,274
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
2,955 Total Water and Sewer 3,177,468
------------------------------------------------------------------------------------------------------------------------------------
$ 144,255 Total Investments (cost $146,264,233) - 100.9% 153,345,066
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.1)% (3,160,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 1,747,164
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 151,932,230
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT MARCH 31, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $2,200,000 Pay 3-Month USD-LIBOR 5.768% Semi-Annually 7/20/07 7/20/29 $109,897
Morgan Stanley 2,000,000 Pay 3-Month USD-LIBOR 5.771 Semi-Annually 7/20/07 7/20/34 107,907
------------------------------------------------------------------------------------------------------------------------------------
$217,804
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
21
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 685 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 709,050
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.7% (1.8% OF TOTAL INVESTMENTS)
60 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 61,324
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
685 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 705,838
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,062,140
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
635 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 652,869
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
3,055 4.750%, 6/01/22 6/16 at 100.00 BBB 3,067,220
930 5.000%, 6/01/26 6/16 at 100.00 BBB 944,359
------------------------------------------------------------------------------------------------------------------------------------
6,365 Total Consumer Staples 6,493,750
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.7% (11.5% OF TOTAL INVESTMENTS)
1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA 1,611,075
Bonds, Albany Law School, Series 1999A, 6.750%, 12/01/29 -
RAAI Insured
275 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 278,347
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
2,700 Brookhaven Industrial Development Agency, New York, Revenue 12/07 at 101.00 A3 2,755,215
Bonds, St. Joseph's College, Series 2000, 6.000%, 12/01/20
1,285 Cattaraugus County Industrial Development Agency, New York, 9/08 at 101.00 BBB- 1,301,435
Revenue Bonds, St. Bonaventure University, Series 1998B,
5.000%, 9/15/13
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 93,629
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 1,093,810
Revenue Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,815 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 2,947,052
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
2,120 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,440,968
Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 -
AMBAC Insured
730 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 833,018
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
580 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 614,904
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
8,345 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 8,819,497
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
1,250 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,329,063
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,062,240
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 4,041,153
2,500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,853,650
State University Educational Facilities, Series 1993A,
5.875%, 5/15/17
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
Dormitory Authority of the State of New York, Third General
Resolution Consolidated Revenue Bonds, City University System,
Series 1998-2:
$ 1,490 5.000%, 7/01/17 - FSA Insured 7/08 at 101.00 AAA $ 1,529,127
475 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 487,621
635 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 663,848
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
Monroe County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, St. John Fisher College, Series 1999:
1,000 5.375%, 6/01/17 - RAAI Insured 6/09 at 102.00 AA 1,044,700
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,468,894
580 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- 602,336
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- 879,597
Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
500 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 530,680
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/36 - AMBAC Insured
900 New York City Industrial Development Authority, New York, 9/16 at 100.00 AAA 953,712
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
5.000%, 3/01/36 - MBIA Insured
750 New York City Trust for Cultural Resources, New York, Revenue 7/10 at 101.00 A 804,360
Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
------------------------------------------------------------------------------------------------------------------------------------
39,545 Total Education and Civic Organizations 42,039,931
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,000 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,141,750
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.9% (11.6% OF TOTAL INVESTMENTS)
50 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 50,599
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
955 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AA- 985,589
Mortgage Hospital Revenue Bonds, St. James Mercy Hospital,
Series 1998, 5.250%, 2/01/18
1,235 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,300,739
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
1,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,797,478
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
4,500 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 4,647,375
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
3,750 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 4,042,725
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 8,374,560
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, 7/11 at 101.00 Ba2 1,253,208
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
2,800 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 2,958,004
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
3,400 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 BBB 3,640,754
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
2,950 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,207,506
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 1,880,802
North Shore Long Island Jewish Obligated Group,
Series 2005A, 5.000%, 11/01/34
23
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 $ 1,322,963
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
900 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 951,273
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,070,770
1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,338,463
745 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 B2 791,034
Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
740 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 B2 793,961
Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
940 New York State Medical Care Facilities Finance Agency, 8/07 at 100.00 AAA 946,486
FHA-Insured Mortgage Revenue Bonds, Hospital and Nursing
Home Projects, Series 1992B, 6.200%, 8/15/22
1,100 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B+ 1,184,403
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
40,265 Total Health Care 42,538,692
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.8% (3.8% OF TOTAL INVESTMENTS)
4,530 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 4,811,087
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
1,610 5.500%, 11/01/31 5/11 at 101.00 AA 1,673,869
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,079,500
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
910 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 943,288
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 465,174
1,500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 1,578,240
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
1,160 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 1,178,351
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
1,100 New York State Housing Finance Agency, Secured Mortgage 8/09 at 101.00 Aa1 1,135,849
Program Multifamily Housing Revenue Bonds, Series 1999I,
6.200%, 2/15/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,260 Total Housing/Multifamily 13,865,358
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.1% (3.3% OF TOTAL INVESTMENTS)
2,295 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 2,300,324
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,274,350
Revenue Bonds, Series 73A, 5.250%, 10/01/17
(Alternative Minimum Tax)
345 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 347,391
Revenue Bonds, Series 83, 5.650%, 4/01/30
(Alternative Minimum Tax)
6,350 New York State Mortgage Agency, Homeowner Mortgage 4/11 at 100.00 Aa1 6,532,245
Revenue Bonds, Series 97, 5.500%, 4/01/31
(Alternative Minimum Tax)
1,660 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 1,680,385
Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
11,900 Total Housing/Single Family 12,134,695
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.3% (4.7% OF TOTAL INVESTMENTS)
2,855 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 102.00 AA 2,916,639
Mortgage Nursing Home Revenue Bonds, Hebrew Home
for the Aged at Riverdale, Series 1997, 6.125%, 2/01/37
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 1,520 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA $ 1,623,968
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
1,100 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 1,194,886
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
645 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 674,825
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
1,375 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 102.00 A 1,497,526
Miriam Osborn Memorial Home Association, Series 2000B,
6.375%, 7/01/29 - ACA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 A 52,448
425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 A 438,893
1,350 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 1,440,086
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
630 New York State Medical Care Facilities Finance Agency, 8/07 at 101.00 AA+ 637,352
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, Series 1995C, 6.100%, 8/15/15
2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,849,855
FHA-Insured Mortgage Assisted Civic Facility Revenue Bonds,
Bishop Commons Inc., Series 1999A, 5.375%, 2/01/49
3,785 Syracuse Housing Authority, New York, FHA-Insured Mortgage 2/08 at 102.00 AAA 3,909,148
Revenue Bonds, Loretto Rest Residential Healthcare Facility,
Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
16,490 Total Long-Term Care 17,235,626
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.2% (4.7% OF TOTAL INVESTMENTS)
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, 2006A:
4,070 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 4,024,375
1,000 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 1,059,020
1,800 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA- 1,949,562
Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
2,500 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 2,673,925
1,000 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,067,470
3,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 3,207,690
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,350 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 1,420,092
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
200 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 210,868
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 210,868
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
750 5.250%, 7/01/23 1/08 at 100.00 A3 756,833
500 5.250%, 7/01/24 1/08 at 100.00 A3 504,555
------------------------------------------------------------------------------------------------------------------------------------
16,370 Total Tax Obligation/General 17,085,258
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 31.7% (20.6% OF TOTAL INVESTMENTS)
2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 2,547,672
Series 2003A, 5.000%, 11/01/23
250 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AAA 263,900
of Health Revenue Bonds, Series 2005A, 5.000%, 7/01/25 -
CIFG Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health
Services Facilities, Series 2000D:
35 5.875%, 2/15/18 - FSA Insured 8/10 at 100.00 AAA 37,399
30 5.875%, 2/15/19 - FSA Insured 8/10 at 100.00 AAA 32,056
40 5.875%, 8/15/19 - FSA Insured 8/10 at 100.00 AAA 42,741
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 1,338,231
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,470,053
25
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 955 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA $ 1,006,064
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 1,058,970
Mental Health Services Facilities Improvements,
Series 2005D-1, 5.000%, 8/15/23 - FGIC Insured
690 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 737,493
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Education, Series 2006C:
705 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 752,157
1,350 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 1,438,074
5,340 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 5,688,382
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 5,345,550
2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,593,450
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,507,427
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,102,620
1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,351,896
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,768,015
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,062,190
2,670 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,834,258
2,125 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,254,328
1,520 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,609,467
2,665 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,812,295
Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
1,800 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AAA 1,891,494
Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 -
AMBAC Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,053,680
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
2,030 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 2,140,879
Income Tax Revenue Bonds, Economic Development and
Housing, Series 2006A, 5.000%, 3/15/36
5,600 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 6,454,448
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
6,500 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AAA 6,852,755
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
6,700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 7,200,892
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
3,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 3,249,660
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
3,715 New York State Urban Development Corporation, Service No Opt. Call AA- 3,939,720
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
70,425 Total Tax Obligation/Limited 75,438,216
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.2% (8.6% OF TOTAL INVESTMENTS)
1,095 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,144,417
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call AAA 1,634,475
Revenue Bonds, Series 2003A, 5.000%, 11/15/15 -
FGIC Insured
1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,898,252
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,830 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA $ 2,985,027
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
1,100 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 1,165,098
3,100 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 3,279,025
1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,041,920
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
2,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,448,120
1,080 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 1,145,696
1,925 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,963,596
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)
2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/07 at 101.00 CCC+ 2,058,870
American Airlines Inc., Series 1996A, 6.250%, 6/01/26
(Alternative Minimum Tax)
2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 2,086,100
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19
5,750 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 6,060,500
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/12 at 100.00 AAA 2,579,688
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.250%, 11/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
30,020 Total Transportation 31,490,784
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.8% (18.7% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 166,284
155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 166,284
180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 193,104
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 AAA 1,084,950
Columbia University, Series 2002B, 5.375%, 7/01/19
(Pre-refunded 7/01/12)
1,200 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,310,268
State Personal Income Tax, Series 2003A, 5.375%, 3/15/22
(Pre-refunded 3/15/13)
5,535 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,939,221
State University Educational Facilities, Series 2002A,
5.000%, 5/15/17 (Pre-refunded 5/15/12) - FGIC Insured
845 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 913,377
Senior Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/15/20 (Pre-refunded 7/15/10)
525 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 539,191
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- (4) 5,360,550
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
(Pre-refunded 9/01/11)
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,500 5.750%, 6/15/17 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,638,030
1,500 5.750%, 6/15/18 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,638,030
5,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,274,600
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
(Pre-refunded 10/01/15) - FGIC Insured
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
400 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 431,876
665 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 707,507
2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 AAA 2,680,125
Tobacco Settlement Asset-Backed Bonds, Series 1999A,
6.500%, 7/15/27 (Pre-refunded 7/15/09)
27
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,250 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (4) $ 1,386,150
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
(Pre-refunded 7/01/10)
2,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,133,460
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33 (Pre-refunded 6/15/10)
1,000 New York City Trust for Cultural Resources, New York, Revenue 7/09 at 101.00 AAA 1,055,620
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured
245 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA 263,451
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
285 New York State Urban Development Corporation, Service 1/11 at 100.00 A1 (4) 303,884
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Pre-refunded 1/01/11)
2,950 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 3,162,312
Income Tax Revenue Bonds, Series 2003B, 5.000%, 3/15/22
(Pre-refunded 3/15/13)
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A:
2,860 5.375%, 3/15/19 (Pre-refunded 3/15/12) 3/12 at 100.00 AAA 3,087,913
2,000 5.375%, 3/15/20 (Pre-refunded 3/15/12) 3/12 at 100.00 AAA 2,159,380
2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,311,581
Water Treatment Plant Bonds, Series 1994, 8.000%, 11/01/09 -
MBIA Insured (Alternative Minimum Tax) (ETM)
1,600 Triborough Bridge and Tunnel Authority, New York, General No Opt. Call AAA 1,753,312
Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
7,500 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 8,735,775
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
(Pre-refunded 1/01/22)
3,750 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 3,999,750
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) 3,828,592
Loan Note, Series 1999A, 6.500%, 10/01/24
(Pre-refunded 10/01/10)
3,000 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 3,315,870
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
2,520 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 2,791,177
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
62,695 Total U.S. Guaranteed 68,331,624
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.5% (5.5% 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 AAA 3,305,189
3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 3,302,740
2,500 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 2,536,325
Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP,
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 2,087,080
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001D,
5.550%, 11/15/24 (Mandatory put 11/15/15)
4,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 4,182,080
Bonds, Series 2000A, 5.250%, 11/15/40
820 Power Authority of the State of New York, General Revenue 11/15 at 100.00 AAA 881,631
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,983,800
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
19,520 Total Utilities 20,278,845
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.2% (4.7% OF TOTAL INVESTMENTS)
700 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AA 741,055
Revenue Bonds, Series 2001, 5.150%, 8/01/22
2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,693,053
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ $ 2,152,880
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
2,225 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 2,397,213
Water and Sewerage System Revenue Bonds, Fiscal
Series 2003A, 5.375%, 6/15/19
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, Pooled
Loan Issue, Series 2002F:
1,000 5.250%, 11/15/17 11/12 at 100.00 AAA 1,078,550
3,345 5.250%, 11/15/19 11/12 at 100.00 AAA 3,608,618
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,384,230
------------------------------------------------------------------------------------------------------------------------------------
15,825 Total Water and Sewer 17,055,599
------------------------------------------------------------------------------------------------------------------------------------
$ 344,365 Total Investments (cost $348,308,881) - 153.9% 365,839,178
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.5)% (8,305,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 4,433,576
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.3)% (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 237,667,754
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT MARCH 31, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley $7,000,000 Pay 3-Month USD-LIBOR 5.771% Semi-Annually 7/20/07 7/20/34 $377,674
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
29
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.4% (0.2% OF TOTAL INVESTMENTS)
$ 500 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 517,555
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.7% (1.9% OF TOTAL INVESTMENTS)
40 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 40,883
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
445 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 458,537
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
895 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 937,316
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
365 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 375,271
Tobacco Settlement Asset-Backed Bonds, Series 2001A,
5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
1,030 4.750%, 6/01/22 6/16 at 100.00 BBB 1,034,120
1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,142,370
------------------------------------------------------------------------------------------------------------------------------------
3,900 Total Consumer Staples 3,988,497
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.5% (10.8% OF TOTAL INVESTMENTS)
160 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 161,947
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
120 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 124,838
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,635 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,711,698
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,080,830
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
845 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 964,246
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 530,090
Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 -
FSA Insured
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,321,075
Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 -
RAAI Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
1,750 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,860,688
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 795,503
370 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 386,809
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
Kenmore Housing Authority, New York, Revenue Bonds, State
University of New York at Buffalo Student Apartment Project,
Series 1999A:
3,050 5.500%, 8/01/19 - RAAI Insured 8/09 at 102.00 AA 3,198,047
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,886,373
3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,204,865
Civic Facility Revenue Bonds, St. John Fisher College,
Series 1999, 5.375%, 6/01/24 - RAAI Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 330 New York City Industrial Development Agency, New York, Civic 10/14 at 100.00 A- $ 342,708
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- 1,862,676
Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
250 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 265,340
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/36 - AMBAC Insured
450 New York City Industrial Development Authority, New York, 9/16 at 100.00 AAA 476,856
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
5.000%, 3/01/36 - MBIA Insured
500 New York City Trust for Cultural Resources, New York, Revenue 7/10 at 101.00 A 536,240
Bonds, Museum of American Folk Art, Series 2000,
6.000%, 7/01/22 - ACA Insured
1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,606,965
Civic Facility Revenue Bonds, Niagara University,
Series 2001A, 5.350%, 11/01/23 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
22,080 Total Education and Civic Organizations 23,317,794
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.5% (0.3% OF TOTAL INVESTMENTS)
600 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 685,050
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 34.2% (22.3% OF TOTAL INVESTMENTS)
Albany Industrial Development Agency, New York, Revenue
Bonds, Albany Medical Center, Series 1999:
1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 1,142,232
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,486,149
2,330 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AAA 2,413,717
Mortgage Hospital Revenue Bonds, Memorial Hospital
of William F. and Gertrude F. Jones Inc., Series 1999,
5.250%, 8/01/19 - MBIA Insured
4,825 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 5,037,783
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Victory Memorial Hospital,
Series 1999:
1,925 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 1,999,671
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,088,900
625 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 658,269
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA 2,052,860
Nursing Home Mortgage Revenue Bonds, Gurwin Jewish
Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41
2,600 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 2,685,150
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
Dormitory Authority of the State of New York, Insured Revenue
Bonds, Franciscan Health Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997:
2,000 5.500%, 7/01/17 - RAAI Insured 7/07 at 102.00 AA 2,047,300
2,000 5.500%, 7/01/27 - RAAI Insured 7/07 at 102.00 AA 2,047,100
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 2,156,120
Catholic Health Services of Long Island Obligated Group -
St. Catherine of Siena Medical Center, Series 2000A,
6.500%, 7/01/20
Dormitory Authority of the State of New York, Revenue Bonds,
Lenox Hill Hospital Obligated Group, Series 2001:
165 5.375%, 7/01/20 7/11 at 101.00 Ba2 172,184
500 5.500%, 7/01/30 7/11 at 101.00 Ba2 522,170
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 1,584,645
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
31
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,575 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 BBB $ 1,686,526
Mount Sinai NYU Health Obligated Group, Series 2000A,
6.500%, 7/01/25
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 BBB 253,985
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,425 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,549,388
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 1,044,890
North Shore Long Island Jewish Obligated Group,
Series 2005A, 5.000%, 11/01/34
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 529,185
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 634,182
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
1,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 1,903,817
Revenue Refunding Bonds, Wyckoff Heights Medical Center,
Series 1998H, 5.300%, 8/15/21 - MBIA Insured
905 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 933,055
Revenue Bonds, Woodland Village Project, Series 2006,
5.500%, 8/01/33
420 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 434,977
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
1,750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 1,873,848
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 -
AMBAC Insured
580 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 B2 615,838
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 B2 107,292
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 A2 4,145,320
Facility Revenue Bonds, Kingston Hospital, Series 1999,
5.650%, 11/15/24
3,595 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AAA 3,767,632
FHA-Insured Civic Facility Mortgage Revenue Bonds,
Soldiers and Sailors Memorial Hospital, Series 1999A,
5.650%, 2/01/39
650 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B+ 699,875
Bonds, St. John's Riverside Hospital, Series 2001A,
7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
46,250 Total Health Care 48,274,060
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.2% (3.4% OF TOTAL INVESTMENTS)
2,585 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 2,745,399
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,119,010
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 789,120
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
680 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 690,758
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
------------------------------------------------------------------------------------------------------------------------------------
7,015 Total Housing/Multifamily 7,344,287
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.5% (2.3% OF TOTAL INVESTMENTS)
645 Guam Housing Corporation, Mortgage-Backed Securities No Opt. Call AAA 701,431
Program Single Family Mortgage Revenue Bonds,
Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
1,350 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 1,353,132
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
1,960 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,973,583
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY (continued)
$ 840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa $ 850,315
Thirty-Third Series A, 4.750%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,795 Total Housing/Single Family 4,878,461
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.2% (3.4% OF TOTAL INVESTMENTS)
430 Amherst Industrial Development Agency, New York, Civic 1/17 at 102.00 N/R 436,011
Facilities Revenue Bonds, Beechwood Health Care Center
Inc., Series 2007, 5.200%, 1/01/40
Appleridge Retirement Community Inc., New York, GNMA
Collateralized Mortgage Revenue Bonds, Series 1999:
1,150 5.700%, 9/01/31 9/09 at 102.00 Aaa 1,218,529
1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,325,925
600 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 651,756
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
375 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 392,340
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
250 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 A 258,173
Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured
750 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 800,048
Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2001A-1, 7.250%, 7/01/16
2,190 Yonkers Industrial Development Agency, New York, FHA-Insured 2/09 at 101.00 AAA 2,262,401
Mortgage Revenue Bonds, Michael Malotz Skilled Nursing
Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,995 Total Long-Term Care 7,345,183
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.4% (6.8% OF TOTAL INVESTMENTS)
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, 2006A:
2,200 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 2,175,338
600 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 635,412
2,600 New York City, New York, General Obligation Bonds, Fiscal 5/09 at 101.00 AAA 2,686,580
Series 1999J, 5.125%, 5/15/29 - MBIA Insured
1,000 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA- 1,083,090
Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,500 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,604,355
600 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 640,482
800 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 841,536
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Rochester, New York, General Obligation Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 808,337
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 811,274
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,448,150
Series 1999, 5.600%, 10/15/16
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
500 5.250%, 7/01/23 1/08 at 100.00 A3 504,555
500 5.250%, 7/01/24 1/08 at 100.00 A3 504,555
------------------------------------------------------------------------------------------------------------------------------------
14,020 Total Tax Obligation/General 14,743,664
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 32.9% (21.5% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,083,150
Series 2003A, 5.250%, 11/01/21
1,155 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,239,234
State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/18 -
MBIA Insured
590 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AAA 639,424
of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
33
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 35 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA $ 37,399
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.875%, 8/15/18 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 526,735
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,057,740
Bonds, Child Care Facilities Development Program,
Series 2002, 5.375%, 4/01/19
185 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 197,734
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds,
Education, Series 2006C:
405 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 432,090
810 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 862,844
6,240 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 6,647,098
550 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 615,335
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,138,220
2,000 5.000%, 11/15/30 11/12 at 100.00 AA 2,074,760
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,700 5.750%, 1/01/17 No Opt. Call AA- 1,940,397
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,051,310
1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,189,201
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,000 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,062,190
1,100 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,167,672
810 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 859,297
1,875 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,985,363
1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,762,301
Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
700 New York Convention Center Development Corporation, 11/15 at 100.00 AAA 735,581
Hotel Unit Fee Revenue Bonds, Series 2005,
5.000%, 11/15/44 - AMBAC Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,053,680
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
1,190 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 1,254,998
Tax Revenue Bonds, Economic Development and Housing,
Series 2006A, 5.000%, 3/15/36
3,400 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,918,772
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
4,000 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 4,299,040
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,142,720
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,083,220
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 3,505,895
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.250%, 10/15/15 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
43,390 Total Tax Obligation/Limited 46,563,400
------------------------------------------------------------------------------------------------------------------------------------
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.0% (9.1% OF TOTAL INVESTMENTS)
$ 700 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ $ 743,897
Series 2001A, 5.625%, 7/15/25
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,065,970
Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 -
FGIC Insured
1,750 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 2,124,588
American Airlines-JFK International Airport Special Facility
Revenue Bonds, Series 2005, 7.750%, 8/01/31
(Alternative Minimum Tax)
105 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 104,903
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,182,100
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
450 New York City Industrial Development Authority, New York, 5/12 at 100.00 B 445,707
JetBlue, 5.000%, 5/15/20 (Alternative Minimum Tax)
865 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 912,385
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
700 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 741,426
2,100 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 2,221,275
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 520,960
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
800 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 862,768
1,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,383,720
615 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 652,410
3,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 3,060,150
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)
1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 1,065,130
Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,635,000
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
------------------------------------------------------------------------------------------------------------------------------------
18,385 Total Transportation 19,722,389
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 18.7% (12.2% OF TOTAL INVESTMENTS) (4)
510 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 551,269
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
885 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 908,922
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 1,279,388
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,520 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 6,079,894
Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23
(Pre-refunded 10/01/14) - FSA Insured
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
265 6.000%, 6/01/15 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 286,118
1,520 6.150%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 101.00 AAA 1,617,158
620 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (4) 687,530
Civic Facility Revenue Bonds, Special Needs Facilities Pooled
Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10)
2,400 New York City, New York, General Obligation Bonds, Fiscal 5/09 at 101.00 AAA 2,498,640
Series 1999J, 5.125%, 5/15/29 (Pre-refunded 5/15/09) -
MBIA Insured
35
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 160 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 AAA $ 172,050
Pass-Through Bonds, Series 2000B, 5.800%, 6/01/23
(Pre-refunded 6/01/10)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,085,830
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/23 (Pre-refunded 4/01/13) - MBIA Insured
1,000 New York State Urban Development Corporation, State 3/12 at 100.00 AAA 1,068,440
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27
(Pre-refunded 3/15/12)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 Aa2 (4) 3,412,860
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
(Pre-refunded 1/01/22)
2,250 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 2,399,850
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
600 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R (4) 643,428
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) 825,128
Loan Note, Series 1999A, 6.500%, 10/01/24
(Pre-refunded 10/01/10)
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,381,613
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10)
1,400 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (4) 1,550,654
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
24,380 Total U.S. Guaranteed 26,448,772
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.5% (4.2% 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 AAA 2,665,475
2,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 2,663,500
250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 261,927
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001C,
5.625%, 11/15/24 (Mandatory put 11/15/14)
(Alternative Minimum Tax)
600 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 631,864
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001B,
5.550%, 11/15/24 (Mandatory put 11/15/13)
(Alternative Minimum Tax)
2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,091,738
Bonds, Series 2000A, 5.250%, 11/15/30
465 Power Authority of the State of New York, General Revenue 11/15 at 100.00 AAA 499,947
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
370 Suffolk County Industrial Development Agency, New York, No Opt. Call N/R 369,502
Revenue Bonds, Nissequogue Cogeneration Partners Facility,
Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
8,685 Total Utilities 9,183,953
------------------------------------------------------------------------------------------------------------------------------------
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.4% (1.6% OF TOTAL INVESTMENTS)
$ 1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ $ 1,217,462
Water and Sewerage System Revenue Bonds,
Fiscal Series 2003A, 5.375%, 6/15/19
1,955 New York State Environmental Facilities Corporation, State 11/12 at 100.00 AAA 2,108,565
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
3,085 Total Water and Sewer 3,326,027
------------------------------------------------------------------------------------------------------------------------------------
$ 204,080 Total Investments (cost $206,743,025) - 153.1% 216,339,092
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.8)% (6,835,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.5% 837,027
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.8)% (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 141,341,119
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT MARCH 31, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley $4,500,000 Pay 3-Month USD-LIBOR 5.771% Semi-Annually 7/20/07 7/20/34 $242,790
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
37
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 275 New York City Industrial Development Agency, New York, 9/15 at 100.00 BBB- $ 284,655
Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.9% (1.9% OF TOTAL INVESTMENTS)
440 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 453,385
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 531,070
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
225 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 231,332
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
TSASC Inc., New York, Tobacco Asset-Backed Bonds,
Series 2006:
765 4.750%, 6/01/22 6/16 at 100.00 BBB 768,060
835 5.000%, 6/01/26 6/16 at 100.00 BBB 847,892
------------------------------------------------------------------------------------------------------------------------------------
2,765 Total Consumer Staples 2,831,739
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.6% (11.6% OF TOTAL INVESTMENTS)
110 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 111,339
Bonds, Brighter Choice Charter Schools, Series 2007A,
5.000%, 4/01/37
2,750 Albany Industrial Development Agency, New York, Revenue 7/11 at 101.00 Aaa 2,932,930
Bonds, St. Rose College, Series 2001A, 5.375%, 7/01/31 -
AMBAC Insured
1,975 Amherst Industrial Development Agency, New York, Revenue 8/11 at 102.00 AAA 2,121,111
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 -
AMBAC Insured
90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 93,629
Revenue Bonds, St. Bonaventure University, Series 2006,
5.000%, 5/01/23
1,125 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,177,774
Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 -
RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,053,140
Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,080,830
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 1,062,880
Canisius College, Series 2000, 5.250%, 7/01/30 - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 570,560
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,265 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 1,313,513
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 277,039
Revenue Bonds, Adelphi University, Civic Facility Project,
Series 2005, 5.000%, 10/01/35
2,190 Monroe County Industrial Development Agency, New York, 6/11 at 102.00 AA 2,314,239
Civic Facility Revenue Bonds, St. John Fisher College,
Series 2001, 5.250%, 6/01/26 - RAAI Insured
245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 254,435
Civic Facility Revenue Bonds, St. Francis College, Series 2004,
5.000%, 10/01/34
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- $ 1,138,302
Civic Facility Revenue Bonds, YMCA of Greater New York,
Series 2002, 5.250%, 8/01/21
250 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 265,340
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/36 - AMBAC Insured
450 New York City Industrial Development Authority, New York, 9/16 at 100.00 AAA 476,856
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
5.000%, 3/01/36 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,315 Total Education and Civic Organizations 17,243,917
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.5% (0.3% OF TOTAL INVESTMENTS)
500 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 570,875
Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.0% (13.8% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 3,136,170
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
2,505 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 2,626,743
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.550%, 8/15/29 -
AMBAC Insured
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,548,495
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
1,620 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,712,891
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,700 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,755,675
Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
4.900%, 8/15/31
500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AA 511,825
Bonds, Franciscan Health Partnership Obligated Group -
Frances Shervier Home and Hospital, Series 1997,
5.500%, 7/01/17 - RAAI Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 522,170
Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,200 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 1,267,716
Memorial Sloan Kettering Cancer Center, Series 2006-1,
5.000%, 7/01/35
1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 BBB 1,269,925
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
525 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 570,827
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 528,485
Winthrop-South Nassau University Hospital Association,
Series 2003A, 5.500%, 7/01/32
635 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 654,685
Revenue Bonds, Woodland Village Project, Series 2006,
5.500%, 8/01/33
290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 300,341
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
Series 2005, 6.000%, 7/01/30
575 Nassau County Industrial Development Agency, New York, No Opt. Call A3 602,002
Revenue Refunding Bonds, North Shore Health System
Obligated Group, Series 2001B, 5.875%, 11/01/11
850 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 A2 874,268
Health System Revenue Bonds, Series 1999A, 5.250%, 2/15/17
500 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 535,385
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 -
AMBAC Insured
495 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 525,586
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2001B, 6.375%, 7/01/31
39
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 500 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 $ 536,460
Civic Facility Revenue Bonds, Staten Island University Hospital,
Series 2002C, 6.450%, 7/01/32
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
425 6.000%, 11/01/22 11/12 at 100.00 Baa1 456,484
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 648,363
------------------------------------------------------------------------------------------------------------------------------------
19,680 Total Health Care 20,584,496
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8% (1.8% OF TOTAL INVESTMENTS)
1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 1,027,500
Multifamily Housing Revenue Bonds, Series 2001C-2,
5.400%, 11/01/33 (Alternative Minimum Tax)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
455 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 471,644
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 232,587
500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 526,080
Multifamily Housing Revenue Bonds, Series 2004A,
5.250%, 11/01/30
440 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 446,961
Multifamily Housing Revenue Bonds, Series 2005F-1,
4.750%, 11/01/35
------------------------------------------------------------------------------------------------------------------------------------
2,620 Total Housing/Multifamily 2,704,772
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.4% (1.6% OF TOTAL INVESTMENTS)
950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 952,204
Revenue Bonds, Series 130, 4.650%, 4/01/27
(Alternative Minimum Tax)
1,385 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,394,598
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,335 Total Housing/Single Family 2,346,802
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.2% (2.8% OF TOTAL INVESTMENTS)
320 Amherst Industrial Development Agency, New York, Civic 1/17 at 102.00 N/R 324,474
Facilities Revenue Bonds, Beechwood Health Care Center Inc.,
Series 2007, 5.200%, 1/01/40
450 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 488,817
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
2,150 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 2,275,603
Bonds, Rehabilitation Association Pooled Loan Program 1,
Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
255 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 266,791
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006, 5.000%, 11/01/31
Dormitory Authority of the State of New York, Revenue Bonds,
Providence Rest, Series 2005:
50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 A 52,448
175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 A 180,721
525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 560,033
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
3,925 Total Long-Term Care 4,148,887
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.3% (9.4% OF TOTAL INVESTMENTS)
1,775 Bath Central School District, Steuben County, New York, 6/12 at 100.00 AAA 1,770,154
General Obligation Bonds, Series 2002, 4.000%, 6/15/18 -
FGIC Insured
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, 2006A:
2,020 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 1,997,356
510 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 540,100
3,605 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 3,712,357
Series 1998H, 5.375%, 8/01/27 - MBIA Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 750 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA- $ 812,318
Series 2004C, 5.250%, 8/15/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,220 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,304,875
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,174,217
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,138,460
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
United Nations Development Corporation, New York, Senior
Lien Revenue Bonds, Series 2004A:
250 5.250%, 7/01/23 1/08 at 100.00 A3 252,278
250 5.250%, 7/01/24 1/08 at 100.00 A3 252,278
------------------------------------------------------------------------------------------------------------------------------------
13,480 Total Tax Obligation/General 13,954,393
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 31.6% (20.8% OF TOTAL INVESTMENTS)
1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,083,150
Series 2003A, 5.250%, 11/01/21
250 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 263,368
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Service Contract
Bonds, Child Care Facilities Development Program, Series 2002:
1,905 5.375%, 4/01/17 4/12 at 100.00 AA- 2,019,414
1,000 5.375%, 4/01/19 4/12 at 100.00 AA- 1,057,740
125 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 133,604
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Education, Series 2006C:
285 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 304,064
555 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 591,208
4,350 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 4,633,794
1,750 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 1,870,943
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
1,000 Metropolitan Transportation Authority, New York, State Service No Opt. Call AA- 1,141,410
Contract Refunding Bonds, Series 2002A, 5.750%, 1/01/17
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 589,338
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,140 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,210,133
835 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 885,818
500 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 529,430
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,055,270
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,055,270
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,053,680
Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
840 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 885,881
Income Tax Revenue Bonds, Economic Development and
Housing, Series 2006A, 5.000%, 3/15/36
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 AAA 1,128,668
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,186,684
2,300 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,650,934
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
41
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,100 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA $ 2,249,856
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,083,220
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
2,250 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 2,316,780
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
28,940 Total Tax Obligation/Limited 30,979,657
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 19.8% (13.0% OF TOTAL INVESTMENTS)
2,000 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 2,125,420
Series 2001A, 5.625%, 7/15/20
460 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 486,266
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,250 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 1,517,563
American Airlines-JFK International Airport Special Facility
Revenue Bonds, Series 2005, 7.750%, 8/01/31
(Alternative Minimum Tax)
50 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 49,954
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,182,100
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
New York City Industrial Development Authority, New York, JetBlue:
50 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B 49,523
250 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B 249,013
485 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 511,568
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
300 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 317,754
1,300 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,375,075
3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 3,542,528
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
750 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 808,845
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,064,400
280 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 297,032
2,195 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 2,235,278
Revenue Bonds, One Hundred Twentieth Series 2000,
5.500%, 10/15/35 - MBIA Insured (Alternative Minimum Tax)
2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,635,000
Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 903,279
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
18,050 Total Transportation 19,350,598
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.6% (13.5% OF TOTAL INVESTMENTS) (4)
1,500 Long Island Power Authority, New York, Electric System General 5/11 at 100.00 A- (4) 1,600,575
Revenue Bonds, Series 2001L, 5.375%, 5/01/33
(Pre-refunded 5/01/11)
2,750 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 2,984,218
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
25 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 25,819
Series 1998H, 5.375%, 8/01/27 (Pre-refunded 8/01/08) -
MBIA Insured
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,205 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA $ 3,375,538
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/21 (Pre-refunded 1/01/11) - FSA Insured
2,500 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AAA 2,671,100
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A, 5.125%, 3/15/27 (Pre-refunded 3/15/12)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/11 at 100.00 AAA 3,167,460
Purpose Revenue Bonds, Series 1996B, 5.200%, 1/01/22
(Pre-refunded 1/01/11)
5,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 5,333,000
Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19)
(Pre-refunded 7/15/09)
900 Utica Industrial Development Agency, New York, Revenue 6/09 at 101.00 N/R (4) 965,142
Bonds, Utica College, Series 2004A, 6.875%, 12/01/34
(Pre-refunded 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
18,880 Total U.S. Guaranteed 20,122,852
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.1% (7.9% 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 AAA 1,812,523
1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 1,811,180
1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 1,014,530
Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP,
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 470,556
Solid Waste Disposal Facility Revenue Bonds, American
Ref-Fuel Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Mandatory put 11/15/12)
(Alternative Minimum Tax)
2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa3 2,087,080
Solid Waste Disposal Facility Revenue Refunding Bonds,
American Ref-Fuel Company of Niagara LP, Series 2001D,
5.550%, 11/15/24 (Mandatory put 11/15/15)
2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,091,040
Bonds, Series 2000A, 5.250%, 11/15/40
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
320 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 345,362
215 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 231,157
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,241,036
750 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 746,961
------------------------------------------------------------------------------------------------------------------------------------
11,385 Total Utilities 11,851,425
------------------------------------------------------------------------------------------------------------------------------------
43
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.2% (1.4% OF TOTAL INVESTMENTS)
$ 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ $ 1,076,440
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001D, 5.500%, 6/15/17
1,000 New York State Environmental Facilities Corporation, State 11/12 at 100.00 AAA 1,078,550
Clean Water and Drinking Water Revolving Funds Revenue
Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/17
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Water and Sewer 2,154,990
------------------------------------------------------------------------------------------------------------------------------------
$ 141,150 Total Investments (cost $143,653,046) - 152.3% 149,130,058
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.3)% (5,145,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 930,388
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 97,915,446
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT MARCH 31, 2007:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $1,700,000 Pay 3-Month USD-LIBOR 5.768% Semi-Annually 7/20/07 7/20/29 $ 84,920
Morgan Stanley 1,600,000 Pay 3-Month USD-LIBOR 5.771 Semi-Annually 7/20/07 7/20/34 86,326
------------------------------------------------------------------------------------------------------------------------------------
$171,246
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
44
Statement of
ASSETS AND LIABILITIES March 31, 2007 (Unaudited)
NEW YORK NEW YORK
NEW YORK NEW YORK DIVIDEND DIVIDEND
VALUE PERFORMANCE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $146,264,233,
$348,308,881, $206,743,025
and $143,653,046, respectively) $153,345,066 $365,839,178 $216,339,092 $149,130,058
Receivables:
Interest 2,152,887 5,232,350 3,176,659 2,153,241
Investments sold -- 1,894,724 -- --
Unrealized appreciation on forward swaps 217,804 377,674 242,790 171,246
Other assets 7,723 41,853 10,342 1,653
------------------------------------------------------------------------------------------------------------------------------------
Total assets 155,723,480 373,385,779 219,768,883 151,456,198
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 524,226 2,797,045 2,438,756 1,309,793
Floating rate obligations 3,160,000 8,305,000 6,835,000 5,145,000
Accrued expenses:
Management fees 68,998 191,959 85,877 47,208
Other 38,026 74,324 33,544 24,651
Preferred share dividends payable N/A 49,697 34,587 14,100
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 3,791,250 11,418,025 9,427,764 6,540,752
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $151,932,230 $237,667,754 $141,341,119 $ 97,915,446
====================================================================================================================================
Common shares outstanding 15,120,364 15,046,188 9,256,678 6,490,801
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 10.05 $ 15.80 $ 15.27 $ 15.09
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 151,204 $ 150,462 $ 92,567 $ 64,908
Paid-in surplus 144,256,690 219,258,503 131,521,883 92,186,001
Undistributed (Over-distribution of) net investment income 447,984 263,656 (151,612) (57,455)
Accumulated net realized gain (loss) from investments (222,285) 87,162 39,424 73,734
Net unrealized appreciation (depreciation) of investments
and derivative transactions 7,298,637 17,907,971 9,838,857 5,648,258
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $151,932,230 $237,667,754 $141,341,119 $ 97,915,446
====================================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 Unlimited Unlimited
Preferred N/A 1,000,000 Unlimited Unlimited
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
45
Statement of
OPERATIONS Six Months Ended March 31, 2007 (Unaudited)
NEW YORK NEW YORK
NEW YORK NEW YORK DIVIDEND DIVIDEND
VALUE PERFORMANCE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $3,807,252 $ 9,027,821 $ 5,247,341 $3,569,539
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 409,041 1,129,019 663,680 459,501
Preferred shares - auction fees N/A 154,949 86,013 58,589
Preferred shares - dividend disbursing agent fees N/A 19,945 4,986 4,986
Shareholders' servicing agent fees and expenses 16,098 16,301 1,979 795
Floating rate obligations interest expense and fees 40,985 105,704 90,419 67,007
Custodian's fees and expenses 20,776 46,340 35,522 34,601
Directors'/Trustees' fees and expenses 1,620 3,780 2,463 1,725
Professional fees 5,196 10,692 7,935 6,864
Shareholders' reports - printing and mailing expenses 14,580 18,184 7,219 8,582
Stock exchange listing fees 4,851 4,899 4,896 274
Investor relations expense 8,924 17,501 10,132 7,062
Other expenses 4,370 16,223 10,453 8,115
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 526,441 1,543,537 925,697 658,101
Custodian fee credit (8,775) (14,560) (10,728) (2,291)
Expense reimbursement -- -- (158,178) (181,562)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 517,666 1,528,977 756,791 474,248
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,289,586 7,498,844 4,490,550 3,095,291
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 17,993 139,660 39,787 74,142
Change in net unrealized appreciation (depreciation)
of investments (684,401) (1,827,388) (878,345) (557,612)
Change in net unrealized appreciation (depreciation)
of forward swaps (43,154) (79,985) (51,420) (33,970)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (709,562) (1,767,713) (889,978) (517,440)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (1,864,288) (995,037) (675,968)
From accumulated net realized gains N/A (206,467) (199,414) (131,824)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (2,070,755) (1,194,451) (807,792)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $2,580,024 $ 3,660,376 $ 2,406,121 $1,770,059
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
46
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP)
---------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,289,586 $ 6,600,975 $ 7,498,844 $ 15,107,111
Net realized gain (loss) from investments 17,993 377,490 139,660 1,003,774
Change in net unrealized appreciation
(depreciation) of investments (684,401) (461,131) (1,827,388) (1,539,543)
Change in net unrealized appreciation
(depreciation) of forward swaps (43,154) 260,958 (79,985) 457,659
Distributions to Preferred Shareholders:
From net investment income N/A N/A (1,864,288) (3,020,062)
From accumulated net realized gains N/A N/A (206,467) (720,259)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 2,580,024 6,778,292 3,660,376 11,288,680
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,220,639) (6,441,277) (5,966,245) (13,326,460)
From accumulated net realized gains -- -- (874,665) (4,504,776)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,220,639) (6,441,277) (6,840,910) (17,831,236)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- -- 230,165 905,791
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions -- -- 230,165 905,791
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (640,615) 337,015 (2,950,369) (5,636,765)
Net assets applicable to Common
shares at the beginning of period 152,572,845 152,235,830 240,618,123 246,254,888
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $151,932,230 $152,572,845 $237,667,754 $240,618,123
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 447,984 $ 379,037 $ 263,656 $ 595,345
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
47
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,490,550 $ 9,085,576 $ 3,095,291 $ 6,254,125
Net realized gain (loss) from investments 39,787 1,004,669 74,142 677,240
Change in net unrealized appreciation
(depreciation) of investments (878,345) (1,492,955) (557,612) (555,856)
Change in net unrealized appreciation
(depreciation) of forward swaps (51,420) 294,210 (33,970) 205,216
Distributions to Preferred Shareholders:
From net investment income (995,037) (1,905,342) (675,968) (1,292,953)
From accumulated net realized gains (199,414) (267,113) (131,824) (201,619)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 2,406,121 6,719,045 1,770,059 5,086,153
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,612,132) (8,210,579) (2,539,309) (5,624,629)
From accumulated net realized gains (822,944) (1,716,946) (545,812) (1,311,855)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (4,435,076) (9,927,525) (3,085,121) (6,936,484)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 222,718 654,812 163,560 310,831
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions 222,718 654,812 163,560 310,831
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,806,237) (2,553,668) (1,151,502) (1,539,500)
Net assets applicable to Common
shares at the beginning of period 143,147,356 145,701,024 99,066,948 100,606,448
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $141,341,119 $143,147,356 $97,915,446 $ 99,066,948
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ (151,612) $ (34,993) $ (57,455) $ 62,531
====================================================================================================================================
See accompanying notes to financial statements.
48
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Municipal Value Fund,
Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen
New York Dividend Advantage Municipal Fund (NAN) and Nuveen New York Dividend
Advantage Municipal Fund 2 (NXK). All of the Funds' Common shares trade on the
New York Stock Exchange, with the exception of New York Dividend Advantage 2's
(NXK) Common shares which trade on the American Stock Exchange. The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end
management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes by investing primarily in a diversified portfolio of
municipal obligations issued by state and local government authorities within
the state of New York or certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or forward swap
contract, each Fund may use a market price or fair market value quote provided
by a major broker/dealer in such investments. If it is determined that the
market price or fair market value for an investment is unavailable or
inappropriate, the Board of Directors/Trustees of the Funds, or its designee,
may establish a fair value for the investment. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term investments are valued at amortized cost, which approximates market
value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2007, 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.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, to retain such tax-exempt status when distributed to shareholders
of the Funds. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
New York Value (NNY) is not authorized to issue Preferred shares. The Funds
below have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate paid by the Funds on each
Series is determined every seven days, pursuant to a dutch auction process
overseen by the auction agent, and is payable at the end of each rate period.
The number of Preferred shares outstanding, by Series and in total, for each
Fund is as follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
--------------------------------------------------------------------------------
Number of shares:
Series M 1,600 -- --
Series T 800 -- --
Series W 2,000 -- 1,880
Series TH -- -- --
Series F 572 2,760 --
--------------------------------------------------------------------------------
Total 4,972 2,760 1,880
================================================================================
50
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). An investment in an externally-deposited
inverse floater is identified in the Portfolio of Investments as an "Inverse
floating rate investment". An investment in a self-deposited inverse floater is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Floating
rate obligations interest expense and fees" in the Statement of Operations.
During the six months ended March 31, 2007, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2007, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
--------------------------------------------------------------------------------------------------------------
Average floating rate obligations $2,153,626 $5,556,896 $4,748,819 $3,520,577
Average annual interest rate and fees 3.82% 3.81% 3.82% 3.82%
==============================================================================================================
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount.
51
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
NEW YORK
NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP)
------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/07 9/30/06 3/31/07 9/30/06
-----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- 14,250 54,803
===========================================================================================================
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/07 9/30/06 3/31/07 9/30/06
-----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions 14,183 40,447 10,449 19,722
===========================================================================================================
52
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2007, were as
follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------
Purchases $7,050,984 $18,828,582 $15,290,724 $10,072,203
Sales and maturities 3,360,507 10,339,057 6,604,945 4,696,956
===========================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount, timing differences in recognizing
certain gains and losses on investment transactions and the treatment of
investments in inverse floating rate transactions subject to SFAS No. 140. To
the extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts on the Statement of Assets and
Liabilities presented in the annual report, based on their federal tax basis
treatment; temporary differences do not require reclassification. Temporary and
permanent differences do not impact the net asset values of the Funds.
At March 31, 2007, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------
Cost of investments $142,833,223 $339,666,646 $199,833,580 $138,459,233
===========================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2007, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $7,418,793 $18,046,339 $9,782,203 $5,612,206
Depreciation (66,950) (178,611) (111,751) (86,435)
-----------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $7,351,843 $17,867,728 $9,670,452 $5,525,771
===========================================================================================================
53
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2006, 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 * $661,960 $1,318,251 $ 532,934 $446,399
Undistributed net ordinary income ** -- 5,811 33 8,211
Undistributed net long-term capital gains -- 1,028,634 1,021,995 677,229
===========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2006, paid on October 2, 2006.
** 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, 2006, was designated for purposes of the dividends paid deduction
as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
-----------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $6,441,277 $16,479,183 $10,219,867 $6,960,390
Distributions from net ordinary income ** -- 21,436 -- 30,316
Distributions from net long-term capital gains -- 5,225,035 1,984,059 1,502,388
===========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2006, the Funds' last tax year end, New York Value (NNY) had
unused capital loss carryforwards of $240,278 available for federal income tax
purposes to be applied against future capital gains, if any. If not applied the
carryforwards will expire in 2012.
54
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components -- a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. ("Nuveen"), and a specific fund-level component, based only on
the amount of assets within each individual fund and for New York Value (NNY) a
gross interest income component. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of
the average daily net assets of the Fund, as well as 4.125% of the gross
interest income of the Fund.
The annual fund-level fee, payable monthly, for each Fund (excluding New York
Value (NNY)) is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS NEW YORK PERFORMANCE PLUS (NNP)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NAN)
(INCLUDING NET ASSETS NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
55
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of March 31, 2007, the complex-level fee rate was .1834%.
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
preferred stock issued by or borrowings by the Nuveen funds) of
Nuveen-sponsored funds in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to 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.
56
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
--------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48).
FIN 48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Funds' tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006, and is to be
applied to all open tax years as of the effective date. Recent SEC guidance
allows funds to delay implementing FIN 48 into NAV calculations until the fund's
last NAV calculation in the first required financial statement reporting period.
As a result, the Funds must begin to incorporate FIN 48 into their NAV
calculations by September 28, 2007. At this time, management is continuing to
evaluate the implications of FIN 48 and does not expect the adoption of FIN 48
will have a significant impact on the net assets or results of operations of the
Funds.
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those fiscal
years. The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of March 31, 2007, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
7. SUBSEQUENT EVENT
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2007, to shareholders of record on
April 15, 2007, 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 $.0640 $.0630 $.0630
================================================================================
58
Financial
HIGHLIGHTS(Unaudited)
59
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout
each period:
Investment Operations Less Distributions
------------------------------------------------------------------ ---------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK
VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $10.09 $ .22 $ (.05) N/A N/A $ .17 $ (.21) $ -- $ (.21)
2006 10.07 .44 .01 N/A N/A .45 (.43) -- (.43)
2005 10.01 .45 .04 N/A N/A .49 (.43) -- (.43)
2004 9.95 .45 .04 N/A N/A .49 (.43) -- (.43)
2003 10.16 .44 (.19) N/A N/A .25 (.46) -- (.46)
2002 9.86 .47 .32 N/A N/A .79 (.49) -- (.49)
NEW YORK
PERFORMANCE PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 16.01 .50 (.12) $(.12) $(.01) .25 (.40) (.06) (.46)
2006 16.44 1.01 --** (.20) (.05) .76 (.89) (.30) (1.19)
2005 16.50 1.05 .10 (.14) -- 1.01 (.99) (.08) (1.07)
2004 16.57 1.08 .18 (.06) (.01) 1.19 (1.01) (.25) (1.26)
2003 17.11 1.10 (.34) (.06) (.02) .68 (.99) (.23) (1.22)
2002 15.95 1.13 1.07 (.11) -- 2.09 (.93) -- (.93)
====================================================================================================================================
Total Returns
----------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value*** Value***
======================================================================================
NEW YORK
VALUE (NNY)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $ -- $10.05 $ 9.75 4.81% 1.72%
2006 -- 10.09 9.51 7.50 4.56
2005 -- 10.07 9.26 5.88 4.95
2004 -- 10.01 9.15 5.29 5.04
2003 -- 9.95 9.11 1.65 2.59
2002 -- 10.16 9.42 4.55 8.26
NEW YORK
PERFORMANCE
PLUS (NNP)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) -- 15.80 15.86 2.74% 1.54
2006 -- 16.01 15.88 6.69 4.91
2005 -- 16.44 16.01 9.37 6.29
2004 -- 16.50 15.66 8.19 7.55
2003 -- 16.57 15.66 1.88 4.25
2002 -- 17.11 16.60 14.44 13.65
======================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK
VALUE (NNY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $151,932 .69%* .64%* 4.32%* .68%* .63%* 4.33%* 2%
2006 152,573 .66 .66 4.35 .64 .64 4.37 13
2005 152,236 .66 .66 4.44 .66 .66 4.45 18
2004 151,314 .72 .72 4.52 .72 .72 4.52 9
2003 150,418 .88 .88 4.37 .87 .87 4.38 10
2002 153,580 .79 .79 4.76 .78 .78 4.76 11
NEW YORK
PERFORMANCE
PLUS (NNP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 237,668 1.29* 1.20* 6.27* 1.28* 1.19* 6.28* 3
2006 240,618 1.22 1.22 6.33 1.20 1.20 6.35 13
2005 246,255 1.20 1.20 6.36 1.20 1.20 6.37 16
2004 247,139 1.21 1.21 6.58 1.21 1.21 6.59 5
2003 247,777 1.22 1.22 6.67 1.21 1.21 6.67 14
2002 255,890 1.24 1.24 7.08 1.23 1.23 7.09 19
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK VALUE (NNY)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) N/A N/A N/A $3,160 $49,080
2006 N/A N/A N/A -- --
2005 N/A N/A N/A -- --
2004 N/A N/A N/A -- --
2003 N/A N/A N/A -- --
2002 N/A N/A N/A -- --
NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $124,300 $25,000 $72,801 8,305 44,584
2006 124,300 25,000 73,395 -- --
2005 124,300 25,000 74,528 -- --
2004 124,300 25,000 74,706 -- --
2003 124,300 25,000 74,834 -- --
2002 124,300 25,000 76,466 -- --
================================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Per share Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per
share.
*** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
**** After custodian fee credit, expense reimbursement and legal fee refund,
where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(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, 2007.
See accompanying notes to financial statements.
60-61 spread
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout
each period:
Investment Operations Less Distributions
----------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK DIVIDEND
ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $15.49 $ .49 $(.10) $(.11) $(.02) $ .26 $(.39) $(.09) $ (.48)
2006 15.83 .98 --** (.21) (.03) .74 (.89) (.19) (1.08)
2005 15.83 1.03 .09 (.13) -- .99 (.99) -- (.99)
2004 15.66 1.06 .16 (.06) -- 1.16 (.99) -- (.99)
2003 15.85 1.07 (.24) (.07) -- .76 (.95) -- (.95)
2002 14.86 1.07 .89 (.11) -- 1.85 (.86) -- (.86)
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 15.29 .48 (.09) (.10) (.02) .27 (.39) (.08) (.47)
2006 15.57 .97 .05 (.20) (.03) .79 (.87) (.20) (1.07)
2005 15.60 1.01 .10 (.13) -- .98 (.95) (.06) (1.01)
2004 15.44 1.02 .20 (.06) -- 1.16 (.95) (.05) (1.00)
2003 15.62 1.04 (.18) (.07) (.01) .78 (.91) (.06) (.97)
2002 14.55 1.04 .99 (.11) -- 1.92 (.85) -- (.85)
====================================================================================================================================
Total Returns
----------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value*** Value***
========================================================================================
NEW YORK DIVIDEND
ADVANTAGE (NAN)
----------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $ -- $15.27 $15.44 2.04% 1.68%
2006 -- 15.49 15.60 3.49 4.91
2005 -- 15.83 16.11 14.24 6.38
2004 -- 15.83 15.01 6.13 7.68
2003 -- 15.66 15.09 3.86 5.04
2002 -- 15.85 15.47 13.57 12.95
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
----------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) -- 15.09 15.50 3.29 1.75
2006 -- 15.29 15.47 7.96 5.37
2005 -- 15.57 15.34 10.61 6.45
2004 -- 15.60 14.82 9.02 7.80
2003 .01 15.44 14.55 5.35 5.39
2002 -- 15.62 14.78 8.48 13.67
========================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK DIVIDEND
ADVANTAGE (NAN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $141,341 1.30%* 1.18%* 6.08%* 1.07%* .94%* 6.32%* 3%
2006 143,147 1.18 1.18 6.11 .88 .88 6.41 15
2005 145,701 1.16 1.16 6.13 .80 .80 6.50 20
2004 145,592 1.17 1.17 6.38 .74 .74 6.81 8
2003 143,886 1.19 1.19 6.50 .74 .74 6.95 8
2002 145,599 1.21 1.21 6.76 .75 .75 7.22 11
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 97,915 1.34* 1.20* 5.92* .96* .83* 6.29* 3
2006 99,067 1.19 1.19 5.96 .76 .76 6.38 14
2005 100,606 1.18 1.18 6.01 .73 .73 6.46 19
2004 100,706 1.17 1.17 6.19 .72 .72 6.64 7
2003 99,701 1.19 1.19 6.41 .75 .75 6.85 8
2002 100,886 1.21 1.21 6.69 .74 .74 7.16 16
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK DIVIDEND ADVANTAGE (NAN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $ 69,000 $25,000 $76,211 $6,835 $31,774
2006 69,000 25,000 76,865 -- --
2005 69,000 25,000 77,790 -- --
2004 69,000 25,000 77,751 -- --
2003 69,000 25,000 77,133 -- --
2002 69,000 25,000 77,753 -- --
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 47,000 25,000 77,083 5,145 29,166
2006 47,000 25,000 77,695 -- --
2005 47,000 25,000 78,514 -- --
2004 47,000 25,000 78,567 -- --
2003 47,000 25,000 78,033 -- --
2002 47,000 25,000 78,663 -- --
================================================================================
* Annualized.
** Per share Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per
share.
*** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
**** After custodian fee credit, expense reimbursement and legal fee refund,
where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(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, 2007.
See accompanying notes to financial statements.
62-63 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
64
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
65
Glossary of
TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of
the bonds in a Fund's portfolio, computed by weighting each bond's time to
maturity (the date the security comes due) by the market value of the security.
This figure does not account for the likelihood of prepayments or the exercise
of call provisions unless an escrow account has been established to redeem the
bond before maturity. The market value weighting for an investment in an inverse
floating rate security is the value of the portfolio's residual interest in the
inverse floating rate trust, and does not include the value of the floating rate
securities issued by the trust.
INVERSE FLOATERS: Inverse floating rate securities are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose
trust created by a broker-dealer. This trust, in turn, (a) issues floating rate
certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund) interested
in gaining investment exposure to a long-term municipal bond. The income
received by the holder of the inverse floater varies inversely with the
short-term rate paid to the floating rate certificates' holders, and in most
circumstances the holder of the inverse floater bears substantially all of the
underlying bond's downside investment risk. The holder of the inverse floater
typically also benefits disproportionately from any potential appreciation of
the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
66
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2006, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
For Funds listed on the New York Stock Exchange, each Fund Chief Executive
Officer has submitted to the Exchange the annual CEO certification as required
by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
INVESTMENT POLICY CHANGE
In February 2007, the Funds' Board of Directors/Trustees voted to remove
investment policy restrictions that limited the territorial bond holdings of the
Funds to a maximum of 10 percent of net assets. This change will give the Funds'
portfolio manager greater flexibility to achieve its investment objectives.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carol E. Stone
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
67
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing $166 billion in assets, as of March 31, 2007, Nuveen Investments offers
access to a number of different asset classes and investing solutions through a
variety of products. Nuveen Investments markets its capabilities under six
distinct brands: NWQ, specializing in value-style equities; Nuveen, managing
fixed-income investments; Santa Barbara, committed to growth equities;
Tradewinds, specializing in global value equities; Rittenhouse, focused on
"blue-chip" growth equities; and Symphony, with expertise in alternative
investments as well as equity and income portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/CEF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-0307D
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: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
Vice President and Secretary
Date: June 8, 2007
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2007
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2007
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.