nan.htm
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, 2013

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.
 

 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
10
   
Common Share Information
12
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Shareholder Meeting Report
21
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
67
   
Statement of Operations
69
   
Statement of Changes in Net Assets
70
   
Statement of Cash Flows
72
   
Financial Highlights
74
   
Notes to Financial Statements
82
   
Reinvest Automatically, Easily and Conveniently
97
   
Glossary of Terms Used in this Report
99
   
Additional Fund Information
103

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
The global economy continues to struggle with low growth rates. The European Central Bank’s commitment to “do what it takes” to support sovereign debt markets has stabilized the broader euro area financial markets. The larger member states of the European Union (EU) are working diligently on a tighter financial and banking union and meaningful progress is being made. However, economic conditions in the southern tier members are not improving and their political leaders are becoming more forceful in their demands for loosening the current EU fiscal targets and timetables. Economic growth in emerging market countries continues to be buffeted by lower overseas demand for their manufactured products and raw materials.
 
In the U.S., the Fed’s commitment to low interest rates through Quantitative Easing is the subject of increasing debate in its policy making deliberations and many independent economists are expressing concern about the economic distortions resulting from negative real interest rates. There are encouraging signs in Congress that both political parties are working toward compromises on previously irreconcilable issues such as reforming immigration laws and the tax code. It is too early to tell whether those efforts will produce meaningful results or pave the way for cooperation on the major fiscal issues that loom ahead. Over the longer term, there are some positive trends for the U.S. economy: house prices are clearly recovering, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.
 
During the last eighteen months, U.S. investors have benefited from strong returns in the domestic equity markets and steady total returns in many fixed income markets. However, many macroeconomic risks remain unresolved, including negotiating through the many U.S. fiscal issues, achieving a better balance between fiscal discipline and encouraging economic growth in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East and East Asia. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive and sustainable returns. At the same time they are always on the alert for risks in markets that are subject to the excessive optimism that can accompany an extended period of abnormally low interest rates. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
May 24, 2013
 
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Portfolio Manager’s Comments
 
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
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)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
 
Portfolio manager Scott Romans discusses key investment strategies and the six-month performance of these Nuveen New York Funds. Scott assumed portfolio management responsibility for these six Funds in 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on March 11, 2013, certain New York Funds (the Acquired Funds) were reorganized into one, larger-state New York Fund included in this report (the Acquiring Fund) as follows:
               
Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Nuveen New York Quality
 
NUN
 
Nuveen New York AMT-Free
 
NRK
 
Income Municipal Fund, Inc.
     
Municipal Income Fund
   
Nuveen New York Premium
 
NNF
       
 
Income Municipal Fund, Inc.
           
Nuveen New York Investment
 
NQN
       
 
Quality Municipal Fund, Inc.
           
Nuveen New York Select
 
NVN
       
 
Quality Municipal Fund, Inc.
           
Nuveen New York Dividend
 
NKO
       
 
Advantage Municipal Income
           
 
Fund
           
 
Upon the closing of the reorganizations, the Acquired Funds transferred their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Fund. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
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preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for their preferred shares of the Acquired Funds held immediately prior to the reorganizations.
 
What key strategies were used to manage these Nuveen New York Funds during the six-month reporting period ended March 31, 2013?
 
During this reporting period, municipal bonds generally continued to perform well, driven by solid demand and the tight supply of new municipal paper. However, the municipal market also encountered some additional volatility generated by the political environment, particularly the “fiscal cliff” at the end of 2012 and the approach of federal tax season. The total volume of tax-exempt supply declined from the same six-month period a year earlier, both nationally and in New York. At the same time, yields remained relatively low. We continued to see borrowers come to market seeking to take advantage of the low rate environment through refunding activity, with approximately two-thirds of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates. In this environment, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep our Funds fully invested.
 
Much of our investment activity during this period was opportunistic, with purchases driven by the timing of cash flows from refunding activity as well as called or maturing bonds. Because the issuance of new municipal supply in the primary market continued to be limited, especially in New York, we looked to the secondary market as an additional source of attractive opportunities. In particular, we focused on bonds with call dates between 2019 and 2021, a structure that we believed offered value, specifically, attractive pricing and yields relative to the bonds’ call dates. In addition, if these bonds are not called in 2019 to 2021, we potentially stand to receive a higher yield by holding the bonds until they mature or are called. This type of bond is sometimes referred to as a “kicker bond” because of the additional yield, or “kick” to maturity, once the bond passes its initial call date.
 
In general, our purchase activity emphasized higher grade bonds with good structures, particularly attractive call provisions. We also added some lower rated bonds, especially in NRK, which was managed under an insured mandate until January 2012. Since the change in NRK’s investment policy, we have made incremental increases to its holdings of bonds rated BBB and lower in order to build the Fund’s exposure to this quality sector.
 
Cash for new purchases during this reporting period was generated primarily by the proceeds from bond calls resulting from the increase in refinancings. These bond calls provided a good source of liquidity, which drove much of our activity during this period as we worked to redeploy these proceeds, as well as those from maturing bonds, to
 
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keep the Funds fully invested and support their income streams. Overall, selling was minimal because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of March 31, 2013, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NYV also used forward interest rate swaps to reduce its price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. During this period, these derivatives functioned as intended, while contributing modestly to NYV’s performance, as interest rates increased.
 
How did the Funds perform during the six-month reporting period ended March 31, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the one-year, five-year, ten-year and since inception periods ended March 31, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six months ended March 31, 2013, the cumulative return on common share net asset value (NAV) for NYV exceeded the returns for the S&P Municipal Bond New York Index and the S&P Municipal Bond Index, while the remaining five Funds underperformed these Indexes. For the same period, NYV also outperformed the average return for the Lipper New York Municipal Debt Funds Classification Average, NNY performed in line with this return and the other four Funds lagged the classification average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of leverage also was an important factor in performance during this period. Leverage is discussed in more detail later in this report.
 
During this six-month period, municipal bonds with maturities of ten years and longer generally outperformed those with shorter maturities. Duration and yield curve positioning remained an important factor in the Funds’ performances. In general, the Funds were helped by their allocations of long duration bonds, many of which had zero percent coupons, which outperformed the market as a whole for the period.
 
Credit exposure was another major factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as
 
Nuveen Investments
 
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municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the Funds generally benefited from their holdings of lower rated credits, especially sub-investment grade bonds. As previously discussed, NRK, which was managed under an insured mandate until January 2012, continued to build exposure to lower rated bonds during this period and thus had a more modest overweight in this market segment than the other New York Funds in this report.
 
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included industrial development revenue (IDR) credits, health care (together with hospitals) and housing bonds. NYV, in particular, benefited from its overweighting in the health care sector. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the top performing market sectors for this period, helped by their longer effective durations and the increased demand for higher yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement, including New York, stand to receive increased payments from the tobacco companies. During this period, as the tobacco sector rallied, these Funds benefited from their holdings of tobacco credits, with NYV having the heaviest weighting of tobacco bonds. However, the Funds’ participation in the rally in this sector was limited by the shorter duration of their tobacco holdings.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of March 31, 2013, NRK and NNP had the heaviest weightings in pre-refunded bonds, which hampered their performance, while NYV and NXK held negligible amount of pre-refunded bonds, which lessened the negative impact of these bonds. We continued to hold pre-refunded bonds in our portfolios due to the higher yields they provided. Also lagging the performance of the general municipal market for this period were general obligation (GO) bonds, utilities, and water and sewer credits. In addition, NRK was underweighted in the “other revenue” sector (i.e., bonds other than GOs and appropriation debt that are backed by tax revenues), which outperformed during this period. This detracted from NRK’s performance.
 
Shareholders also should be aware of an issue involving some of the Funds’ holdings, i.e., the downgrades of bonds issued by Puerto Rico. In December 2012, Moody’s downgraded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. Prior to this reporting period, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2 in July 2012. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and
 
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not to any sector or structural issues. In addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. All of these Funds have exposure to Puerto Rico bonds, the majority of which are the dedicated sales tax bonds issued by COFINA, but no exposure to Puerto Rico GOs. During this period, we also added to our COFINA holdings in all of the Funds (except NYV) based on the credit strength of these bonds. In addition, NNY, NAN, and NRK hold Puerto Rico tobacco bonds and NRK also has a position in Puerto Rico highway revenue credits insured by AGM. These holdings were generally purchased as part of our efforts to keep the Funds fully invested and to provide higher yields, added diversification, and triple exemption (i.e., exemption from federal, state, and local taxes). For the reporting period ended March 31, 2013, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as long-term holdings and note that the commonwealth’s recent enforcement of sales tax collections has improved significantly.
 
Nuveen Investments
 
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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the return of NNP, NAN, NXK and NRK relative to their benchmarks was the Funds’ use of leverage. The Funds use leverage because their manager believes that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage had a positive impact on the performance of the Funds over this reporting period.
 
As of March 31, 2013, the Funds’ percentages of effective and regulatory leverage are shown in the accompanying table.
 
     
Effective
   
Regulatory
 
Fund
   
Leverage
*
 
Leverage
*
NNY
   
2.64%
   
0.00%
 
NYV
   
4.96%
   
0.00%
 
NNP
   
34.78%
   
26.37%
 
NAN
   
34.69%
   
27.42%
 
NXK
   
33.77%
   
27.19%
 
NRK
   
36.80%
   
30.28%
 

*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
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THE FUNDS’ REGULATORY LEVERAGE
 
As of March 31, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
 
       
MTP Shares Issued
 
Annual
 
NYSE
Fund
 
Series
 
at Liquidation Value
 
Interest Rate
 
Ticker
NAN
 
2015
 
$30,000,000
 
2.70%
 
NAN PrC
NAN
 
2016
 
$25,360,000
 
2.50%
 
NAN PrD
NXK
 
2015
 
$37,890,000
 
2.55%
 
NXK PrC
NRK
 
2015
 
$27,680,000
 
2.55%
 
NRK PrC
 
VMTP Shares
 
     
VMTP Shares Issued
Fund
Series
 
at Liquidation Value
NRK*
2014
 
$50,700,000

* VMTP Shares issued in connection with the reorganization.
 
VRDP Shares
       
   
VRDP Shares Issued
Fund
 
at Liquidation Value
NNP
 
$
89,000,000
NRK**
 
$
488,800,000
 
** VRDP Shares issued in connection with the reorganization.
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares.
 
Nuveen Investments
 
11

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the six-month reporting period ended March 31, 2013, the Funds’ monthly dividends to common shareholders were as shown in the accompanying table.

   
Per Common Share Amounts
 
     
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
October
 
$
0.0345
 
$
0.0560
 
$
0.0735
 
$
0.0655
 
$
0.0665
 
$
0.0585
 
November
   
0.0345
   
0.0560
   
0.0735
   
0.0655
   
0.0665
   
0.0585
 
December
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
January
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
February
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
March
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0590
   
0.1080
 
                                       
Long-Term Capital Gain***
 
$
0.0145
   
 
$
0.0390
 
$
0.0308
 
$
0.0229
 
$
0.0213
 
Short-Term Capital Gain***
 
$
0.0006
   
   
   
   
   
 
Ordinary Income Distribution***
 
$
0.0010
   
 
$
0.0027
 
$
0.0011
 
$
0.0019
   
 
                                       
Market Yield****
   
3.91%
 
 
4.32%
 
 
5.16%
 
 
5.01%
 
 
4.81%
 
 
4.49%
 
Taxable-Equivalent Yield****
   
5.82%
 
 
6.43%
 
 
7.68%
 
 
7.46%
 
 
7.16%
 
 
6.68%
 

***
Distribution paid in December 2012.
****
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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 32.8%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
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, 2013, all of the Funds in this report had positive UNII balances for tax and financial reporting purposes.
 
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COMMON SHARE REPURCHASES
 
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
As of March 31, 2013, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NNY, NYV and NAN have not repurchased any of their outstanding common shares.
 
 
Common Shares
 
% of Common Shares
Fund
Repurchased and Retired
 
Authorized for Repurchase
NNY
 
NYV
 
NNP
27,800
 
3.0%
NAN
 
NXK
7,200
 
0.5%
NRK
6,800
 
0.5%
 
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
COMMON SHARE OTHER INFORMATION
 
As of March 31, 2013, and during the six-month reporting period, the Funds’ share prices were trading at a premium/(discount) to their common share NAV as shown in the accompanying table.
                                       
     
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
Common Share NAV
 
$
10.28
 
$
16.30
 
$
16.49
 
$
15.82
 
$
15.64
 
$
14.91
 
Common Share Price
 
$
10.12
 
$
15.56
 
$
16.50
 
$
15.09
 
$
14.73
 
$
14.43
 
Premium/(Discount) to NAV
   
(1.56
)%
 
(4.54
)%
 
0.06
%
 
(4.61
)%
 
(5.82
)%
 
(3.22
)%
12-Month Average
                                     
Premium/(Discount) to NAV
   
(0.03
)%
 
(1.78
)%
 
0.31
%
 
(2.67
)%
 
(3.76
)%
 
(0.72
)%

Nuveen Investments
 
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Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
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Nuveen New York Municipal Value Fund, Inc. (NNY)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NNY at Common Share NAV
   
0.83%
 
 
5.72%
 
 
5.92%
 
 
4.91%
 
NNY at Common Share Price
   
(2.04)%
 
 
6.62%
 
 
6.28%
 
 
5.54%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
5.90%
 
 
5.07%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
6.11%
 
 
5.15%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
7.01%
 
 
5.77%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
26.7
%
Education and Civic Organizations
   
15.4
%
Tax Obligation/General
   
9.8
%
Health Care
   
9.6
%
Transportation
   
9.1
%
Utilities
   
7.3
%
Water and Sewer
   
5.4
%
Housing/Multifamily
   
4.0
%
Other
   
12.7
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
18
%
AA
   
37
%
A
   
18
%
BBB
   
11
%
BB or Lower
   
7
%
N/R
   
7
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
15

 
 

 
 
Nuveen New York Municipal Value Fund 2 (NYV)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
Since Inception5
 
NYV at Common Share NAV
   
1.69%
 
 
7.57%
 
 
8.15%
 
NYV at Common Share Price
   
(2.70)%
 
 
6.05%
 
 
5.86%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
6.60%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
7.12%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
8.18%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1,4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
29.3
%
Health Care
   
21.1
%
Housing/Multifamily
   
13.1
%
Education and Civic Organizations
   
11.0
%
Transportation
   
10.5
%
Tax Obligation/General
   
5.7
%
Other
   
9.3
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
17
%
AA
   
34
%
A
   
26
%
BBB
   
11
%
BB or Lower
   
4
%
N/R
   
6
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
4
Excluding investments in derivatives.
5
Since inception returns are from 4/28/09.
 
16
 
Nuveen Investments

 
 

 
 
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NNP at Common Share NAV
   
0.72%
 
 
7.30%
 
 
8.03%
 
 
6.25%
 
NNP at Common Share Price
   
(1.21)%
 
 
12.41%
 
 
9.98%
 
 
7.15%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
5.90%
 
 
5.07%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
6.11%
 
 
5.15%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
7.01%
 
 
5.77%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
27.5
%
Education and Civic Organizations
   
15.2
%
Health Care
   
9.9
%
Tax Obligation/General
   
9.5
%
Transportation
   
8.6
%
Water and Sewer
   
6.4
%
Utilities
   
6.4
%
U.S. Guaranteed
   
5.6
%
Other
   
10.9
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
21
%
AA
   
39
%
A
   
16
%
BBB
   
9
%
BB or Lower
   
5
%
N/R
   
8
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
17

 
 

 
 
Nuveen New York Dividend Advantage Municipal Fund (NAN)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NAN at Common Share NAV
   
0.58%
 
 
7.63%
 
 
7.89%
 
 
6.28%
 
NAN at Common Share Price
   
(3.14)%
 
 
10.19%
 
 
8.92%
 
 
6.50%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
5.90%
 
 
5.07%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
6.11%
 
 
5.15%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
7.01%
 
 
5.77%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
26.0
%
Health Care
   
12.5
%
Transportation
   
12.1
%
Education and Civic Organizations
   
11.6
%
Tax Obligation/General
   
10.8
%
Utilities
   
6.3
%
Housing/Multifamily
   
4.4
%
Water and Sewer
   
4.3
%
Other
   
12.0
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
17
%
AA
   
38
%
A
   
18
%
BBB
   
10
%
BB or Lower
   
7
%
N/R
   
8
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
18
 
Nuveen Investments

 
 

 
 
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NXK at Common Share NAV
   
0.52%
 
 
6.98%
 
 
7.75%
 
 
6.40%
 
NXK at Common Share Price
   
(2.47)%
 
 
7.11%
 
 
8.89%
 
 
6.78%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
5.90%
 
 
5.07%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
6.11%
 
 
5.15%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
7.01%
 
 
5.77%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
30.4
%
Education and Civic Organizations
   
17.7
%
Transportation
   
13.8
%
Tax Obligation/General
   
9.0
%
Health Care
   
7.6
%
Utilities
   
6.1
%
Water and Sewer
   
4.3
%
Other
   
11.1
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
20
%
AA
   
31
%
A
   
21
%
BBB
   
13
%
BB or Lower
   
6
%
N/R
   
8
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
19

 
 

 
 
Nuveen New York AMT-Free Municipal Income Fund (NRK)
 
Performance Overview and Holding Summaries as of March 31, 2013
 
Average Annual Total Returns as of March 31, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NRK at Common Share NAV
   
(0.76)%
 
 
3.19%
 
 
5.99%
 
 
5.58%
 
NRK at Common Share Price
   
(2.98)%
 
 
5.44%
 
 
7.36%
 
 
5.32%
 
S&P Municipal Bond New York Index
   
1.00%
 
 
5.30%
 
 
5.90%
 
 
5.07%
 
S&P Municipal Bond Index
   
1.26%
 
 
5.80%
 
 
6.11%
 
 
5.15%
 
Lipper New York Municipal Debt Funds Classification Average
   
0.89%
 
 
7.96%
 
 
7.01%
 
 
5.77%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
Common Share Price Performance — Weekly Closing Price
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
39.6
%
Education and Civic Organizations
   
17.5
%
Tax Obligation/General
   
7.9
%
Utilities
   
7.3
%
Transportation
   
7.1
%
U.S. Guaranteed
   
5.9
%
Water and Sewer
   
5.7
%
Other
   
9.0
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S.Guaranteed
   
24
%
AA
   
47
%
A
   
17
%
BBB
   
15
%
BB or Lower
   
3
%
N/R
   
2
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview and Holding Summaries page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
20
 
Nuveen Investments

 
 

 

NRK
 
Shareholder Meeting Report
NQN
  A special meeting of shareholders was held in the offices of Nuveen Investments on November 27, 2012; at this meeting the shareholders were asked to vote on the approval of an Agreement and Plan of Reorganization and the approval of the issuance of additional common shares. The meeting was subsequently adjourned to December 14, 2012. The meeting for NUN, NNF, NQN, NVN and NKO was subsequently adjourned to January 24, 2013. The meeting for NNF was additionally adjourned to January 28, 2013.
NVN
 

   
NRK
 
NQN
 
NVN
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common
Shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
To approve an Agreement and Plan of Reorganization.
                                           
For
   
   
1,449,371
   
   
8,917,011
   
1,107
   
11,981,830
   
1,590
 
Against
   
   
143,073
   
   
683,759
   
   
938,838
   
 
Abstain
   
   
13,528
   
   
449,512
   
16
   
798,325
   
58
 
Total
   
   
1,605,972
   
   
10,050,282
   
1,123
   
13,718,993
   
1,648
 
                                             
To approve the issuance of additional common shares in connection with each Reorganization.
                                           
For
   
3,127,701
   
   
1,680,330
   
   
   
   
 
Against
   
249,515
   
   
104,442
   
   
   
   
 
Abstain
   
124,193
   
   
110,665
   
   
   
   
 
Total
   
3,501,409
   
   
1,895,437
   
   
   
   
 

Nuveen Investments
 
21

 
 

 

NUN
 
Shareholder Meeting Report (continued)
NNF
   
NKO
   

   
NUN
 
NNF
 
NKO
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
 as a class
 
Preferred
shares
 
To approve an Agreement and Plan of Reorganization.
                                     
For
   
12,092,242
   
1,558
   
4,293,918
   
507
   
4,008,141
   
348
 
Against
   
1,026,258
   
   
236,888
   
   
323,632
   
 
Abstain
   
970,194
   
59
   
169,575
   
   
160,538
   
42
 
Total
   
14,088,694
   
1,617
   
4,700,381
   
507
   
4,492,311
   
390
 
                                       
To approve the issuance of additional common shares in connection with each Reorganization.
                                     
For
   
   
   
   
   
   
 
Against
   
   
   
   
   
   
 
Abstain
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 

22
 
Nuveen Investments

 
 

 

   
Nuveen New York Municipal Value Fund, Inc.
NNY
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Consumer Discretionary – 1.5% (1.5% of Total Investments)
             
$
275
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
9/15 at 100.00
 
BBB
 
$
286,979
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
 
BB
   
2,054,852
 
 
2,225
 
Total Consumer Discretionary
         
2,341,831
 
     
Consumer Staples – 2.0% (2.0% of Total Investments)
             
 
150
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/13 at 100.00
 
A3
   
146,496
 
 
1,375
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/13 at 100.00
 
A1
   
1,377,420
 
 
365
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
5/13 at 100.00
 
BBB+
   
369,110
 
 
95
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
5/13 at 100.00
 
A3
   
94,064
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
810
 
4.750%, 6/01/22
6/16 at 100.00
 
BBB
   
815,403
 
 
345
 
5.000%, 6/01/26
6/16 at 100.00
 
BB–
   
341,043
 
 
3,140
 
Total Consumer Staples
         
3,143,536
 
     
Education and Civic Organizations – 15.3% (15.4% of Total Investments)
             
 
275
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
   
287,295
 
 
415
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
BB+
   
406,476
 
 
1,350
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
1/20 at 100.00
 
BBB–
   
1,617,449
 
 
750
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
12/20 at 100.00
 
BBB–
   
879,705
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
5/16 at 100.00
 
BBB–
   
93,253
 
 
1,175
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
N/R
   
1,206,619
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
No Opt. Call
 
N/R
   
1,136,710
 
 
505
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
   
543,683
 
 
525
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
 
A–
   
587,160
 
 
280
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Baa1
   
309,358
 
 
2,170
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
8/17 at 100.00
 
Baa1
   
2,260,164
 
 
265
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
10/15 at 100.00
 
A
   
283,017
 
 
880
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
 
BBB+
   
993,793
 
     
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011:
             
 
1,000
 
6.000%, 6/01/30
6/21 at 100.00
 
BBB+
   
1,151,780
 
 
1,000
 
6.000%, 6/01/34
6/21 at 100.00
 
BBB+
   
1,133,600
 
 
3,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
7/21 at 100.00
 
AA–
   
3,323,580
 

Nuveen Investments
 
23

 
 

 

   
Nuveen New York Municipal Value Fund, Inc. (continued)
NNY
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
245
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
10/14 at 100.00
 
A–
 
$
250,696
 
 
260
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
   
271,957
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
1,500
 
5.000%, 1/01/39 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,527,120
 
 
1,175
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,175,717
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,610
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB
   
1,625,875
 
 
800
 
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
BBB
   
814,488
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
 
BBB
   
180,404
 
 
1,345
 
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 – AGM Insured
1/21 at 100.00
 
A2
   
1,516,434
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
   
328,443
 
 
22,085
 
Total Education and Civic Organizations
         
23,904,776
 
     
Financials – 1.3% (1.3% of Total Investments)
             
 
400
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
468,816
 
 
1,305
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
No Opt. Call
 
A
   
1,582,365
 
 
1,705
 
Total Financials
         
2,051,181
 
     
Health Care – 9.6% (9.6% of Total Investments)
             
 
990
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.750%, 11/15/27
11/17 at 100.00
 
A3
   
1,122,789
 
 
1,005
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
2/15 at 100.00
 
N/R
   
1,065,260
 
 
995
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 2007, 4.650%, 8/15/27
2/17 at 100.00
 
N/R
   
1,077,685
 
 
700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds,
Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
2/15 at 100.00
 
N/R
   
750,666
 
 
1,825
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
1,950,086
 
 
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
7/20 at 100.00
 
A2
   
386,799
 
 
380
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
420,561
 
 
2,350
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35
7/16 at 100.00
 
AA
   
2,575,154
 
 
1,405
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA–
   
1,502,395
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
 
A–
   
2,453,598
 
 
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
5/13 at 100.00
 
BB
   
290,305
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
280
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB–
   
285,662
 
 
260
 
5.500%, 2/01/32
2/17 at 100.00
 
BBB–
   
266,344
 

24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
295
 
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
7/21 at 100.00
 
A–
 
$
334,055
 
 
500
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/13 at 100.00
 
B+
   
500,805
 
 
13,725
 
Total Health Care
         
14,982,164
 
     
Housing/Multifamily – 4.0% (4.0% of Total Investments)
             
 
315
 
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
10/13 at 100.00
 
AA+
   
315,958
 
 
1,690
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – FGIC Insured
7/15 at 100.00
 
AA–
   
1,830,456
 
 
1,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009C-1, 5.500%, 11/01/34
5/19 at 100.00
 
AA
   
1,102,780
 
 
1,250
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009M, 5.150%, 11/01/45
5/19 at 100.00
 
AA
   
1,339,550
 
 
405
 
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax)
8/13 at 100.00
 
Aa1
   
405,879
 
 
1,225
 
Westchester County Industrial Development Agency, New York, GNMA Collateralized Mortgage Loan Revenue Bonds, Living Independently for the Elderly Inc., Series 2001A, 5.375%, 8/20/21
8/13 at 100.00
 
Aaa
   
1,240,692
 
 
5,885
 
Total Housing/Multifamily
         
6,235,315
 
     
Housing/Single Family – 1.4% (1.4% of Total Investments)
             
 
950
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
4/15 at 100.00
 
Aa1
   
969,912
 
 
360
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 148, 5.200%, 10/01/32 (Alternative Minimum Tax)
10/17 at 100.00
 
Aa1
   
380,779
 
 
750
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
4/15 at 100.00
 
Aaa
   
758,310
 
 
2,060
 
Total Housing/Single Family
         
2,109,001
 
     
Long-Term Care – 2.9% (3.0% of Total Investments)
             
 
2,000
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 6.125%, 2/01/36
8/13 at 100.00
 
AAA
   
2,008,400
 
 
435
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
 
AA+
   
471,758
 
 
270
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
 
Ba3
   
264,074
 
 
135
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
7/15 at 100.00
 
N/R
   
125,811
 
 
135
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
5/13 at 100.00
 
N/R
   
135,284
 
 
315
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
7/13 at 100.00
 
N/R
   
316,421
 
 
820
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18
7/16 at 101.00
 
N/R
   
805,962
 
 
235
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
230,199
 
 
225
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
220,403
 
 
4,570
 
Total Long-Term Care
         
4,578,312
 

Nuveen Investments
 
25

 
 

 

   
Nuveen New York Municipal Value Fund, Inc. (continued)
NNY
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Materials – 0.2% (0.2% of Total Investments)
             
$
240
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
12/13 at 100.00
 
BBB
 
$
246,398
 
     
Tax Obligation/General – 9.8% (9.8% of Total Investments)
             
 
4,760
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/25
12/17 at 100.00
 
AA
   
5,572,532
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
8/19 at 100.00
 
AA
   
2,427,180
 
 
20
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
8/14 at 100.00
 
AA
   
21,361
 
 
625
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 – AGM Insured
No Opt. Call
 
AA
   
670,569
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
9/15 at 100.00
 
AA
   
2,217,280
 
 
2,795
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
8/16 at 100.00
 
AA
   
3,160,307
 
 
1,000
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/26
4/22 at 100.00
 
AA
   
1,184,850
 
 
13,200
 
Total Tax Obligation/General
         
15,254,079
 
     
Tax Obligation/Limited – 26.6% (26.7% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
11/13 at 100.00
 
AAA
   
1,030,200
 
 
395
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
7/15 at 100.00
 
AA–
   
434,117
 
     
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–
   
1,151,230
 
 
1,400
 
6.000%, 7/01/20
No Opt. Call
 
AA–
   
1,743,448
 
 
15
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
   
16,339
 
 
1,500
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
 
AA
   
1,674,810
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1/15 at 100.00
 
BBB
   
565,852
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
740
 
5.000%, 10/15/25 – NPFG Insured
10/14 at 100.00
 
AAA
   
791,474
 
 
550
 
5.000%, 10/15/26 – NPFG Insured
10/14 at 100.00
 
AAA
   
587,901
 
 
1,890
 
5.000%, 10/15/29 – AMBAC Insured
10/14 at 100.00
 
AAA
   
2,011,811
 
 
1,200
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA–
   
1,344,612
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
1/19 at 100.00
 
AA–
   
1,722,585
 
 
4,075
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.000%, 2/01/42
2/22 at 100.00
 
AAA
   
4,557,550
 
 
25
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
5/13 at 100.00
 
AAA
   
25,099
 
 
1,530
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
11/17 at 100.00
 
AAA
   
1,762,178
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
3/14 at 100.00
 
AA–
   
1,042,450
 
 
2,100
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
12/17 at 100.00
 
AAA
   
2,434,194
 
 
840
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
9/15 at 100.00
 
AAA
   
914,138
 
 
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
10/15 at 100.00
 
AA
   
1,107,920
 

26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,175
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
10/17 at 100.00
 
AA
 
$
1,342,214
 
 
2,450
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
 
AA
   
3,086,265
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
             
 
1,800
 
5.250%, 6/01/20 – AMBAC Insured
6/13 at 100.00
 
AA–
   
1,815,534
 
 
2,000
 
5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
 
AA–
   
2,017,040
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
6/13 at 100.00
 
AA–
   
1,009,250
 
 
600
 
New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21
No Opt. Call
 
AA–
   
767,586
 
 
2,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2011A, 5.000%, 3/15/29
3/21 at 100.00
 
AAA
   
2,299,040
 
 
5,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
 
A+
   
4,328,665
 
 
38,845
 
Total Tax Obligation/Limited
         
41,583,502
 
     
Transportation – 9.1% (9.1% of Total Investments)
             
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
11/17 at 100.00
 
A
   
2,769,650
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
10/17 at 102.00
 
N/R
   
632,400
 
 
1,100
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
6/13 at 100.00
 
BB
   
1,099,934
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
8/13 at 100.50
 
N/R
   
1,105,000
 
 
700
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
1/16 at 100.00
 
A3
   
771,862
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006, 5.125%, 5/15/30 (Alternative Minimum Tax)
5/13 at 100.00
 
B–
   
991,500
 
 
660
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
726,198
 
 
165
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
1/15 at 100.00
 
A+
   
175,560
 
 
400
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
7/15 at 100.00
 
AA–
   
431,856
 
 
500
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
Baa2
   
505,640
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
1,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
1,091,730
 
 
435
 
5.000%, 12/01/31 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
470,605
 
 
325
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.812%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA–
   
497,874
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
225
 
6.500%, 12/01/28
12/15 at 100.00
 
BBB–
   
248,384
 
 
1,160
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB–
   
1,358,754
 
     
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
             
 
780
 
5.500%, 11/15/20 – NPFG Insured
No Opt. Call
 
A+
   
989,914
 
 
335
 
5.250%, 11/15/22 – NPFG Insured
11/22 at 100.00
 
A+
   
336,394
 
 
13,785
 
Total Transportation
         
14,203,255
 

Nuveen Investments
 
27

 
 

 

   
Nuveen New York Municipal Value Fund, Inc. (continued)
NNY
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 3.3% (3.3% of Total Investments) (6)
             
$
1,625
 
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
No Opt. Call
 
Aaa
 
$
1,812,574
 
 
500
 
Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
506,790
 
 
260
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (6)
   
283,819
 
 
25
 
Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)
10/13 at 100.81
 
Baa1 (6)
   
26,452
 
 
350
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
5/14 at 100.00
 
AA– (6)
   
371,021
 
 
960
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
5/13 at 100.00
 
N/R (6)
   
1,002,653
 
 
730
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 (Pre-refunded 8/15/14)
8/14 at 100.00
 
Aa2 (6)
   
780,428
 
 
375
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
 
Aa2 (6)
   
403,264
 
 
4,825
 
Total U.S. Guaranteed
         
5,187,001
 
     
Utilities – 7.3% (7.3% of Total Investments)
             
 
1,000
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
   
1,115,000
 
 
90
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
99,132
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
1,500
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
A
   
1,662,840
 
 
1,500
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
 
A
   
1,658,910
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
6/16 at 100.00
 
A
   
269,693
 
 
1,510
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.700%, 4/01/30
4/19 at 100.00
 
A
   
1,789,773
 
 
1,650
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A
   
1,790,943
 
 
1,000
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
6/13 at 100.00
 
A–
   
1,007,020
 
 
1,320
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
   
1,360,603
 
 
25
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
11/15 at 100.00
 
Aa2
   
27,975
 
 
575
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
7/13 at 100.00
 
N/R
   
574,977
 
 
10,420
 
Total Utilities
         
11,356,866
 

28
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer – 5.4% (5.4% of Total Investments)
             
$
2,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40
No Opt. Call
 
AAA
 
$
2,364,080
 
 
4,440
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
12/21 at 100.00
 
AA+
   
4,899,407
 
 
1,000
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
2/22 at 100.00
 
AAA
   
1,136,080
 
 
7,440
 
Total Water and Sewer
         
8,399,567
 
$
144,150
 
Total Investments (cost $145,046,470) – 99.7%
         
155,576,784
 
     
Floating Rate Obligations – (2.1)%
         
(3,255,000
)
     
Other Assets Less Liabilities – 2.4%
         
3,775,759
 
     
Net Assets – 100%
       
$
156,097,543
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets 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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
29

 
 

 

   
Nuveen New York Municipal Value Fund 2
NYV
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Consumer Staples – 4.2% (4.2% of Total Investments)
             
$
1,350
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
 
Baa1
 
$
1,599,291
 
     
Education and Civic Organizations – 10.8% (11.0% of Total Investments)
             
 
1,200
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
BB+
   
1,175,352
 
 
380
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19
No Opt. Call
 
BBB–
   
415,272
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
 
Aa2
   
1,110,610
 
 
65
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
   
67,989
 
 
4,895
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured
No Opt. Call
 
AA–
   
1,387,684
 
 
7,540
 
Total Education and Civic Organizations
         
4,156,907
 
     
Financials – 0.9% (0.9% of Total Investments)
             
 
300
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
351,612
 
     
Health Care – 20.8% (21.1% of Total Investments)
             
 
290
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.000%, 11/15/25
11/20 at 100.00
 
A3
   
349,766
 
 
700
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
 
Baa2
   
750,162
 
 
500
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
534,270
 
 
50
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
7/20 at 100.00
 
A2
   
55,257
 
 
1,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/27 – RAAI Insured
7/13 at 100.00
 
A3
   
1,001,280
 
 
85
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
94,073
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34
11/16 at 100.00
 
A3
   
1,580,190
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37
5/19 at 100.00
 
A–
   
1,699,725
 
 
1,010
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
7/17 at 100.00
 
A–
   
1,098,961
 
 
725
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
 
A
   
794,955
 
 
7,360
 
Total Health Care
         
7,958,639
 
     
Housing/Multifamily – 12.9% (13.1% of Total Investments)
             
 
1,500
 
New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax)
11/15 at 100.00
 
AA+
   
1,546,215
 
 
1,800
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax)
11/14 at 100.00
 
AA
   
1,835,928
 

30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
$
1,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41
5/19 at 100.00
 
Aa2
 
$
1,073,100
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
 
Aa2
   
488,619
 
 
4,750
 
Total Housing/Multifamily
         
4,943,862
 
     
Tax Obligation/General – 5.7% (5.7% of Total Investments)
             
 
1,500
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36
5/19 at 100.00
 
AA
   
1,707,585
 
 
400
 
Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/24 – AGM Insured
10/21 at 100.00
 
AA–
   
459,908
 
 
1,900
 
Total Tax Obligation/General
         
2,167,493
 
     
Tax Obligation/Limited – 28.9% (29.3% of Total Investments)
             
 
1,200
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38
3/19 at 100.00
 
AAA
   
1,359,348
 
 
1,200
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
 
BBB+
   
1,327,440
 
 
1,710
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
   
1,819,437
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
750
 
5.000%, 10/15/26 – AGM Insured
10/14 at 100.00
 
AAA
   
801,683
 
 
1,000
 
5.000%, 10/15/32 – AGM Insured
10/14 at 100.00
 
AAA
   
1,062,530
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
1/19 at 100.00
 
AA–
   
1,722,585
 
 
25
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
11/20 at 100.00
 
AAA
   
29,578
 
 
1,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.825%, 3/15/37 (IF) (4)
3/17 at 100.00
 
AAA
   
1,349,280
 
 
1,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
 
A+
   
1,612,995
 
 
9,885
 
Total Tax Obligation/Limited
         
11,084,876
 
     
Transportation – 10.4% (10.5% of Total Investments)
             
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
             
 
500
 
7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
531,850
 
 
500
 
7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
573,755
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5)
10/17 at 100.00
 
N/R
   
843,340
 
 
155
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
170,547
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
180
 
6.500%, 12/01/28
12/15 at 100.00
 
BBB–
   
198,707
 
 
140
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB–
   
163,988
 
 
1,325
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33
5/18 at 100.00
 
AA–
   
1,497,568
 
 
4,800
 
Total Transportation
         
3,979,755
 
     
U.S. Guaranteed – 0.6% (0.6% of Total Investments) (6)
             
 
225
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)
2/14 at 100.00
 
A+ (6)
   
237,623
 

Nuveen Investments
 
31

 
 

 

   
Nuveen New York Municipal Value Fund 2 (continued)
NYV
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities – 1.0% (1.0% of Total Investments)
             
$
25
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
 
$
27,537
 
 
330
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
   
340,151
 
 
355
 
Total Utilities
         
367,688
 
     
Water and Sewer – 2.6% (2.6% of Total Investments)
             
 
900
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
12/21 at 100.00
 
AA+
   
993,123
 
$
39,365
 
Total Investments (cost $32,705,238) – 98.8%
         
37,840,869
 
     
Other Assets Less Liabilities – 1.2% (7)
         
467,070
 
     
Net Assets – 100%
       
$
38,307,939
 

Investments in Derivatives as of March 31, 2013
 
Swaps outstanding:

       
Fund
         
Fixed Rate
         
Unrealized
 
   
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Appreciation
 
Counterparty
 
Amount
 
Floating Rate
 
Index
 
(Annualized)
 
Frequency
 
Date (8)
 
Date
 
(Depreciation) (7)
 
Barclays Bank PLC
 
$2,750,000
 
Receive
 
3-Month USD-LIBOR
 
3.190%
 
Semi-Annually
 
4/30/14
 
4/30/34
 
$(81,419)
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets 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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)   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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. 
(7)
 
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(8)
 
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.
(IF)
 
Inverse floating rate investment.
USD-LIBOR
 
United States Dollar-London Inter-Bank Offered Rate.
 
See accompanying notes to financial statements.
 
32
 
Nuveen Investments

 
 

 
 
   
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
 
Portfolio of Investments
   
March 31, 2013 (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, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
9/15 at 100.00
 
BBB
 
$
714,839
 
     
Consumer Staples – 2.4% (1.6% of Total Investments)
             
 
310
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/13 at 100.00
 
A3
   
302,758
 
 
915
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/13 at 100.00
 
A1
   
916,610
 
 
235
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
5/13 at 100.00
 
A3
   
232,685
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
2,140
 
4.750%, 6/01/22
6/16 at 100.00
 
BBB
   
2,154,274
 
 
930
 
5.000%, 6/01/26
6/16 at 100.00
 
BB–
   
919,333
 
 
500
 
5.000%, 6/01/34
6/16 at 100.00
 
B+
   
453,240
 
 
1,050
 
5.125%, 6/01/42
6/16 at 100.00
 
B+
   
928,001
 
 
6,080
 
Total Consumer Staples
         
5,906,901
 
     
Education and Civic Organizations – 22.2% (15.2% of Total Investments)
             
 
655
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
   
684,285
 
 
925
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
BB+
   
906,001
 
 
1,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43
1/20 at 100.00
 
BBB–
   
1,198,940
 
 
1,630
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
12/20 at 100.00
 
BBB–
   
1,911,892
 
 
1,285
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13
5/13 at 100.00
 
BBB–
   
1,287,531
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
5/16 at 100.00
 
BBB–
   
93,253
 
 
2,815
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
N/R
   
2,890,752
 
 
2,120
 
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 – AMBAC Insured
No Opt. Call
 
AA–
   
2,681,079
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
No Opt. Call
 
N/R
   
1,152,850
 
 
1,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
   
1,308,069
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
Aa2
   
1,113,930
 
 
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
 
AAA
   
2,879,525
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
7/19 at 100.00
 
Baa2
   
2,226,630
 
 
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
 
A–
   
978,600
 
 
5,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
7/17 at 100.00
 
AA–
   
5,575,650
 
 
290
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.000%, 7/01/39
7/19 at 100.00
 
AA–
   
328,123
 

Nuveen Investments
 
33

 
 

 

   
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
NNP
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
Aa1
 
$
2,270,940
 
 
640
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Baa1
   
707,104
 
 
925
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36
8/17 at 100.00
 
Baa1
   
943,408
 
 
3,880
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
8/17 at 100.00
 
Baa1
   
4,041,214
 
 
635
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
10/15 at 100.00
 
A
   
678,174
 
 
1,885
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
 
BBB+
   
2,128,749
 
 
1,260
 
Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University Project, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
AA
   
1,405,366
 
 
580
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
10/14 at 100.00
 
A–
   
593,485
 
 
560
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
   
585,754
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
2,515
 
5.000%, 1/01/39 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
2,560,471
 
 
2,300
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
2,301,403
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
3,855
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB
   
3,893,010
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
BBB
   
1,018,110
 
 
420
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
 
BBB
   
445,704
 
 
1,750
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.000%, 9/01/41
3/22 at 100.00
 
A3
   
1,940,488
 
 
1,425
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
   
1,560,104
 
 
660
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
6/19 at 100.00
 
BBB+
   
740,560
 
 
50,790
 
Total Education and Civic Organizations
         
55,031,154
 
     
Financials – 1.3% (0.9% of Total Investments)
             
 
1,000
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
1,172,040
 
 
1,740
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
No Opt. Call
 
A
   
2,109,820
 
 
2,740
 
Total Financials
         
3,281,860
 
     
Health Care – 14.4% (9.9% of Total Investments)
             
 
1,000
 
Dormitory Authority of the State of New York , Revenue Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36
7/17 at 100.00
 
A–
   
1,055,370
 
 
1,235
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
2/15 at 100.00
 
N/R
   
1,309,051
 
 
1,700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds,
Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
2/15 at 100.00
 
N/R
   
1,823,046
 
 
8,500
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
9,082,590
 

34
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
7/20 at 100.00
 
A2
 
$
386,799
 
 
805
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
890,926
 
 
5,590
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
7/16 at 100.00
 
AA
   
6,125,578
 
 
2,575
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA–
   
2,753,499
 
 
1,800
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
11/16 at 100.00
 
A3
   
1,892,502
 
 
3,750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
 
A–
   
4,381,425
 
 
500
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/30
7/20 at 100.00
 
A–
   
589,595
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
710
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB–
   
724,356
 
 
625
 
5.500%, 2/01/32
2/17 at 100.00
 
BBB–
   
640,250
 
 
2,730
 
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
7/21 at 100.00
 
A–
   
3,091,425
 
 
1,100
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/13 at 100.00
 
B+
   
1,101,771
 
 
32,970
 
Total Health Care
         
35,848,183
 
     
Housing/Multifamily – 5.2% (3.6% of Total Investments)
             
 
4,530
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG (UB) (4)
7/15 at 100.00
 
AA–
   
4,906,488
 
 
5
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)
5/13 at 100.00
 
AA
   
5,029
 
 
1,500
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
5/14 at 100.00
 
AA
   
1,530,900
 
 
345
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
5/20 at 100.00
 
AA
   
371,848
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
   
2,110,320
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2010A, 5.000%, 11/01/42
5/20 at 100.00
 
Aa2
   
2,159,520
 
 
690
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
   
723,258
 
 
1,100
 
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
8/13 at 100.00
 
Aa1
   
1,102,508
 
 
12,170
 
Total Housing/Multifamily
         
12,909,871
 
     
Housing/Single Family – 3.2% (2.2% of Total Investments)
             
 
2,295
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
4/15 at 100.00
 
Aa1
   
2,343,103
 
 
735
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
 
Aa1
   
763,628
 
 
850
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 148, 5.200%, 10/01/32 (Alternative Minimum Tax)
10/17 at 100.00
 
Aa1
   
899,062
 

Nuveen Investments
 
35

 
 

 

   
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
NNP
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
             
$
2,475
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax)
5/13 at 100.00
 
Aa1
 
$
2,478,119
 
 
1,490
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
4/15 at 100.00
 
Aaa
   
1,506,509
 
 
7,845
 
Total Housing/Single Family
         
7,990,421
 
     
Long-Term Care – 3.2% (2.2% of Total Investments)
             
 
1,070
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
 
AA+
   
1,160,415
 
 
645
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
 
Ba3
   
630,842
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
             
 
50
 
5.125%, 7/01/30 – ACA Insured
7/15 at 100.00
 
N/R
   
49,320
 
 
425
 
5.000%, 7/01/35 – ACA Insured
7/15 at 100.00
 
N/R
   
396,070
 
 
1,615
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
8/16 at 101.00
 
N/R
   
1,631,231
 
 
355
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
5/13 at 100.00
 
N/R
   
355,746
 
 
795
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
7/13 at 100.00
 
N/R
   
798,585
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
1,965
 
5.500%, 7/01/18
7/16 at 101.00
 
N/R
   
1,931,359
 
 
755
 
5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
739,575
 
 
340
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
333,054
 
 
8,015
 
Total Long-Term Care
         
8,026,197
 
     
Materials – 0.2% (0.2% of Total Investments)
             
 
575
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
12/13 at 100.00
 
BBB
   
590,330
 
     
Tax Obligation/General – 14.0% (9.5% of Total Investments)
             
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/26 (UB)
12/17 at 100.00
 
AA
   
11,662,500
 
 
400
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
8/19 at 100.00
 
AA
   
475,060
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
9/15 at 100.00
 
AA
   
3,325,920
 
 
6,400
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
6/16 at 100.00
 
AA
   
7,198,848
 
 
1,800
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
8/14 at 100.00
 
AA
   
1,921,266
 
     
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012:
             
 
4,365
 
5.000%, 4/01/26
4/22 at 100.00
 
AA
   
5,171,870
 
 
1,915
 
5.000%, 4/01/29
4/22 at 100.00
 
AA
   
2,217,819
 
 
2,500
 
New York City, New York, General Obligation Bonds, Series 2004E, 5.000%, 11/01/19 – AGM Insured (UB)
11/14 at 100.00
 
AA
   
2,682,275
 
 
30,380
 
Total Tax Obligation/General
         
34,655,558
 

36
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited – 40.2% (27.5% of Total Investments)
             
$
2,400
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.000%, 11/01/23
11/13 at 100.00
 
AAA
 
$
2,467,200
 
 
345
 
Dormitory Authority of the State of New York, Consolidated Revenue Bonds, City University System, Series 1993B, 6.000%, 7/01/14 – AGM Insured
No Opt. Call
 
AA–
   
357,520
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 – FGIC Insured
2/15 at 100.00
 
AA–
   
1,080,090
 
 
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 – FGIC Insured
No Opt. Call
 
AA–
   
2,916,975
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
             
 
1,000
 
5.000%, 3/15/34
No Opt. Call
 
AAA
   
1,128,270
 
 
4,500
 
5.000%, 3/15/41
3/21 at 100.00
 
AAA
   
5,026,856
 
 
35
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
   
38,124
 
 
2,700
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
   
3,166,263
 
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
   
532,000
 
 
2,175
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18
No Opt. Call
 
AA–
   
2,688,431
 
 
1,680
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1/15 at 100.00
 
BBB
   
1,697,556
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
2,670
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
2,855,725
 
 
2,125
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
2,271,434
 
 
2,475
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
10/14 at 100.00
 
AAA
   
2,634,514
 
 
3,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA–
   
3,473,581
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1:
             
 
1,570
 
5.000%, 2/01/35
2/22 at 100.00
 
AAA
   
1,793,207
 
 
1,915
 
5.000%, 2/01/37
2/22 at 100.00
 
AAA
   
2,177,757
 
 
45
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
5/13 at 100.00
 
AAA
   
45,178
 
 
3,640
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
11/17 at 100.00
 
AAA
   
4,192,370
 
 
2,400
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.763%, 5/01/32 (IF)
5/19 at 100.00
 
AAA
   
3,395,256
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
11/20 at 100.00
 
AAA
   
2,957,750
 
 
2,800
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, SubSeries 2011D-1, 5.000%, 2/01/28
No Opt. Call
 
AAA
   
3,257,660
 
 
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
4/21 at 100.00
 
AA–
   
1,203,480
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
3/14 at 100.00
 
AA–
   
1,042,450
 
 
5,000
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
12/17 at 100.00
 
AAA
   
5,795,700
 
 
2,030
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
9/15 at 100.00
 
AAA
   
2,209,168
 

Nuveen Investments
 
37

 
 

 

   
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
NNP
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
10/15 at 100.00
 
AA
 
$
1,107,920
 
 
2,800
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
10/17 at 100.00
 
AA
   
3,198,468
 
 
5,600
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
 
AA
   
7,054,320
 
 
1,600
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
9/20 at 100.00
 
AAA
   
1,877,456
 
 
6,700
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 – AMBAC Insured
6/13 at 100.00
 
AA–
   
6,757,821
 
 
3,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
6/13 at 100.00
 
AA–
   
3,027,750
 
 
1,045
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured
3/15 at 100.00
 
AAA
   
1,085,671
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
             
 
9,000
 
0.000%, 8/01/33
8/29 at 100.00
 
A+
   
7,083,270
 
 
1,950
 
5.500%, 8/01/42
2/20 at 100.00
 
A+
   
2,004,054
 
 
21,400
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
 
AA–
   
4,862,936
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
   
1,516,000
 
 
117,200
 
Total Tax Obligation/Limited
         
99,980,181
 
     
Transportation – 12.5% (8.6% of Total Investments)
             
 
1,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 – FGIC Insured
No Opt. Call
 
A
   
1,673,160
 
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
11/20 at 100.00
 
A
   
2,219,800
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
10/17 at 102.00
 
N/R
   
843,200
 
 
1,985
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
6/13 at 100.00
 
BB
   
1,984,881
 
 
1,550
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
1/16 at 100.00
 
A3
   
1,709,123
 
 
1,420
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
1,562,426
 
 
215
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
1/15 at 100.00
 
A+
   
228,760
 
 
1,100
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
7/15 at 100.00
 
AA–
   
1,187,604
 
 
3,380
 
New York State Thruway Authority, General Revenue Bonds, Series 2012I, 5.000%, 1/01/42
1/22 at 100.00
 
A+
   
3,715,262
 
 
1,000
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
Baa2
   
1,011,280
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
2,300
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
2,510,979
 
 
1,080
 
5.000%, 12/01/31 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
1,168,398
 
 
770
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.812%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA–
   
1,179,578
 

38
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
1/21 at 100.00
 
AA–
 
$
1,113,440
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
520
 
6.500%, 12/01/28
12/15 at 100.00
 
BBB–
   
574,044
 
 
2,500
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB–
   
2,928,350
 
 
2,040
 
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (5)
6/13 at 100.00
 
N/R
   
2,228,700
 
 
995
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.250%, 11/15/22 – NPFG Insured
5/13 at 100.00
 
A+
   
999,139
 
 
1,750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.325%, 5/15/16 (IF)
No Opt. Call
 
AA–
   
2,206,225
 
 
29,105
 
Total Transportation
         
31,044,349
 
     
U.S. Guaranteed – 8.2% (5.6% of Total Investments) (6)
             
 
1,250
 
Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
1,266,975
 
 
900
 
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
912,105
 
 
655
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (6)
   
715,005
 
 
5,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) – FGIC Insured
10/15 at 100.00
 
AA+ (6)
   
5,511,150
 
 
255
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (6)
   
278,361
 
 
1,600
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
No Opt. Call
 
AA+ (6)
   
1,954,576
 
 
7,500
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22)
1/22 at 100.00
 
AA+ (6)
   
9,735,525
 
 
17,160
 
Total U.S. Guaranteed
         
20,373,697
 
     
Utilities – 9.4% (6.4% of Total Investments)
             
 
2,200
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
   
2,453,000
 
 
185
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
203,772
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
3,100
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
A
   
3,436,536
 
 
3,100
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
 
A
   
3,428,414
 
 
3,380
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A
   
3,668,720
 
 
2,300
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
6/13 at 100.00
 
A–
   
2,316,146
 
 
2,745
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
   
2,829,436
 
 
820
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
11/15 at 100.00
 
Aa2
   
917,572
 
 
4,000
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
7/13 at 100.00
 
N/R
   
3,999,840
 
 
21,830
 
Total Utilities
         
23,253,436
 

Nuveen Investments
 
39

 
 

 

   
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
NNP
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer – 9.4% (6.4% of Total Investments)
             
$
1,995
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
7/20 at 100.00
 
Ba2
 
$
2,117,673
 
 
3,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
6/19 at 100.00
 
AA+
   
3,575,910
 
 
12,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
12/21 at 100.00
 
AA+
   
13,241,640
 
 
3,840
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
4/20 at 100.00
 
AAA
   
4,383,437
 
 
20,835
 
Total Water and Sewer
         
23,318,660
 
$
358,380
 
Total Investments (cost $337,110,589) – 146.1%
         
362,925,637
 
     
Floating Rate Obligations – (13.9)%
         
(34,645,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (35.8)% (7)
         
(89,000,000
)
     
Other Assets Less Liabilities – 3.6%
         
9,181,669
 
     
Net Assets Applicable to Common Shares – 100%
       
$
248,462,306
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
 (7)   Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 24.5%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
40
 
Nuveen Investments

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund
NAN
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Consumer Discretionary – 3.1% (2.1% of Total Investments)
             
$
950
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
9/15 at 100.00
 
BBB
 
$
991,382
 
 
3,350
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
 
BB
   
3,530,130
 
 
4,300
 
Total Consumer Discretionary
         
4,521,512
 
     
Consumer Staples – 3.0% (2.0% of Total Investments)
             
 
205
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/13 at 100.00
 
A3
   
200,211
 
 
725
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
5/13 at 100.00
 
BBB+
   
733,164
 
 
135
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
5/13 at 100.00
 
A3
   
133,670
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
720
 
4.750%, 6/01/22
6/16 at 100.00
 
BBB
   
724,802
 
 
2,625
 
5.000%, 6/01/26
6/16 at 100.00
 
BB–
   
2,594,891
 
 
4,410
 
Total Consumer Staples
         
4,386,738
 
     
Education and Civic Organizations – 17.2% (11.6% of Total Investments)
             
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
   
396,990
 
 
550
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
BB+
   
538,703
 
 
1,725
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
1/20 at 100.00
 
BBB–
   
2,066,740
 
 
965
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
12/20 at 100.00
 
BBB–
   
1,131,887
 
 
120
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
5/16 at 100.00
 
BBB–
   
124,337
 
 
1,635
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
N/R
   
1,678,998
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured
No Opt. Call
 
Aa2
   
1,012,990
 
 
705
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
   
759,003
 
 
700
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
 
A–
   
782,880
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
Aa1
   
1,135,470
 
 
680
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Baa1
   
751,298
 
 
1,630
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36
8/17 at 100.00
 
Baa1
   
1,662,437
 
 
1,300
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
8/17 at 100.00
 
Baa1
   
1,354,015
 
 
370
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
10/15 at 100.00
 
A
   
395,156
 
 
250
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39
2/19 at 100.00
 
A
   
274,375
 
 
1,085
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
 
BBB+
   
1,225,301
 
 
330
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
10/14 at 100.00
 
A–
   
337,673
 

Nuveen Investments
 
41

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund (continued)
NAN
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
335
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
 
$
350,407
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
160
 
5.000%, 1/01/36 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
163,670
 
 
1,000
 
5.000%, 1/01/39 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,018,080
 
 
1,630
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,630,994
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
2,240
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB
   
2,262,086
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
BBB
   
1,018,110
 
 
1,000
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
1/21 at 100.00
 
A
   
1,110,780
 
 
245
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
 
BBB
   
259,994
 
 
1,050
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.250%, 9/01/33
3/22 at 100.00
 
A3
   
1,197,998
 
 
535
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
   
585,723
 
 
23,620
 
Total Education and Civic Organizations
         
25,226,095
 
     
Financials – 2.3% (1.6% of Total Investments)
             
 
1,100
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
1,289,244
 
 
1,740
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
No Opt. Call
 
A
   
2,109,820
 
 
2,840
 
Total Financials
         
3,399,064
 
     
Health Care – 18.4% (12.5% of Total Investments)
             
 
995
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Memorial Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 – NPFG Insured
8/13 at 100.00
 
Baa2
   
999,080
 
 
625
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
2/15 at 100.00
 
N/R
   
662,475
 
 
3,600
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
3,846,744
 
 
200
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
7/20 at 100.00
 
A2
   
219,692
 
     
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997:
             
 
1,505
 
5.500%, 7/01/17 – RAAI Insured
7/13 at 100.00
 
A3
   
1,508,958
 
 
2,000
 
5.500%, 7/01/27 – RAAI Insured
7/13 at 100.00
 
A3
   
2,002,560
 
 
1,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
5/21 at 100.00
 
A–
   
1,115,700
 
 
3,160
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
7/16 at 100.00
 
AA
   
3,462,760
 
 
1,245
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA–
   
1,331,303
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
11/16 at 100.00
 
A3
   
1,051,390
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
7/17 at 100.00
 
A–
   
2,176,160
 
 
750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
 
A–
   
876,285
 
 
420
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
5/13 at 100.00
 
BB
   
420,441
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
$
410
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB–
 
$
418,290
 
 
360
 
5.500%, 2/01/32
2/17 at 100.00
 
BBB–
   
368,784
 
 
715
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
2/21 at 100.00
 
Aa2
   
858,450
 
 
1,750
 
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 – AMBAC Insured
4/13 at 100.00
 
A+
   
1,755,950
 
 
470
 
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
7/21 at 100.00
 
A–
   
532,223
 
 
2,460
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39
8/13 at 100.00
 
N/R
   
2,485,855
 
 
950
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/13 at 100.00
 
B+
   
951,530
 
 
25,615
 
Total Health Care
         
27,044,630
 
     
Housing/Multifamily – 6.6% (4.4% of Total Investments)
             
 
400
 
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40
5/20 at 100.00
 
AA–
   
435,152
 
 
2,585
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB) (4)
7/15 at 100.00
 
AA–
   
2,799,839
 
 
750
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
5/14 at 100.00
 
AA
   
765,450
 
 
4,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36
5/19 at 100.00
 
AA
   
4,264,840
 
 
290
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
5/20 at 100.00
 
AA
   
312,568
 
 
600
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
 
Aa2
   
651,492
 
 
405
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
   
424,521
 
 
9,030
 
Total Housing/Multifamily
         
9,653,862
 
     
Housing/Single Family – 2.6% (1.8% of Total Investments)
             
 
645
 
Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
No Opt. Call
 
N/R
   
692,911
 
 
1,350
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
4/15 at 100.00
 
Aa1
   
1,378,296
 
 
430
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
 
Aa1
   
446,749
 
 
495
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 148, 5.200%, 10/01/32 (Alternative Minimum Tax)
10/17 at 100.00
 
Aa1
   
523,571
 
 
755
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
4/15 at 100.00
 
Aaa
   
763,365
 
 
3,675
 
Total Housing/Single Family
         
3,804,892
 
     
Long-Term Care – 4.8% (3.2% of Total Investments)
             
 
2,000
 
Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, Gurwin Jewish Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41
2/15 at 100.00
 
AA
   
2,109,520
 
 
585
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
 
AA+
   
634,433
 
 
375
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
 
Ba3
   
366,769
 
 
250
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
7/15 at 100.00
 
N/R
   
232,983
 

Nuveen Investments
 
43

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund (continued)
NAN
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care (continued)
             
$
960
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
8/16 at 101.00
 
N/R
 
$
969,648
 
 
175
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
5/13 at 100.00
 
N/R
   
175,368
 
 
440
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
7/13 at 100.00
 
N/R
   
441,984
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
1,140
 
5.500%, 7/01/18
7/16 at 101.00
 
N/R
   
1,120,483
 
 
635
 
5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
622,027
 
 
325
 
Yonkers Industrial Development Agency, New York, FHA-Insured Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 – NPFG Insured
8/13 at 100.00
 
Baa2
   
325,611
 
 
6,885
 
Total Long-Term Care
         
6,998,826
 
     
Materials – 0.2% (0.2% of Total Investments)
             
 
330
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
12/13 at 100.00
 
BBB
   
338,798
 
     
Tax Obligation/General – 15.9% (10.8% of Total Investments)
             
 
6,590
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
12/17 at 100.00
 
AA
   
7,714,913
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
8/19 at 100.00
 
AA
   
2,427,180
 
 
980
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32
8/22 at 100.00
 
AA
   
1,127,833
 
 
3,700
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
8/16 at 100.00
 
AA
   
4,183,590
 
 
1,000
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
8/14 at 100.00
 
AA
   
1,067,370
 
     
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012:
             
 
3,300
 
5.000%, 4/01/26
4/22 at 100.00
 
AA
   
3,910,005
 
 
1,025
 
5.000%, 4/01/29
4/22 at 100.00
 
AA
   
1,187,083
 
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
 
720
 
5.250%, 10/01/18 – NPFG Insured
No Opt. Call
 
Aa3
   
870,070
 
 
720
 
5.250%, 10/01/19 – NPFG Insured
No Opt. Call
 
Aa3
   
882,418
 
 
20,035
 
Total Tax Obligation/General
         
23,370,462
 
     
Tax Obligation/Limited – 38.5% (26.0% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
11/13 at 100.00
 
AAA
   
1,030,200
 
 
590
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
7/15 at 100.00
 
AA–
   
648,428
 
 
1,850
 
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
8/13 at 100.00
 
AA–
   
1,857,585
 
 
3,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
 
AAA
   
3,351,240
 
 
10
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
   
10,893
 
 
1,130
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1/15 at 100.00
 
BBB
   
1,141,809
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
1,100
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
1,176,516
 
 
810
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
865,817
 
 
2,375
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
10/14 at 100.00
 
AAA
   
2,528,069
 
 
2,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA–
   
2,353,071
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1:
             
 
840
 
5.000%, 2/01/35
2/22 at 100.00
 
AAA
   
959,423
 
 
1,025
 
5.000%, 2/01/37
2/22 at 100.00
 
AAA
   
1,165,640
 

44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
30
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
5/13 at 100.00
 
AAA
 
$
30,119
 
 
2,115
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
11/17 at 100.00
 
AAA
   
2,435,951
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
             
 
2,500
 
5.500%, 11/01/35
11/20 at 100.00
 
AAA
   
2,957,750
 
 
2,000
 
5.000%, 11/01/39
11/20 at 100.00
 
AAA
   
2,234,440
 
 
1,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, SubSeries 2011D-1, 5.250%, 2/01/30
2/21 at 100.00
 
AAA
   
1,177,160
 
 
4,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
4/21 at 100.00
 
AA–
   
4,813,915
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
3/14 at 100.00
 
AA–
   
1,042,450
 
 
2,920
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
12/17 at 100.00
 
AAA
   
3,391,317
 
 
1,190
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
9/15 at 100.00
 
AAA
   
1,295,029
 
 
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
10/15 at 100.00
 
AA
   
1,107,920
 
 
1,625
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
10/17 at 100.00
 
AA
   
1,856,254
 
 
3,400
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
 
AA
   
4,282,980
 
 
510
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
9/20 at 100.00
 
AAA
   
598,439
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
             
 
4,000
 
5.250%, 6/01/20 – AMBAC Insured
6/13 at 100.00
 
AA–
   
4,034,520
 
 
2,000
 
5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
 
AA–
   
2,017,040
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
6/13 at 100.00
 
AA–
   
1,009,250
 
 
1,330
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.825%, 3/15/37 (IF) (4)
3/17 at 100.00
 
AAA
   
1,794,542
 
 
3,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
 
A+
   
2,361,090
 
 
4,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
 
AA–
   
908,960
 
 
54,450
 
Total Tax Obligation/Limited
         
56,437,817
 
     
Transportation – 18.0% (12.1% of Total Investments)
             
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured
11/13 at 100.00
 
AA–
   
2,054,740
 
 
3,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
11/17 at 100.00
 
A
   
3,323,580
 
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
11/20 at 100.00
 
A
   
1,109,900
 
 
1,560
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012C, 5.000%, 11/15/41
11/22 at 100.00
 
A
   
1,722,318
 
 
1,750
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
2,008,143
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
             
 
200
 
5.750%, 10/01/37 (5)
10/17 at 100.00
 
N/R
   
84,334
 
 
2,000
 
5.875%, 10/01/46 (5)
10/17 at 102.00
 
N/R
   
843,200
 

Nuveen Investments
 
45

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund (continued)
NAN
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
105
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
6/13 at 100.00
 
BB
 
$
104,994
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
8/13 at 100.50
 
N/R
   
1,105,000
 
 
900
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
1/16 at 100.00
 
A3
   
992,394
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
410
 
5.000%, 5/15/20 (Alternative Minimum Tax)
5/13 at 100.00
 
B–
   
409,975
 
 
1,000
 
5.125%, 5/15/30 (Alternative Minimum Tax)
5/13 at 100.00
 
B–
   
991,500
 
 
845
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
929,754
 
 
160
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
1/15 at 100.00
 
A+
   
170,240
 
 
700
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
7/15 at 100.00
 
AA–
   
755,748
 
 
845
 
New York State Thruway Authority, General Revenue Bonds, Series 2012I, 5.000%, 1/01/42
1/22 at 100.00
 
A+
   
928,816
 
 
500
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
Baa2
   
505,640
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
1,300
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
1,419,249
 
 
615
 
5.000%, 12/01/31 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
665,338
 
 
440
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.812%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA–
   
674,045
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
1/21 at 100.00
 
AA–
   
2,226,880
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
290
 
6.500%, 12/01/28
12/15 at 100.00
 
BBB–
   
320,140
 
 
1,470
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB–
   
1,721,870
 
 
1,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.325%, 5/15/16 (IF)
No Opt. Call
 
AA–
   
1,260,700
 
 
25,090
 
Total Transportation
         
26,328,498
 
     
U.S. Guaranteed – 1.7% (1.1% of Total Investments) (6)
             
 
500
 
Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
506,790
 
 
600
 
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
608,070
 
 
175
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (6)
   
191,032
 
 
550
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
5/14 at 100.00
 
AA– (6)
   
583,033
 
 
535
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
5/13 at 100.00
 
N/R (6)
   
558,770
 
 
2,360
 
Total U.S. Guaranteed
         
2,447,695
 
     
Utilities – 9.3% (6.3% of Total Investments)
             
 
1,300
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
   
1,449,500
 
 
110
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
121,162
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
2,500
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
A
   
2,771,400
 
 
500
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
 
A
   
552,970
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
5,135
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A
 
$
5,573,632
 
 
1,400
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
6/13 at 100.00
 
A–
   
1,409,828
 
 
1,665
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
   
1,716,215
 
 
12,610
 
Total Utilities
         
13,594,707
 
     
Water and Sewer – 6.3% (4.3% of Total Investments)
             
 
1,185
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
7/20 at 100.00
 
Ba2
   
1,257,866
 
 
2,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
6/19 at 100.00
 
AA+
   
2,383,940
 
 
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
6/21 at 100.00
 
AAA
   
5,581,826
 
 
8,060
 
Total Water and Sewer
         
9,223,632
 
$
203,310
 
Total Investments (cost $202,438,639) – 147.9%
         
216,777,228
 
     
Floating Rate Obligations – (11.9)%
         
(17,465,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (37.8)% (7)
         
(55,360,000
)
     
Other Assets Less Liabilities – 1.8%
         
2,608,091
 
     
Net Assets Applicable to Common Shares – 100%
       
$
146,560,319
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.5%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
47

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund 2
NXK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Consumer Discretionary – 2.7% (1.9% of Total Investments)
             
$
700
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
9/15 at 100.00
 
BBB
 
$
730,492
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
 
BB
   
2,054,852
 
 
2,650
 
Total Consumer Discretionary
         
2,785,344
 
     
Consumer Staples – 2.5% (1.7% of Total Investments)
             
 
205
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/13 at 100.00
 
A3
   
200,211
 
 
455
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/13 at 100.00
 
A1
   
455,801
 
 
85
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
6/13 at 100.00
 
A3
   
84,163
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
540
 
4.750%, 6/01/22
6/16 at 100.00
 
BBB
   
543,602
 
 
835
 
5.000%, 6/01/26
6/16 at 100.00
 
BB–
   
825,423
 
 
500
 
5.000%, 6/01/34
6/16 at 100.00
 
B+
   
453,240
 
 
2,620
 
Total Consumer Staples
         
2,562,440
 
     
Education and Civic Organizations – 26.0% (17.7% of Total Investments)
             
 
260
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
 
BBB
   
271,625
 
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
 
BB+
   
372,195
 
 
1,225
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
1/20 at 100.00
 
BBB–
   
1,467,685
 
 
670
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
12/20 at 100.00
 
BBB–
   
785,870
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
5/16 at 100.00
 
BBB–
   
93,253
 
 
1,125
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
 
N/R
   
1,155,274
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
No Opt. Call
 
N/R
   
1,152,850
 
 
2,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds,
New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
7/13 at 100.00
 
Baa2
   
2,006,920
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured
No Opt. Call
 
Aa2
   
1,012,990
 
 
485
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
   
522,151
 
 
1,500
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
Aa2
   
1,670,895
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
Aa2
   
1,135,900
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
 
AAA
   
2,303,620
 
 
175
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
 
A–
   
195,720
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
Aa1
   
2,270,940
 
 
280
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
7/20 at 100.00
 
Baa1
   
309,358
 

48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
1,835
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
8/17 at 100.00
 
Baa1
 
$
1,911,244
 
 
265
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
10/15 at 100.00
 
A
   
283,017
 
 
1,475
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
 
BBB+
   
1,665,732
 
 
890
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/30
6/21 at 100.00
 
BBB+
   
1,025,084
 
 
245
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
10/14 at 100.00
 
A–
   
250,696
 
 
230
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
   
240,578
 
 
1,120
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,120,683
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,460
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB
   
1,474,396
 
 
750
 
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
BBB
   
763,583
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
 
BBB
   
180,404
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
   
328,443
 
 
340
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
6/19 at 100.00
 
BBB+
   
381,500
 
 
24,270
 
Total Education and Civic Organizations
         
26,352,606
 
     
Financials – 2.1% (1.5% of Total Investments)
             
 
500
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
586,020
 
 
1,305
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
No Opt. Call
 
A
   
1,582,365
 
 
1,805
 
Total Financials
         
2,168,385
 
     
Health Care – 11.2% (7.6% of Total Investments)
             
 
1,620
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds,
Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
2/15 at 100.00
 
N/R
   
1,737,256
 
 
1,700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
1,816,518
 
 
150
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
7/20 at 100.00
 
A2
   
164,769
 
 
375
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 - RAAI Insured
7/13 at 100.00
 
A3
   
375,986
 
 
340
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
376,292
 
 
2,300
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
7/16 at 100.00
 
AA
   
2,520,363
 
 
465
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA–
   
497,234
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
7/17 at 100.00
 
A–
   
1,632,120
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
 
A–
   
1,168,380
 

Nuveen Investments
 
49

 
 

 
 
   
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
NXK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
5/13 at 100.00
 
BB
 
$
290,305
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
275
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB–
   
280,561
 
 
250
 
5.500%, 2/01/32
2/17 at 100.00
 
BBB–
   
256,100
 
 
215
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/13 at 100.00
 
B+
   
215,346
 
 
10,480
 
Total Health Care
         
11,331,230
 
     
Housing/Multifamily – 0.9% (0.6% of Total Investments)
             
 
500
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
5/14 at 100.00
 
AA
   
510,300
 
 
70
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
5/20 at 100.00
 
AA
   
75,447
 
 
290
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
   
303,978
 
 
860
 
Total Housing/Multifamily
         
889,725
 
     
Housing/Single Family – 1.6% (1.1% of Total Investments)
             
 
950
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
4/15 at 100.00
 
Aa1
   
969,912
 
 
295
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
 
Aa1
   
306,490
 
 
340
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 148, 5.200%, 10/01/32 (Alternative Minimum Tax)
10/17 at 100.00
 
Aa1
   
359,625
 
 
1,585
 
Total Housing/Single Family
         
1,636,027
 
     
Long-Term Care – 5.4% (3.7% of Total Investments)
             
 
440
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
 
AA+
   
477,180
 
 
2,120
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Rehabilitation Association Pooled Loan Program 1, Series 2001A, 5.000%, 7/01/23 – AMBAC Insured
7/13 at 100.00
 
A2
   
2,143,850
 
 
255
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
 
Ba3
   
249,403
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
             
 
50
 
5.125%, 7/01/30 – ACA Insured
7/15 at 100.00
 
N/R
   
49,320
 
 
175
 
5.000%, 7/01/35 – ACA Insured
7/15 at 100.00
 
N/R
   
163,088
 
 
665
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
8/16 at 101.00
 
N/R
   
671,683
 
 
310
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
7/13 at 100.00
 
N/R
   
311,398
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
355
 
5.500%, 7/01/18
7/16 at 101.00
 
N/R
   
348,922
 
 
440
 
5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
431,011
 
 
430
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
7/16 at 100.00
 
N/R
   
422,638
 
 
170
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
7/16 at 101.00
 
N/R
   
166,527
 
 
5,410
 
Total Long-Term Care
         
5,435,020
 

50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Materials – 0.2% (0.2% of Total Investments)
             
$
230
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
12/13 at 100.00
 
BBB
 
$
236,132
 
     
Tax Obligation/General – 13.2% (9.0% of Total Investments)
             
 
4,540
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
12/17 at 100.00
 
AA
   
5,314,978
 
 
1,000
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series F, 5.000%, 8/01/31
2/22 at 100.00
 
AA
   
1,147,160
 
 
45
 
New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 – NPFG Insured
6/13 at 100.00
 
AA
   
45,173
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
9/15 at 100.00
 
AA
   
2,217,280
 
 
2,600
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
6/16 at 100.00
 
AA
   
2,924,532
 
 
750
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
8/14 at 100.00
 
AA
   
800,528
 
 
835
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/29
4/22 at 100.00
 
AA
   
967,039
 
 
11,770
 
Total Tax Obligation/General
         
13,416,690
 
     
Tax Obligation/Limited – 44.6% (30.4% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
11/13 at 100.00
 
AAA
   
1,030,200
 
 
3,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/31
2/22 at 100.00
 
AAA
   
3,460,830
 
 
5
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
   
5,446
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
   
2,345,380
 
 
5,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
   
5,320,000
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1/15 at 100.00
 
BBB
   
565,852
 
 
1,425
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/26 – AGM Insured
10/14 at 100.00
 
AAA
   
1,523,197
 
     
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- NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
1,219,298
 
 
835
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
892,540
 
 
750
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
10/14 at 100.00
 
AAA
   
798,338
 
 
1,300
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA–
   
1,456,663
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1:
             
 
680
 
5.000%, 2/01/35
2/22 at 100.00
 
AAA
   
776,676
 
 
835
 
5.000%, 2/01/37
2/22 at 100.00
 
AAA
   
949,570
 
 
15
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
5/13 at 100.00
 
AAA
   
15,059
 
 
1,200
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
5/17 at 100.00
 
AAA
   
1,357,488
 
 
1,460
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
11/17 at 100.00
 
AAA
   
1,681,555
 
 
3,775
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Refunding Subordinate Lien Series 2010D, 5.000%, 11/01/25
5/20 at 100.00
 
AAA
   
4,518,029
 

Nuveen Investments
 
51

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
NXK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
4/21 at 100.00
 
AA–
 
$
1,203,480
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
3/14 at 100.00
 
AA–
   
1,042,450
 
 
2,020
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,Series 2008A, 5.000%, 12/15/27 (UB)
12/17 at 100.00
 
AAA
   
2,341,463
 
 
840
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
9/15 at 100.00
 
AAA
   
914,138
 
 
1,125
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
10/17 at 100.00
 
AA
   
1,285,099
 
 
2,300
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
 
AA
   
2,897,310
 
 
2,100
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
 
AA–
   
2,117,892
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
6/13 at 100.00
 
AA–
   
1,009,250
 
 
3,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
 
A+
   
2,754,605
 
 
8,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
 
AA–
   
1,817,920
 
 
47,865
 
Total Tax Obligation/Limited
         
45,299,728
 
     
Transportation – 20.3% (13.8% of Total Investments)
             
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
11/17 at 100.00
 
A
   
2,769,650
 
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
11/20 at 100.00
 
A
   
1,109,900
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
1,434,388
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
10/17 at 102.00
 
N/R
   
632,400
 
 
125
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
6/13 at 100.00
 
BB
   
124,993
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
8/13 at 100.50
 
N/R
   
1,105,000
 
 
650
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
1/16 at 100.00
 
A3
   
716,729
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
45
 
5.000%, 5/15/20 (Alternative Minimum Tax)
5/13 at 100.00
 
B–
   
44,997
 
 
750
 
5.125%, 5/15/30 (Alternative Minimum Tax)
5/13 at 100.00
 
B–
   
743,625
 
 
585
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
643,676
 
 
300
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
7/15 at 100.00
 
AA–
   
323,892
 
 
3,400
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
Baa2
   
3,438,352
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
             
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
$
1,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
 
$
1,091,730
 
 
280
 
5.000%, 12/01/31 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
302,918
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.812%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA–
   
474,895
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
1/21 at 100.00
 
AA–
   
2,226,880
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
210
 
6.500%, 12/01/28
12/15 at 100.00
 
BBB–
   
231,825
 
 
1,030
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB–
   
1,206,480
 
 
780
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 – NPFG Insured
No Opt. Call
 
A+
   
989,914
 
 
750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.325%, 5/15/16 (IF)
No Opt. Call
 
AA–
   
945,525
 
 
19,465
 
Total Transportation
         
20,557,769
 
     
U.S. Guaranteed – 0.6% (0.4% of Total Investments) (6)
             
 
500
 
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (6)
   
506,725
 
 
120
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (6)
   
130,993
 
 
620
 
Total U.S. Guaranteed
         
637,718
 
     
Utilities – 9.0% (6.1% of Total Investments)
             
 
75
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
82,610
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
1,700
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
A
   
1,884,552
 
 
1,700
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
 
A
   
1,880,098
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
6/16 at 100.00
 
A
   
269,693
 
     
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A:
             
 
1,000
 
5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
 
AA–
   
1,104,510
 
 
1,000
 
5.000%, 5/01/38
5/21 at 100.00
 
A
   
1,085,420
 
 
900
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
6/13 at 100.00
 
A–
   
906,318
 
 
1,125
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
No Opt. Call
 
BB+
   
1,159,605
 
 
750
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
7/13 at 100.00
 
N/R
   
749,970
 
 
8,500
 
Total Utilities
         
9,122,776
 

Nuveen Investments
 
53

 
 

 

   
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
NXK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer – 6.4% (4.3% of Total Investments)
             
$
820
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
7/20 at 100.00
 
Ba2
 
$
870,422
 
 
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
6/21 at 100.00
 
AAA
   
5,581,826
 
 
5,695
 
Total Water and Sewer
         
6,452,248
 
$
143,825
 
Total Investments (cost $139,560,284) – 146.7%
         
148,883,838
 
     
Floating Rate Obligations – (12.0)%
         
(12,150,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (37.3)% (7)
         
(37,890,000
)
     
Other Assets Less Liabilities – 2.6%
         
2,637,290
 
     
Net Assets Applicable to Common Shares – 100%
       
$
101,481,128
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.4%.
N/R
 
Not rated.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
54
 
Nuveen Investments

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Consumer Staples – 2.6% (1.7% of Total Investments)
             
$
1,210
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/13 at 100.00
 
A3
 
$
1,181,734
 
 
2,290
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/13 at 100.00
 
A1
   
2,294,030
 
 
975
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
5/13 at 100.00
 
BBB+
   
985,979
 
 
32,925
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
6/16 at 100.00
 
B+
   
29,099,444
 
 
37,400
 
Total Consumer Staples
         
33,561,187
 
     
Education and Civic Organizations – 26.6% (17.5% of Total Investments)
             
 
1,475
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
7/13 at 100.00
 
N/R
   
1,480,236
 
     
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1:
             
 
1,500
 
5.500%, 7/01/24 – AMBAC Insured
No Opt. Call
 
AA–
   
1,950,270
 
 
4,000
 
5.500%, 7/01/40 – AMBAC Insured
No Opt. Call
 
AA–
   
5,245,040
 
 
9,400
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured
7/17 at 100.00
 
A–
   
10,528,564
 
 
4,265
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
No Opt. Call
 
N/R
   
4,848,068
 
 
6,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
No Opt. Call
 
A–
   
6,913,140
 
 
7,780
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
7/13 at 100.00
 
Baa2
   
7,806,919
 
 
10,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured
No Opt. Call
 
Aa2
   
10,129,900
 
 
6,660
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
   
7,170,156
 
 
10,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured
7/16 at 100.00
 
Aa2
   
10,951,400
 
 
6,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39
7/19 at 100.00
 
Aa2
   
6,872,485
 
 
7,500
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
Aa2
   
8,354,475
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
Aa2
   
1,135,900
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
             
 
2,000
 
5.000%, 7/01/25 – FGIC Insured
7/17 at 100.00
 
N/R
   
2,243,860
 
 
2,525
 
5.000%, 7/01/37 – FGIC Insured
7/17 at 100.00
 
N/R
   
2,716,572
 
 
1,150
 
Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 – NPFG Insured
7/15 at 100.00
 
Baa2
   
1,195,713
 
 
19,180
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
 
AAA
   
22,091,716
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011:
             
 
1,000
 
5.625%, 11/01/35 – AGM Insured
5/21 at 100.00
 
AA–
   
1,155,830
 
 
5,980
 
5.750%, 11/01/40 – AGM Insured
5/21 at 100.00
 
AA–
   
6,959,703
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
A2
   
3,286,050
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
7/19 at 100.00
 
Baa2
   
1,060,300
 

Nuveen Investments
 
55

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
 
A–
 
$
978,600
 
 
3,250
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 1998A, 6.000%, 7/01/18 – NPFG Insured
No Opt. Call
 
AA–
   
4,074,623
 
 
3,415
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
7/17 at 100.00
 
AA–
   
3,808,169
 
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A:
             
 
10,000
 
5.250%, 7/01/34
7/19 at 100.00
 
AA–
   
11,757,800
 
 
3,890
 
5.000%, 7/01/39
7/19 at 100.00
 
AA–
   
4,401,379
 
 
13,500
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39
7/19 at 100.00
 
AA–
   
15,274,710
 
 
3,115
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/32
7/22 at 100.00
 
AA–
   
3,611,126
 
 
2,800
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37
7/20 at 100.00
 
Aa1
   
3,197,012
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A:
             
 
5,000
 
5.000%, 7/01/35
7/20 at 100.00
 
Aa1
   
5,726,600
 
 
14,795
 
5.000%, 7/01/40
7/20 at 100.00
 
Aa1
   
16,799,279
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
             
 
2,500
 
5.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
A1
   
3,059,550
 
 
2,000
 
5.250%, 7/01/21 – AMBAC Insured
No Opt. Call
 
A1
   
2,466,780
 
 
1,250
 
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Refunding Series 2009A, 5.125%, 7/01/39
No Opt. Call
 
AA–
   
1,413,200
 
 
6,435
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
7/15 at 100.00
 
AA–
   
7,012,026
 
 
1,000
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College Project, Series 2013A, 5.000%, 7/01/39
7/23 at 100.00
 
A2
   
1,110,530
 
 
5,520
 
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 13.261%, 1/01/14 – AMBAC Insured (IF)
No Opt. Call
 
AA+
   
6,102,139
 
 
7,250
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Horace Mann School, Series 1998, 5.000%, 7/01/28 – NPFG Insured
7/13 at 100.00
 
Baa2
   
7,274,433
 
 
4,775
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Trinity Episcopal School, Series 1997, 5.250%, 6/15/27 – NPFG Insured
6/13 at 100.00
 
Baa2
   
4,790,567
 
 
3,155
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
12/16 at 100.00
 
BB+
   
3,300,098
 
     
New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009:
             
 
1,000
 
6.125%, 1/01/29 – AGC Insured
1/19 at 100.00
 
AA–
   
1,156,410
 
 
1,000
 
6.375%, 1/01/39 – AGC Insured
1/19 at 100.00
 
AA–
   
1,159,550
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
6,815
 
5.000%, 1/01/31 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
7,021,426
 
 
5,000
 
5.000%, 1/01/36 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
5,114,700
 
 
1,030
 
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
1,030,628
 
 
11,000
 
5.000%, 1/01/46 – AMBAC Insured
1/17 at 100.00
 
Ba1
   
11,179,850
 
 
4,730
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
3/19 at 100.00
 
AA–
   
5,829,347
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
4,280
 
5.000%, 3/01/31 – FGIC Insured
9/16 at 100.00
 
BBB
   
4,463,612
 
 
31,650
 
5.000%, 3/01/36 – NPFG Insured
9/16 at 100.00
 
BBB
   
32,801,427
 
 
20,210
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB
   
20,409,271
 

56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
6,560
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured
7/14 at 100.00
 
AA
 
$
6,846,278
 
 
3,400
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
1/21 at 100.00
 
A
   
3,776,652
 
     
Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A:
             
 
600
 
5.000%, 5/01/35
5/22 at 100.00
 
BBB+
   
653,688
 
 
1,000
 
5.000%, 5/01/42
5/22 at 100.00
 
BBB+
   
1,086,280
 
 
1,750
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
Baa2
   
1,877,890
 
 
1,000
 
Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/36
12/21 at 100.00
 
Aa3
   
1,143,100
 
     
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011:
             
 
1,390
 
5.500%, 7/01/33 – AGM Insured
1/21 at 100.00
 
A2
   
1,598,250
 
 
1,000
 
5.250%, 7/01/36 – AGM Insured
1/21 at 100.00
 
A2
   
1,124,810
 
 
4,000
 
5.375%, 7/01/41 – AGM Insured
1/21 at 100.00
 
A2
   
4,509,840
 
 
3,700
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
   
4,050,797
 
 
317,270
 
Total Education and Civic Organizations
         
347,088,724
 
     
Financials – 1.6% (1.1% of Total Investments)
             
 
18,400
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
   
21,565,536
 
     
Health Care – 6.8% (4.5% of Total Investments)
             
 
5,315
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30
11/20 at 100.00
 
A3
   
6,373,854
 
 
2,495
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
8/19 at 100.00
 
AA+
   
3,031,250
 
     
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A:
             
 
2,800
 
5.125%, 2/01/22 – AMBAC Insured
5/13 at 100.00
 
N/R
   
2,809,744
 
 
3,000
 
5.000%, 2/01/31 – AMBAC Insured
5/13 at 100.00
 
N/R
   
3,009,540
 
 
8,230
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
8/17 at 100.00
 
AA–
   
9,296,197
 
     
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004:
             
 
9,330
 
5.000%, 8/01/29 – FGIC Insured
2/15 at 100.00
 
N/R
   
9,889,427
 
 
425
 
5.000%, 8/01/33 – FGIC Insured
2/15 at 100.00
 
N/R
   
449,344
 
 
8,035
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
2/15 at 100.00
 
N/R
   
8,616,573
 
 
2,250
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
8/15 at 100.00
 
N/R
   
2,404,215
 
 
5,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
5/21 at 100.00
 
A–
   
5,578,500
 
 
2,000
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
12/18 at 100.00
 
Ba1
   
2,213,480
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B:
             
 
3,865
 
5.250%, 7/01/27 – AGC Insured
7/17 at 100.00
 
AA–
   
4,408,264
 
 
3,500
 
5.125%, 7/01/37 – AGC Insured
7/17 at 100.00
 
AA–
   
3,868,375
 
 
9,825
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA–
   
10,506,069
 
 
900
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/40 – AGM Insured
7/20 at 100.00
 
A–
   
1,042,812
 

Nuveen Investments
 
57

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,875
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
2/21 at 100.00
 
Aa2
 
$
2,251,181
 
 
6,540
 
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
7/21 at 100.00
 
A–
   
7,405,831
 
 
4,850
 
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37
11/20 at 100.00
 
A3
   
5,729,354
 
 
80,235
 
Total Health Care
         
88,884,010
 
     
Housing/Multifamily – 2.6% (1.7% of Total Investments)
             
     
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A:
             
 
1,000
 
5.000%, 5/01/40
5/20 at 100.00
 
AA–
   
1,087,880
 
 
1,000
 
5.000%, 5/01/45 – AGM Insured
5/20 at 100.00
 
AA–
   
1,088,540
 
     
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
             
 
4,600
 
5.000%, 7/01/14 – FGIC Insured
No Opt. Call
 
AA–
   
4,855,990
 
 
4,600
 
5.000%, 7/01/16 – FGIC Insured
7/15 at 100.00
 
AA–
   
5,058,206
 
 
18,865
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB) (4)
7/15 at 100.00
 
AA–
   
20,432,870
 
 
1,040
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
5/20 at 100.00
 
AA
   
1,120,933
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
 
Aa2
   
488,619
 
     
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
             
 
70
 
6.100%, 11/01/15 – AGM Insured
5/13 at 100.00
 
AA–
   
70,339
 
 
390
 
6.125%, 11/01/20 – AGM Insured
5/13 at 100.00
 
AA–
   
390,987
 
 
32,015
 
Total Housing/Multifamily
         
34,594,364
 
     
Long-Term Care – 0.1% (0.0% of Total Investments)
             
 
800
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
 
AA+
   
867,600
 
     
Tax Obligation/General – 12.0% (7.9% of Total Investments)
             
 
3,000
 
Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%, 10/01/33 – NPFG Insured
10/15 at 100.00
 
Aa3
   
3,236,340
 
 
2,500
 
Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured
No Opt. Call
 
A2
   
2,500,947
 
 
2,000
 
Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 – NPFG Insured
12/15 at 100.00
 
A2
   
2,183,500
 
 
1,000
 
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 – AGC Insured
10/19 at 100.00
 
AA–
   
1,122,160
 
 
210
 
Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured
No Opt. Call
 
A+
   
240,710
 
 
1,200
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
8/19 at 100.00
 
AA
   
1,425,180
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
8/19 at 100.00
 
AA
   
3,640,770
 
 
7,000
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series F, 5.000%, 8/01/31
2/22 at 100.00
 
AA
   
8,030,120
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I:
             
 
1,000
 
5.000%, 8/01/30
8/22 at 100.00
 
AA
   
1,157,870
 
 
2,000
 
5.000%, 8/01/31
8/22 at 100.00
 
AA
   
2,308,720
 
     
New York City, New York, General Obligation Bonds, Fiscal 2013 Series A-1:
             
 
5,000
 
5.000%, 10/01/28
10/22 at 100.00
 
AA
   
5,860,300
 
 
2,000
 
5.000%, 10/01/32
No Opt. Call
 
AA
   
2,306,420
 
 
3,300
 
5.000%, 10/01/33
10/22 at 100.00
 
AA
   
3,790,941
 

58
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
     
New York City, New York, General Obligation Bonds, Fiscal 2013 Series C:
             
$
4,610
 
5.000%, 8/01/25
8/22 at 100.00
 
AA
 
$
5,520,521
 
 
7,190
 
5.000%, 8/01/28
8/22 at 100.00
 
AA
   
8,407,986
 
     
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1:
             
 
3,600
 
5.000%, 3/01/33
3/23 at 100.00
 
AA
   
4,155,480
 
 
3,400
 
5.000%, 3/01/31 (WI/DD, Settling 4/04/13)
3/23 at 100.00
 
AA
   
3,944,238
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 1998H:
             
 
135
 
5.125%, 8/01/25 – NPFG Insured
5/13 at 100.00
 
AA
   
135,548
 
 
70
 
5.375%, 8/01/27 – NPFG Insured
5/13 at 100.00
 
AA
   
70,270
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
             
 
5
 
5.250%, 8/01/15 – AGM Insured
6/13 at 100.00
 
AA
   
5,021
 
 
5
 
5.000%, 8/01/16 – FGIC Insured
6/13 at 100.00
 
AA
   
5,020
 
 
10,330
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured
3/15 at 100.00
 
AA
   
11,230,260
 
 
750
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured
8/15 at 100.00
 
AA
   
828,968
 
 
9,885
 
New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/29
10/21 at 100.00
 
AA
   
11,387,915
 
     
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012:
             
 
8,700
 
5.000%, 4/01/26
4/22 at 100.00
 
AA
   
10,308,195
 
 
6,225
 
5.000%, 4/01/29
4/22 at 100.00
 
AA
   
7,209,359
 
     
New York City, New York, General Obligation Bonds, Series 2004E:
             
 
12,550
 
5.000%, 11/01/19 – AGM Insured (UB)
11/14 at 100.00
 
AA
   
13,465,022
 
 
7,850
 
5.000%, 11/01/20 – AGM Insured (UB)
11/14 at 100.00
 
AA
   
8,422,344
 
     
Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
             
 
1,650
 
5.000%, 6/15/16 – AGM Insured
6/15 at 100.00
 
AA–
   
1,791,669
 
 
1,815
 
5.000%, 6/15/18 – AGM Insured
6/15 at 100.00
 
AA–
   
1,992,434
 
     
Rensselaer County, New York, General Obligation Bonds, Series 1991:
             
 
960
 
6.700%, 2/15/16 – AMBAC Insured
No Opt. Call
 
AA–
   
1,121,318
 
 
960
 
6.700%, 2/15/17 – AMBAC Insured
No Opt. Call
 
AA–
   
1,170,950
 
 
960
 
6.700%, 2/15/18 – AMBAC Insured
No Opt. Call
 
AA–
   
1,210,483
 
 
960
 
6.700%, 2/15/19 – AMBAC Insured
No Opt. Call
 
AA–
   
1,248,442
 
 
960
 
6.700%, 2/15/20 – AMBAC Insured
No Opt. Call
 
AA–
   
1,280,794
 
 
747
 
6.700%, 2/15/21 – AMBAC Insured
No Opt. Call
 
AA–
   
1,016,757
 
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
 
735
 
5.250%, 10/01/20 – NPFG Insured
No Opt. Call
 
Aa3
   
909,842
 
 
735
 
5.250%, 10/01/21 – NPFG Insured
No Opt. Call
 
Aa3
   
917,648
 
 
730
 
5.250%, 10/01/22 – NPFG Insured
No Opt. Call
 
Aa3
   
914,960
 
 
730
 
5.250%, 10/01/23 – NPFG Insured
No Opt. Call
 
Aa3
   
905,740
 
 
730
 
5.250%, 10/01/24 – NPFG Insured
No Opt. Call
 
Aa3
   
916,376
 
 
730
 
5.250%, 10/01/25 – NPFG Insured
No Opt. Call
 
Aa3
   
917,902
 
 
725
 
5.250%, 10/01/26 – NPFG Insured
No Opt. Call
 
Aa3
   
911,985
 
 
1,145
 
Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured
No Opt. Call
 
Aa2
   
1,371,321
 
 
1,620
 
West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured
10/15 at 100.00
 
Aa3
   
1,800,711
 
 
7,635
 
Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured
8/15 at 100.00
 
BBB+
   
8,261,681
 
     
Yonkers, New York, General Obligation Bonds, Series 2005B:
             
 
2,190
 
5.000%, 8/01/19 – NPFG Insured
8/15 at 100.00
 
BBB+
   
2,329,919
 
 
2,305
 
5.000%, 8/01/20 – NPFG Insured
8/15 at 100.00
 
BBB+
   
2,443,692
 
 
137,537
 
Total Tax Obligation/General
         
156,334,749
 

Nuveen Investments
 
59

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited – 60.2% (39.6% of Total Investments)
             
$
2,330
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
7/13 at 100.00
 
N/R
 
$
2,339,273
 
 
165
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
5/13 at 100.00
 
N/R
   
165,619
 
 
1,645
 
Dormitory Authority of the State of New York, Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/13 – NPFG Insured
No Opt. Call
 
Aa3
   
1,668,326
 
 
2,265
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
7/15 at 100.00
 
AA–
   
2,489,303
 
 
1,095
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured
7/13 at 100.00
 
N/R
   
1,099,588
 
 
9,145
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured
7/13 at 100.00
 
Baa2
   
9,182,495
 
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services, Series 2002:
             
 
1,045
 
5.250%, 8/15/20 – AGM Insured
5/13 at 100.00
 
AA–
   
1,049,211
 
 
1,100
 
5.250%, 8/15/21 – AGM Insured
5/13 at 100.00
 
AA–
   
1,104,389
 
 
365
 
5.250%, 8/15/22 – AGM Insured
5/13 at 100.00
 
AA–
   
366,445
 
 
2,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured
8/14 at 100.00
 
AA–
   
2,123,580
 
 
1,000
 
Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured
8/19 at 100.00
 
AA–
   
1,130,510
 
 
10,840
 
Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured
7/14 at 100.00
 
AA–
   
11,480,752
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
             
 
5,315
 
5.000%, 2/15/15 – FGIC Insured
No Opt. Call
 
AA–
   
5,768,688
 
 
4,715
 
5.000%, 8/15/23 – FGIC Insured
2/15 at 100.00
 
AA–
   
5,092,624
 
 
65
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured
5/13 at 100.00
 
A+
   
65,262
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured
10/19 at 100.00
 
AA–
   
1,166,370
 
 
4,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured
No Opt. Call
 
AA–
   
4,634,360
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured
No Opt. Call
 
Aa3
   
1,183,730
 
 
4,115
 
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured
No Opt. Call
 
AA–
   
4,737,311
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
             
 
8,545
 
5.000%, 3/15/34
No Opt. Call
 
AAA
   
9,641,067
 
 
50,170
 
5.000%, 3/15/41
3/21 at 100.00
 
AAA
   
56,043,905
 
 
18,385
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/31
2/22 at 100.00
 
AAA
   
21,209,120
 
 
155
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
   
168,834
 
 
3,540
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured (UB)
5/18 at 100.00
 
AA–
   
4,198,192
 
 
10,125
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31
5/19 at 100.00
 
AA–
   
11,406,623
 
 
5,000
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/28 – AGM Insured (UB)
5/18 at 100.00
 
AA–
   
5,897,701
 
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A:
             
 
5,980
 
5.750%, 5/01/27 – AGM Insured (UB)
5/17 at 100.00
 
AA–
   
6,925,318
 
 
21,030
 
5.750%, 5/01/28 – AGM Insured (UB)
5/17 at 100.00
 
AA–
   
24,354,423
 

60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
             
$
19,730
 
5.750%, 2/15/47
2/21 at 100.00
 
A
 
$
23,137,174
 
 
1,850
 
5.000%, 2/15/47 – AGM Insured
2/21 at 100.00
 
AA–
   
2,029,191
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
             
 
51,590
 
5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
54,891,760
 
 
4,200
 
5.000%, 2/15/47 – AGM Insured
2/17 at 100.00
 
AA–
   
4,475,562
 
 
4,830
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/29
11/22 at 100.00
 
AA
   
5,701,284
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
             
 
1,000
 
5.750%, 7/01/18 – AGM Insured
No Opt. Call
 
AA–
   
1,236,060
 
 
9,000
 
5.750%, 7/01/18 – AGM Insured (UB)
No Opt. Call
 
AA–
   
11,124,540
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1/15 at 100.00
 
BBB
   
565,852
 
 
4,820
 
Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 – AMBAC Insured
No Opt. Call
 
AAA
   
4,976,505
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
3,400
 
5.000%, 10/15/25 – NPFG Insured
10/14 at 100.00
 
AAA
   
3,636,504
 
 
10,090
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
10,791,860
 
 
1,040
 
5.000%, 10/15/26 – NPFG Insured
10/14 at 100.00
 
AAA
   
1,111,666
 
 
6,785
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
10/14 at 100.00
 
AAA
   
7,252,555
 
 
300
 
5.000%, 10/15/29 – AMBAC Insured
10/14 at 100.00
 
AAA
   
319,335
 
 
21,610
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
10/14 at 100.00
 
AAA
   
23,002,765
 
 
5,155
 
5.000%, 10/15/32 – AMBAC Insured
10/14 at 100.00
 
AAA
   
5,477,342
 
 
4,500
 
5.000%, 10/15/32 – AMBAC Insured (UB) (4)
10/14 at 100.00
 
AAA
   
4,781,385
 
 
9,000
 
5.000%, 10/15/32 – AGM Insured
10/14 at 100.00
 
AAA
   
9,562,770
 
 
10,440
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
 
AA–
   
11,698,124
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1:
             
 
5,100
 
5.000%, 2/01/35
2/22 at 100.00
 
AAA
   
5,825,067
 
 
6,225
 
5.000%, 2/01/37
2/22 at 100.00
 
AAA
   
7,079,132
 
 
16,655
 
5.000%, 2/01/42
2/22 at 100.00
 
AAA
   
18,627,285
 
 
40,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series F-1, 5.000%, 5/01/39
5/22 at 100.00
 
AAA
   
44,951,600
 
 
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2001B, 5.250%, 5/01/16 – NPFG Insured
6/13 at 100.00
 
AAA
   
5,021
 
 
155
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured
5/13 at 100.00
 
AAA
   
155,648
 
 
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 – SYNCORA GTY Insured
2/14 at 100.00
 
AAA
   
5,201
 
 
3,800
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
5/17 at 100.00
 
AAA
   
4,298,712
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Series 2009A-1, 5.000%, 5/01/36
5/19 at 100.00
 
AAA
   
5,674,900
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
             
 
10,000
 
5.500%, 11/01/35
11/20 at 100.00
 
AAA
   
11,831,000
 
 
8,000
 
5.000%, 11/01/39
11/20 at 100.00
 
AAA
   
8,937,760
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, SubSeries 2011D-1:
             
 
2,000
 
5.250%, 2/01/30
2/21 at 100.00
 
AAA
   
2,354,320
 
 
1,480
 
5.000%, 2/01/35
2/21 at 100.00
 
AAA
   
1,669,425
 

Nuveen Investments
 
61

 
 

 
 
   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
             
$
18,575
 
5.750%, 4/01/33 – AGM Insured
4/21 at 100.00
 
AA+
 
$
22,539,648
 
 
4,000
 
5.750%, 4/01/41
4/21 at 100.00
 
AA–
   
4,813,920
 
     
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
             
 
2,890
 
13.619%, 11/15/30 – AMBAC Insured (IF) (4)
11/15 at 100.00
 
AA+
   
3,358,209
 
 
12,940
 
13.605%, 11/15/44 – AMBAC Insured (IF) (4)
11/15 at 100.00
 
AA+
   
14,543,395
 
 
8,250
 
New York State Local Government Assistance Corporation, Revenue Bonds, Series 1993E, 5.250%, 4/01/16 – AGM Insured (UB)
No Opt. Call
 
AAA
   
9,137,123
 
     
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A:
             
 
2,000
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
 
AA
   
2,095,560
 
 
1,000
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
 
AA
   
1,047,580
 
     
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
             
 
30,795
 
5.500%, 4/01/20 – AMBAC Insured
No Opt. Call
 
AA
   
38,792,462
 
 
6,600
 
5.000%, 4/01/21 – AMBAC Insured
10/15 at 100.00
 
AA
   
7,312,272
 
 
4,500
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured
9/14 at 100.00
 
AAA
   
4,796,820
 
     
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A:
             
 
1,600
 
5.000%, 3/15/29
9/20 at 100.00
 
AAA
   
1,877,456
 
 
1,195
 
5.000%, 3/15/30
9/20 at 100.00
 
AAA
   
1,408,212
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
             
 
35,000
 
5.250%, 6/01/20 – AMBAC Insured
6/13 at 100.00
 
AA–
   
35,302,050
 
 
2,000
 
5.250%, 6/01/21 – AMBAC Insured
6/13 at 100.00
 
AA–
   
2,017,200
 
 
14,865
 
5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
 
AA–
   
14,991,650
 
 
1,500
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
6/13 at 100.00
 
AA–
   
1,513,875
 
 
665
 
New York State Urban Development Corporation, Revenue Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 – AGM Insured
No Opt. Call
 
AA–
   
690,616
 
 
2,175
 
New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 – NPFG Insured
No Opt. Call
 
AA–
   
2,278,530
 
 
8,600
 
New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)
No Opt. Call
 
AA–
   
10,332,212
 
 
2,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured
3/15 at 100.00
 
AAA
   
2,077,840
 
 
3,325
 
Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured
6/15 at 100.00
 
AA–
   
3,467,343
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E:
             
 
3,000
 
5.500%, 7/01/14 – AGM Insured
No Opt. Call
 
AA–
   
3,125,160
 
 
11,000
 
5.500%, 7/01/18 – AGM Insured
No Opt. Call
 
AA–
   
12,342,220
 
 
7,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
8/26 at 100.00
 
A+
   
7,764,525
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
             
 
2,000
 
0.000%, 8/01/33
8/29 at 100.00
 
A+
   
1,574,060
 
 
7,000
 
5.000%, 8/01/40 – AGM Insured
2/20 at 100.00
 
AA–
   
7,172,690
 
 
6,765
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
 
AA–
   
7,011,449
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C:
             
 
22,000
 
0.000%, 8/01/37
No Opt. Call
 
AA–
   
5,697,340
 
 
46,150
 
0.000%, 8/01/39
No Opt. Call
 
AA–
   
10,487,126
 

62
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
$
11,000
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
$
2,162,160
 
 
13,520
 
0.000%, 8/01/42 – NPFG Insured
No Opt. Call
 
AA–
   
2,483,624
 
 
25,395
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
   
4,104,848
 
 
9,250
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
   
1,402,300
 
 
201,690
 
0.000%, 8/01/46 – NPFG Insured
No Opt. Call
 
AA–
   
28,583,507
 
 
99,130
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
AA–
   
13,125,803
 
 
1,090
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
10/13 at 100.00
 
Baa2
   
1,094,022
 
 
1,075,425
 
Total Tax Obligation/Limited
         
786,405,131
 
     
Transportation – 10.8% (7.1% of Total Investments)
             
 
500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/29
No Opt. Call
 
A
   
573,400
 
 
4,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured
11/13 at 100.00
 
AA–
   
4,109,480
 
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
             
 
4,500
 
4.750%, 11/15/27 – NPFG Insured
11/15 at 100.00
 
AA–
   
4,889,790
 
 
10,000
 
4.750%, 11/15/30 – AMBAC Insured
11/15 at 100.00
 
A
   
10,709,000
 
 
7,575
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/36 – AGM Insured
11/16 at 100.00
 
AA–
   
7,906,861
 
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
A
   
1,100,300
 
 
5,195
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012C, 5.000%, 11/15/41
11/22 at 100.00
 
A
   
5,735,540
 
 
16,090
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5.000%, 11/15/30 (WI/DD, Settling 4/02/13)
5/23 at 100.00
 
A
   
18,361,586
 
 
8,055
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
   
8,862,917
 
 
3,420
 
New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured
1/18 at 100.00
 
A+
   
3,924,416
 
     
New York State Thruway Authority, General Revenue Bonds, Series 2005F:
             
 
10,910
 
5.000%, 1/01/20 – AMBAC Insured
1/15 at 100.00
 
A+
   
11,749,306
 
 
12,100
 
5.000%, 1/01/30 – AMBAC Insured
1/15 at 100.00
 
A+
   
12,874,400
 
     
New York State Thruway Authority, General Revenue Bonds, Series 2005G:
             
 
5,800
 
5.000%, 1/01/30 – AGM Insured (UB)
7/15 at 100.00
 
AA–
   
6,261,912
 
 
3,000
 
5.000%, 1/01/32 – AGM Insured
7/15 at 100.00
 
AA–
   
3,238,920
 
 
7,615
 
New York State Thruway Authority, General Revenue Bonds, Series 2012I, 5.000%, 1/01/42
1/22 at 100.00
 
A+
   
8,370,332
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
2,580
 
5.000%, 12/01/19 – AGM Insured
6/15 at 101.00
 
AA–
   
2,857,660
 
 
4,625
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
5,049,251
 
 
5,760
 
5.000%, 12/01/31 – SYNCORA GTY Insured
6/15 at 101.00
 
AA–
   
6,231,456
 
 
4,185
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.812%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA–
   
6,411,085
 
     
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E:
             
 
5,480
 
5.500%, 11/15/20 – NPFG Insured
No Opt. Call
 
A+
   
6,954,778
 
 
5,070
 
5.250%, 11/15/22 – NPFG Insured
5/13 at 100.00
 
A+
   
5,091,091
 
 
127,460
 
Total Transportation
         
141,263,481
 

Nuveen Investments
 
63

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 9.0% (5.9% of Total Investments) (5)
             
     
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986:
             
$
1,520
 
7.375%, 7/01/16 (ETM)
No Opt. Call
 
Aaa
 
$
1,695,454
 
 
485
 
7.375%, 7/01/16 – BIGI Insured (ETM)
No Opt. Call
 
Aaa
   
540,984
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1:
             
 
2,765
 
5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
 
AA (5)
   
2,798,982
 
 
5,760
 
5.000%, 7/01/22 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
 
AA (5)
   
5,830,790
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series 2003, 5.000%, 7/01/32 (Pre-refunded 7/01/13) – RAAI Insured
7/13 at 100.00
 
A– (5)
   
1,012,160
 
 
500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)
5/13 at 100.00
 
Aaa
   
502,360
 
 
750
 
Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Baa1 (5)
   
760,185
 
 
7,480
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 (Pre-refunded 8/15/14) – AGM Insured
8/14 at 100.00
 
AA– (5)
   
7,958,047
 
 
2,885
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (5)
   
3,149,295
 
 
505
 
Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)
10/13 at 100.81
 
Baa1 (5)
   
534,320
 
 
5,200
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
5/14 at 100.00
 
AA– (5)
   
5,512,312
 
 
35
 
Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 – AMBAC Insured (ETM)
No Opt. Call
 
AA (5)
   
37,472
 
 
2,620
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 (Pre-refunded 9/01/13) – CIFG Insured
9/13 at 100.00
 
A (5)
   
2,673,815
 
 
945
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
5/13 at 100.00
 
N/R (5)
   
986,986
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A:
             
 
5,090
 
5.000%, 4/01/23 (Pre-refunded 10/01/15) – FGIC Insured
10/15 at 100.00
 
AA+ (5)
   
5,681,916
 
 
11,000
 
4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured
10/15 at 100.00
 
AA+ (5)
   
12,193,060
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A:
             
 
8,000
 
5.000%, 4/01/17 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA+ (5)
   
8,573,600
 
 
5,750
 
5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA+ (5)
   
6,162,275
 
     
Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B:
             
 
10,000
 
4.875%, 7/01/18 – FGIC Insured (ETM)
5/13 at 100.00
 
AA+ (5)
   
10,157,600
 
 
4,500
 
4.750%, 7/01/26 – FGIC Insured (ETM)
5/13 at 100.00
 
AA+ (5)
   
4,609,350
 
     
Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
             
 
3,000
 
5.000%, 11/15/18 (Pre-refunded 11/15/13) – AMBAC Insured
11/13 at 100.00
 
AAA
   
3,090,690
 
 
1,500
 
4.750%, 11/15/21 (Pre-refunded 11/15/13) – AMBAC Insured
11/13 at 100.00
 
AAA
   
1,542,990
 
 
1,500
 
4.750%, 11/15/22 (Pre-refunded 11/15/13) – AMBAC Insured
11/13 at 100.00
 
AAA
   
1,542,990
 
 
850
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 (Pre-refunded 6/15/14) – AMBAC Insured
6/14 at 100.00
 
Aa1 (5)
   
899,190
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Refunding Bonds, Fiscal Series 2003E, 5.000%, 6/15/34 (Pre-refunded 6/15/13)
6/13 at 100.00
 
AAA
   
10,103,400
 
 
7,340
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured
2/14 at 100.00
 
AAA
   
7,636,903
 
 
500
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AA– (5)
   
545,805
 
 
9,395
 
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
 
AAA
   
10,314,771
 
 
110,875
 
Total U.S. Guaranteed
         
117,047,702
 

64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities – 11.1% (7.3% of Total Investments)
             
$
2,450
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
2/20 at 100.00
 
Baa3
 
$
2,731,750
 
 
3,000
 
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
10/20 at 100.00
 
AA–
   
3,195,900
 
 
1,045
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
 
BBB
   
1,151,036
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
             
 
8,000
 
0.000%, 6/01/24 – AGM Insured
No Opt. Call
 
AA–
   
5,826,560
 
 
8,000
 
0.000%, 6/01/25 – AGM Insured
No Opt. Call
 
AA–
   
5,549,280
 
 
20,000
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
 
AA–
   
13,138,200
 
 
10,000
 
0.000%, 6/01/27 – AGM Insured
No Opt. Call
 
AA–
   
6,196,500
 
 
15,000
 
0.000%, 6/01/28 – AGM Insured
No Opt. Call
 
AA–
   
8,826,750
 
 
10,000
 
0.000%, 6/01/29 – AGM Insured
No Opt. Call
 
AA–
   
5,592,900
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
21,830
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
 
A
   
24,199,865
 
 
27,015
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
 
A
   
29,876,969
 
 
11,000
 
5.000%, 12/01/26 – AGC Insured
6/16 at 100.00
 
AA+
   
12,165,340
 
 
2,750
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
6/16 at 100.00
 
A
   
2,966,618
 
 
3,310
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured
5/19 at 100.00
 
AA+
   
3,896,036
 
 
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A
   
5,427,100
 
 
5,000
 
New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 – AMBAC Insured
5/13 at 100.00
 
A–
   
5,009,050
 
 
6,500
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.000%, 11/01/24
No Opt. Call
 
BB+
   
6,706,245
 
 
2,635
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
11/15 at 100.00
 
Aa2
   
2,948,539
 
 
162,535
 
Total Utilities
         
145,404,638
 
     
Water and Sewer – 8.6% (5.7% of Total Investments)
             
 
800
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40
No Opt. Call
 
AAA
   
945,632
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
6/19 at 100.00
 
AA+
   
11,919,700
 
 
19,660
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
12/21 at 100.00
 
AA+
   
21,694,220
 
 
5,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
6/17 at 100.00
 
AA+
   
5,552,450
 
 
12,365
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)
6/16 at 100.00
 
AAA
   
13,648,735
 
 
19,455
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)
6/15 at 100.00
 
AAA
   
21,195,639
 
 
11,455
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured
6/14 at 100.00
 
AAA
   
12,009,307
 
 
3,845
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
4/20 at 100.00
 
AAA
   
4,389,144
 
 
3,095
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
2/22 at 100.00
 
AAA
   
3,516,168
 
 
14,700
 
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (UB)
6/15 at 100.00
 
AAA
   
16,139,130
 

Nuveen Investments
 
65

 
 

 

   
Nuveen New York AMT-Free Municipal Income Fund (continued)
NRK
 
Portfolio of Investments
   
March 31, 2013 (Unaudited)

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
2,230
 
Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured
No Opt. Call
 
A1
 
$
1,659,053
 
 
102,605
 
Total Water and Sewer
         
112,669,178
 
$
2,202,557
 
Total Investments (cost $1,863,602,104) – 152.0%
         
1,985,686,300
 
     
Floating Rate Obligations – (10.6)%
         
(138,905,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (2.1)% (6)
         
(27,680,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (3.9)% (7)
         
(50,700,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (37.4)% (8)
         
(488,800,000
     
Other Assets Less Liabilities – 2.0%
         
26,579,777
 
     
Net Assets Applicable to Common Shares – 100%
       
$
1,306,181,077
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 1.4%.
(7)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 2.6%.
 (8)   Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 24.6%.
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 (ETM)   Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

66
 
Nuveen Investments

 
 

 

   
Statement of
   
Assets & Liabilities
     
   
March 31, 2013 (Unaudited)

                 
New York
 
     
New York
   
New York
 
Performance
 
     
Value
   
Value 2
   
Plus
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
Assets
                   
Investments, at value (cost $145,046,470, $32,705,238 and $337,110,589, respectively)
 
$
155,576,784
 
$
37,840,869
 
$
362,925,637
 
Cash
   
   
94,783
   
1,824,684
 
Receivables:
                   
Interest
   
2,108,387
   
612,505
   
4,900,439
 
Investments sold
   
2,301,252
   
   
2,441,984
 
Deferred offering costs
   
   
   
1,101,098
 
Other assets
   
7,068
   
496
   
137,294
 
Total assets
   
159,993,491
   
38,548,653
   
373,331,136
 
Liabilities
                   
Cash overdraft
   
69,330
   
   
 
Floating rate obligations
   
3,255,000
   
   
34,645,000
 
Unrealized depreciation on swaps
   
   
81,419
   
 
Payables:
                   
Common share dividends
   
443,644
   
118,595
   
908,234
 
Interest
   
   
   
 
Investments purchased
   
   
   
 
Offering costs
   
   
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
   
89,000,000
 
Accrued expenses:
                   
Management fees
   
65,525
   
19,465
   
192,573
 
Directors/Trustees fees
   
924
   
226
   
44,391
 
Reorganization
   
   
   
 
Other
   
61,525
   
21,009
   
78,632
 
Total liabilities
   
3,895,948
   
240,714
   
124,868,830
 
Net assets applicable to Common shares
 
$
156,097,543
 
$
38,307,939
 
$
248,462,306
 
Common shares outstanding
   
15,191,165
   
2,349,612
   
15,063,511
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
10.28
 
$
16.30
 
$
16.49
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
151,912
 
$
23,496
 
$
150,635
 
Paid-in surplus
   
144,979,430
   
33,590,704
   
220,047,207
 
Undistributed (Over-distribution of) net investment income
   
401,026
   
223,888
   
2,769,468
 
Accumulated net realized gain (loss)
   
34,861
   
(584,361
)
 
(320,052
)
Net unrealized appreciation (depreciation)
   
10,530,314
   
5,054,212
   
25,815,048
 
Net assets applicable to Common shares
 
$
156,097,543
 
$
38,307,939
 
$
248,462,306
 
Authorized shares:
                   
Common
   
250,000,000
   
Unlimited
   
200,000,000
 
Preferred
   
N/A
   
N/A
   
950,000
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67

 
 

 

   
Statement of
   
Assets & Liabilities (continued)
     
   
March 31, 2013 (Unaudited)

     
New York
   
New York
   
New York
 
     
Dividend
   
Dividend
   
AMT-Free
 
     
Advantage
 
Advantage 2
   
Income
 
     
(NAN
)
 
(NXK
)
 
(NRK
)
Assets
                   
Investments, at value (cost $202,438,639, $139,560,284 and $1,863,602,104, respectively)
 
$
216,777,228
 
$
148,883,838
 
$
1,985,686,300
 
Cash
   
   
203,295
   
1,431,252
 
Receivables:
                   
Interest
   
3,076,294
   
2,117,519
   
25,609,378
 
Investments sold
   
85,000
   
504,885
   
26,011,779
 
Deferred offering costs
   
634,531
   
357,019
   
3,393,554
 
Other assets
   
29,689
   
12,483
   
556,551
 
Total assets
   
220,602,742
   
152,079,039
   
2,042,688,814
 
Liabilities
                   
Cash overdraft
   
252,640
   
   
 
Floating rate obligations
   
17,465,000
   
12,150,000
   
138,905,000
 
Unrealized depreciation on swaps
   
   
   
 
Payables:
                   
Common share dividends
   
554,773
   
366,728
   
371,474
 
Interest
   
120,334
   
80,517
   
92,866
 
Investments purchased
   
   
   
26,423,140
 
Offering costs
   
129,791
   
   
3,789
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
55,360,000
   
37,890,000
   
27,680,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
   
50,700,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
   
488,800,000
 
Accrued expenses:
                   
Management fees
   
114,164
   
79,580
   
998,434
 
Directors/Trustees fees
   
1,196
   
826
   
189,344
 
Reorganization
   
   
   
1,928,359
 
Other
   
44,525
   
30,260
   
415,331
 
Total liabilities
   
74,042,423
   
50,597,911
   
736,507,737
 
Net assets applicable to Common shares
 
$
146,560,319
 
$
101,481,128
 
$
1,306,181,077
 
Common shares outstanding
   
9,265,330
   
6,488,516
   
87,618,504
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
15.82
 
$
15.64
 
$
14.91
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
92,653
 
$
64,885
 
$
876,185
 
Paid-in surplus
   
131,191,709
   
92,005,588
   
1,168,243,120
 
Undistributed (Over-distribution of) net investment income
   
1,065,957
   
147,671
   
3,445,415
 
Accumulated net realized gain (loss)
   
(128,589
)
 
(60,570
)
 
11,532,161
 
Net unrealized appreciation (depreciation)
   
14,338,589
   
9,323,554
   
122,084,196
 
Net assets applicable to Common shares
 
$
146,560,319
 
$
101,481,128
 
$
1,306,181,077
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

68
 
Nuveen Investments

 
 

 

   
Statement of
 
   
Operations
 
   
 
Six Months Ended March 31, 2013
   
 
(Unaudited)

                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
 
Advantage
 
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Investment Income
 
$
3,561,898
 
$
1,055,325
 
$
8,250,836
 
$
4,934,241
 
$
3,317,308
 
$
7,272,504
 
Expenses
                                     
Management fees
   
395,899
   
114,932
   
1,141,735
   
677,088
   
472,242
   
887,228
 
Shareholder servicing agent fees and expenses
   
12,563
   
94
   
12,270
   
11,523
   
8,714
   
15,092
 
Interest expense and amortization of offering costs
   
6,997
   
   
221,688
   
908,181
   
599,625
   
916,849
 
Liquidity fees
   
   
   
458,268
   
   
   
225,233
 
Remarketing fees
   
   
   
44,995
   
   
   
28,513
 
Custodian fees and expenses
   
17,179
   
5,660
   
33,091
   
21,409
   
18,253
   
31,543
 
Directors/Trustees fees and expenses
   
2,285
   
698
   
4,594
   
2,812
   
2,000
   
3,904
 
Professional fees
   
12,596
   
10,424
   
21,917
   
18,701
   
16,338
   
19,483
 
Shareholder reporting expenses
   
18,594
   
4,816
   
22,939
   
19,231
   
12,882
   
58,790
 
Stock exchange listing fees
   
4,260
   
159
   
4,243
   
19,179
   
7,907
   
7,706
 
Investor relations expenses
   
8,469
   
1,945
   
13,486
   
9,232
   
7,196
   
5,770
 
Reorganization expenses
   
   
   
   
   
   
391,638
 
Other expenses
   
5,359
   
2,198
   
23,283
   
21,219
   
16,339
   
20,329
 
Total expenses
   
484,201
   
140,926
   
2,002,509
   
1,708,575
   
1,161,496
   
2,612,078
 
Net investment income (loss)
   
3,077,697
   
914,399
   
6,248,327
   
3,225,666
   
2,155,812
   
4,660,426
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
67,461
   
17,704
   
110,656
   
91,139
   
11,021
   
12,025,716
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(1,883,817
)
 
(427,351
)
 
(4,506,649
)
 
(2,329,527
)
 
(1,579,647
)
 
(21,561,388
)
Swaps
   
   
144,738
   
   
   
   
 
Net realized and unrealized gain (loss)
   
(1,816,356
)
 
(264,909
)
 
(4,395,993
)
 
(2,238,388
)
 
(1,568,626
)
 
(9,535,672
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
1,261,341
 
$
649,490
 
$
1,852,334
 
$
987,278
 
$
587,186
 
$
(4,875,246
)
 
See accompanying notes to financial statements.

Nuveen Investments
 
69

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
New York Value (NNY)
   
New York Value 2 (NYV)
   
New York Performance Plus (NNP)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
 
Operations
                                   
Net investment income (loss)
  $ 3,077,697     $ 6,383,358     $ 914,399     $ 1,683,539     $ 6,248,327     $ 12,923,555  
Net realized gain (loss) from:
                                               
Investments
    67,461       176,773       17,704       107,680       110,656       715,122  
Swaps
                      (496,286 )            
Change in net unrealized appreciation (depreciation) of:
                                               
Investments
    (1,883,817 )     7,141,141       (427,351 )     2,341,526       (4,506,649 )     14,379,139  
Swaps
                144,738       306,743              
Net increase (decrease) in net assets applicable to Common shares from operations
    1,261,341       13,701,272       649,490       3,943,202       1,852,334       28,017,816  
Distributions to Common Shareholders
                                               
From net investment income
    (3,067,740 )     (6,356,338 )     (789,470 )     (1,577,484 )     (6,531,746 )     (13,265,348 )
From accumulated net realized gains
    (229,332 )                       (587,477 )      
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (3,297,072 )     (6,356,338 )     (789,470 )     (1,577,484 )     (7,119,223 )     (13,265,348 )
Capital Share Transactions
                                               
Common shares:
                                               
Issued in the Reorganizations(1)
                                   
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    154,748       79,085       13,897       28,388       303,049       101,538  
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
    154,748       79,085       13,897       28,388       303,049       101,538  
Net increase (decrease) in net assets applicable to Common shares
    (1,880,983 )     7,424,019       (126,083 )     2,394,106       (4,963,840 )     14,854,006  
Net assets applicable to Common shares at the beginning of period
    157,978,526       150,554,507       38,434,022       36,039,916       253,426,146       238,572,140  
Net assets applicable to Common shares at the end of period
  $ 156,097,543     $ 157,978,526     $ 38,307,939     $ 38,434,022     $ 248,462,306     $ 253,426,146  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 401,026     $ 391,069     $ 223,888     $ 98,959     $ 2,769,468     $ 3,052,887  

(1) Refer to Footnote 8 – Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
70
 
Nuveen Investments

 
 

 

   
New York
   
New York
   
New York
 
   
Dividend Advantage (NAN)
   
Dividend Advantage 2 (NXK)
   
AMT-Free Income (NRK)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
 
Operations
                                   
Net investment income (loss)
  $ 3,225,666     $ 6,772,762     $ 2,155,812     $ 4,657,528     $ 4,660,426     $ 2,325,727  
Net realized gain (loss) from:
                                               
Investments
    91,139       263,666       11,021       173,499       12,025,716       59,743  
Swaps
                                   
Change in net unrealized appreciation (depreciation) of:
                                               
Investments
    (2,329,527 )     10,658,485       (1,579,647 )     6,934,212       (21,561,388 )     1,557,950  
Swaps
                                   
Net increase (decrease) in net assets applicable to Common shares from operations
    987,278       17,694,913       587,186       11,765,239       (4,875,246 )     3,943,420  
Distributions to Common Shareholders
                                               
From net investment income
    (3,558,813 )     (7,282,550 )     (2,484,453 )     (5,177,836 )     (1,388,749 )     (2,461,605 )
From accumulated net realized gains
    (285,372 )     (54,665 )     (148,587 )           (74,697 )     (36,118 )
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (3,844,185 )     (7,337,215 )     (2,633,040 )     (5,177,836 )     (1,463,446 )     (2,497,723 )
Capital Share Transactions
                                               
Common shares:
                                               
Issued in the Reorganizations(1)
                            1,258,369,560        
Net proceeds from shares issued to shareholders due to reinvestment of distributions
                            10,707        
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                            1,258,380,267        
Net increase (decrease) in net assets applicable to Common shares
    (2,856,907 )     10,357,698       (2,045,854 )     6,587,403       1,252,041,575       1,445,697  
Net assets applicable to Common shares at the beginning of period
    149,417,226       139,059,528       103,526,982       96,939,579       54,139,502       52,693,805  
Net assets applicable to Common shares at the end of period
  $ 146,560,319     $ 149,417,226     $ 101,481,128     $ 103,526,982     $ 1,306,181,077     $ 54,139,502  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 1,065,957     $ 1,399,104     $ 147,671     $ 476,312     $ 3,445,415     $ 173,738  

(1) Refer to Footnote 8 – Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

 
 

 

   
Statement of
 
   
Cash Flows
 
   
 
Six Months Ended March 31, 2013
   
 
(Unaudited)

     
New York
   
New York
 
   
Performance
   
Dividend
 
     
Plus
   
Advantage
 
     
(NNP
)
 
(NAN
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
1,852,334
 
$
987,278
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to
             
Common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(34,586,383
)
 
(12,852,745
)
Proceeds from sales and maturities of investments
   
32,456,565
   
11,280,416
 
Assets and (Liabilities) acquired in the Reorganization, net
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
281,124
   
225,742
 
(Increase) Decrease in:
             
Receivable for interest
   
242,121
   
77,944
 
Receivable for investments sold
   
(599,788
)
 
(85,000
)
Other assets
   
(12,359
)
 
(14,099
)
Increase (Decrease) in:
             
Payable for interest
   
   
(1
)
Payable for investments purchased
   
   
 
Accrued management fees
   
4,840
   
2,801
 
Accrued Directors/Trustees fees
   
1,946
   
(86
)
Accrued reorganization expenses
   
   
 
Accrued other expenses
   
(18,718
)
 
(19,512
)
Net realized (gain) loss from:
             
Investments
   
(110,656
)
 
(91,139
)
Paydowns
   
   
 
Change in net unrealized (appreciation) depreciation of investments
   
4,506,649
   
2,329,527
 
Taxes paid on undistributed capital gains
   
(3,019
)
 
(14,516
)
Net cash provided by (used in) operating activities
   
4,014,656
   
1,826,610
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
20,383
   
140,847
 
Increase (Decrease) in:
             
Cash overdraft balance
   
   
252,640
 
Floating rate obligations
   
   
(270,000
)
Payable for offering costs
   
   
(4,901
)
VMTP Shares, at liquidation value
   
   
 
VRDP Shares, at liquidation value
   
   
 
Cash distributions paid to Common shareholders
   
(6,839,055
)
 
(3,866,185
)
Net cash provided by (used in) financing activities
   
(6,818,672
)
 
(3,747,599
)
Net Increase (Decrease) in Cash
   
(2,804,016
)
 
(1,920,989
)
Cash at the beginning of period
   
4,628,700
   
1,920,989
 
Cash at the End of Period
 
$
1,824,684
 
$
 

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions as follows:

     
New York
   
New York
 
   
Performance
   
Dividend
 
     
Plus
   
Advantage
 
     
(NNP
)
 
(NAN
)
   
$
303,049
 
$
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:

     
New York
   
New York
 
   
Performance
   
Dividend
 
     
Plus
   
Advantage
 
     
(NNP
)
 
(NAN
)
   
$
201,306
 
$
767,334
 
 
See accompanying notes to financial statements.
 
72
 
Nuveen Investments

 
 

 

     
New York
   
New York
 
     
Dividend
   
AMT-Free
 
   
Advantage 2
   
Income
 
     
(NXK
)
 
(NRK
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
587,186
 
$
(4,875,246
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to
             
Common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(15,145,047
)
 
(55,950,208
)
Proceeds from sales and maturities of investments
   
14,233,535
   
40,599,450
 
Assets and (Liabilities) acquired in the Reorganization, net
   
   
(502,179,068
)
Amortization (Accretion) of premiums and discounts, net
   
207,978
   
(294,235
)
(Increase) Decrease in:
             
Receivable for interest
   
49,368
   
(24,634,557
)
Receivable for investments sold
   
(504,885
)
 
(26,011,779
)
Other assets
   
(4,255
)
 
(549,758
)
Increase (Decrease) in:
             
Payable for interest
   
   
34,046
 
Payable for investments purchased
   
(1,139,787
)
 
26,423,140
 
Accrued management fees
   
1,876
   
956,989
 
Accrued Directors/Trustees fees
   
(61
)
 
188,826
 
Accrued reorganization expenses
   
   
1,928,359
 
Accrued other expenses
   
(23,577
)
 
366,878
 
Net realized (gain) loss from:
             
Investments
   
(11,021
)
 
(12,025,716
)
Paydowns
   
   
(658
)
Change in net unrealized (appreciation) depreciation of investments
   
1,579,647
   
21,561,388
 
Taxes paid on undistributed capital gains
   
(8,721
)
 
(4,917
)
Net cash provided by (used in) operating activities
   
(177,764
)
 
(534,467,066
)
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
85,387
   
(3,050,822
)
Increase (Decrease) in:
             
Cash overdraft balance
   
   
 
Floating rate obligations
   
   
 
Payable for offering costs
   
   
(2,036
)
VMTP Shares, at liquidation value
   
   
50,700,000
 
VRDP Shares, at liquidation value
   
   
488,800,000
 
Cash distributions paid to Common shareholders
   
(2,679,134
)
 
(1,278,844
)
Net cash provided by (used in) financing activities
   
(2,593,747
)
 
535,168,298
 
Net Increase (Decrease) in Cash
   
(2,771,511
)
 
701,232
 
Cash at the beginning of period
   
2,974,806
   
730,020
 
Cash at the End of Period
 
$
203,295
 
$
1,431,252
 

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions as follows:

     
New York
   
New York
 
     
Dividend
   
AMT-Free
 
   
Advantage 2
   
Income
 
     
(NXK
)
 
(NRK
)
   
$
 
$
10,707
 

Cash paid for interest (excluding amortization of offering costs) was as follows:

     
New York
   
New York
 
     
Dividend
   
AMT-Free
 
   
Advantage 2
   
Income
 
     
(NXK
)
 
(NRK
)
   
$
514,238
 
$
803,459
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73

 
 

 

   
Financial
   
Highlights (Unaudited)
     
  Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
                 
   
Beginning Common Share
Net Asset Value
 
Net
Investment
Income
(Loss
)
Net
Realized/ Unrealized
Gain (Loss
)
Total
 
From
Net
Investment
Income to
Common Shareholders
 
From
Accumulated
Net
Realized
Gains to
Common Shareholders
   
Total
 
Discount
from
Common
Shares Repurchased
and
Retired
 
Initial Offering Costs
 
Ending Common Share
Net Asset Value
 
Ending Market Value
 
New York Value (NNY)
                                                       
Year Ended 9/30:
                                                       
2013(d)
 
$
10.41
 
$
.20
 
$
(.11
)
$
.09
 
$
(.20
)
$
(.02
)
$
(.22
)
$
 
$
 
$
10.28
 
$
10.12
 
2012
   
9.93
   
.42
   
.48
   
.90
   
(.42
)
 
   
(.42
)
 
   
   
10.41
   
10.55
 
2011
   
10.02
   
.43
   
(.08
)
 
.35
   
(.43
)
 
(.01
)
 
(.44
)
 
   
   
9.93
   
9.47
 
2010
   
9.91
   
.42
   
.14
   
.56
   
(.43
)
 
(.02
)
 
(.45
)
 
   
   
10.02
   
9.88
 
2009
   
9.28
   
.43
   
.73
   
1.16
   
(.43
)
 
(.10
)
 
(.53
)
 
   
   
9.91
   
9.51
 
2008
   
9.94
   
.43
   
(.65
)
 
(.22
)
 
(.43
)
 
(.01
)
 
(.44
)
 
   
   
9.28
   
9.01
 
                                                                     
New York Value 2 (NYV)
                                                       
Year Ended 9/30:
                                                       
2013(d)
   
16.36
   
.39
   
(.11
)
 
.28
   
(.34
)
 
   
(.34
)
 
   
   
16.30
   
15.56
 
2012
   
15.36
   
.72
   
.95
   
1.67
   
(.67
)
 
   
(.67
)
 
   
   
16.36
   
16.33
 
2011
   
16.10
   
.75
   
(.74
)
 
.01
   
(.75
)
 
   
(.75
)
 
   
   
15.36
   
14.13
 
2010
   
15.91
   
.79
   
.17
   
.96
   
(.77
)
 
   
(.77
)
 
   
   
16.10
   
15.38
 
2009(c)
   
14.33
   
.23
   
1.64
   
1.87
   
(.26
)
 
   
(.26
)
 
   
(.03
)
 
15.91
   
14.84
 

74
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
       
             
Ratios to Average Net Assets
       
 
Total Returns
         
Applicable to Common Shares
       
       
Based
   
Ending
                   
       
on
   
Net
                   
 
Based
   
Common
   
Assets
                   
 
on
   
Share Net
   
Applicable
         
Net
   
Portfolio
 
 
Market
   
Asset
   
to Common
         
Investment
   
Turnover
 
 
Value
(a)
 
Value
(a)
 
Shares (000
)
 
Expenses
(b)
 
Income (Loss
)
 
Rate
 
                                   
                                   
 
(2.04
)%
 
.83
%
$
156,098
   
.62
%*
 
3.91
%*
 
7
%
 
16.11
   
9.23
   
157,979
   
.65
   
4.14
   
10
 
 
.39
   
3.62
   
150,555
   
.65
   
4.40
   
10
 
 
8.78
   
5.82
   
152,031
   
.67
   
4.30
   
5
 
 
11.78
   
13.00
   
150,063
   
.71
   
4.58
   
3
 
 
(.62
)
 
(2.38
)
 
140,285
   
.71
   
4.39
   
16
 
                                   
                                   
 
(2.70
)
 
1.69
   
38,308
   
.73
*
 
4.75
*
 
1
 
 
20.74
   
11.12
   
38,434
   
.75
   
4.55
   
10
 
 
(3.15
)
 
.27
   
36,040
   
.77
   
4.99
   
18
 
 
9.12
   
6.26
   
37,796
   
.74
   
5.04
   
2
 
 
.73
   
12.99
   
37,347
   
.84
*
 
3.66
*
 
4
 

(a)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities, as follows:

New York Value (NNY)
       
Year Ended 9/30:
       
2013(d)
   
.01
%
2012
   
.01
 
2011
   
.01
 
2010
   
.01
 
2009
   
.03
 
2008
   
.03
 

New York Value 2 (NYV)
       
Year Ended 9/30:
       
2013(d)
   
%
2012
   
 
2011
   
 
2010
   
 
2009(c)
   
 

(c)
For the period April 28, 2009 (commencement of operations) through September 30, 2009.
(d)
For the six months ended March 31, 2013.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
75

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
     
  Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
             
   
Beginning Common Share Net Asset Value
 
Net Investment Income (Loss
)
Net Realized/ Unrealized Gain (Loss
)
Distributions from Net Investment Income to Auction Rate Preferred Shareholders
(a)
Distributions from Accumulated Net Realized Gains to Auction Rate Preferred Shareholders
(a)
Total
 
From Net Investment Income to Common Shareholders
 
From Accumulated Net Realized Gains to Common Shareholders
 
Total
 
Discount from Common Shares Repurchased and Retired
 
Ending Common Share Net Asset Value
 
Ending Market Value
 
New York Performance Plus (NNP)
                                                       
Year Ended 9/30:
                                                 
2013(f)
$
16.84
 
$
.41
 
$
(.29
)
$
 
$
 
$
.12
 
$
(.43
)
$
(.04
)
$
(.47
)
$
 
$
16.49
 
$
16.50
 
2012
   
15.86
   
.86
   
1.00
   
   
   
1.86
   
(.88
)
 
   
(.88
)
 
   
16.84
   
17.18
 
2011
   
16.05
   
.88
   
(.18
)
 
   
   
.70
   
(.88
)
 
(.01
)
 
(.89
)
 
   
15.86
   
14.93
 
2010
   
15.63
   
.91
   
.38
   
(.01
)
 
 
1.28
   
(.84
)
 
(.02
)
 
(.86
)
 
   
16.05
   
15.52
 
2009
   
13.74
   
.96
   
1.89
   
(.05
)
 
(.04
)
 
2.76
   
(.74
)
 
(.13
)
 
(.87
)
 
 
15.63
   
14.77
 
2008
   
15.48
   
.98
   
(1.69
)
 
(.27
)
 
(.01
)
 
(.99
)
 
(.72
)
 
(.03
)
 
(.75
)
 
   
13.74
   
11.16
 
                                                                           
New York Dividend Advantage (NAN)
                                                       
Year Ended 9/30:
                                                 
2013(f)
 
16.13
   
.35
   
(.25
)
 
   
   
.10
   
(.38
)
 
(.03
)
 
(.41
)
 
   
15.82
   
15.09
 
2012
   
15.01
   
.73
   
1.19
   
   
   
1.92
   
(.79
)
 
(.01
)
 
(.80
)
 
   
16.13
   
16.00
 
2011
   
15.17
   
.76
   
(.10
)
 
*
 
   
.66
   
(.79
)
 
(.03
)
 
(.82
)
 
   
15.01
   
13.70
 
2010
   
14.82
   
.84
   
.34
   
(.01
)
 
*
 
1.17
   
(.78
)
 
(.04
)
 
(.82
)
 
   
15.17
   
14.43
 
2009
   
13.12
   
.93
   
1.68
   
(.06
)
 
(.03
)
 
2.52
   
(.73
)
 
(.09
)
 
(.82
)
 
   
14.82
   
13.38
 
2008
   
14.95
   
.96
   
(1.76
)
 
(.24
)
 
(.02
)
 
(1.06
)
 
(.70
)
 
(.07
)
 
(.77
)
 
   
13.12
   
11.36
 

(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
76
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
       
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
       
Based
   
Ending
                               
       
on
   
Net
                               
 
Based
   
Common
   
Assets
         
Net
         
Net
       
 
on
   
Share Net
   
Applicable
         
Investment
         
Investment
   
Portfolio
 
 
Market
   
Asset
   
to Common
         
Income
         
Income
   
Turnover
 
 
Value
(b)
 
Value
(b)
 
Shares (000
)
 
Expenses
(e)
 
(Loss
)
 
Expenses
(e)
 
(Loss
)
 
Rate
 
                                               
                                               
 
(1.21
)%
 
.72
%
$
248,462
   
1.59
%**
 
4.96
%**
 
N/A
   
N/A
   
9
%
 
21.58
   
12.05
   
253,426
   
1.64
   
5.27
   
N/A
   
N/A
   
11
 
 
2.30
   
4.78
   
238,572
   
1.77
   
5.77
   
N/A
   
N/A
   
6
 
 
11.39
   
8.46
   
241,450
   
1.53
   
5.84
   
N/A
   
N/A
   
9
 
 
42.29
   
21.05
   
235,108
   
1.39
   
6.91
   
N/A
   
N/A
   
1
 
 
(17.61
)
 
(6.71
)
 
206,976
   
1.42
   
6.48
   
N/A
   
N/A
   
16
 
                                               
                                               
 
(3.14
)
 
.58
   
146,560
   
2.30
**
 
4.35
**
 
N/A
   
N/A
   
5
 
 
23.20
   
13.05
   
149,417
   
2.37
   
4.71
   
N/A
   
N/A
   
9
 
 
0.98
   
4.75
   
139,060
   
2.42
   
5.26
   
N/A
   
N/A
   
10
 
 
14.63
   
8.28
   
140,525
   
1.74
   
5.74
   
N/A
   
N/A
   
10
 
 
26.58
   
20.29
   
137,268
   
1.37
   
7.07
   
1.31
%
 
7.13
%
 
4
 
 
(16.02
)
 
(7.45
)
 
121,533
   
1.36
   
6.45
   
1.22
   
6.59
   
17
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), MTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of August 1, 2009, the Adviser is no longer reimbursing New York Dividend Advantage (NAN) for any fees and expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New York Performance Plus (NNP)
       
Year Ended 9/30:
       
2013(f)
   
.58
%
2012
   
.61
 
2011
   
.70
 
2010
   
.40
 
2009
   
.22
 
2008
   
.15
 
         
New York Dividend Advantage (NAN)
       
Year Ended 9/30:
       
2013(f)
   
1.22
%
2012
   
1.27
 
2011
   
1.27
 
2010
   
.63
 
2009
   
.20
 
2008
   
.13
 

(f)
For the six months ended March 31, 2013.
*
Rounds to less than $.01 per share.
**
Annualized.
N/A
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
77
 
 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
     
  Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning Common Share Net Asset Value
 
Net Investment Income (Loss
)
Net Realized/ Unrealized Gain (Loss
)
Distributions from Net Investment Income to Auction Rate Preferred Shareholders
(a)
Distributions from Accumulated Net Realized Gains to Auction Rate Preferred Shareholders
(a)
Total
 
From Net Investment
Income to Common Shareholders
 
From Accumulated Net Realized Gains to Common Shareholders
 
Total
 
Discount from Common Shares Repurchased and Retired
 
Ending Common Share Net Asset Value
 
Ending Market Value
 
New York Dividend Advantage 2 (NXK)
                                                 
Year Ended 9/30:
                                                 
2013(f)
$
15.96
 
$
.33
 
$
(.25
)
$
 
$
 
$
.08
 
$
(.38
)
$
(.02
)
$
(.40
)
$
 
$
15.64
 
$
14.73
 
2012
   
14.94
   
.72
   
1.10
   
   
   
1.82
   
(.80
)
 
   
(.80
)
 
   
15.96
   
15.51
 
2011
   
15.13
   
.74
   
(.13
)
 
   
   
.61
   
(.80
)
 
   
(.80
)
 
   
14.94
   
13.60
 
2010
   
14.76
   
.83
   
.36
   
(.01
)
 
*
 
1.18
   
(.80
)
 
(.01
)
 
(.81
)
 
   
15.13
   
14.37
 
2009
   
13.14
   
.92
   
1.66
   
(.05
)
 
(.04
)
 
2.49
   
(.73
)
 
(.14
)
 
(.87
)
 
 
14.76
   
13.41
 
2008
   
14.80
   
.95
   
(1.64
)
 
(.23
)
 
(.01
)
 
(.93
)
 
(.69
)
 
(.04
)
 
(.73
)
 
   
13.14
   
11.15
 
                                                                           
New York AMT-Free Income (NRK)
                                                 
Year Ended 9/30:
                                                 
2013(f)
 
15.44
   
.33
   
(.44
)
 
   
   
(.11
)
 
(.40
)
 
(.02
)
 
(.42
)
 
   
14.91
   
14.43
 
2012
   
15.03
   
.66
   
.46
   
   
   
1.12
   
(.70
)
 
(.01
)
 
(.71
)
 
   
15.44
   
15.29
 
2011
   
15.36
   
.65
   
(.24
)
 
   
   
.41
   
(.74
)
 
   
(.74
)
 
   
15.03
   
13.86
 
2010
   
15.18
   
.77
   
.23
   
(.01
)
 
(.01
)
 
.98
   
(.73
)
 
(.07
)
 
(.80
)
 
   
15.36
   
14.75
 
2009
   
13.31
   
.83
   
1.81
   
(.10
)
 
*
 
2.54
   
(.66
)
 
(.01
)
 
(.67
)
 
 
15.18
   
13.70
 
2008
   
14.65
   
.88
   
(1.32
)
 
(.25
)
 
*
 
(.69
)
 
(.65
)
 
*
 
(.65
)
 
   
13.31
   
11.52
 

(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

78
 
Nuveen Investments

 
 

 

                   
Ratios/Supplemental Data
       
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
             
Ending
                               
       
Based
   
Net
                               
       
on
   
Assets
                               
 
Based
   
Common
   
Applicable
         
Net
         
Net
       
 
on
   
Share Net
 
to Common
       
Investment
       
Investment
   
Portfolio
 
 
Market
   
Asset
 
Shares
       
Income
       
Income
   
Turnover
 
 
Value
(b)
 
Value
(b)
 
(000
)
 
Expenses
(e)
 
(Loss
)
 
Expenses
(e)
 
(Loss
)
 
Rate
 
                                               
                                               
 
(2.47
)%
 
.52
%
$
101,481
   
2.26
%**
 
4.19
%**
 
N/A
   
N/A
   
9
%
 
20.38
   
12.47
   
103,527
   
2.32
   
4.66
   
N/A
   
N/A
   
10
 
 
.49
   
4.38
   
96,940
   
2.44
   
5.12
   
2.41
%
 
5.16
%
 
14
 
 
13.65
   
8.27
   
98,156
   
1.74
   
5.54
   
1.63
   
5.65
   
6
 
 
29.95
   
20.06
   
95,751
   
1.36
   
6.83
   
1.18
   
7.01
   
0
 
 
(16.79
 
(6.63
)
 
85,340
   
1.37
   
6.25
   
1.11
   
6.51
   
17
 
                                               
                                               
 
(2.98
 
(.76
)
 
1,306,181
   
2.53
**
 
4.88
**   
N/A
   
N/A
   
9
 
 
15.78
   
7.63
   
54,140
   
2.82
   
4.35
   
N/A
   
N/A
   
15
 
 
(.81
 
2.91
   
52,694
   
2.91
   
4.44
   
2.89
   
4.47
   
6
 
 
13.97
   
6.70
**
 
53,866
   
1.95
   
5.01
   
1.81
   
5.15
   
4
 
 
25.65
   
19.67
   
53,223
   
1.40
   
5.77
   
1.13
   
6.04
   
4
 
 
(11.94
 
(4.91
)
 
46,769
   
1.41
   
5.68
   
1.02
   
6.07
   
8
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP, VMTP and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and November 30, 2010, the Adviser is no longer reimbursing New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares and/or VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

New York Dividend Advantage 2 (NXK)
       
Year Ended 9/30:
       
2013(f)
   
1.17
%
2012
   
1.20
 
2011
   
1.29
 
2010
   
.63
 
2009
   
.20
 
2008
   
.14
 
         
New York AMT-Free Income (NRK)
       
Year Ended 9/30:
       
2013(f)
   
1.23
%
2012
   
1.59
 
2011
   
1.66
 
2010
   
.77
 
2009
   
.09
 
2008
   
.15
 

(f)
For the six months ended March 31, 2013.
*
Rounds to less than $.01 per share.
**
Annualized.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
79

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
MTP Shares at the End of Period (g)
 
VRDP Shares at the End of Period
 
ARPS and
MTP Shares at
the End of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage Per
$25,000 Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage Per
$10 Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage Per
$100,000 Share
 
Asset Coverage
Per $1
Liquidation
Preference
 
New York Performance Plus (NNP)
                               
Year Ended 9/30:
                                     
2013(f)
 
$
 
$
 
$
 
$
 
$
89,000
 
$
379,171
 
$
 
2012
   
   
   
   
   
89,000
   
384,748
   
 
2011
   
   
   
   
   
89,000
   
368,059
   
 
2010
   
   
   
   
   
89,000
   
371,292
   
 
2009
   
87,650
   
92,059
   
   
   
   
   
 
2008
   
87,650
   
84,035
   
   
   
   
   
 
                                 
New York Dividend Advantage (NAN)
                               
Year Ended 9/30:
                               
2013(f)
   
   
   
55,360
   
36.47
   
   
   
 
2012
   
   
   
55,360
   
36.99
   
   
   
 
2011
   
   
   
55,360
   
35.12
   
   
   
 
2010
   
21,900
   
92,690
   
30,000
   
37.08
   
   
   
3.71
 
2009
   
51,400
   
91,765
   
   
   
   
   
 
2008
   
51,400
   
84,112
   
   
   
   
   
 

(f)
For the six months ended March 31, 2013.
(g)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

           
Ending
   
Average
         
Ending
   
Average
 
           
Market Value
   
Market Value
         
Market Value
   
Market Value
 
     
Series
   
Per Share
   
Per Share
   
Series
   
Per Share
   
Per Share
 
New York Dividend Advantage (NAN)
                         
Year Ended 9/30:
                         
2013(f)
   
2015
 
$
10.12
 
$
10.11
   
2016
 
$
10.16
 
$
10.12
 
2012
   
2015
   
10.08
   
10.11
   
2016
   
10.09
   
10.11
 
2011
   
2015
   
10.09
   
10.08
   
2016
   
10.06
   
9.95
^^ 
2010
   
2015
   
10.16
   
10.09
 
   
   
 
2009
   
   
   
   
   
   
 
2008
   
   
   
   
   
   
 

^
For the period December 21, 2009 (first issuance date of shares) through September 30, 2010.
^^
For the period December 13, 2010 (first issuance date of shares) through September 30, 2011.

80
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (g)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP, VMTP and VRDP Shares at the End of Period
 
   
Aggregate
Amount Outstanding
(000
)
Asset
Coverage Per
$25,000 Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage Per
$10 Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage Per
$100,000
Share
 
Asset Coverage Per $1
Liquidation Preference
 
New York Dividend Advantage 2 (NXK)
                                     
Year Ended 9/30:
                                           
2013(f)
 
$
 
$
 
$
37,890
 
$
36.78
 
$
 
$
 
$
 
$
 
$
 
2012
   
   
   
37,890
   
37.32
   
   
   
   
   
 
2011
   
   
   
37,890
   
35.58
   
   
   
   
   
 
2010
   
   
   
37,890
   
35.91
   
   
   
   
   
 
2009
   
34,100
   
95,198
   
   
   
   
   
   
   
 
2008
   
34,100
   
87,566
   
   
   
   
   
   
   
 
                                                         
New York AMT-Free Income (NRK)
                                     
Year Ended 9/30:
                                     
2013(f)
   
   
   
27,680
   
33.03
   
50,700
   
330,294
   
488,800
   
330,294
   
3.30
 
2012
   
   
   
27,680
   
29.56
   
   
   
   
   
 
2011
   
   
   
27,680
   
29.04
   
   
   
   
   
 
2010
   
   
   
27,680
   
29.46
   
   
   
   
   
 
2009
   
27,000
   
74,281
   
   
   
   
   
   
   
 
2008
   
27,000
   
68,304
   
   
   
   
   
   
   
 

(g)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

           
Ending
   
Average
 
           
Market Value
   
Market Value
 
     
Series
   
Per Share
   
Per Share
 
New York Dividend Advantage 2 (NXK)
                   
Year Ended 9/30:
                   
2013(f)
   
2015
 
$
10.06
 
$
10.08
 
2012
   
2015
   
10.07
   
10.09
 
2011
   
2015
   
10.11
   
10.05
 
2010
   
2015
   
10.14
   
10.05
^^^
2009
   
   
   
 
2008
   
   
   
 
                     
New York AMT-Free Income (NRK)
                   
Year Ended 9/30:
                   
2013(f)
   
2015
   
10.10
   
10.09
 
2012
   
2015
   
10.14
   
10.10
 
2011
   
2015
   
10.10
   
10.06
 
2010
   
2015
   
10.33
   
10.09
^^^
2009
   
   
   
 
2008
   
   
   
 

^^^
For the period April 14, 2010 (first issuance date of shares) through September 30, 2010.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
81
 
 
 

 

   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
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 Municipal Value Fund 2 (NYV), 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) and Nuveen New York AMT-Free Municipal Income Fund (NRK) (each a “Fund” and collectively, the “Funds”). Common shares of New York Value (NNY), New York Performance Plus (NNP) and New York Dividend Advantage (NAN) are traded on the New York Stock Exchange (“NYSE”) while Common shares of New York Value 2 (NYV), New York Dividend Advantage 2 (NXK) and New York AMT-Free Income Fund (NRK) are traded on the NYSE MKT. The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for New York Municipal Value 2 (NYV), closed-end registered investment companies.
 
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories.
 
Fund Reorganizations
Effective before the opening of business on March 11, 2013, certain New York funds (the “Acquired Funds”) were reorganized into one, larger-state fund (the “Acquiring Fund”) included in this report (each a “Reorganization” and collectively the “Reorganizations”) as follows:
 
 
Acquired Funds
Acquiring Fund
 
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
New York AMT-Free Income (NRK)
 
(“New York Investment Quality”)
 
 
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
 
 
(“New York Select Quality”)
 
 
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
 
 
(“New York Quality Income”)
 
 
Nuveen New York Premium Income Municipal Fund, Inc. (NNF)
 
 
(“New York Premium Income”)
 
 
Nuveen New York Dividend Advantage Municipal Income Fund (NKO)
 
 
(“New York Dividend Advantage Income”)
 
 
The Reorganizations of the Funds were approved by the shareholders of the Acquired Funds at a special meeting on January 28, 2013.
 
Upon the closing of each Fund’s Reorganization, the Acquired Funds transferred their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Fund. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Acquired Funds held immediately prior to the Reorganizations. Details of the Funds’ Reorganizations are further described in the Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares sections of this footnote and Footnote 8 – Fund Reorganizations.
 
82
 
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Significant Accounting Policies
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 (“U.S. GAAP”).
 
Investment Valuation
Prices of municipal bonds and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of those securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. 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 earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of March 31, 2013, New York AMT-Free Income (NRK) had outstanding when-issued/delayed delivery purchase commitments of $22,273,648. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, 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.
 
Nuveen Investments
 
83

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of 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. GAAP.
 
Auction Rate Preferred Shares
Each Fund except New York Value (NNY) and New York Value 2 (NYV) is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of September 30, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Each Fund’s MTP Shares are issued in one or more Series and trade on NYSE. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.

     
Series
   
NYSE
Ticker
   
Shares
Outstanding
   
Shares Outstanding
at $10 Per Share
Liquidation Value
   
Annual
Interest
Rate
 
New York Dividend Advantage (NAN)
                               
     
2015
   
NAN Pr C
   
3,000,000
 
$
30,000,000
   
2.70
%
     
2016
   
NAN Pr D
   
2,536,000
   
25,360,000
   
2.50
 
New York Dividend Advantage 2 (NXK)
                               
     
2015
   
NXK Pr C
   
3,789,000
 
$
37,890,000
   
2.55
%
New York AMT-Free Income (NRK)
                               
     
2015
   
NRK Pr C
   
2,768,000
 
$
27,680,000
   
2.55
%
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE ticker symbol are as follows:
 
     
Series
   
NYSE
Ticker
   
Term
Redemption
Date
   
Optional
Redemption
Date
   
Premium
Expiration
Date
 
New York Dividend Advantage (NAN)
                               
     
2015
   
NAN Pr C
   
January 1, 2015
   
January 1, 2011
   
December 31, 2011
 
     
2016
   
NAN Pr D
   
January 1, 2016
   
January 1, 2012
   
December 31, 2012
 
New York Dividend Advantage 2 (NXK)
                               
     
2015
   
NXK Pr C
   
May 1, 2015
   
May 1, 2011
   
April 30, 2012
 
New York AMT-Free Income (NRK)
                               
     
2015
   
NRK Pr C
   
May 1, 2015
   
May 1, 2011
   
April 30, 2012
 

84
 
Nuveen Investments

 
 

 
 
The average liquidation value for all series of each Fund’s MTP Shares outstanding during the six months ended March 31, 2013, was as follows:
                   
   
New York
Dividend
Advantage
(NAN
 
New York
Dividend
Advantage 2
(NXK
 
New York
AMT-Free
Income
(NRK
Average liquidation value of MTP Shares outstanding
  $ 55,360,000     $ 37,890,000     $ 27,680,000  
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. Dividends paid on MTP Shares and each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
New York AMT-Free Income (NRK) has issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. The Fund issued its VMTP Shares in a privately negotiated offering. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
In connection with New York AMT-Free Income (NRK) Reorganizations, holders of VMTP Shares of the Acquired Funds received on a one-for-one basis newly issued VMTP Shares of the Acquiring Funds, in exchange for VMTP Shares of the Acquired Funds held immediately prior to the Reorganizations. New York AMT-Free Income (NRK) Series 2014 VMTP Shares were issued in conjunction with the Reorganization of New York Premium Income (NNF).
 
As of March 31, 2013, the number of VMTP Shares outstanding, at liquidation value, for the Fund is as follows:
       
   
New York
AMT-Free
Income
(NRK
Series 2014 *
  $ 50,700,000  
 
*
VMTP Shares issued in connection with the Reorganizations.
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:
       
   
New York
AMT-Free
Income
(NRK
Series
  2014 *
Term Redemption Date
 
October 1, 2014
 
Optional Redemption Date
 
October 1, 2012
 
Premium Expiration Date
 
September 30, 2012
 
 
*
VMTP Shares issued in connection with the Reorganizations.

Nuveen Investments
 
85

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for the Fund during the six months ended March 31, 2013, were as follows:
       
   
New York
AMT-Free
Income
(NRK
)* 
Average liquidation value of VMTP Shares outstanding
  $ 50,700,000  
Annualized dividend rate
    1.17%  
 
*
For the period March 11, 2013 (effective date of the Reorganizations) through March 31, 2013.
 
Dividends on VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. New York Performance Plus (NNP) and New York AMT-Free Income (NRK) issued their VRDP Shares in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
In connection with New York AMT-Free Income’s (NRK) Reorganizations, holders of VRDP Shares of the Acquired Funds received on a one-for-one basis newly issued VRDP Shares of the Acquiring Funds, in exchange for VRDP Shares of the Acquired Funds held immediately prior to the Reorganizations. New York AMT-Free Income (NRK) Series 1, Series 2, Series 3 and Series 4 VRDP Shares were issued in conjunction with the Reorganizations of New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and New York Dividend Advantage Income (NKO), respectively.
 
As of March 31, 2013, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
                               
   
New York
Performance
Plus
(NNP
 
New York
AMT-Free
Income
(NRK
 
New York
AMT-Free
Income
(NRK
 
New York
AMT-Free
Income
(NRK
 
New York
AMT-Free
Income
(NRK
Series
    1       1       2       3       4  
VRDP Shares outstanding
    890       1,123       1,648       1,617       500  
Maturity
 
March 1, 2040
   
August 1, 2040
   
August 1, 2040
   
December 1, 2040
   
June 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% of the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
86
 
Nuveen Investments

 
 

 
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended March 31, 2013, were as follows:
             
   
New York
Performance
Plus
(NNP
 
New York
AMT-Free
Income
(NRK
)* 
Average liquidation value of VRDP Shares outstanding
  $ 89,000,000     $ 488,800,000  
Annualized dividend rate
    0.25%       0.20%  
 
*
For the period March 11, 2013 (effective date of the Reorganization) through March 31, 2013.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” 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 the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended March 31, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of March 31, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts, was as follows:
                                       
     
 
   
 
   
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Maximum exposure to Recourse Trusts
 
$
 
$
2,000,000
 
$
 
$
2,670,000
 
$
 
$
31,665,000
 

Nuveen Investments
 
87

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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, 2013, were as follows:
                                       
     
 
   
 
   
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Average floating rate obligations outstanding
 
$
3,255,000
 
$
 
$
34,645,000
 
$
17,512,473
 
$
12,150,000
 
$
138,905,000
 
Average annual interest rate and fees
   
.43
%
 
%
 
.53
%
 
.52
%
 
.51
%
 
.57
%
 
Swap Contracts
Each Fund is authorized to enter into interest rate swap and forward interest rate swap contracts (“swap contracts”) consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality). Each Fund is subject to interest rate risk in the normal course of pursuing its investment. Each Fund’s use of swap contracts 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 market.
 
Interest rate swap contracts involve each Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying a Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. The payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap contract would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap contract’s termination date increase or decrease. Swap contracts are valued daily. Upon entering into an interest rate swap (and beginning on the effective date for a forward interest rate swap), each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the market value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded for these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on swaps (,net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.” Income received or paid by each Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of an interest rate swap contract, and are equal to the difference between the Fund’s basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.
 
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a swap contract 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. Once periodic payments are settled in cash, they are combined with the net realized gain or loss recorded upon the termination of the swap contracts.
 
During the six months ended March 31, 2013, New York Value 2 (NYV) entered into swap transactions to manage the duration of the Fund’s portfolio and to reduce its price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. The average notional amount of swap contracts outstanding during the six months ended March 31, 2013 was as follows:
         
     
New York
 
     
Value 2
 
     
(NYV
)
Average notional amount of swap contracts outstanding*
 
$
2,750,000
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on swap contract activity.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
88
 
Nuveen Investments

 
 

 
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
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. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
 
Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
     
 
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
     
 
Level 3 – 
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
Nuveen Investments
 
89

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
New York Value (NNY)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                       
Municipal Bonds
  $     $ 155,576,784     $     $ 155,576,784  
                         
New York Value 2 (NYV)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 37,840,869     $     $ 37,840,869  
Derivatives:
                               
Swaps**
          (81,419 )           (81,419 )
Total
  $     $ 37,759,450     $     $ 37,759,450  
                         
New York Performance Plus (NNP)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 362,925,637     $     $ 362,925,637  
                         
New York Dividend Advantage (NAN)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 216,777,228     $     $ 216,777,228  
                         
New York Dividend Advantage 2 (NXK)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 148,883,838     $     $ 148,883,838  
                         
New York AMT-Free Income (NRK)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 1,985,686,300     $     $ 1,985,686,300  
 
*
Refer to the Fund’s Portfolio of Investments for industry classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
90
 
Nuveen Investments

 
 

 
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
 
The following table presents the fair value of all derivative instruments held by the Funds as of March 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
 
New York Value 2 (NYV)

           
Location on the Statement of Assets and Liabilities
 
Underlying
   
Derivative
   
Asset Derivatives
   
Liability Derivatives
 
Risk Exposure
   
Instrument
   
Location
   
Value
   
Location
   
Value
 
Interest Rate
   
Swaps
               
Unrealized depreciation
       
 
         
 
 
$
   
on swaps
 
 
$ 81,419
)
 
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended March 31, 2013, on derivative instruments, as well as the primary risk exposure associated with each.
         
     
New York
 
     
Value 2
 
Net Realized Gain (Loss) from Swaps
   
(NYV
)
Risk Exposure
       
Interest Rate
 
$
 
         
     
New York
 
     
Value 2
 
Change in Net Unrealized Appreciation (Depreciation) of Swaps
   
(NYV
)
Risk Exposure
       
Interest Rate
 
$
144,738
 
 
4. Fund Shares
 
Common Shares
The Funds have not repurchased any of their outstanding common shares during the six months ended March 31, 2013 or fiscal year ended September 30, 2012.
 
Transactions in Common shares were as follows:
 
                           
New York
 
   
New York Value (NNY)
   
New York Value 2 (NYV)
   
Performance Plus (NNP)
 
   
Six Months
   
 
   
Six Months
          Six Months        
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
 
Common shares:
                                   
Issued to shareholders due to reinvestment of distributions
    14,833       7,655       849       1,763       17,886       6,054  
 
   
New York
   
New York
   
New York AMT-Free
 
 
Dividend Advantage (NAN)
 
Dividend Advantage 2 (NXK)
   
Income (NRK)
 
   
Six Months
           
Six Months
           
Six Months
         
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
3/31/13
   
9/30/12
   
3/31/13
   
9/30/12
   
3/31/13
    9/30/12  
Common shares:
                                               
Issued in the Reorganizations(1)
                            84,111,257        
Issued to shareholders due to reinvestment of distributions
                            687        

(1)
Refer to Footnote 8 – Fund Reorganizations for further details.
 
Preferred Shares
New York Dividend Advantage (NAN), New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK) did not have any transactions in MTP Shares during the six months ended March 31, 2013 and fiscal year ended September 30, 2012.
 
Nuveen Investments
 
91

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)

Transactions in VMTP Shares for New York AMT-Free Income (NRK) was as follows:
 
     
New York AMT-Free Income (NRK)
 
     
Six Months
       
     
Ended
   
Year Ended
 
     
3/31/13
   
9/30/12
 
     
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued in the Reorganizations(1):
                         
Series 2014
   
507
 
$
50,700,000
   
 
$
 
 
(1)
Refer to Footnote 8 – Fund Reorganizations for further details.
 
New York Performance Plus (NNP) did not have any transactions in VRDP Shares during the six months ended March 31, 2013 and fiscal year ended September 30, 2012.
 
Transactions in VRDP Shares were as follows:
 
     
New York AMT-Free Income (NRK)
 
     
Six Months
       
     
Ended
   
Year Ended
 
     
3/31/13
   
9/30/12
 
     
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued in the Reorganizations(1):
                         
Series 1
   
1,123
 
$
112,300,000
   
 
$
 
Series 2
   
1,648
   
164,800,000
   
   
 
Series 3
   
1,617
   
161,700,000
   
   
 
Series 4
   
500
   
50,000,000
   
   
 
Total
   
4,888
 
$
488,800,000
   
 
$
 

(1)
Refer to Footnote 8 – Fund Reorganizations for further details.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended March 31, 2013, were as follows:
 
   
 
   
 
   
New York
   
New York
     New York      New York  
   
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
   
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
    (NNY   (NYV   (NNP   (NAN   (NXK   (NRK
Purchases
  $ 12,033,928     $ 814,791     $ 34,586,383     $ 12,852,745     $ 15,145,047     $ 55,950,208  
Sales and maturities
    11,697,656       561,208       32,456,565       11,280,416       14,233,535       40,599,450  
 
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At March 31, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
 
   
 
   
 
   
New York
   
New York
    New York      New York  
   
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
   
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
    (NNY   (NYV )   (NNP   (NAN   (NXK   (NRK
Cost of investments
  $ 141,417,014     $ 32,481,857     $ 301,812,084     $ 184,734,340     $ 127,237,095     $ 1,712,067,589  
Gross unrealized:
                                               
Appreciation
  $ 12,020,774     $ 5,648,028     $ 29,156,762     $ 16,174,021     $ 10,948,242     $ 145,517,268  
Depreciation
    (1,118,666 )     (289,016 )     (2,687,970 )     (1,595,764 )     (1,449,403 )     (10,805,428 )
Net unrealized appreciation (depreciation) of investments
  $ 10,902,108     $ 5,359,012     $ 26,468,792     $ 14,578,257     $ 9,498,839     $ 134,711,840  

92
 
Nuveen Investments

 
 

 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of Common share net assets at September 30, 2012, the Funds’ last tax year end, as follows:
 
   
 
   
 
   
New York
   
New York
 
New York
   
 
 
   
New York
   
New York
   
Performance
   
Dividend
 
Dividend
   
AMT-Free
 
   
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
    (NNY   (NYV   (NNP   (NAN   (NXK   (NRK
Paid-in-surplus
  $ 19,553     $     $ (41,377 )   $ (276,142 )   $ (148,166 )   $ (125,652 )
Undistributed (Over-distribution of) net investment income
    (61,458 )           18,366       273,021       151,935       133,022  
Accumulated net realized gain (loss)
    41,905             23,011       3,121       (3,769 )     (7,370 )
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2012, the Funds’ last tax year end, were as follows:
 
   
 
   
 
   
New York
   
New York
   
New York
   
New York
 
   
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
   
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
    (NNY   (NYV   (NNP   (NAN   (NXK   (NRK
Undistributed net tax-exempt income *
  $ 549,502     $ 90,759     $ 3,559,391     $ 1,926,043     $ 862,932     $ 394,040  
Undistributed net ordinary income **
    23,450       8,772       41,172       12,137       14,520        
Undistributed net long-term capital gains
    187,735             535,351       247,222       158,461       63,711  
 
The tax character of distributions paid during the Funds’ last tax year ended September 30, 2012, was designated for purposes of the dividends paid deduction as follows:
 
   
 
   
 
   
New York
   
New York
   
New York
   
New York
 
   
New York
   
New York
 
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
   
Value
   
Value 2
   
Plus
   
Advantage
 
Advantage 2
   
Income
 
    (NNY   (NYV   (NNP   (NAN   (NXK   (NRK
Distributions from net tax-exempt income
  $ 6,371,242     $ 1,577,385     $ 13,524,780     $ 8,726,540     $ 6,144,031     $ 3,167,445  
Distributions from net ordinary income **
                                   
Distributions from net long-term capital gains
                      54,665             36,118  
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 4, 2012, and paid on October 1, 2012.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
During the Funds’ last tax year ended September 30, 2012, the following Funds utilized capital loss carryforwards as follows:
 
     
 
   
New York
 
     
New York
   
Performance
 
     
Value
   
Plus
 
     
(NNY
)
 
(NNP
)
Utilized capital loss carryforwards
 
$
21,947
 
$
51,614
 
 
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended September 30, 2012, the following Fund generated post-enactment capital losses as follows:
 
   
New York
 
   
Value 2
 
    (NYV
Post-enactment losses:
     
Short-term
  $ 66,389  
Long-term
    141,465  

Nuveen Investments
 
93

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The Funds have elected to defer net realized losses from investments incurred from November 1, 2011 through September 30, 2012, the Funds’ last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:
       
   
New York
 
   
Value 2
 
    (NYV
Post-October capital losses
  $ 395,527  
Late-year ordinary losses
     
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for New York Value (NNY) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
 
The annual fund-level fee for the following Funds, payable monthly, is calculated according to the following schedules:
         
     
New York Performance Plus (NNP
)
Average Daily Managed Assets*
   
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 managed assets over $5 billion
   
.3750
 
 
     
New York Value 2 (NYV
)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
 
For the first $125 million
   
.4000
%
For the next $125 million
   
.3875
 
For the next $250 million
   
.3750
 
For the next $500 million
   
.3625
 
For the next $1 billion
   
.3500
 
For managed assets over $2 billion
   
.3375
 
 
     
New York Dividend Advantage (NAN
)
     
New York Dividend Advantage 2 (NXK
)
     
New York AMT-Free Income (NRK
)
Average Daily Managed Assets*
   
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 managed assets over $2 billion
   
.3750
 

94
 
Nuveen Investments

 
 

 
 
The annual complex-level fee for each fund, payable monthly, is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2013, the complex-level fee rate for each of these Funds was .1668%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
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.
 
8. Fund Reorganizations
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganizations. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
 
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization, were as follows:
 
   
 
                      New York  
   
New York
   
New York
   
New York
   
New York
   
Dividend
 
   
Investment
   
Select
   
Quality
   
Premium
   
Advantage
 
   
Quality
   
Quality
   
Income
   
Income
   
Income
 
    (NQN   (NVN   (NUN   (NNF   (NKO
Cost of investments
  $ 348,182,862     $ 476,216,543     $ 478,297,401     $ 163,394,915     $ 155,567,322  
Fair value of investments
    376,348,298       521,396,683       519,126,736       176,673,173       167,003,737  
Net unrealized appreciation (depreciation) of investments
    28,165,436       45,180,140       40,829,335       13,278,258       11,436,415  
 
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
 
Nuveen Investments
 
95
 
 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and net asset value (“NAV”) per Common share immediately before and after the Reorganizations are as follows:
                           
New York
 
   
New York
   
New York
   
New York
   
New York
   
Dividend
 
   
Investment
   
Select
   
Quality
   
Premium
   
Advantage
 
   
Quality
   
Quality
   
Income
   
Income
   
Income
 
Acquired Funds – Prior to Reorganizations
  (NQN   (NVN   (NUN   (NNF   (NKO
Common shares outstanding
    17,542,953       23,230,215       23,782,336       8,264,230       7,937,601  
Net assets applicable to Common shares
  $ 271,545,473     $ 366,948,175     $ 367,935,364     $ 129,402,295     $ 122,538,253  
NAV per Common share outstanding
  $ 15.48     $ 15.80     $ 15.47     $ 15.66     $ 15.44  
 
                                   
New York
 
                                   
AMT-Free
 
                                   
Income
 
Acquiring Fund – Prior to Reorganizations
                                  (NRK
Common shares outstanding
                                    3,507,247  
Net assets applicable to Common shares
                                  $ 52,471,137  
NAV per Common share outstanding
                                  $ 14.96  
 
                                   
New York
 
                                   
AMT-Free
 
                                   
Income
 
Acquiring Fund – Post Reorganizations
                                  (NRK
Common shares outstanding
                                    87,618,504  
Net assets applicable to Common shares
                                  $ 1,310,840,698  
NAV per Common share outstanding
                                  $ 14.96  
 
The beginning of the Acquired Funds’ current fiscal period was October 1, 2012.
 
Assuming the Reorganizations had been completed on October 1, 2012, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the six months ended March 31, 2013, are as follows:
 
   
New York
 
   
AMT-Free
 
   
Income
 
    (NRK
Net investment income (loss)
  $ 31,162,232  
Net realized and unrealized gains (losses)
    (12,216,339 )
Change in net assets resulting from operations
    18,945,893  
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations since the Reorganizations were consummated.
 
In connection with the Reorganizations, the Acquiring Fund has accrued for certain associated costs and expenses. Such amounts are included as components of “Accrued Reorganization expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
 
9. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
 
96
 
Nuveen Investments

 
 

 
 
Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest 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 compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 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. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
Nuveen Investments
 
97


 
 

 

Reinvest Automatically,
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
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 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.
 
98
 
Nuveen Investments

 
 

 
 
Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
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.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), 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

Nuveen Investments
 
99

 
 

 
 
Glossary of Terms
Used in this Report (continued)
 
 
(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: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade New York municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
 
100
 
Nuveen Investments

 
 

 
 
Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
Nuveen Investments
 
101

 
 

 
 
Notes
 
102
 
Nuveen Investments

 
 

 
 
Additional Fund Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, LLC
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
 
Quarterly Form N-Q Portfolio of Investments Information
 
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
 
You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
 
   
 
Common Shares
Fund
Repurchased
NNY
NYV
NNP
NAN
NXK
NRK
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments
 
103

 
 

 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $224 billion as of March 31, 2013.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com/cef

ESA-A-0313D

 
 

 
 
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.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen New York Dividend Advantage Municipal Fund

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: June 7, 2013
 
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 7, 2013

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: June 7, 2013