Regulatory Filings • Dec 8, 2011
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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: September 30, 2011
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 |
| Common Share Dividend and Share Price Information | 14 |
| Performance Overviews | 16 |
| Shareholder Meeting Report | 21 |
| Report of Independent Registered Public Accounting Firm | 23 |
| Portfolios of Investments | 24 |
| Statement of Assets and Liabilities | 56 |
| Statement of Operations | 57 |
| Statement of Changes in Net Assets | 58 |
| Statement of Cash Flows | 60 |
| Financial Highlights | 61 |
| Notes to Financial Statements | 70 |
| Board Members and Officers | 82 |
| Annual Investment Management Agreement Approval Process | 87 |
| Reinvest Automatically, Easily and Conveniently | 96 |
| Glossary of Terms Used in this Report | 98 |
| Other Useful Information | 103 |
Chairman’s
Letter to Shareholders
Dear Shareholders,
The global economy continues to be weighed down by an unusual combination of pressures facing the larger developed economies. Japanese leaders continue to work through the economic aftereffects of the March 2011 earthquake and tsunami. Political leaders in Europe and the U.S. have resolved some of the near term fiscal problems, but the financial markets are not convinced that these leaders are able to address more complex longer term fiscal issues. Despite improved earnings and capital increases, the largest banks in these countries continue to be vulnerable to deteriorating mortgage portfolios and sovereign credit exposure, adding another source of uncertainty to the global financial system.
In the U.S., recent economic statistics indicate that the economic recovery may be losing momentum. Consumption, which represents about 70% of the gross domestic product, faces an array of challenges from seemingly intractable declines in housing values, increased energy costs and limited growth in the job market. The failure of Congress and the administration to agree on the debt ceiling increase on a timely basis and the deep divisions between the political parties over fashioning a balanced program to address growing fiscal imbalances that led to the recent S&P ratings downgrade add considerable uncertainty to the domestic economic picture.
On a more positive note, corporate earnings continue to hold up well and the municipal bond market is recovering from recent weakness as states and municipalities implement various programs to reduce their budgetary deficits. In addition, the Federal Reserve has made it clear that it stands ready to take additional steps should the economic recovery falter. However, there are concerns that the Fed is approaching the limits of its resources to intervene in the economy.
These perplexing times highlight the importance of professional investment management. Your Nuveen investment team is working hard to develop an appropriate response to increased risk, and they continue to seek out opportunities created by stressful markets using proven investment disciplines designed to help your Fund achieve its investment objectives. On your behalf, we monitor their activities to assure that they maintain their investment disciplines.
As always, I encourage you to contact 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
November 21, 2011
4 Nuveen Investments
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 Value Fund, Inc. (NNP)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio manager Scott Romans discusses economic and municipal market conditions at both the national and state levels, key investment strategies, and the twelve-month performance of these Nuveen New York Funds. Scott, who joined Nuveen in 2000, assumed portfolio management responsibility for these five New York Funds in January 2011 from Cathryn Steeves, who managed NNY, NNP, NAN and NXK from 2006 to December 2010 and NYV from its inception in 2009 to December 2010.
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended September 30, 2011?
During this period, the U.S. economy’s recovery from recession remained slow. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% that it had established in December 2008. At its September 2011 meeting, the central bank stated that economic conditions would likely warrant keeping this rate at “exceptionally low levels” at least through mid-2013. The Fed also announced that it would extend the average maturity of its holdings of Treasury securities by purchasing $400 billion of Treasury securities with maturities of six to thirty years and selling an equal amount of Treasury securities with maturities of three years or less. The goals of this program, which the Fed expects to complete by the end of June 2012, are to lower longer-term interest rates, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed’s mandates of maximum employment and price stability.
In the third quarter of 2011, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, the best growth number since the September quarter of 2010 and the ninth consecutive quarter of positive growth. At the same time, inflation posted its largest twelve-month gain in three years, as the Consumer Price Index (CPI) rose 3.9% year-over-year as of September 2011. The core CPI (which excludes food and energy) increased 2.0% over this period, staying just within the Fed’s unofficial objective of 2.0% or lower for this measure. Unemployment numbers remained high, with the September 2011 national jobless rate at 9.1% for the third consecutive month, slightly down from 9.6% a year earlier. The housing market also continued to be a major weak spot. For the twelve months ended August 2011 (the
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 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
Nuveen Investments 5
most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s/Case-Shiller index of 20 major metropolitan areas lost 3.8%, putting housing prices on par with those seen in June/July 2003. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and the efforts to reduce the federal deficit.
Municipal bond prices generally rose over the entire twelve-month period, bouncing back from a reversal in the municipal market that began in the fourth quarter of 2010 as the result of investor concerns about inflation, the federal deficit and its impact on demand for U.S. Treasuries. Adding to this situation was media coverage of the strained finances of many state and local governments, which failed to differentiate between gaps in these governments’ operating budgets and their ability to meet their debt service obligations. As a result, money flowed out of municipal mutual funds, yields rose and valuations declined.
During the second half of this reporting period, municipal bond prices generally rallied as yields declined. The U.S. Treasury rates dropped substantially and this “forced” down municipal interest as well. This was attributable in part to the continued depressed level of municipal bond issuance. Tax-exempt volume, which had been limited in 2010 by issuers’ extensive use of taxable Build America Bonds (BABs), continued to drift lower in 2011. Even though BABs were no longer an option for issuers (the BAB program expired at the end of 2010), some borrowers had accelerated issuance into 2010 in order to take advantage of the program’s favorable terms before its termination, fulfilling their capital program borrowing needs well into 2012. This reduced the need for many borrowers to come to market with new issues during this period. Over the twelve months ended September 30, 2011, municipal bond issuance nationwide totaled $330.6 billion, a decrease of 20% compared with the issuance of the twelve-month period ended September 30, 2010. During the majority of this period, demand for municipal bonds was exceptionally strong.
How were the economic and market environments in New York during this period?
Over the twelve-month period, New York emerged as a leader in the recovery from recession, outpacing most of the other states in the Northeast. Hiring picked up in three of New York’s key industries—education and health services, professional and business services, and financial services—which represented about 40% of jobs in the state. As of September 2011, the unemployment rate in New York was 8.0%, down from 8.4% in September 2010 and well below the U.S. average of 9.1%. However, the outlook for continued economic improvement in New York has been somewhat tempered by concerns about Europe’s economic situation and its potential impact on the state’s exports of manufactured goods, as well as on the many global financial companies
6 Nuveen Investments
headquartered in New York City. In the housing sector, the average home price in the New York City area fell 3.4% over the twelve months ended August 2011 (the most recent data available at the time this report was prepared).
In March 2011, New York passed its final state budget for fiscal 2012, marking the first time since 2006 that the state completed the task by the April 1 deadline. The $132.5 billion budget, which closed a $10 billion deficit, included a 1% cut in spending from fiscal 2011, but no new taxes or borrowing. As of September 30, 2011, Moody’s and Standard & Poor’s (S&P) rated New York general obligation debt at Aa2 and AA, respectively. For the twelve months ended September 30, 2011, municipal issuance in New York totaled $38.3 billion, a decrease of 4% from the previous twelve months.
What key strategies were used to manage the New York Funds during this reporting period?
In an environment characterized by tighter municipal supply and relatively lower yields, we took an opportunistic approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, the New York Funds found value in health care, charter schools, utilities, transportation and tax-backed issues. We also took advantage of attractive valuation levels to add tobacco bonds to NAN as we worked toward our targeted allocation level in this sector across the complex of funds. During this period, NYV, which was established in April 2009, saw less investment activity than the other New York Funds. At the time this Fund’s portfolio was initially invested, yields were higher than they were during this most recent period, and we believed it was prudent to maintain these holdings. In addition, as a newer Fund, NYV had fewer proceeds from called and matured bonds that required reinvestment.
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. We occasionally sold bonds with very short maturities or short call dates in advance of their maturity or call date in order to take advantage of attractive purchase candidates as they became available in the market. On the whole, selling was minimal, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
As of September 30, 2011, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NYV also used derivatives to reduce the duration of the Fund’s portfolio.
Nuveen Investments 7
How did the Funds perform?
Individual results for the Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Common Share Net Asset Value
For periods ended 9/30/11
| Fund | 1-Year | 5-Year | 10-Year |
|---|---|---|---|
| NNY* | 3.62% | 4.45% | 4.76 % |
| NYV* | 0.27% | N/A | N/A |
| NNP | 4.78% | 5.51% | 6.39 % |
| NAN | 4.75% | 5.21% | 6.27 % |
| NXK | 4.38% | 5.33% | 6.51 % |
| Standard & Poor’s (S&P) New York Municipal Bond Index** | 3.70% | 4.88% | 5.15 % |
| Standard & Poor’s (S&P) National Municipal Bond Index** | 3.87% | 4.69% | 5.10 % |
| Lipper New York Municipal Debt Classification Average** | 3.52% | 3.80% | 5.54 % |
For the twelve months ended September 30, 2011, the total returns on common share net asset value (NAV) for NNP, NAN and NXK exceeded the returns for the Standard & Poor’s (S&P) New York Municipal Bond Index, the Standard & Poor’s (S&P) National Municipal Bond Index, and the Lipper New York Municipal Debt Classification Average. For this same period, NNY performed in line with the S&P New York Index, lagged the S&P National Index, and outperformed the Lipper New York Average. NYV underper-formed all three of these benchmarks for the period.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of leverage was an important positive factor in the Funds’ performance over this period. One of the primary reasons that the returns of NNY and NYV trailed those of the other three Funds for the twelve-month period was that these two Funds do not use structural leverage. The impact of leverage is discussed in more detail later in this report.
During this period, as yields across the municipal bond curve declined, municipal bonds with longer maturities generally outperformed the shorter maturities. Among these Funds, NNP, NAN and NXK were the most advantageously situated in terms of duration and yield curve positioning. In February 2011, we implemented a hedging strategy in NYV to reduce the Fund’s price volatility risk by synthetically shortening its duration. As the municipal market recovered, the Fund’s performance improved, but by period end, NYV was able to recover only partially from the negative impact of its longer duration during the first part of this period.
Credit exposure also played a role in performance, as bonds rated A typically outperformed the other credit quality categories, especially bonds rated BBB. Non-rated bonds also performed well. NNP and NAN, in particular, benefited from their higher weightings in non-rated bonds, while NNY had the lowest allocation to non-rated bonds
| Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. | |
|---|---|
| For additional information, see the individual Performance Overview for your Fund in this report. | |
| * | NNY and NYV do not use structural leverage; the remaining three Funds in this report use structural leverage. |
| ** | Refer to Glossary of Terms Used in this Report for definitions. |
8 Nuveen Investments
among these Funds. All of the Funds were hampered by their heavy weightings of BBB bonds, with NAN having the heaviest weighting in this credit sector.
Holdings that generally made positive contributions to the Funds’ returns during this period included health care, water and sewer, and housing credits. All of these Funds tended to have good exposure to the health care sector.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments during this period. The under-performance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. These Funds were generally underweighted in pre-refunded bonds, which lessened the negative impact of these holdings. Among the revenue sectors, airports and utilities trailed the overall municipal market.
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NNP, NAN and NKX relative to the comparative indexes was these Funds’ use of leverage. As mentioned previously, NNY and NYV do not use structural leverage. The Funds use leverage because their managers believe 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 made a positive contribution to the performance of these Funds over this reporting period.
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
Shortly after their respective inceptions, NNP, NAN, and NKX issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multigenerational lows, those maximum rates also have been low.
Nuveen Investments 9
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are floating rate forms of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NNP, NAN and NXK) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
10 Nuveen Investments
Subsequently, the funds that received demand letters (including NNP, NAN and NXK) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al . that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Directors/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. The Court has heard arguments on the funds’ motion to dismiss the suit and has taken the matter under advisement. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
As of September 30, 2011, the Funds have issued and outstanding MTP Shares and VRDP Shares as shown in the accompanying tables. As mentioned previously, NNY and NYV do not use structural leverage.
MTP Shares
| Fund | Series | Annual Interest Rate | NYSE 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 |
VRDP Shares
| Fund | |
|---|---|
| NNP | $ 89,000,000 |
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares and VRDP Shares.)
Nuveen Investments 11
As of October 5, 2011, after the close of this reporting period, all 84 of the Nuveen closed-end municipal funds that had issued ARPS, approximately $11.0 billion, have redeemed at liquidation value all of these shares.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
Regulatory Matters
During May 2011, Nuveen Securities, LLC, known as Nuveen Investments, LLC prior to April 30, 2011, entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen Securities, LLC is the broker-dealer subsidiary of Nuveen Investments.
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
12 Nuveen Investments
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 Risk. The possible loss of the entire principal amount that you invest.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their 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.
Nuveen Investments 13
Common Share Dividend
and Share Price Information
The monthly dividends of NNY, NNP, NAN and NXK remained stable throughout the twelve-month reporting period ended September 30, 2011, while NYV’s monthly dividend was cut in June and September 2011.
Due to normal portfolio activity, common shareholders of the following Funds received capital gains distributions in December 2010 as follows:
| Fund | |
|---|---|
| NNY | $ 0.0062 |
| NNP | $ 0.0128 |
| NAN | $ 0.0344 |
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 September 30, 2011, NNY, NNP, NAN and NXK had positive UNII balances for both tax and financial reporting purposes, while NYV had a positive UNII balance for tax purposes and a negative UNII balance for financial reporting purposes.
14 Nuveen Investments
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of September 30, 2011, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. NNY, NYV and NAN have not repurchased any of their common shares since the inception of their repurchase programs.
| Fund | Common Shares Repurchased and Retired | % of Outstanding Common Shares |
|---|---|---|
| NNY | — | — |
| NYV | — | — |
| NNP | 27,800 | 0.2 % |
| NAN | — | — |
| NXK | 7,200 | 0.1 % |
During the twelve-month reporting period, the Funds did not repurchase any of their outstanding common shares.
As of September 30, 2011, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.
| Fund | 9/30/11 (-)Discount | 12-Month Average (-)Discount |
|---|---|---|
| NNY | (-)4.63 % | (-)4.14 % |
| NYV | (-)8.01 % | (-)6.04 % |
| NNP | (-)5.86 % | (-)5.46 % |
| NAN | (-)8.73 % | (-)7.93 % |
| NXK | (-)8.97 % | (-)8.00 % |
Nuveen Investments 15
| NNY | Nuveen New York |
|---|---|
| Performance | Municipal Value |
| OVERVIEW | Fund, Inc. |
as of September 30, 2011
| Fund Snapshot | |
|---|---|
| Common Share Price | $ 9.47 |
| Common Share | |
| Net Asset Value (NAV) | $ 9.93 |
| Premium/(Discount) to NAV | -4.63 % |
| Market Yield | 4.50 % |
| Taxable-Equivalent Yield 1 | 6.71 % |
| Net Assets Applicable to | |
| Common Shares ($000) | $ 150,555 |
| Average Annual Total Return | ||
|---|---|---|
| (Inception 10/07/87) | ||
| On Share Price | On NAV | |
| 1-Year | 0.39% | 3.62 % |
| 5-Year | 4.84% | 4.45 % |
| 10-Year | 4.89% | 4.76 % |
| Portfolio Composition 3 | |
|---|---|
| (as a % of total investments) | |
| Tax Obligation/Limited | 22.0 % |
| Education and Civic Organizations | 17.0 % |
| Health Care | 12.8 % |
| Transportation | 10.8 % |
| Tax Obligation/General | 9.8 % |
| Utilities | 6.1 % |
| Housing/Multifamily | 5.9 % |
| U.S. Guaranteed | 4.3 % |
| Long-Term Care | 3.6 % |
| Other | 7.7 % |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page. | |
|---|---|
| 1 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
| 2 | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency. |
| 3 | Holdings are subject to change. |
| 4 | The Fund paid shareholders a capital gains distribution in December 2010 of $0.0062 per share. |
16 Nuveen Investments
| NYV | Nuveen New York |
|---|---|
| Performance | Municipal Value |
| OVERVIEW | Fund 2 |
as of September 30, 2011
| Fund Snapshot | |
|---|---|
| Common Share Price | $ 14.13 |
| Common Share | |
| Net Asset Value (NAV) | $ 15.36 |
| Premium/(Discount) to NAV | -8.01 % |
| Market Yield | 4.76 % |
| Taxable-Equivalent Yield 1 | 7.09 % |
| Net Assets Applicable to | |
| Common Shares ($000) | $ 36,040 |
| Leverage | |
|---|---|
| Structural Leverage | — % |
| Effective Leverage | 5.26 % |
| Average Annual Total Return | ||
|---|---|---|
| (Inception 4/28/09) | ||
| On Share Price | On NAV | |
| 1-Year | -3.15% | 0.27 % |
| Since Inception | 2.61% | 7.94 % |
| Portfolio Composition 3 | |
|---|---|
| (as a % of total investments) | |
| Tax Obligation/Limited | 27.9 % |
| Health Care | 22.7 % |
| Housing/Multifamily | 13.6 % |
| Transportation | 13.2 % |
| Education and Civic Organizations | 9.9 % |
| Tax Obligation/General | 6.1 % |
| Consumer Staples | 3.9 % |
| Energy | 2.7 % |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page. | |
|---|---|
| 1 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
| 2 | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency. |
| 3 | Holdings are subject to change. |
Nuveen Investments 17
| NNP | Nuveen New York |
|---|---|
| Performance | Performance Plus |
| OVERVIEW | Municipal Fund, Inc. |
as of September 30, 2011
| Fund Snapshot | |
|---|---|
| Common Share Price | $ 14.93 |
| Common Share | |
| Net Asset Value (NAV) | $ 15.86 |
| Premium/(Discount) to NAV | -5.86 % |
| Market Yield | 5.91 % |
| Taxable-Equivalent Yield 1 | 8.81 % |
| Net Assets Applicable to | |
| Common Shares ($000) | $ 238,572 |
| Leverage | |
|---|---|
| Structural Leverage | 27.17 % |
| Effective Leverage | 35.71 % |
| Average Annual Total Return | ||
|---|---|---|
| (Inception 11/15/89) | ||
| On Share Price | On NAV | |
| 1-Year | 2.30% | 4.78 % |
| 5-Year | 4.88% | 5.51 % |
| 10-Year | 6.45% | 6.39 % |
| Portfolio Composition 3 | |
|---|---|
| (as a % of total investments) | |
| Tax Obligation/Limited | 22.5 % |
| Education and Civic Organizations | 13.6 % |
| Health Care | 13.6 % |
| Transportation | 9.5 % |
| U.S. Guaranteed | 8.8 % |
| Tax Obligation/General | 7.5 % |
| Utilities | 6.8 % |
| Water and Sewer | 4.9 % |
| Housing/Multifamily | 4.7 % |
| Housing/Single Family | 3.0 % |
| Other | 5.1 % |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page. | |
|---|---|
| 1 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
| 2 | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency. |
| 3 | Holdings are subject to change. |
| 4 | The Fund paid shareholders a capital gains distribution in December 2010 of $0.0128 per share. |
18 Nuveen Investments
| NAN | Nuveen New York |
|---|---|
| Performance | Dividend Advantage |
| OVERVIEW | Municipal Fund |
as of September 30, 2011
| Fund Snapshot | |
|---|---|
| Common Share Price | $ 13.70 |
| Common Share | |
| Net Asset Value (NAV) | $ 15.01 |
| Premium/(Discount) to NAV | -8.73 % |
| Market Yield | 5.74 % |
| Taxable-Equivalent Yield 1 | 8.55 % |
| Net Assets Applicable to | |
| Common Shares ($000) | $ 139,060 |
| Leverage | |
|---|---|
| Structural Leverage | 28.47 % |
| Effective Leverage | 35.96 % |
| Average Annual Total Return | ||
|---|---|---|
| (Inception 5/26/99) | ||
| On Share Price | On NAV | |
| 1-Year | 0.98% | 4.75 % |
| 5-Year | 3.64% | 5.21 % |
| 10-Year | 5.87% | 6.27 % |
| Portfolio Composition 3 | |
|---|---|
| (as a % of total investments) | |
| Tax Obligation/Limited | 24.9 % |
| Health Care | 14.2 % |
| Transportation | 12.6 % |
| Education and Civic Organizations | 12.5 % |
| Tax Obligation/General | 7.9 % |
| Housing/Multifamily | 5.9 % |
| Utilities | 5.4 % |
| Water and Sewer | 4.7 % |
| Long-Term Care | 3.5 % |
| Other | 8.4 % |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page. | |
|---|---|
| 1 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
| 2 | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency. |
| 3 | Holdings are subject to change. |
| 4 | The Fund paid shareholders a capital gains distribution in December 2010 of $0.0344 per share. |
Nuveen Investments 19
| NXK | Nuveen New York |
|---|---|
| Performance | Dividend Advantage |
| OVERVIEW | Municipal Fund 2 |
as of September 30, 2011
| Fund Snapshot | |
|---|---|
| Common Share Price | $ 13.60 |
| Common Share | |
| Net Asset Value (NAV) | $ 14.94 |
| Premium/(Discount) to NAV | -8.97 % |
| Market Yield | 5.87 % |
| Taxable-Equivalent Yield 1 | 8.75 % |
| Net Assets Applicable to | |
| Common Shares ($000) | $ 96,940 |
| Leverage | |
|---|---|
| Structural Leverage | 28.10 % |
| Effective Leverage | 34.79 % |
| Average Annual Total Return | ||
|---|---|---|
| (Inception 3/27/01) | ||
| On Share Price | On NAV | |
| 1-Year | 0.49% | 4.38 % |
| 5-Year | 3.64% | 5.33 % |
| 10-Year | 5.93% | 6.51 % |
| Portfolio Composition 3 | |
|---|---|
| (as a % of total investments) | |
| Tax Obligation/Limited | 25.2 % |
| Transportation | 15.2 % |
| Education and Civic Organizations | 13.9 % |
| Health Care | 9.5 % |
| Tax Obligation/General | 9.0 % |
| Utilities | 7.4 % |
| Water and Sewer | 4.3 % |
| Long-Term Care | 3.7 % |
| Housing/Multifamily | 3.1 % |
| Other | 8.7 % |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page. | |
|---|---|
| 1 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
| 2 | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency. |
| 3 | Holdings are subject to change. |
20 Nuveen Investments
| NNY | Shareholder Meeting Report |
|---|---|
| NYV | |
| NNP | The annual meeting of shareholders was held in the offices of Nuveen Investments on May 6, |
| 2011; at this meeting the shareholders were asked to vote on the election of Board Members. |
| NNY — Common shares | NYV — Common shares | NNP — Common and Preferred shares voting together as a class | Preferred shares voting together as a class | |
|---|---|---|---|---|
| Approval of the Board Members was reached as follows: | ||||
| John P. Amboian | ||||
| For | 12,658,435 | 2,117,531 | 12,879,598 | — |
| Withhold | 456,808 | 145,122 | 361,678 | — |
| Total | 13,115,243 | 2,262,653 | 13,241,276 | — |
| Robert P. Bremner | ||||
| For | — | — | 12,876,654 | — |
| Withhold | — | — | 364,622 | — |
| Total | — | — | 13,241,276 | — |
| Jack B. Evans | ||||
| For | — | — | 12,869,019 | — |
| Withhold | — | — | 372,257 | — |
| Total | — | — | 13,241,276 | — |
| William C. Hunter | ||||
| For | — | — | — | 545 |
| Withhold | — | — | — | — |
| Total | — | — | — | 545 |
| David J. Kundert | ||||
| For | 12,652,736 | 2,092,303 | 12,877,478 | — |
| Withhold | 462,507 | 170,350 | 363,798 | — |
| Total | 13,115,243 | 2,262,653 | 13,241,276 | — |
| William J. Schneider | ||||
| For | — | — | — | 545 |
| Withhold | — | — | — | — |
| Total | — | — | — | 545 |
| Judith M. Stockdale | ||||
| For | — | — | 12,873,042 | — |
| Withhold | — | — | 368,234 | — |
| Total | — | — | 13,241,276 | — |
| Carole E. Stone | ||||
| For | — | — | 12,883,264 | — |
| Withhold | — | — | 358,012 | — |
| Total | — | — | 13,241,276 | — |
| Virginia L. Stringer | ||||
| For | — | — | 12,871,383 | — |
| Withhold | — | — | 369,893 | — |
| Total | — | — | 13,241,276 | — |
| Terence J. Toth | ||||
| For | 12,657,765 | 2,092,303 | 12,876,271 | — |
| Withhold | 457,478 | 170,350 | 365,005 | — |
| Total | 13,115,243 | 2,262,653 | 13,241,276 | — |
Nuveen Investments 21
| NAN |
|---|
| NXK |
| NAN — Common and Preferred shares voting together as a class | Preferred shares voting together as a class | NXK — Common and Preferred shares voting together as a class | Preferred shares voting together as a class | |
|---|---|---|---|---|
| Approval of the Board Members was reached as follows: | ||||
| John P. Amboian | ||||
| For | 13,237,549 | — | 8,505,589 | — |
| Withhold | 816,061 | — | 1,354,755 | — |
| Total | 14,053,610 | — | 9,860,344 | — |
| Robert P. Bremner | ||||
| For | — | — | — | — |
| Withhold | — | — | — | — |
| Total | — | — | — | — |
| Jack B. Evans | ||||
| For | — | — | — | — |
| Withhold | — | — | — | — |
| Total | — | — | — | — |
| William C. Hunter | ||||
| For | — | 4,805,372 | — | 2,518,545 |
| Withhold | — | 581,007 | — | 1,218,833 |
| Total | — | 5,386,379 | — | 3,737,378 |
| David J. Kundert | ||||
| For | 13,243,549 | — | 8,293,481 | — |
| Withhold | 810,061 | — | 1,566,863 | — |
| Total | 14,053,610 | — | 9,860,344 | — |
| William J. Schneider | ||||
| For | — | 4,804,116 | — | 2,502,998 |
| Withhold | — | 582,263 | — | 1,234,380 |
| Total | — | 5,386,379 | — | 3,737,378 |
| Judith M. Stockdale | ||||
| For | — | — | — | — |
| Withhold | — | — | — | — |
| Total | — | — | — | — |
| Carole E. Stone | ||||
| For | — | — | — | — |
| Withhold | — | — | — | — |
| Total | — | — | — | — |
| Virginia L. Stringer | ||||
| For | — | — | — | — |
| Withhold | — | — | — | — |
| Total | — | — | — | — |
| Terence J. Toth | ||||
| For | 13,244,049 | — | 8,293,581 | — |
| Withhold | 809,561 | — | 1,566,763 | — |
| Total | 14,053,610 | — | 9,860,344 | — |
22 Nuveen Investments
Report of Independent
Registered Public Accounting Firm
The Board of Directors/Trustees and Shareholders
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Municipal Value Fund 2
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Dividend Advantage Municipal Fund
Nuveen New York Dividend Advantage Municipal Fund 2
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund 2, Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, and Nuveen New York Dividend Advantage Municipal Fund 2 (the “Funds”), as of September 30, 2011, and the related statements of operations and cash flows (Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, and Nuveen New York Dividend Advantage Municipal Fund 2 only) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund 2, Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, and Nuveen New York Dividend Advantage Municipal Fund 2 at September 30, 2011, and the results of their operations and their cash flows (Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, and Nuveen New York Dividend Advantage Municipal Fund 2 only) for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
Chicago, Illinois
November 28, 2011
Nuveen Investments 23
| Nuveen New York Municipal Value Fund, Inc. | |
|---|---|
| NNY | Portfolio of Investments |
| September 30, 2011 |
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Consumer Discretionary – 1.2% (1.2% 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 | BB+ | $ 245,413 |
| 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 | 1,633,983 |
| 2,225 | Total Consumer Discretionary | 1,879,396 | ||
| Consumer Staples – 2.1% (2.1% of Total Investments) | ||||
| 175 | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | 12/11 at 101.00 | A3 | 159,357 |
| 1,500 | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | 6/13 at 100.00 | A1 | 1,393,020 |
| 370 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 | 5/12 at 100.00 | BBB | 349,432 |
| 120 | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | 6/12 at 100.00 | A3 | 110,700 |
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | ||||
| 845 | 4.750%, 6/01/22 | 6/16 at 100.00 | BBB | 813,431 |
| 345 | 5.000%, 6/01/26 | 6/16 at 100.00 | BBB | 321,506 |
| 3,355 | Total Consumer Staples | 3,147,446 | ||
| Education and Civic Organizations – 17.0% (17.0% 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 | 276,070 |
| 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 | N/R | 342,425 |
| 1,350 | Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 | No Opt. Call | BBB– | 1,418,391 |
| 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 | N/R | 808,080 |
| 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– | 90,289 |
| 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 | 1,090,964 |
| 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 | BBB | 1,027,470 |
| 800 | Dormitory Authority of the State of New York, Insured Revenue Bonds, D’Youville College, Series 2001, 5.250%, 7/01/20 – RAAI Insured | 1/12 at 102.00 | N/R | 816,576 |
| 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 | 525,352 |
| 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– | 549,512 |
| 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 | 291,844 |
| 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– | 1,165,390 |
| 1,400 | 6.000%, 7/01/20 | No Opt. Call | AA– | 1,684,424 |
| 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 | 2,119,114 |
| 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 | 270,631 |
| 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+ | 921,052 |
24 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Education and Civic Organizations (continued) | ||||
| 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+ | $ 1,059,330 |
| 1,000 | 6.000%, 6/01/34 | 6/21 at 100.00 | BBB+ | 1,050,800 |
| 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 | Aa3 | 3,162,000 |
| 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– | 249,334 |
| 1,100 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 | 2/12 at 100.00 | A– | 1,101,617 |
| 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 | BB+ | 1,293,495 |
| 1,175 | 4.750%, 1/01/42 – AMBAC Insured | 1/17 at 100.00 | BB+ | 933,385 |
| 1,610 | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 – FGIC Insured | 9/16 at 100.00 | BBB– | 1,462,186 |
| 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 | 171,931 |
| 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 | Aa3 | 1,449,533 |
| 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– | 307,104 |
| 25,325 | Total Education and Civic Organizations | 25,638,299 | ||
| Financials – 1.2% (1.2% of Total Investments) | ||||
| 400 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A1 | 412,184 |
| 1,305 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A1 | 1,389,499 |
| 1,705 | Total Financials | 1,801,683 | ||
| Health Care – 12.8% (12.8% 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 | BBB+ | 1,011,156 |
| 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 | BBB | 1,081,732 |
| 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 | 1,016,442 |
| 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 | BBB | 765,436 |
| 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 | 1,849,638 |
| 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 | 364,707 |
| 1,250 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 | 1/12 at 100.00 | A– | 1,253,125 |
| 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 | 2,440,851 |
| 1,520 | 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+ | 1,660,174 |
| 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 | BBB+ | 2,211,447 |
| 500 | Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 | 7/13 at 100.00 | Baa1 | 510,455 |
| 500 | Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 | 7/13 at 100.00 | Baa1 | 503,480 |
Nuveen Investments 25
| Nuveen New York Municipal Value Fund, Inc. (continued) | |
|---|---|
| NNY | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — 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 | 1/12 at 100.00 | BB | $ 269,636 |
| Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: | ||||
| 280 | 5.250%, 2/01/27 | No Opt. Call | BBB– | 263,525 |
| 260 | 5.500%, 2/01/32 | No Opt. Call | BBB– | 245,549 |
| 125 | Nassau County Industrial Development Agency, New York, Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 | No Opt. Call | A3 | 125,349 |
| New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: | ||||
| 1,175 | 5.250%, 2/15/21 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 1,231,647 |
| 1,000 | 5.250%, 2/15/22 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 1,048,650 |
| 455 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 | 7/12 at 100.00 | Baa3 | 468,536 |
| 380 | 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 | 394,995 |
| 500 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 1/12 at 101.00 | B | 500,785 |
| 18,550 | Total Health Care | 19,217,315 | ||
| Housing/Multifamily – 5.9% (5.9% of Total Investments) | ||||
| 355 | East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 | 4/12 at 100.00 | AA+ | 359,296 |
| 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+ | 1,777,424 |
| New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: | ||||
| 1,000 | 5.400%, 11/01/21 | 11/11 at 101.00 | AA | 1,008,920 |
| 1,000 | 5.500%, 11/01/31 | 11/11 at 101.00 | AA | 1,004,930 |
| 620 | 5.600%, 11/01/42 | 11/11 at 101.00 | AA | 622,945 |
| 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 | 1,047,590 |
| 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 | 1,276,538 |
| 440 | New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax) | 2/12 at 100.00 | Aa1 | 440,493 |
| 1,275 | 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 | 2/12 at 102.00 | Aaa | 1,302,897 |
| 8,630 | Total Housing/Multifamily | 8,841,033 | ||
| Housing/Single Family – 2.5% (2.5% 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 | 936,073 |
| 370 | 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 | 376,386 |
| 1,535 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) | 3/12 at 100.00 | Aa1 | 1,536,750 |
| 840 | New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) | 4/13 at 101.00 | Aaa | 852,440 |
| 3,695 | Total Housing/Single Family | 3,701,649 | ||
| Long-Term Care – 3.6% (3.6% of Total Investments) | ||||
| 780 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Nursing Home Revenue Bonds, Eger Healthcare Center of Staten Island, Series 1998, 5.100%, 2/01/28 | 2/12 at 100.00 | AAA | 780,632 |
| 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 | 2/12 at 100.00 | AAA | 2,002,800 |
26 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Long-Term Care (continued) | ||||
| $ 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+ | $ 459,604 |
| 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 | 211,966 |
| 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 | 96,309 |
| 180 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | 7/12 at 100.00 | N/R | 182,054 |
| 470 | 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 | 1/12 at 101.00 | N/R | 475,673 |
| 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 | 765,003 |
| 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 | 213,700 |
| 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 | 204,606 |
| 5,550 | Total Long-Term Care | 5,392,347 | ||
| 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 | 240,859 |
| 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 | 5,262,942 |
| 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 | 2,274,420 |
| 750 | New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 | 8/14 at 100.00 | AA | 838,860 |
| 1,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 – AGM Insured | 11/14 at 100.00 | AA+ | 1,103,180 |
| 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 | 2,250,660 |
| 2,795 | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 | 8/16 at 100.00 | AA | 3,099,236 |
| 13,305 | Total Tax Obligation/General | 14,829,298 | ||
| Tax Obligation/Limited – 22.1% (22.0% of Total Investments) | ||||
| 1,000 | Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.250%, 11/01/21 | 11/13 at 100.00 | AAA | 1,089,870 |
| 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– | 424,921 |
| 275 | 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 | 306,677 |
| 350 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured | 5/14 at 100.00 | AA+ | 372,348 |
| Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: | ||||
| 2,000 | 5.250%, 11/15/25 – AGM Insured | 11/12 at 100.00 | AA+ | 2,081,900 |
| 1,000 | 5.000%, 11/15/30 | 11/12 at 100.00 | AA | 1,036,830 |
| 1,500 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | 11/19 at 100.00 | AA | 1,595,085 |
| 1,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 | 7/12 at 100.00 | AA– | 1,025,290 |
| 560 | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | 1/13 at 102.00 | BBB | 528,550 |
| 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 | 811,736 |
| 550 | 5.000%, 10/15/26 – NPFG Insured | 10/14 at 100.00 | AAA | 601,689 |
| 1,890 | 5.000%, 10/15/29 – AMBAC Insured | 10/14 at 100.00 | AAA | 2,024,492 |
Nuveen Investments 27
| Nuveen New York Municipal Value Fund, Inc. (continued) | |
|---|---|
| NNY | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Tax Obligation/Limited (continued) | ||||
| $ 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– | $ 1,274,580 |
| 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– | 1,619,940 |
| 1,110 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured | 2/13 at 100.00 | AAA | 1,166,099 |
| 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 | 1,690,696 |
| 1,000 | New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 | 3/14 at 100.00 | AA– | 1,082,110 |
| 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 | 2,338,476 |
| 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 | 878,438 |
| 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 | 1,100,070 |
| 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 | 1,278,506 |
| 2,450 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) | No Opt. Call | AA | 3,008,380 |
| 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– | 1,926,306 |
| 2,000 | 5.250%, 6/01/22 – AMBAC Insured | 6/13 at 100.00 | AA– | 2,140,340 |
| 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– | 1,074,300 |
| 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– | 733,554 |
| 30,565 | Total Tax Obligation/Limited | 33,211,183 | ||
| Transportation – 10.8% (10.8% 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 | 2,578,975 |
| 500 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 – AMBAC Insured | 11/12 at 100.00 | A | 521,875 |
| 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 | 10/17 at 102.00 | N/R | 820,590 |
| 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) | 12/11 at 100.00 | BB– | 908,963 |
| 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) | 8/12 at 101.00 | B– | 1,016,710 |
| 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 | 728,280 |
| 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) | 5/12 at 100.00 | B– | 813,590 |
| 165 | New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured | 1/15 at 100.00 | A+ | 176,167 |
| 400 | New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured | 7/15 at 100.00 | AA+ | 424,740 |
| 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) | 4/12 at 100.00 | Baa1 | 489,385 |
| 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 | Aa2 | 1,062,300 |
| 435 | 5.000%, 12/01/31 – SYNCORA GTY Insured | 6/15 at 101.00 | Aa2 | 459,016 |
28 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Transportation (continued) | ||||
| $ 325 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.484%, 8/15/32 – AGM Insured (IF) | 8/17 at 100.00 | AA+ | $ 414,518 |
| 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– | 237,022 |
| 1,160 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB– | 1,208,859 |
| 2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 | 11/12 at 100.00 | Aa2 | 2,624,575 |
| 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 | Aa3 | 951,054 |
| 800 | 5.250%, 11/15/22 – NPFG Insured | 11/12 at 100.00 | Aa3 | 835,608 |
| 16,590 | Total Transportation | 16,272,227 | ||
| U.S. Guaranteed – 4.3% (4.3% of Total Investments) (4) | ||||
| 1,955 | 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 | 2,323,381 |
| 25 | Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 (ETM) | 10/11 at 103.75 | Baa1 (4) | 28,310 |
| 960 | Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM) | 1/12 at 100.00 | N/R (4) | 1,003,430 |
| 225 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 (Pre-refunded 7/01/12) | 7/12 at 101.00 | Baa3 (4) | 236,201 |
| 220 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 (Pre-refunded 2/01/13) – FGIC Insured | 2/13 at 100.00 | Aaa | 233,730 |
| New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2002A: | ||||
| 555 | 5.125%, 3/15/21 (Pre-refunded 3/15/12) | 3/12 at 100.00 | Aa3 (4) | 567,027 |
| 1,065 | 5.125%, 3/15/21 (Pre-refunded 3/15/12) | 3/12 at 100.00 | AAA | 1,089,122 |
| 1,000 | Niagara Falls, Niagara County, New York, General Obligation Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11 – NPFG Insured (Alternative Minimum Tax) (ETM) | No Opt. Call | A2 (4) | 1,006,010 |
| 6,005 | Total U.S. Guaranteed | 6,487,211 | ||
| Utilities – 6.1% (6.1% 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 | 1,002,060 |
| 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– | 1,619,700 |
| 1,500 | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | A– | 1,608,780 |
| 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– | 255,883 |
| 400 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 416,208 |
| 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– | 1,014,840 |
| 500 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax) | 11/11 at 101.00 | Baa2 | 505,910 |
| 250 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative Minimum Tax) | 11/11 at 101.00 | Baa2 | 252,952 |
| 1,500 | Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 | 11/11 at 100.00 | Aa2 | 1,501,709 |
| 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 | 28,121 |
Nuveen Investments 29
| Nuveen New York Municipal Value Fund, Inc. (continued) | |
|---|---|
| NNY | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Utilities (continued) | ||||
| Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: | ||||
| $ 520 | 5.300%, 1/01/13 (Alternative Minimum Tax) | 1/12 at 100.00 | N/R | $ 510,109 |
| 575 | 5.500%, 1/01/23 (Alternative Minimum Tax) | 1/12 at 100.00 | N/R | 545,398 |
| 9,020 | Total Utilities | 9,261,670 | ||
| Water and Sewer – 0.5% (0.5% of Total Investments) | ||||
| 740 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 | 6/12 at 100.00 | AAA | 765,293 |
| $ 145,500 | Total Investments (cost $145,413,919) – 100.1% | 150,686,909 | ||
| Floating Rate Obligations – (2.2)% | (3,255,000) | |||
| Other Assets Less Liabilities – 2.1% | 3,122,598 | |||
| Net Assets Applicable to Common Shares – 100% | $ 150,554,507 |
| (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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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) | 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. Bonds backed by U.S. Government or agency securities are given 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.
30 Nuveen Investments
| Nuveen New York Municipal Value Fund 2 | |
|---|---|
| NYV | Portfolio of Investments |
| September 30, 2011 |
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Consumer Staples – 3.9% (3.9% 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 | $ 1,384,749 |
| Education and Civic Organizations – 9.7% (9.9% 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 | N/R | 990,144 |
| 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 | N/R | 409,423 |
| 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 | 1,042,780 |
| 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+ | 1,048,803 |
| 7,475 | Total Education and Civic Organizations | 3,491,150 | ||
| Energy – 2.8% (2.7% of Total Investments) | ||||
| 1,000 | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) | 1/14 at 100.00 | Ba2 | 975,330 |
| Health Care – 22.2% (22.7% 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 | BBB+ | 308,421 |
| 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 | 506,750 |
| 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 | 52,101 |
| 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 | 1/12 at 100.00 | A3 | 1,000,210 |
| 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 | 1,531,305 |
| 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– | 1,552,065 |
| 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 | BBB+ | 1,033,786 |
| 700 | Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24 | 8/16 at 100.00 | Baa3 | 689,661 |
| 725 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 | 11/17 at 100.00 | A | 736,709 |
| 85 | 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 | 88,354 |
| 500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 | 2/14 at 100.00 | A+ | 518,115 |
| 7,860 | Total Health Care | 8,017,477 | ||
| Housing/Multifamily – 13.3% (13.6% 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+ | 1,515,240 |
| 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 | 1,813,032 |
Nuveen Investments 31
| Nuveen New York Municipal Value Fund 2 (continued) | |
|---|---|
| NYV | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — 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 | $ 1,021,270 |
| 450 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 452,570 |
| 4,750 | Total Housing/Multifamily | 4,802,112 | ||
| Tax Obligation/General – 6.0% (6.1% of Total Investments) | ||||
| 1,500 | New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36 | No Opt. Call | AA | 1,593,120 |
| 500 | New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23 | 8/19 at 100.00 | AA | 568,605 |
| 2,000 | Total Tax Obligation/General | 2,161,725 | ||
| Tax Obligation/Limited – 27.3% (27.9% of Total Investments) | ||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, State Personal Income Tax, Educations Series 2003A, 5.500%, 3/15/12 – AGM Insured | No Opt. Call | AA+ | 1,024,330 |
| 200 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2006D, 4.000%, 3/15/12 | No Opt. Call | AAA | 203,514 |
| 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 | 1,289,112 |
| 1,200 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | BBB– | 1,232,532 |
| 1,710 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | 2/17 at 100.00 | A | 1,691,703 |
| 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– | 1,619,940 |
| 1,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.576%, 3/15/37 (IF) (4) | 3/17 at 100.00 | AAA | 1,169,080 |
| 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+ | 1,624,440 |
| 9,310 | Total Tax Obligation/Limited | 9,854,651 | ||
| Transportation – 12.9% (13.2% 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 | B– | 500,805 |
| 500 | 7.750%, 8/01/31 (Alternative Minimum Tax) | 8/16 at 101.00 | B– | 501,020 |
| 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 | 10/17 at 100.00 | N/R | 1,094,120 |
| 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– | 189,617 |
| 140 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB– | 145,897 |
| Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A: | ||||
| 800 | 5.000%, 11/15/11 | No Opt. Call | Aa2 | 804,824 |
| 1,325 | 5.000%, 11/15/33 | 5/18 at 100.00 | Aa2 | 1,416,093 |
| 5,445 | Total Transportation | 4,652,376 | ||
| $ 39,190 | Total Investments (cost $32,118,114) – 98.1% | 35,339,570 | ||
| Other Assets Less Liabilities – 1.9% (5) | 700,346 | |||
| Net Assets Applicable to Common Shares – 100% | $ 36,039,916 |
32 Nuveen Investments
Investments in Derivatives at September 30, 2011
Forward Swaps outstanding:
| Counterparty | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate | Fixed Rate Payment Frequency | Effective Date (6) | Termination Date | ) | ||
|---|---|---|---|---|---|---|---|---|---|
| Barclays Bank PLC | $ 1,500,000 | Receive | 3-Month USD-LIBOR | 4.746 % | Semi-Annually | 3/30/12 | 3/30/35 | $ (532,900 | ) |
| (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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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) | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at September 30, 2011. |
| (6) | 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.
Nuveen Investments 33
| Nuveen New York Performance Plus Municipal Fund, Inc. | |
|---|---|
| NNP | Portfolio of Investments |
| September 30, 2011 |
| Amount (000) | Description (1) | Optional Call — 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 | BB+ | $ 611,301 |
| Consumer Staples – 1.9% (1.3% of Total Investments) | ||||
| 360 | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | 12/11 at 101.00 | A3 | 327,820 |
| 1,000 | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | 6/13 at 100.00 | A1 | 928,680 |
| 300 | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | 6/12 at 100.00 | A3 | 276,750 |
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | ||||
| 2,235 | 4.750%, 6/01/22 | 6/16 at 100.00 | BBB | 2,151,500 |
| 930 | 5.000%, 6/01/26 | 6/16 at 100.00 | BBB | 866,667 |
| 4,825 | Total Consumer Staples | 4,551,417 | ||
| Education and Civic Organizations – 20.4% (13.6% 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 | 657,548 |
| 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 | N/R | 763,236 |
| 1,000 | Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 | No Opt. Call | BBB– | 1,049,120 |
| 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 | N/R | 1,756,227 |
| 1,285 | Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13 | 3/12 at 100.00 | BBB– | 1,287,352 |
| 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– | 90,289 |
| 520 | 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+ | 558,132 |
| 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 | 2,613,671 |
| 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– | 2,591,000 |
| 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 | BBB | 1,045,350 |
| 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 | 1,263,965 |
| 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 | 2,113,776 |
| 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– | 915,854 |
| 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– | 5,329,750 |
| 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 | 667,072 |
| 2,500 | Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 | No Opt. Call | AA– | 2,938,675 |
| 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 | 841,815 |
34 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Education and Civic Organizations (continued) | ||||
| $ 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 | $ 3,789,014 |
| 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 | 648,494 |
| 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+ | 1,972,935 |
| 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– | 1,351,715 |
| Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999: | ||||
| 1,000 | 5.375%, 6/01/17 – RAAI Insured | 12/11 at 100.00 | N/R | 1,003,210 |
| 2,365 | 5.375%, 6/01/24 – RAAI Insured | 12/11 at 100.00 | N/R | 2,367,105 |
| 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– | 590,260 |
| 850 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 | 2/12 at 100.00 | A– | 851,250 |
| New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006: | ||||
| 2,000 | 5.000%, 1/01/39 – AMBAC Insured | 1/17 at 100.00 | BB+ | 1,724,660 |
| 2,300 | 4.750%, 1/01/42 – AMBAC Insured | 1/17 at 100.00 | BB+ | 1,827,051 |
| 3,855 | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 – FGIC Insured | 9/16 at 100.00 | BBB– | 3,501,072 |
| 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 | 424,771 |
| 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– | 1,458,744 |
| 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 | 700,913 |
| 48,410 | Total Education and Civic Organizations | 48,694,026 | ||
| Financials – 1.2% (0.8% 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 | A1 | 1,030,460 |
| 1,740 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A1 | 1,852,665 |
| 2,740 | Total Financials | 2,883,125 | ||
| Health Care – 20.3% (13.6% 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 | BBB+ | 982,500 |
| 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 | BBB | 1,329,292 |
| 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 | BBB | 1,858,916 |
| 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 | 8,614,750 |
| 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 | 364,707 |
| 3,750 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 | 1/12 at 100.00 | A– | 3,759,375 |
| 8,000 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 – NPFG Insured | 1/12 at 100.00 | A– | 8,009,920 |
Nuveen Investments 35
| Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | |
|---|---|
| NNP | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Health Care (continued) | ||||
| $ 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 | $ 5,806,109 |
| 2,785 | 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+ | 3,041,833 |
| 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 | 1,805,922 |
| 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 | BBB+ | 3,949,013 |
| 1,250 | Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 | 7/13 at 100.00 | Baa1 | 1,276,138 |
| 900 | Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 | 7/13 at 100.00 | Baa1 | 906,264 |
| 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– | 529,730 |
| Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: | ||||
| 710 | 5.250%, 2/01/27 | No Opt. Call | BBB– | 668,224 |
| 625 | 5.500%, 2/01/32 | No Opt. Call | BBB– | 590,263 |
| New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: | ||||
| 1,000 | 5.250%, 2/15/21 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 1,048,210 |
| 1,250 | 5.250%, 2/15/22 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 1,310,813 |
| 685 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 | 7/12 at 100.00 | Baa3 | 705,379 |
| 805 | 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 | 836,765 |
| 1,100 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 1/12 at 101.00 | B | 1,101,727 |
| 47,285 | Total Health Care | 48,495,850 | ||
| Housing/Multifamily – 7.0% (4.7% 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 Insured (UB) | 7/15 at 100.00 | AA+ | 4,764,337 |
| New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: | ||||
| 1,610 | 5.500%, 11/01/31 | 11/11 at 101.00 | AA | 1,617,937 |
| 1,240 | 5.600%, 11/01/42 | 11/11 at 101.00 | AA | 1,245,890 |
| New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: | ||||
| 910 | 5.375%, 11/01/23 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 915,433 |
| 450 | 5.500%, 11/01/34 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 451,535 |
| 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 | 1,527,855 |
| 345 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010-D1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA | 354,929 |
| 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 | 2,022,180 |
| 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 | 2,032,020 |
| 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 | 695,865 |
| 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) | 2/12 at 100.00 | Aa1 | 1,101,364 |
| 16,375 | Total Housing/Multifamily | 16,729,345 |
36 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Housing/Single Family – 4.5% (3.0% 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 | $ 2,261,355 |
| 835 | 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 | 842,966 |
| 880 | 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 | 895,189 |
| 515 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) | 3/12 at 100.00 | Aa1 | 515,587 |
| 205 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) | 4/12 at 100.00 | Aa1 | 205,115 |
| 4,225 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax) | 10/11 at 100.00 | Aa1 | 4,226,479 |
| 1,660 | New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) | 4/13 at 101.00 | Aaa | 1,684,585 |
| 10,615 | Total Housing/Single Family | 10,631,276 | ||
| Long-Term Care – 3.9% (2.6% 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+ | 1,130,519 |
| 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 | 506,364 |
| 1,375 | Dormitory Authority of the State of New York, Revenue Bonds, Miriam Osborn Memorial Home Association, Series 2000B, 6.375%, 7/01/29 – ACA Insured | 1/12 at 101.00 | BBB | 1,381,394 |
| 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 | 38,600 |
| 425 | 5.000%, 7/01/35 – ACA Insured | 7/15 at 100.00 | N/R | 303,195 |
| 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 | 1,369,682 |
| 455 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | 7/12 at 100.00 | N/R | 460,192 |
| 1,190 | 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 | 1/12 at 101.00 | N/R | 1,204,363 |
| 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 | 1,833,207 |
| 755 | 5.800%, 7/01/23 | 7/16 at 101.00 | N/R | 686,567 |
| 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 | 309,182 |
| 9,885 | Total Long-Term Care | 9,223,265 | ||
| 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 | 577,059 |
| Tax Obligation/General – 11.2% (7.5% of Total Investments) | ||||
| 10,000 | New York City, New York, General Obligation Bonds, Fiscal 2007D-1, 5.125%, 12/01/26 (UB) | 12/17 at 100.00 | AA | 10,991,400 |
| 400 | New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28 | 8/19 at 100.00 | AA | 435,728 |
| 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 | 3,375,990 |
| 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 | 7,090,112 |
| 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 | 2,013,264 |
| 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+ | 2,757,950 |
| 24,100 | Total Tax Obligation/General | 26,664,444 |
Nuveen Investments 37
| Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | |
|---|---|
| NNP | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Tax Obligation/Limited – 33.6% (22.5% of Total Investments) | ||||
| $ 2,400 | Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.000%, 11/01/23 | 11/13 at 100.00 | AAA | $ 2,580,336 |
| 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– | 1,064,870 |
| 690 | 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 | 769,481 |
| 500 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | 2/17 at 100.00 | A | 494,650 |
| Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: | ||||
| 5,000 | 5.250%, 11/15/25 – AGM Insured | 11/12 at 100.00 | AA+ | 5,204,750 |
| 2,500 | 5.000%, 11/15/30 | 11/12 at 100.00 | AA | 2,592,075 |
| Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: | ||||
| 2,175 | 5.750%, 7/01/18 | No Opt. Call | AA– | 2,661,569 |
| 2,000 | 5.125%, 1/01/29 | 7/12 at 100.00 | AA– | 2,050,580 |
| 1,300 | 5.000%, 7/01/30 – AMBAC Insured | 7/12 at 100.00 | AA– | 1,329,601 |
| 1,680 | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | 1/13 at 102.00 | BBB | 1,585,651 |
| 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) | 10/14 at 100.00 | AAA | 2,928,830 |
| 2,125 | 5.000%, 10/15/26 – NPFG Insured (UB) | 10/14 at 100.00 | AAA | 2,324,708 |
| 2,475 | 5.000%, 10/15/29 – AMBAC Insured (UB) | 10/14 at 100.00 | AAA | 2,651,121 |
| 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– | 3,292,665 |
| 2,220 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured | 2/13 at 100.00 | AAA | 2,332,199 |
| 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 | 4,022,309 |
| 2,400 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.723%, 5/01/32 (IF) | 5/19 at 100.00 | AAA | 2,947,032 |
| 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 | 2,847,575 |
| 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– | 1,125,850 |
| 1,000 | New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 | 3/14 at 100.00 | AA– | 1,082,110 |
| 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 | 5,567,800 |
| 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 | 2,122,893 |
| 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 | 1,100,070 |
| 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 | 3,046,652 |
| 5,600 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) | No Opt. Call | AA | 6,876,296 |
| 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 | 1,787,728 |
| 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– | 7,170,139 |
| 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– | 3,222,900 |
38 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Tax Obligation/Limited (continued) | ||||
| $ 1,300 | 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 | $ 1,368,822 |
| 1,950 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42 | 2/20 at 100.00 | A+ | 2,044,790 |
| 73,355 | Total Tax Obligation/Limited | 80,196,052 | ||
| Transportation – 14.2% (9.5% of Total Investments) | ||||
| 340 | Albany Parking Authority, New York, Revenue Bonds, Series 2001B, 5.250%, 10/15/12 | 10/11 at 101.00 | BBB+ | 344,104 |
| 1,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 – FGIC Insured | No Opt. Call | A | 1,707,855 |
| 2,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34 | 11/20 at 100.00 | A | 2,083,940 |
| 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 | 10/17 at 102.00 | N/R | 1,094,120 |
| 1,900 | 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) | 12/11 at 100.00 | BB– | 1,570,027 |
| 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 | 1,612,620 |
| 215 | New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured | 1/15 at 100.00 | A+ | 229,551 |
| 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+ | 1,168,035 |
| 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) | 4/12 at 100.00 | Baa1 | 978,770 |
| 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 | Aa2 | 2,443,290 |
| 1,080 | 5.000%, 12/01/31 – SYNCORA GTY Insured | 6/15 at 101.00 | Aa2 | 1,139,627 |
| 770 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.484%, 8/15/32 – AGM Insured (IF) | 8/17 at 100.00 | AA+ | 982,089 |
| 1,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41 | No Opt. Call | Aa2 | 1,078,920 |
| 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– | 547,784 |
| 2,500 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB– | 2,605,300 |
| 2,040 | Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) | 12/11 at 100.00 | CCC+ | 1,679,675 |
| 2,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19 | 1/12 at 100.00 | Aa2 | 2,023,020 |
| 5,750 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 | 11/12 at 100.00 | Aa2 | 6,036,523 |
| 2,400 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.250%, 11/15/22 – NPFG Insured | 11/12 at 100.00 | Aa3 | 2,506,824 |
| 1,750 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.111%, 5/15/16 (IF) | No Opt. Call | Aa2 | 2,006,480 |
| 33,715 | Total Transportation | 33,838,554 | ||
| U.S. Guaranteed – 13.1% (8.8% of Total Investments) (4) | ||||
| 1,520 | Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13) | 2/13 at 102.00 | Aaa | 1,649,838 |
Nuveen Investments 39
| Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | |
|---|---|
| NNP | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| U.S. Guaranteed (continued) | ||||
| $ 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2002B, 5.375%, 7/01/19 (Pre-refunded 7/01/12) | 7/12 at 100.00 | AAA | $ 1,039,020 |
| 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+ (4) | 5,785,150 |
| 685 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 (Pre-refunded 7/01/12) | 7/12 at 101.00 | Baa3 (4) | 719,099 |
| 445 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 (Pre-refunded 2/01/13) – FGIC Insured | 2/13 at 100.00 | Aaa | 472,772 |
| New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2002A: | ||||
| 2,215 | 5.125%, 3/15/21 (Pre-refunded 3/15/12) | 3/12 at 100.00 | Aa3 (4) | 2,262,999 |
| 4,285 | 5.125%, 3/15/21 (Pre-refunded 3/15/12) | 3/12 at 100.00 | AAA | 4,382,055 |
| 2,950 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2003B, 5.000%, 3/15/22 (Pre-refunded 3/15/13) | 3/13 at 100.00 | AA+ (4) | 3,151,190 |
| 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+ (4) | 1,986,128 |
| 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+ (4) | 9,836,850 |
| 27,200 | Total U.S. Guaranteed | 31,285,101 | ||
| Utilities – 10.2% (6.8% 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 | 2,204,532 |
| 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– | 3,347,380 |
| 3,100 | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | A– | 3,324,812 |
| 2,380 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 2,476,438 |
| 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– | 2,334,132 |
| 2,000 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15) | 11/11 at 101.00 | Baa2 | 2,023,360 |
| 4,000 | Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 | 11/11 at 100.00 | Aa2 | 4,004,560 |
| 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 | 922,393 |
| 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) | 1/12 at 100.00 | N/R | 3,794,080 |
| 23,900 | Total Utilities | 24,431,687 | ||
| Water and Sewer – 7.3% (4.9% 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 | 1,924,616 |
| 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+ | 3,303,689 |
| 2,225 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 | 6/12 at 100.00 | AAA | 2,301,050 |
| 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 | 4,183,602 |
40 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Water and Sewer (continued) | ||||
| New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2002F: | ||||
| $ 1,345 | 5.250%, 11/15/19 | 11/12 at 100.00 | AAA | $ 1,409,707 |
| 4,060 | 5.250%, 11/15/20 | 11/12 at 100.00 | AAA | 4,252,037 |
| 16,465 | Total Water and Sewer | 17,374,701 | ||
| $ 340,130 | Total Investments (cost $340,244,645) – 149.3% | 356,187,203 | ||
| Floating Rate Obligations – (14.5)% | (34,645,000) | |||
| Variable Rate Demand Preferred Shares, at Liquidation Value – (37.3)% (5) | (89,000,000) | |||
| Other Assets Less Liabilities – 2.5% | 6,029,937 | |||
| Net Assets Applicable to Common Shares – 100% | $ 238,572,140 |
| (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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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) | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. |
| (5) | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.0%. |
| 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 41
| Nuveen New York Dividend Advantage Municipal Fund | |
|---|---|
| NAN | Portfolio of Investments |
| September 30, 2011 |
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Consumer Discretionary – 2.6% (1.8% 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 | BB+ | $ 847,790 |
| 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 | 2,807,099 |
| 4,300 | Total Consumer Discretionary | 3,654,889 | ||
| Consumer Staples – 3.1% (2.0% of Total Investments) | ||||
| 235 | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | 12/11 at 101.00 | A3 | 213,993 |
| 750 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 | 5/12 at 100.00 | BBB | 708,308 |
| 170 | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | 6/12 at 100.00 | A3 | 156,825 |
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | ||||
| 750 | 4.750%, 6/01/22 | 6/16 at 100.00 | BBB | 721,980 |
| 2,625 | 5.000%, 6/01/26 | 6/16 at 100.00 | BBB | 2,446,238 |
| 4,530 | Total Consumer Staples | 4,247,344 | ||
| Education and Civic Organizations – 18.7% (12.5% 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 | 381,478 |
| 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 | N/R | 453,816 |
| 1,725 | Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 | No Opt. Call | BBB– | 1,812,389 |
| 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 | N/R | 1,039,730 |
| 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– | 120,385 |
| 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 | 1,518,065 |
| 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 | 1,073,920 |
| 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 | 733,412 |
| 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– | 732,683 |
| 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 | 708,764 |
| 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 | 1,483,414 |
| 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 | 1,269,515 |
| 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 | 377,863 |
| 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 | 265,683 |
| 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+ | 1,135,615 |
| 3,070 | Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999, 5.375%, 6/01/24 – RAAI Insured | 12/11 at 100.00 | N/R | 3,072,732 |
| 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– | 335,838 |
42 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Education and Civic Organizations (continued) | ||||
| $ 1,800 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 | 2/12 at 100.00 | A– | $ 1,802,646 |
| 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 | BB+ | 139,954 |
| 1,000 | 5.000%, 1/01/39 – AMBAC Insured | 1/17 at 100.00 | BB+ | 862,330 |
| 1,630 | 4.750%, 1/01/42 – AMBAC Insured | 1/17 at 100.00 | BB+ | 1,294,823 |
| 2,240 | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 – FGIC Insured | 9/16 at 100.00 | BBB– | 2,034,346 |
| 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 | 1,020,350 |
| 1,500 | Niagara County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Niagara University, Series 2001A, 5.350%, 11/01/23 – RAAI Insured | 11/11 at 101.00 | BBB+ | 1,516,155 |
| 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 | 247,783 |
| 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– | 547,669 |
| 26,605 | Total Education and Civic Organizations | 25,981,358 | ||
| Financials – 2.1% (1.4% 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 | A1 | 1,133,506 |
| 1,740 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A1 | 1,852,665 |
| 2,840 | Total Financials | 2,986,171 | ||
| Health Care – 21.3% (14.2% of Total Investments) | ||||
| 1,555 | 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 | 2/12 at 100.00 | Baa1 | 1,557,659 |
| 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 | BBB | 672,719 |
| 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 | 3,648,600 |
| 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 | 206,730 |
| Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997: | ||||
| 1,760 | 5.500%, 7/01/17 – RAAI Insured | 1/12 at 100.00 | A3 | 1,762,640 |
| 2,000 | 5.500%, 7/01/27 – RAAI Insured | 1/12 at 100.00 | A3 | 2,000,420 |
| 2,000 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 | 1/12 at 100.00 | A– | 2,005,000 |
| 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 | 3,282,166 |
| 1,350 | 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+ | 1,474,497 |
| 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 | 1,003,290 |
| 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 | BBB+ | 2,047,100 |
| 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 | BBB+ | 789,803 |
| 500 | Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 | 7/13 at 100.00 | Baa1 | 510,455 |
| 600 | Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 | 7/13 at 100.00 | Baa1 | 604,176 |
Nuveen Investments 43
| Nuveen New York Dividend Advantage Municipal Fund (continued) | |
|---|---|
| NAN | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Health Care (continued) | ||||
| $ 420 | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | 1/12 at 100.00 | BB | $ 390,508 |
| Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: | ||||
| 410 | 5.250%, 2/01/27 | No Opt. Call | BBB– | 385,876 |
| 360 | 5.500%, 2/01/32 | No Opt. Call | BBB– | 339,991 |
| 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 | 799,234 |
| 1,750 | New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 1,835,138 |
| 535 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 | 7/12 at 100.00 | Baa3 | 550,916 |
| 2,780 | 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 | 2/12 at 100.00 | N/R | 2,874,020 |
| 950 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 1/12 at 101.00 | B | 951,492 |
| 29,020 | Total Health Care | 29,692,430 | ||
| Housing/Multifamily – 8.8% (5.9% 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+ | 408,524 |
| 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) | 7/15 at 100.00 | AA+ | 2,718,722 |
| 3,000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A, 5.500%, 11/01/31 | 11/11 at 101.00 | AA | 3,014,790 |
| 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 | 763,928 |
| 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 | 4,065,960 |
| 290 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010-D1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA | 298,346 |
| 600 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 603,426 |
| 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 | 408,443 |
| 12,030 | Total Housing/Multifamily | 12,282,139 | ||
| Housing/Single Family – 3.7% (2.5% 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 | 719,904 |
| 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 | 1,330,209 |
| 485 | 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 | 489,627 |
| 510 | 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 | 518,803 |
| 1,185 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) | 4/12 at 100.00 | Aa1 | 1,185,664 |
| 840 | New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) | 4/13 at 101.00 | Aaa | 852,440 |
| 5,015 | Total Housing/Single Family | 5,096,647 | ||
| Long-Term Care – 5.3% (3.5% 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 | 2,042,580 |
44 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Long-Term Care (continued) | ||||
| $ 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+ | $ 618,088 |
| 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 | 294,398 |
| 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 | 178,350 |
| 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 | 814,176 |
| 225 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | 7/12 at 100.00 | N/R | 227,567 |
| 660 | 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 | 1/12 at 101.00 | N/R | 667,966 |
| 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 | 1,063,540 |
| 635 | 5.800%, 7/01/23 | 7/16 at 101.00 | N/R | 577,444 |
| 845 | 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 | 2/12 at 100.00 | Baa1 | 845,963 |
| 7,675 | Total Long-Term Care | 7,330,072 | ||
| 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 | 331,181 |
| Tax Obligation/General – 11.9% (7.9% of Total Investments) | ||||
| 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 | 2,274,420 |
| 3,700 | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 | 8/16 at 100.00 | AA | 4,102,745 |
| 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 | 1,118,480 |
| 6,590 | New York City, New York, General Obligation Bonds, Series 2007D-1, 5.125%, 12/01/25 (UB) | 12/17 at 100.00 | AA | 7,286,299 |
| Rochester, New York, General Obligation Bonds, Series 1999: | ||||
| 720 | 5.250%, 10/01/18 – NPFG Insured | No Opt. Call | Aa3 | 865,786 |
| 720 | 5.250%, 10/01/19 – NPFG Insured | No Opt. Call | Aa3 | 865,987 |
| 14,730 | Total Tax Obligation/General | 16,513,717 | ||
| Tax Obligation/Limited – 37.4% (24.9% of Total Investments) | ||||
| 1,000 | Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.250%, 11/01/21 | 11/13 at 100.00 | AAA | 1,089,870 |
| 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– | 634,693 |
| 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 | 2/12 at 100.00 | AA– | 1,852,997 |
| 185 | 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 | 206,310 |
| 550 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 – AGM Insured (UB) | 5/14 at 100.00 | AA+ | 585,118 |
| Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: | ||||
| 2,000 | 5.250%, 11/15/25 – AGM Insured | 11/12 at 100.00 | AA+ | 2,081,900 |
| 2,000 | 5.000%, 11/15/30 | 11/12 at 100.00 | AA | 2,073,660 |
| 1,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 | 7/12 at 100.00 | AA– | 1,025,290 |
| 1,130 | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | 1/13 at 102.00 | BBB | 1,066,539 |
| 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) | 10/14 at 100.00 | AAA | 1,206,634 |
| 810 | 5.000%, 10/15/26 – NPFG Insured (UB) | 10/14 at 100.00 | AAA | 886,124 |
| 2,375 | 5.000%, 10/15/29 – AMBAC Insured (UB) | 10/14 at 100.00 | AAA | 2,544,005 |
Nuveen Investments 45
| Nuveen New York Dividend Advantage Municipal Fund (continued) | |
|---|---|
| NAN | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Tax Obligation/Limited (continued) | ||||
| $ 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– | $ 2,230,515 |
| 1,390 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured | 2/13 at 100.00 | AAA | 1,460,251 |
| 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 | 2,337,138 |
| 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 | 2,847,575 |
| 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– | 4,503,400 |
| 1,000 | New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 | 3/14 at 100.00 | AA– | 1,082,110 |
| 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 | 3,272,327 |
| 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 | 1,244,454 |
| 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 | 1,100,070 |
| 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 | 1,768,146 |
| 3,400 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) | No Opt. Call | AA | 4,174,894 |
| New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A: | ||||
| 510 | 5.000%, 3/15/29 | 9/20 at 100.00 | AAA | 569,838 |
| 1,000 | 5.000%, 3/15/30 | 9/20 at 100.00 | AAA | 1,107,590 |
| 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– | 4,280,680 |
| 2,000 | 5.250%, 6/01/22 – AMBAC Insured | 6/13 at 100.00 | AA– | 2,140,340 |
| 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– | 1,074,300 |
| 1,330 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.576%, 3/15/37 (IF) (4) | 3/17 at 100.00 | AAA | 1,554,876 |
| 47,670 | Total Tax Obligation/Limited | 52,001,644 | ||
| Transportation – 18.9% (12.6% 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+ | 2,124,040 |
| 3,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33 | 11/17 at 100.00 | A | 3,094,770 |
| 1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34 | 11/20 at 100.00 | A | 1,041,970 |
| 1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 – FGIC Insured | 11/12 at 100.00 | A | 1,038,760 |
| 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 | B– | 1,753,570 |
| 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 | 10/17 at 100.00 | N/R | 109,412 |
| 2,000 | 5.875%, 10/01/46 | 10/17 at 102.00 | N/R | 1,094,120 |
| 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) | 12/11 at 100.00 | BB– | 86,765 |
| 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) | 8/12 at 101.00 | B– | 1,016,710 |
| 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 | 936,360 |
46 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Transportation (continued) | ||||
| New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006: | ||||
| $ 450 | 5.000%, 5/15/20 (Alternative Minimum Tax) | 5/12 at 100.00 | B– | $ 399,920 |
| 1,000 | 5.125%, 5/15/30 (Alternative Minimum Tax) | 5/12 at 100.00 | B– | 813,590 |
| 160 | New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured | 1/15 at 100.00 | A+ | 170,829 |
| 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+ | 743,295 |
| 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) | 4/12 at 100.00 | Baa1 | 489,385 |
| 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 | Aa2 | 1,380,990 |
| 615 | 5.000%, 12/01/31 – SYNCORA GTY Insured | 6/15 at 101.00 | Aa2 | 648,954 |
| 440 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.484%, 8/15/32 – AGM Insured (IF) | 8/17 at 100.00 | AA+ | 561,194 |
| 2,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41 | No Opt. Call | Aa2 | 2,157,840 |
| 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– | 305,495 |
| 1,470 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB– | 1,531,916 |
| 1,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16 | 1/12 at 100.00 | Aa2 | 1,012,300 |
| 2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 | 11/12 at 100.00 | Aa2 | 2,624,575 |
| 1,000 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.111%, 5/15/16 (IF) | No Opt. Call | Aa2 | 1,146,560 |
| 26,380 | Total Transportation | 26,283,320 | ||
| U.S. Guaranteed – 0.7% (0.5% of Total Investments) (5) | ||||
| 535 | Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM) | 1/12 at 100.00 | N/R (5) | 559,203 |
| 95 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 (Pre-refunded 7/01/12) | 7/12 at 101.00 | Baa3 (5) | 99,729 |
| 280 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 (Pre-refunded 2/01/13) – FGIC Insured | 2/13 at 100.00 | Aaa | 297,475 |
| 910 | Total U.S. Guaranteed | 956,407 | ||
| Utilities – 8.1% (5.4% 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 | 1,302,678 |
| 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– | 2,699,500 |
| 500 | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | A– | 536,260 |
| 2,380 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 2,476,438 |
| 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– | 1,420,776 |
| 250 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative Minimum Tax) | 11/11 at 101.00 | Baa2 | 252,953 |
| 600 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001B, 5.550%, 11/15/24 (Mandatory put 11/15/13) (Alternative Minimum Tax) | 11/11 at 101.00 | Baa2 | 606,972 |
| 2,000 | Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/30 | 11/11 at 100.00 | Aa2 | 2,006,580 |
| 10,930 | Total Utilities | 11,302,157 |
Nuveen Investments 47
| Nuveen New York Dividend Advantage Municipal Fund (continued) | |
|---|---|
| NAN | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Water and Sewer – 7.1% (4.7% 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 | $ 1,143,192 |
| 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+ | 2,202,459 |
| 1,130 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 | 6/12 at 100.00 | AAA | 1,168,620 |
| 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 | AA+ | 5,310,822 |
| 9,190 | Total Water and Sewer | 9,825,093 | ||
| $ 202,155 | Total Investments (cost $202,474,938) – 149.9% | 208,484,569 | ||
| Floating Rate Obligations – (12.8)% | (17,735,000) | |||
| MuniFund Term Preferred Shares, at Liquidation Value – (39.8)% (6) | (55,360,000) | |||
| Other Assets Less Liabilities – 2.7% | 3,669,959 | |||
| Net Assets Applicable to Common Shares – 100% | $ 139,059,528 |
| (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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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. Bonds backed by U.S. Government or agency securities are given 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 26.6%. |
| 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.
48 Nuveen Investments
| Nuveen New York Dividend Advantage Municipal Fund 2 | |
|---|---|
| NXK | Portfolio of Investments |
| September 30, 2011 |
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Consumer Discretionary – 2.3% (1.6% 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 | BB+ | $ 624,687 |
| 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 | 1,633,983 |
| 2,650 | Total Consumer Discretionary | 2,258,670 | ||
| Consumer Staples – 2.2% (1.5% of Total Investments) | ||||
| 235 | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | 12/11 at 101.00 | A3 | 213,993 |
| 500 | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | 6/13 at 100.00 | A1 | 464,340 |
| 105 | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | 6/12 at 100.00 | A3 | 96,863 |
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | ||||
| 560 | 4.750%, 6/01/22 | 6/16 at 100.00 | BBB | 539,078 |
| 835 | 5.000%, 6/01/26 | 6/16 at 100.00 | BBB | 778,137 |
| 2,235 | Total Consumer Staples | 2,092,411 | ||
| Education and Civic Organizations – 20.5% (13.9% 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 | 261,011 |
| 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 | N/R | 313,546 |
| 1,225 | Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 | No Opt. Call | BBB– | 1,287,059 |
| 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 | N/R | 721,885 |
| 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– | 90,289 |
| 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 | 1,044,540 |
| 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 | BBB | 1,045,350 |
| 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 | 1/12 at 100.00 | Baa1 | 2,005,780 |
| 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 | 1,073,920 |
| 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 | 504,546 |
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000, 5.250%, 7/01/30 – NPFG Insured | 1/12 at 101.00 | Baa1 | 1,003,470 |
| 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– | 183,171 |
| 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 | 291,844 |
| 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 | 1,791,969 |
| 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 | 270,631 |
| 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+ | 1,543,809 |
Nuveen Investments 49
| Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | |
|---|---|
| NXK | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Education and Civic Organizations (continued) | ||||
| $ 1,090 | Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 2001, 5.250%, 6/01/26 – RAAI Insured | 6/13 at 100.00 | N/R | $ 1,095,624 |
| 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+ | 942,804 |
| 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– | 249,334 |
| 1,100 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 | 2/12 at 100.00 | A– | 1,101,617 |
| 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 | BB+ | 889,694 |
| 1,460 | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 – FGIC Insured | 9/16 at 100.00 | BBB– | 1,325,957 |
| 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 | 171,931 |
| 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– | 307,104 |
| 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 | 361,077 |
| 19,980 | Total Education and Civic Organizations | 19,877,962 | ||
| Financials – 2.0% (1.3% of Total Investments) | ||||
| 500 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A1 | 515,230 |
| 1,305 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A1 | 1,389,499 |
| 1,805 | Total Financials | 1,904,729 | ||
| Health Care – 14.1% (9.5% 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 | BBB | 1,771,438 |
| 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 | 1,722,950 |
| 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 | 155,048 |
| 440 | 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 | 1/12 at 100.00 | A3 | 440,660 |
| 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 | 2,388,918 |
| 500 | 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+ | 546,110 |
| 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 | BBB+ | 1,535,325 |
| 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 | BBB+ | 1,053,070 |
| 500 | Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 | 7/13 at 100.00 | Baa1 | 503,480 |
| 290 | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | 1/12 at 100.00 | BB | 269,636 |
| Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: | ||||
| 275 | 5.250%, 2/01/27 | No Opt. Call | BBB– | 258,819 |
| 250 | 5.500%, 2/01/32 | No Opt. Call | BBB– | 236,105 |
50 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Health Care (continued) | ||||
| $ 130 | Nassau County Industrial Development Agency, New York, Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 | No Opt. Call | A3 | $ 130,363 |
| 500 | New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 – AMBAC Insured | 2/13 at 100.00 | Aa3 | 524,325 |
| 455 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 | 7/12 at 100.00 | Baa3 | 468,536 |
| Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C: | ||||
| 425 | 6.000%, 11/01/22 | 11/12 at 100.00 | A– | 433,815 |
| 610 | 5.875%, 11/01/32 | 11/12 at 100.00 | A– | 615,252 |
| 340 | 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 | 353,416 |
| 215 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 1/12 at 101.00 | B | 215,338 |
| 13,200 | Total Health Care | 13,622,604 | ||
| Housing/Multifamily – 4.6% (3.1% of Total Investments) | ||||
| 1,975 | Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 – AMBAC Insured | 2/12 at 102.00 | N/R | 1,933,170 |
| 1,000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001C-2, 5.400%, 11/01/33 (Alternative Minimum Tax) | 11/11 at 100.00 | AA | 1,000,360 |
| New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: | ||||
| 455 | 5.375%, 11/01/23 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 457,716 |
| 225 | 5.500%, 11/01/34 (Alternative Minimum Tax) | 5/12 at 100.00 | AA | 225,767 |
| 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 | 509,285 |
| 70 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010-D1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA | 72,015 |
| 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 | 292,465 |
| 4,515 | Total Housing/Multifamily | 4,490,778 | ||
| Housing/Single Family – 2.6% (1.7% 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 | 936,073 |
| 335 | 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 | 338,196 |
| 350 | 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 | 356,041 |
| 850 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) | 4/12 at 100.00 | Aa1 | 850,476 |
| 2,485 | Total Housing/Single Family | 2,480,786 | ||
| Long-Term Care – 5.5% (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+ | 464,886 |
| 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 | 2,168,336 |
| 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 | 200,190 |
Nuveen Investments 51
| Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | |
|---|---|
| NXK | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Long-Term Care (continued) | ||||
| Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005: | ||||
| $ 50 | 5.125%, 7/01/30 – ACA Insured | 7/15 at 100.00 | N/R | $ 38,600 |
| 175 | 5.000%, 7/01/35 – ACA Insured | 7/15 at 100.00 | N/R | 124,845 |
| 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 | 563,987 |
| 465 | 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 | 1/12 at 101.00 | N/R | 470,613 |
| 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 | 331,190 |
| 440 | 5.800%, 7/01/23 | 7/16 at 101.00 | N/R | 400,118 |
| 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 | 401,160 |
| 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 | 154,591 |
| 5,565 | Total Long-Term Care | 5,318,516 | ||
| 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 | 230,823 |
| Tax Obligation/General – 13.2% (9.0% of Total Investments) | ||||
| 1,775 | Bath Central School District, Steuben County, New York, General Obligation Bonds, Series 2002, 4.000%, 6/15/18 – FGIC Insured | 6/12 at 100.00 | A | 1,796,069 |
| 45 | New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 – NPFG Insured | 2/12 at 100.00 | AA | 45,139 |
| 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 | 2,250,660 |
| 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 | 2,880,358 |
| 750 | New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB) | 8/14 at 100.00 | AA | 838,860 |
| 4,540 | New York City, New York, General Obligation Bonds, Series 2007D-1, 5.125%, 12/01/25 (UB) | 12/17 at 100.00 | AA | 5,019,696 |
| 11,710 | Total Tax Obligation/General | 12,830,782 | ||
| Tax Obligation/Limited – 37.2% (25.2% of Total Investments) | ||||
| 1,000 | Battery Park City Authority, New York, Senior Revenue Bonds, Series 2003A, 5.250%, 11/01/21 | 11/13 at 100.00 | AAA | 1,089,870 |
| 125 | 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 | 139,399 |
| 5,000 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | 2/17 at 100.00 | A | 4,946,500 |
| 1,750 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured | 11/12 at 100.00 | AA+ | 1,821,663 |
| 560 | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | 1/13 at 102.00 | BBB | 528,550 |
| 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) | 10/14 at 100.00 | AAA | 1,250,512 |
| 835 | 5.000%, 10/15/26 – NPFG Insured (UB) | 10/14 at 100.00 | AAA | 913,473 |
| 750 | 5.000%, 10/15/29 – AMBAC Insured (UB) | 10/14 at 100.00 | AAA | 803,370 |
| 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– | 1,380,795 |
| 835 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured | 2/13 at 100.00 | AAA | 877,201 |
| 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 | 1,303,584 |
52 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Tax Obligation/Limited (continued) | ||||
| $ 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 | $ 1,613,344 |
| 160 | New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 – NPFG Insured | 2/13 at 100.00 | AAA | 167,978 |
| 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 | 4,319,619 |
| 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– | 1,125,850 |
| 1,000 | New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 | 3/14 at 100.00 | AA– | 1,082,110 |
| 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 | 2,249,391 |
| 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 | 878,438 |
| New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A: | ||||
| 1,070 | 5.250%, 5/15/23 – AMBAC Insured | 11/11 at 100.00 | A1 | 1,073,563 |
| 1,125 | 5.250%, 5/15/24 – AMBAC Insured | 11/11 at 100.00 | A1 | 1,128,746 |
| 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 | 1,224,101 |
| 2,300 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) | No Opt. Call | AA | 2,824,193 |
| 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– | 2,247,357 |
| 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– | 1,074,300 |
| 33,470 | Total Tax Obligation/Limited | 36,063,907 | ||
| Transportation – 22.5% (15.2% 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 | 2,578,975 |
| 1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34 | 11/20 at 100.00 | A | 1,041,970 |
| 460 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 – FGIC Insured | 11/12 at 100.00 | A | 477,190 |
| 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 | B– | 1,252,550 |
| 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 | 10/17 at 102.00 | N/R | 820,590 |
| 50 | 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) | 12/11 at 100.00 | BB– | 41,317 |
| 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) | 8/12 at 101.00 | B– | 1,016,710 |
| 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 | 676,260 |
| New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006: | ||||
| 50 | 5.000%, 5/15/20 (Alternative Minimum Tax) | 5/12 at 100.00 | B– | 44,436 |
| 750 | 5.125%, 5/15/30 (Alternative Minimum Tax) | 5/12 at 100.00 | B– | 610,193 |
| 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+ | 318,555 |
| 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) | 4/12 at 100.00 | Baa1 | 3,327,818 |
Nuveen Investments 53
| Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | |
|---|---|
| NXK | Portfolio of Investments |
September 30, 2011
| Amount (000) | Description (1) | Optional Call — 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 | Aa2 | $ 1,062,300 |
| 280 | 5.000%, 12/01/31 – SYNCORA GTY Insured | 6/15 at 101.00 | Aa2 | 295,459 |
| 310 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.484%, 8/15/32 – AGM Insured (IF) | 8/17 at 100.00 | AA+ | 395,386 |
| 2,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41 | No Opt. Call | Aa2 | 2,157,840 |
| 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– | 221,220 |
| 1,030 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB– | 1,073,384 |
| 2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 | 11/12 at 100.00 | Aa2 | 2,624,575 |
| 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 | Aa3 | 951,054 |
| 750 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.111%, 5/15/16 (IF) | No Opt. Call | Aa2 | 859,920 |
| 21,770 | Total Transportation | 21,847,702 | ||
| U.S. Guaranteed – 3.6% (2.4% of Total Investments) (4) | ||||
| 1,905 | Dormitory Authority of the State of New York, Service Contract Bonds, Child Care Facilities Development Program, Series 2002, 5.375%, 4/01/17 (Pre-refunded 4/01/12) | 4/12 at 100.00 | AA– (4) | 1,954,663 |
| 460 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 (Pre-refunded 7/01/12) | 7/12 at 101.00 | Baa3 (4) | 482,899 |
| 165 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 (Pre-refunded 2/01/13) – FGIC Insured | 2/13 at 100.00 | Aaa | 175,298 |
| 840 | New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured | 2/13 at 100.00 | Aaa | 892,424 |
| 3,370 | Total U.S. Guaranteed | 3,505,284 | ||
| Utilities – 11.0% (7.4% of Total Investments) | ||||
| Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||
| 1,700 | 5.000%, 12/01/23 – FGIC Insured | 6/16 at 100.00 | A– | 1,835,660 |
| 1,700 | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | A– | 1,823,284 |
| 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– | 255,883 |
| 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– | 913,356 |
| 450 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax) | 11/11 at 101.00 | Baa2 | 455,319 |
| 2,000 | Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15) | 11/11 at 101.00 | Baa2 | 2,023,360 |
| 2,000 | Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 | 11/11 at 100.00 | Aa2 | 2,002,280 |
| Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: | ||||
| 645 | 5.300%, 1/01/13 (Alternative Minimum Tax) | 1/12 at 100.00 | N/R | 632,732 |
| 750 | 5.500%, 1/01/23 (Alternative Minimum Tax) | 1/12 at 100.00 | N/R | 711,390 |
| 10,395 | Total Utilities | 10,653,264 |
54 Nuveen Investments
| Amount (000) | Description (1) | Optional Call — Provisions (2) | Ratings (3) | Value |
|---|---|---|---|---|
| Water and Sewer – 6.3% (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 | $ 791,069 |
| 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 | AA+ | 5,310,823 |
| 5,695 | Total Water and Sewer | 6,101,892 | ||
| $ 139,075 | Total Investments (cost $139,311,121) – 147.8% | 143,280,110 | ||
| Floating Rate Obligations – (12.5)% | (12,150,000) | |||
| MuniFund Term Preferred Shares, at Liquidation Value – (39.1)% (5) | (37,890,000) | |||
| Other Assets Less Liabilities – 3.8% | 3,699,469 | |||
| Net Assets Applicable to Common Shares – 100% | $ 96,939,579 |
| (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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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) | 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. |
| (5) | MuniFund Term Preferred Shares, at Liquidation Value, as a percentage of Total Investments is 26.4%. |
| 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.
Nuveen Investments 55
| Statement of |
|---|
| Assets & Liabilities |
| September 30, 2011 |
| New York | New York | New York — Performance | New York — Dividend | New York — Dividend | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Value | Value 2 | Plus | Advantage | Advantage 2 | ||||||
| (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | |
| Assets | ||||||||||
| Investments, at value (cost $145,413,919, $32,118,114, $340,244,645, $202,474,938 and $139,311,121, respectively) | $ 150,686,909 | $ 35,339,570 | $ 356,187,203 | $ 208,484,569 | $ 143,280,110 | |||||
| Cash | — | 840,297 | — | — | 312,714 | |||||
| Receivables: | ||||||||||
| Interest | 2,231,198 | 553,767 | 5,316,597 | 3,167,074 | 2,240,030 | |||||
| Investments sold | 1,521,321 | — | 2,167,271 | 1,709,186 | 1,242,164 | |||||
| Deferred offering costs | — | — | 1,253,692 | 1,058,613 | 588,021 | |||||
| Other assets | 2,265 | 76 | 124,868 | 31,794 | 43,892 | |||||
| Total assets | 154,441,693 | 36,733,710 | 365,049,631 | 214,451,236 | 147,706,931 | |||||
| Liabilities | ||||||||||
| Cash overdraft | 33,698 | — | 1,264,441 | 1,139,699 | — | |||||
| Floating rate obligations | 3,255,000 | — | 34,645,000 | 17,735,000 | 12,150,000 | |||||
| Unrealized depreciation on forward swaps | — | 532,900 | — | — | — | |||||
| Payables: | ||||||||||
| Common share dividends | 464,830 | 114,547 | 916,669 | 575,700 | 410,611 | |||||
| Interest | — | — | — | 120,334 | 80,517 | |||||
| Offering costs | — | — | 336,759 | 292,177 | 118,393 | |||||
| MuniFund Term Preferred (MTP) Shares, at liquidation value | — | — | — | 55,360,000 | 37,890,000 | |||||
| Variable Rate Demand Preferred (VRDP) Shares, at liquidation value | — | — | 89,000,000 | — | — | |||||
| Accrued expenses: | ||||||||||
| Management fees | 66,320 | 18,012 | 183,907 | 108,141 | 75,780 | |||||
| Other | 67,338 | 28,335 | 130,715 | 60,657 | 42,051 | |||||
| Total liabilities | 3,887,186 | 693,794 | 126,477,491 | 75,391,708 | 50,767,352 | |||||
| Net assets applicable to Common shares | $ 150,554,507 | $ 36,039,916 | $ 238,572,140 | $ 139,059,528 | $ 96,939,579 | |||||
| Common shares outstanding | 15,168,677 | 2,347,000 | 15,039,571 | 9,265,330 | 6,488,516 | |||||
| Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) | $ 9.93 | $ 15.36 | $ 15.86 | $ 15.01 | $ 14.94 | |||||
| Net assets applicable to Common shares consist of: | ||||||||||
| Common shares, $.01 par value per share | $ 151,687 | $ 23,470 | $ 150,396 | $ 92,653 | $ 64,885 | |||||
| Paid-in surplus | 144,726,269 | 33,549,761 | 219,687,255 | 131,482,367 | 92,162,475 | |||||
| Undistributed (Over-distribution of) net investment income | 425,507 | (7,096 | ) | 3,376,314 | 1,635,871 | 844,685 | ||||
| Accumulated net realized gain (loss) | (21,946 | ) | (214,775 | ) | (584,383 | ) | (160,994 | ) | (101,455 | ) |
| Net unrealized appreciation (depreciation) | 5,272,990 | 2,688,556 | 15,942,558 | 6,009,631 | 3,968,989 | |||||
| Net assets applicable to Common shares | $ 150,554,507 | $ 36,039,916 | $ 238,572,140 | $ 139,059,528 | $ 96,939,579 | |||||
| Authorized shares: | ||||||||||
| Common | 250,000,000 | Unlimited | 200,000,000 | Unlimited | Unlimited | |||||
| Auction Rate Preferred Shares (ARPS) | N/A | N/A | 1,000,000 | Unlimited | Unlimited | |||||
| MTP | — | — | — | Unlimited | Unlimited | |||||
| VRDP | — | — | Unlimited | — | — |
N/A – Fund is not authorized to issue ARPS.
See accompanying notes to financial statements.
56 Nuveen Investments
| Statement of |
|---|
| Operations |
| Year Ended September 30, 2011 |
| New York | New York | New York — Performance | New York — Dividend | New York — Dividend | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Value | Value 2 | Plus | Advantage | Advantage 2 | ||||||
| (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | |
| Investment Income | $ 7,413,125 | $ 2,035,063 | $ 17,273,576 | $ 10,221,923 | $ 7,042,741 | |||||
| Expenses | ||||||||||
| Management fees | 788,368 | 222,420 | 2,191,446 | 1,282,683 | 903,606 | |||||
| Auction fees | — | — | — | 4,231 | — | |||||
| Dividend disbursing agent fees | — | — | — | 7,479 | — | |||||
| Shareholders’ servicing agent fees and expenses | 27,463 | 183 | 26,636 | 34,831 | 27,146 | |||||
| Interest expense and amortization of offering costs | 16,686 | — | 601,130 | 1,685,067 | 1,200,119 | |||||
| Fees on VRDP Shares | — | — | 1,009,291 | — | — | |||||
| Custodian’s fees and expenses | 35,555 | 10,221 | 63,494 | 41,558 | 33,373 | |||||
| Directors’/Trustees’ fees and expenses | 3,472 | 833 | 8,215 | 6,145 | 4,146 | |||||
| Professional fees | 18,528 | 18,237 | 39,512 | 20,222 | 19,743 | |||||
| Shareholders’ reports – printing and mailing expenses | 31,992 | 9,613 | 40,402 | 29,902 | 20,113 | |||||
| Stock exchange listing fees | 9,038 | 309 | 8,961 | 46,712 | 21,937 | |||||
| Investor relations expense | 14,720 | 3,270 | 22,112 | 14,464 | 9,234 | |||||
| Other expenses | 12,000 | 6,159 | 42,177 | 48,489 | 35,986 | |||||
| Total expenses before custodian fee credit and expense reimbursement | 957,822 | 271,245 | 4,053,376 | 3,221,783 | 2,275,403 | |||||
| Custodian fee credit | (3,390 | ) | (457 | ) | (4,330 | ) | (6,924 | ) | (3,264 | ) |
| Expense reimbursement | — | — | — | — | (35,683 | ) | ||||
| Net expenses | 954,432 | 270,788 | 4,049,046 | 3,214,859 | 2,236,456 | |||||
| Net investment income (loss) | 6,458,693 | 1,764,275 | 13,224,530 | 7,007,064 | 4,806,285 | |||||
| Realized and Unrealized Gain (Loss) | ||||||||||
| Net realized gain (loss) from: | ||||||||||
| Investments | (46,596 | ) | (163,774 | ) | (206,266 | ) | 30,513 | (30,343 | ) | |
| Forward swaps | — | (55,000 | ) | — | — | — | ||||
| Change in net unrealized appreciation (depreciation) of: | ||||||||||
| Investments | (1,332,570 | ) | (1,009,351 | ) | (2,438,462 | ) | (878,173 | ) | (814,228 | ) |
| Forward swaps | — | (532,900 | ) | — | — | — | ||||
| Net realized and unrealized gain (loss) | (1,379,166 | ) | (1,761,025 | ) | (2,644,728 | ) | (847,660 | ) | (844,571 | ) |
| Distributions to Auction Rate Preferred Shareholders | ||||||||||
| From net investment income | N/A | N/A | — | (23,288 | ) | — | ||||
| From accumulated net realized gains | N/A | N/A | — | — | — | |||||
| Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders | N/A | N/A | — | (23,288 | ) | — | ||||
| Net increase (decrease) in net assets applicable to Common shares from operations | $ 5,079,527 | $ 3,250 | $ 10,579,802 | $ 6,136,116 | $ 3,961,714 |
N/A – Fund is not authorized to issue ARPS.
See accompanying notes to financial statements.
Nuveen Investments 57
| Statement of |
|---|
| Changes in Net Assets |
| New York Value (NNY) — Year Ended | Year Ended | Year Ended | Year Ended | New York Performance Plus (NNP) — Year Ended | Year Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | 9/30/11 | 9/30/10 | |||||||
| Operations | ||||||||||||
| Net investment income (loss) | $ 6,458,693 | $ | 6,391,688 | $ | 1,764,275 | $ 1,854,034 | $ 13,224,530 | $ | 13,642,303 | |||
| Net realized gain (loss) from: | ||||||||||||
| Investments | (46,596 | ) | 75,540 | (163,774 | ) | 33,899 | (206,266 | ) | 192,652 | |||
| Forward swaps | — | — | (55,000 | ) | — | — | — | |||||
| Change in net unrealized appreciation (depreciation) of: | ||||||||||||
| Investments | (1,332,570 | ) | 2,049,615 | (1,009,351 | ) | 362,901 | (2,438,462 | ) | 5,514,582 | |||
| Forward swaps | — | — | (532,900 | ) | — | — | — | |||||
| Distributions to Auction Rate | ||||||||||||
| Preferred Shareholders: | ||||||||||||
| From net investment income | N/A | N/A | N/A | N/A | — | (185,393 | ) | |||||
| From accumulated net realized gains | N/A | N/A | N/A | N/A | — | (17,285 | ) | |||||
| Net increase (decrease) in net assets applicable to Common shares from operations | 5,079,527 | 8,516,843 | 3,250 | 2,250,834 | 10,579,802 | 19,146,859 | ||||||
| Distributions to Common Shareholders | ||||||||||||
| From net investment income | (6,461,857 | ) | (6,455,881 | ) | (1,759,077 | ) | (1,802,496 | ) | (13,264,903 | ) | (12,573,083 | ) |
| From accumulated net realized gains | (94,046 | ) | (337,820 | ) | — | — | (192,507 | ) | (231,609 | ) | ||
| Decrease in net assets applicable to Common shares from distributions to Common shareholders | (6,555,903 | ) | (6,793,701 | ) | (1,759,077 | ) | (1,802,496 | ) | (13,457,410 | ) | (12,804,692 | ) |
| Capital Share Transactions | ||||||||||||
| Net proceeds from Common shares issued to shareholders due to reinvestment of distributions | — | 244,612 | — | — | — | — | ||||||
| Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | 244,612 | — | — | — | — | ||||||
| Net increase (decrease) in net assets applicable to Common shares | (1,476,376 | ) | 1,967,754 | (1,755,827 | ) | 448,338 | (2,877,608 | ) | 6,342,167 | |||
| Net assets applicable to Common shares at the beginning of period | 152,030,883 | 150,063,129 | 37,795,743 | 37,347,405 | 241,449,748 | 235,107,581 | ||||||
| Net assets applicable to Common shares at the end of period | $ 150,554,507 | $ | 152,030,883 | $ | 36,039,916 | $ 37,795,743 | $ 238,572,140 | $ | 241,449,748 | |||
| Undistributed (Over-distribution of) net investment income at the end of period | $ 425,507 | $ | 459,649 | $ | (7,096 | ) | $ (12,132 | ) | $ 3,376,314 | $ | 3,374,940 |
N/A – Fund is not authorized to issue ARPS.
See accompanying notes to financial statements.
58 Nuveen Investments
| New York Dividend Advantage (NAN) — Year Ended 9/30/11 | Year Ended 9/30/10 | Year Ended 9/30/11 | Year Ended 9/30/10 | |||||
|---|---|---|---|---|---|---|---|---|
| Operations | ||||||||
| Net investment income (loss) | $ 7,007,064 | $ | 7,815,312 | $ | 4,806,285 | $ | 5,378,064 | |
| Net realized gain (loss) from: | ||||||||
| Investments | 30,513 | 499,428 | (30,343 | ) | 48,724 | |||
| Forward swaps | — | — | — | — | ||||
| Change in net unrealized appreciation (depreciation) of: | ||||||||
| Investments | (878,173 | ) | 2,747,265 | (814,228 | ) | 2,278,535 | ||
| Forward swaps | — | — | — | — | ||||
| Distributions to Auction Rate | ||||||||
| Preferred Shareholders: | ||||||||
| From net investment income | (23,288 | ) | (111,659 | ) | — | (77,543 | ) | |
| From accumulated net realized gains | — | (30,429 | ) | — | (3,233 | ) | ||
| Net increase (decrease) in net assets applicable to Common shares from operations | 6,136,116 | 10,919,917 | 3,961,714 | 7,624,547 | ||||
| Distributions to Common Shareholders | ||||||||
| From net investment income | (7,282,550 | ) | (7,264,019 | ) | (5,177,836 | ) | (5,170,050 | ) |
| From accumulated net realized gains | (318,727 | ) | (399,336 | ) | — | (49,313 | ) | |
| Decrease in net assets applicable to Common shares from distributions to Common shareholders | (7,601,277 | ) | (7,663,355 | ) | (5,177,836 | ) | (5,219,363 | ) |
| Capital Share Transactions | ||||||||
| Net proceeds from Common shares issued to shareholders due to reinvestment of distributions | — | — | — | — | ||||
| Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | — | — | — | ||||
| Net increase (decrease) in net assets applicable to Common shares | (1,465,161 | ) | 3,256,562 | (1,216,122 | ) | 2,405,184 | ||
| Net assets applicable to Common shares at the beginning of period | 140,524,689 | 137,268,127 | 98,155,701 | 95,750,517 | ||||
| Net assets applicable to Common shares at the end of period | $ 139,059,528 | $ | 140,524,689 | $ | 96,939,579 | $ | 98,155,701 | |
| Undistributed (Over-distribution of) net investment income at the end of period | $ 1,635,871 | $ | 1,655,128 | $ | 844,685 | $ | 1,061,722 |
See accompanying notes to financial statements.
Nuveen Investments 59
| Statement of |
|---|
| Cash Flows |
| Year Ended September 30, 2011 |
| New York Performance Plus (NNP | ) | ) | ) | |||
|---|---|---|---|---|---|---|
| Cash Flows from Operating Activities: | ||||||
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ 10,579,802 | $ | 6,136,116 | $ | 3,961,714 | |
| 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 | (27,507,318 | ) | (28,865,521 | ) | (19,213,951 | ) |
| Proceeds from sales and maturities of investments | 21,697,467 | 18,977,682 | 20,152,385 | |||
| Proceeds from (Purchases of) short-term investments, net | 1,495,000 | — | — | |||
| Amortization (Accretion) of premiums and discounts, net | 681,947 | 400,336 | 276,422 | |||
| (Increase) Decrease in: | ||||||
| Receivable for interest | (126,047 | ) | (222,425 | ) | (54,233 | ) |
| Receivable for investments sold | 1,512,529 | (931,686 | ) | (1,232,164 | ) | |
| Other assets | (7,786 | ) | (39 | ) | (3,766 | ) |
| Increase (Decrease) in: | ||||||
| Payable for Auction Rate Preferred share dividends | — | (2,677 | ) | — | ||
| Payable for interest | — | 52,834 | 1 | |||
| Accrued management fees | (3,272 | ) | (147 | ) | 4,696 | |
| Accrued other expenses | (29,731 | ) | 1,427 | 5,611 | ||
| Net realized (gain) loss from investments | 206,266 | (30,513 | ) | 30,343 | ||
| Change in net unrealized (appreciation) depreciation of investments | 2,438,462 | 878,173 | 814,228 | |||
| Taxes paid on undistributed capital gains | (1,332 | ) | — | (19,073 | ) | |
| Net cash provided by (used in) operating activities | 10,935,987 | (3,606,440 | ) | 4,722,213 | ||
| Cash Flows from Financing Activities: | ||||||
| (Increase) Decrease in deferred offering costs | 44,084 | (445,637 | ) | 161,794 | ||
| Increase (Decrease) in: | ||||||
| Cash overdraft balance | 1,264,441 | 1,139,699 | — | |||
| ARPS, at liquidation value | — | (21,900,000 | ) | — | ||
| MTP Shares, at liquidation value | — | 25,360,000 | — | |||
| Payable for offering costs | — | 50,007 | (24,279 | ) | ||
| Cash distributions paid to Common shareholders | (13,456,903 | ) | (7,601,924 | ) | (5,174,766 | ) |
| Net cash provided by (used in) financing activities | (12,148,378 | ) | (3,397,855 | ) | (5,037,251 | ) |
| Net Increase (Decrease) in Cash | (1,212,391 | ) | (7,004,295 | ) | (315,038 | ) |
| Cash at the beginning of period | 1,212,391 | 7,004,295 | 627,752 | |||
| Cash at the End of Period | $ — | $ | — | $ | 312,714 |
Supplemental Disclosure of Cash Flow Information
| New York — Performance | New York — Dividend | New York — Dividend | ||||
|---|---|---|---|---|---|---|
| Plus | Advantage | Advantage 2 | ||||
| (NNP | ) | (NAN | ) | (NXK | ) | |
| Cash paid for interest (excluding amortization of offering costs) | $ 557,046 | $ 1,379,290 | $ 1,038,324 |
See accompanying notes to financial statements.
60 Nuveen Investments
| Financial |
|---|
| Highlights |
Nuveen Investments 61
| Highlights |
| Selected data for a Common share outstanding throughout each period: |
| Beginning Common Share Net Asset Value | Investment Operations — Net Investment Income (Loss | Net Realized/ Unrealized Gain (Loss | ) | Total | Net Investment Income to Common Share- holders | Capital Gains to Common Share- holders | Total | Discount from Common Shares Repur- chased and Retired | Offering Costs | Ending Common Share Net Asset Value | Ending Market Value | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New York Value (NNY) | |||||||||||||||||
| Year Ended 9/30: | |||||||||||||||||
| 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 | |
| 2007 | 10.09 | .43 | (.15 | ) | .28 | (.43 | ) | — | (.43 | ) | — | — | 9.94 | 9.50 | |||
| New York Value 2 (NYV) | |||||||||||||||||
| Year Ended 9/30: | |||||||||||||||||
| 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(d) | 14.33 | .23 | 1.64 | 1.87 | (.26 | ) | — | (.26 | ) | — | (.03 | ) | 15.91 | 14.84 |
62 Nuveen Investments
| Ratios/Supplemental Data | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total Returns | Ratios to Average Net Assets Applicable to Common Shares(b) | |||||||||
| Based on Market | Based on Common Share Net Asset | Ending Net Assets Applicable to Common | Net Investment | Portfolio Turnover | ||||||
| Value | (a) | Value | (a) | Shares (000 | ) | Expenses | (c) | Income (Loss | ) | Rate |
| .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 | |||
| 4.40 | 2.79 | 150,321 | .69 | 4.32 | 15 | |||||
| (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) | Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
| (c) | 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: | |
| 2011 | .01 % |
| 2010 | .01 |
| 2009 | .03 |
| 2008 | .03 |
| 2007 | .04 |
| New York Value 2 (NYV) | |
|---|---|
| Year Ended 9/30: | |
| 2011 | — % |
| 2010 | — |
| 2009(d) | — |
(d) For the period April 28, 2009 (commencement of operations) through September 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 63
| Highlights (continued) |
| Selected data for a Common share outstanding throughout each period: |
| Investment Operations | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Common Share Net Asset | Net Investment Income | Net Realized/ Unrealized Gain | Distributions from Net Investment Income to Preferred Share- | Distributions from Capital Gains to Preferred Share- | Net Investment Income to Common Share- | Capital Gains to Common Share- | Discount from Common Shares Repur- chased and | Ending Common Share Net Asset | Ending Market | ||||||||||||
| Value | (Loss | ) | (Loss | ) | holders | (a) | holders | (a) | Total | holders | holders | Total | Retired | Value | Value | ||||||
| New York Performance Plus (NNP) | |||||||||||||||||||||
| Year Ended 9/30: | |||||||||||||||||||||
| 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 | ||
| 2007 | 16.01 | .99 | (.41 | ) | (.27 | ) | (.01 | ) | .30 | (.77 | ) | (.06 | ) | (.83 | ) | — | 15.48 | 14.30 | |||
| New York Dividend Advantage (NAN) | |||||||||||||||||||||
| Year Ended 9/30: | |||||||||||||||||||||
| 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 | ||
| 2007 | 15.49 | .97 | (.39 | ) | (.24 | ) | (.02 | ) | .32 | (.77 | ) | (.09 | ) | (.86 | ) | — | 14.95 | 14.33 |
| (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. |
64 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 on Market | Based on Common Share Net Asset | Ending Net Assets Applicable to Common | Net Investment | Net Investment | Portfolio Turnover | |||||||||
| Value | (b) | Value | (b) | Shares (000 | ) | Expenses | (e) | Income (Loss | ) | Expenses | (e) | Income (Loss | ) | Rate |
| 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 | |||||
| (5.02 | ) | 1.90 | 233,258 | 1.29 | 6.33 | N/A | N/A | 14 | ||||||
| 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 | |||||
| (2.86 | ) | 2.07 | 138,504 | 1.29 | 6.15 | 1.07 | 6.36 | 18 |
| (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 Shares and/or VRDP Shares, where applicable. |
|---|---|
| (d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
| (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: | |
| 2011 | .70 % |
| 2010 | .40 |
| 2009 | .22 |
| 2008 | .15 |
| 2007 | .07 |
| New York Dividend Advantage (NAN) | |
|---|---|
| Year Ended 9/30: | |
| 2011 | 1.27 % |
| 2010 | .63 |
| 2009 | .20 |
| 2008 | .13 |
| 2007 | .10 |
| * | Rounds to less than $.01 per share. |
|---|---|
| N/A | Fund does not have a contractual reimbursement agreement with the Adviser. As of August 1, 2009, the Adviser is no longer reimbursing New York Dividend Advantage (NAN) for any fees and expenses. |
See accompanying notes to financial statements.
Nuveen Investments 65
| Highlights (continued) |
| Selected data for a Common share outstanding throughout each period: |
| Beginning Common Share Net Asset | Net Investment Income | Net Realized/ Unrealized | Distributions from Net Investment Income to Preferred Share- | Distributions from Capital Gains to Preferred Share- | Net Investment Income to Common Share- | Capital Gains to Common Share- | Discount from Common Shares Repur- chased and | Ending Common Share Net Asset | Ending Market | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | (Loss | ) | Gain (Loss | ) | holders | (a) | holders | (a) | Total | holders | holders | Total | Retired | Value | Value | |||||
| New York Dividend Advantage 2 (NXK) | ||||||||||||||||||||
| Year Ended 9/30: | ||||||||||||||||||||
| 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 | |
| 2007 | 15.29 | .95 | (.34 | ) | (.24 | ) | (.02 | ) | .35 | (.76 | ) | (.08 | ) | (.84 | ) | — | 14.80 | 14.16 |
| (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. |
66 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 on Market | Based on Common Share Net Asset | Ending Net Assets Applicable to Common | Net Investment | Net Investment | Portfolio Turnover | |||||||||
| Value | (b) | Value | (b) | Shares (000 | ) | Expenses | (e) | Income (Loss | ) | Expenses | (e) | Income (Loss | ) | Rate |
| .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 | |||||
| (3.20 | ) | 2.35 | 96,144 | 1.32 | 5.98 | .99 | 6.31 | 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 ARPS and/or MTP Shares, where applicable. |
|---|---|
| (d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing New York Dividend Advantage (NXK) for any fees and expenses. |
| (e) | The expense ratios reflect, among other things, all interest expense and other costs related to MTP 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, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows: |
| New York Dividend Advantage 2 (NXK) | |
|---|---|
| Year Ended 9/30: | |
| 2011 | 1.29 % |
| 2010 | .63 |
| 2009 | .20 |
| 2008 | .14 |
| 2007 | .10 |
See accompanying notes to financial statements.
Nuveen Investments 67
| Financial |
|---|
| Highlights (continued) |
| ARPS at the End of Period — Aggregate Amount Outstanding | Liquidation Value | Asset Coverage | MTP Shares at the End of Period (h) — Aggregate Amount Outstanding | Liquidation Value | Asset Coverage | VRDP Shares at the End of Period — Aggregate Amount Outstanding | Liquidation Value | Asset Coverage | ARPS and MTP Shares at the End of Period — Asset Coverage Per $1 Liquidation | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (000 | ) | Per Share | Per Share | (000 | ) | Per Share | Per Share | (000 | ) | Per Share | Per Share | Preference | |
| New York Performance Plus (NNP) | |||||||||||||
| Year Ended 9/30: | |||||||||||||
| 2011 | $ — | $ — | $ — | $ — | $ — | $ — | $ 89,000 | $ 100,000 | $ 368,059 | $ — | |||
| 2010 | — | — | — | — | — | — | 89,000 | 100,000 | 371,292 | — | |||
| 2009 | 87,650 | 25,000 | 92,059 | — | — | — | — | — | — | — | |||
| 2008 | 87,650 | 25,000 | 84,035 | — | — | — | — | — | — | — | |||
| 2007 | 124,300 | 25,000 | 71,914 | — | — | — | — | — | — | — | |||
| New York Dividend Advantage (NAN) | |||||||||||||
| Year Ended 9/30: | |||||||||||||
| 2011 | — | — | — | 55,360 | 10.00 | 35.12 | — | — | — | — | |||
| 2010 | 21,900 | 25,000 | 92,690 | 30,000 | 10.00 | 37.08 | — | — | — | 3.71 | |||
| 2009 | 51,400 | 25,000 | 91,765 | — | — | — | — | — | — | — | |||
| 2008 | 51,400 | 25,000 | 84,112 | — | — | — | — | — | — | — | |||
| 2007 | 69,000 | 25,000 | 75,183 | — | — | — | — | — | — | — |
(h) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
| Ending Market Value Per Share | Average Market Value Per Share | Ending Market Value Per Share | Average Market Value Per Share | |||||
|---|---|---|---|---|---|---|---|---|
| New York Dividend Advantage (NAN) | ||||||||
| Year Ended 9/30: | ||||||||
| 2011 | 2015 | $ 10.09 | $ 10.08 | 2016 | $ 10.06 | $ 9.95 | ^^ | |
| 2010 | 2015 | 10.16 | 10.09 | ^ | — | — | — | |
| 2009 | — | — | — | — | — | — | ||
| 2008 | — | — | — | — | — | — | ||
| 2007 | — | — | — | — | — | — |
| ^ | For the period December 21, 2009 (issuance date of shares) through September 30, 2010. |
|---|---|
| ^^ | For the period December 13, 2010 (issuance date of shares) through September 30, 2011. |
68 Nuveen Investments
| ARPS at the End of Period — Aggregate Amount Outstanding (000 | Liquidation Value Per Share | Asset Coverage Per Share | MTP Shares at the End of Period (h) — Aggregate Amount Outstanding (000 | Liquidation Value Per Share | Asset Coverage Per Share | |
|---|---|---|---|---|---|---|
| New York Dividend Advantage 2 (NXK) | ||||||
| Year Ended 9/30: | ||||||
| 2011 | $ — | $ — | $ — | $ 37,890 | $ 10.00 | $ 35.58 |
| 2010 | — | — | — | 37,890 | 10.00 | 35.91 |
| 2009 | 34,100 | 25,000 | 95,198 | — | — | — |
| 2008 | 34,100 | 25,000 | 87,566 | — | — | — |
| 2007 | 47,000 | 25,000 | 76,140 | — | — | — |
(h) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
| Ending — Market Value | Average — Market Value | |||
|---|---|---|---|---|
| Series | Per Share | Per Share | ||
| New York Dividend Advantage 2 (NXK) | ||||
| Year Ended 9/30: | ||||
| 2011 | 2015 | $ 10.11 | $ 10.05 | |
| 2010 | 2015 | 10.14 | 10.05 | ^ |
| 2009 | — | — | — | |
| 2008 | — | — | — | |
| 2007 | — | — | — |
^ For the period April 14, 2010 (first issuance date of shares) through September 30, 2010.
See accompanying notes to financial statements.
Nuveen Investments 69
| Notes to |
|---|
| Financial Statements |
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) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (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) and New York Dividend Advantage 2 (NXK) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio manager became an employee of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes 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.
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 forward 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. When price quotes are not readily available (which is usually the case for municipal bonds) 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 these 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.
70 Nuveen Investments
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 segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At September 30, 2011, there were no such outstanding purchase commitments in any of the 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 includes 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.
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, 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.
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, 2010, New York Performance Plus (NNP) and New York Dividend Advantage 2 (NXK) redeemed all of their outstanding ARPS at liquidation value. During the fiscal year ended September 30, 2011, New York Dividend Advantage (NAN) had issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS was issued in more than one Series. The dividend rate paid by the Funds on each Series was determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and was payable at the end of each rate period.
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,” and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate” applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of September 30, 2011, each Fund redeemed all of their outstanding ARPS, at liquidation value, as follows:
| New York — Performance | New York — Dividend | New York — Dividend | ||||
|---|---|---|---|---|---|---|
| Plus | Advantage | Advantage 2 | ||||
| (NNP | ) | (NAN | ) | (NXK | ) | |
| ARPS redeemed, at liquidation value | $ 124,300,000 | $ 69,000,000 | $ 47,000,000 |
During the fiscal year ended September 30, 2010, lawsuits pursuing claims made in a demand letter alleging that New York Performance Plus’ (NNP), New York Dividend Advantage’s (NAN) and New York Dividend Advantage 2’s (NXK) Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the Funds’ ARPS, had been filed on behalf of shareholders of the Funds, against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of the Funds. The court has heard the Funds’ motion to dismiss the lawsuits and has taken the matter under advisement. Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties are defending themselves vigorously against these charges.
Nuveen Investments 71
| Notes to |
|---|
| Financial Statements (continued) |
During the current reporting period, Nuveen Investments, LLC, known as Nuveen Securities, LLC, effective April 30, 2011, (“Nuveen Securities”) entered into a settlement with the Financial Industry Regulatory Authority (“FINRA”) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities neither admitted to nor denied FINRA’s allegations. Nuveen Securities is the broker-dealer subsidiary of Nuveen.
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities were false and misleading. Nuveen Securities agreed to a censure and the payment of a $3 million fine.
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10.00 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one or more Series. 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. The MTP Shares trade on the NYSE. As of September 30, 2011, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:
| Shares | Annual | NYSE | New York Dividend Advantage 2 (NXK) — Shares | Annual | NYSE | |
|---|---|---|---|---|---|---|
| Outstanding | Interest Rate | Ticker | Outstanding | Interest Rate | Ticker | |
| Series: | ||||||
| 2015 | 3,000,000 | 2.70 % | NAN Pr C | 3,789,000 | 2.55 % | NXK Pr C |
| 2016 | 2,536,000 | 2.50 % | NAN Pr D | — | — | — |
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 would be 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 are as follows:
| New York — Dividend | New York — Dividend | New York — Dividend | ||||
|---|---|---|---|---|---|---|
| Advantage | Advantage | Advantage 2 | ||||
| (NAN | ) | (NAN | ) | (NXK | ) | |
| Series 2015 | Series 2016 | Series 2015 | ||||
| Term Redemption Date | January 1, 2015 | January 1, 2016 | May 1, 2015 | |||
| Optional Redemption Date | January 1, 2011 | January 1, 2012 | May 1, 2011 | |||
| Premium Expiration Date | December 31, 2011 | December 31, 2012 | April 30, 2012 |
The average liquidation value for all series of MTP Shares outstanding for each Fund during the fiscal year ended September 30, 2011, was as follows:
| New York — Dividend | New York — Dividend | |||
|---|---|---|---|---|
| Advantage | Advantage 2 | |||
| (NAN | ) | (NXK | ) | |
| Average liquidation value of MTP Shares outstanding | $ 50,211,257 | $ 37,890,000 |
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability 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. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Nuveen has agreed that net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering would be credited to the Funds, and would be recorded as reductions of offering costs recognized by the Funds. During the fiscal year ended September 30, 2011, Nuveen earned no net underwriting amounts on the Funds’ MTP Shares.
Variable Rate Demand Preferred Shares
New York Performance Plus (NNP) has issued and outstanding 890 Series 1 Variable Rate Demand Preferred (“VRDP”) Shares, with a maturity date of March 1, 2040 and a $100,000 liquidation value per share. The Fund issued its VRDP Shares in a privately negotiated offering in March 2010. Proceeds of the Fund’s offering were used to redeem all of the Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
72 Nuveen Investments
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the 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. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
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 the Fund. The 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.
New York Performance Plus (NNP) had all $89,000,000 of its VRDP Shares outstanding during the fiscal year ended September 30, 2011, with an annualized dividend rate of .39%.
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. 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 components of “Fees on VRDP Shares” 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 fiscal year ended September 30, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
At September 30, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
| New York | New York | New York — Performance | New York — Dividend | New York — Dividend | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Value | Value 2 | Plus | Advantage | Advantage 2 | ||||||
| (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | |
| Maximum exposure to Recourse Trusts | $ — | $ 2,000,000 | $ — | $ 2,670,000 | $ — |
Nuveen Investments 73
| Notes to |
|---|
| Financial Statements (continued) |
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended September 30, 2011, were as follows:
| New York Value (NNY | New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage (NAN | New York Dividend Advantage 2 (NXK | |
|---|---|---|---|---|---|
| Average floating rate obligations outstanding | $ 3,255,000 | $ — | $ 34,645,000 | $ 17,735,000 | $ 12,150,000 |
| Average annual interest rate and fees | .51 % | — % | .61 % | .60 % | .59 % |
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate 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 objectives. Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader market. 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”). The amount of 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 commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
During the fiscal year ended September 30, 2011, New York Value 2 (NYV) entered into forward interest rate swap transactions to reduce the duration of the Fund’s portfolio. The average notional amount of forward interest rate swap contracts outstanding during the fiscal year ended September 30, 2011 was as follows:
| New York Value 2 (NYV | |
|---|---|
| Average notional amount of forward interest rate swap contracts outstanding* | $ 1,100,000 |
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.
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 pre-determined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the
74 Nuveen Investments
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.
Offering Costs
Costs incurred by New York Performance Plus (NNP) in connection with its offering of VRDP Shares ($1,320,000) were recorded as a deferred charge, which are being amortized over the life of the shares. Cost incurred by New York Dividend Advantage (NAN) and New York Dividend Advantage 2 (NXK) in connection with their offering of MTP Shares ($1,425,400 and $783,350, respectively) were recorded as a deferred charge, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. 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.
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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
| Level 1 – | Quoted prices in active markets for identical securities. |
|---|---|
| Level 2 – | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of September 30, 2011:
| New York Value (NNY) | ||||
|---|---|---|---|---|
| Investments: | ||||
| Municipal Bonds | $ — | $ 150,686,909 | $ — | $ 150,686,909 |
| New York Value 2 (NYV) | Level 3 | |||||
|---|---|---|---|---|---|---|
| Investments: | ||||||
| Municipal Bonds | $ — | $ 35,339,570 | $ | — | $ 35,339,570 | |
| Derivatives: | ||||||
| Forward Swaps* | — | (532,900 | ) | — | (532,900 | ) |
| Total | $ — | $ 34,806,670 | $ | — | $ 34,806,670 |
| New York Performance Plus (NNP) | ||||
|---|---|---|---|---|
| Investments: | ||||
| Municipal Bonds | $ — | $ 356,187,203 | $ — | $ 356,187,203 |
| New York Dividend Advantage (NAN) | ||||
|---|---|---|---|---|
| Investments: | ||||
| Municipal Bonds | $ — | $ 208,484,569 | $ — | $ 208,484,569 |
Nuveen Investments 75
| Notes to |
|---|
| Financial Statements (continued) |
| New York Dividend Advantage 2 (NXK) | ||||
|---|---|---|---|---|
| Investments: | ||||
| Municipal Bonds | $ — | $ 143,280,110 | $ — | $ 143,280,110 |
During the fiscal year ended September 30, 2011, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.
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 September 30, 2011, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure. New York Value 2 (NYV) invested in derivative instruments during the fiscal year ended September 30, 2011.
| 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 | Forward Swaps | Unrealized appreciation | Unrealized depreciation | ||
| on forward swaps* | $ — | on forward swaps* | $ 532,900 |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended September 30, 2011, on derivative instruments, as well as the primary risk exposure associated with each.
| Net Realized Gain (Loss) from Forward Swaps | ) | |
|---|---|---|
| Risk Exposure | ||
| Interest Rate | $ (55,000 | ) |
| Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps | ) | |
|---|---|---|
| Risk Exposure | ||
| Interest Rate | $ (532,900 | ) |
Common Shares
Transactions in Common shares were as follows:
| Year Ended 9/30/11 | New York Value (NNY) — Year Ended 9/30/10 | Year Ended 9/30/11 | Year Ended 9/30/10 | Year Ended 9/30/11 | Year Ended 9/30/10 | |
|---|---|---|---|---|---|---|
| Common shares: | ||||||
| Issued to shareholders due to reinvestment of distributions | — | 24,956 | — | — | — | — |
| Repurchased and retired | — | — | — | — | — | — |
| Weighted average Common share: | ||||||
| Price per share repurchased and retired | — | — | — | — | — | — |
| Discount per share repurchased and retired | — | — | — | — | — | — |
76 Nuveen Investments
| Year Ended 9/30/11 | Year Ended 9/30/10 | Year Ended 9/30/11 | Year Ended 9/30/10 | |
|---|---|---|---|---|
| Common shares: | ||||
| Issued to shareholders due to reinvestment of distributions | — | — | — | — |
| Repurchased and retired | — | — | — | — |
| Weighted average Common share: | ||||
| Price per share repurchased and retired | — | — | — | — |
| Discount per share repurchased and retired | — | — | — | — |
Preferred Shares
New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue ARPS. Transactions in ARPS were as follows:
| Year Ended 9/30/11 | Year Ended 9/30/10 | New York Dividend Advantage (NAN) — Year Ended 9/30/11 | Year Ended 9/30/10 | |||||
|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |
| ARPS redeemed: | ||||||||
| Series M | N/A | N/A | 1,129 | $ 28,225,000 | — | $ — | — | $ — |
| Series T | N/A | N/A | 564 | 14,100,000 | — | — | — | — |
| Series W | N/A | N/A | 1,410 | 35,250,000 | — | — | — | — |
| Series F | N/A | N/A | 403 | 10,075,000 | 876 | 21,900,000 | 1,180 | 29,500,000 |
| Total | N/A | N/A | 3,506 | $ 87,650,000 | 876 | $ 21,900,000 | 1,180 | $ 29,500,000 |
| Year Ended 9/30/11 | Year Ended 9/30/10 | |||
|---|---|---|---|---|
| Shares | Amount | Shares | Amount | |
| ARPS redeemed: | ||||
| Series W | N/A | N/A | 1,364 | $ 34,100,000 |
N/A – As of September 30, 2010, the Fund redeemed all of its outstanding ARPS at liquidation value.
Transactions in MTP Shares were as follows:
| Year Ended 9/30/11 | Year Ended 9/30/10 | New York Dividend Advantage 2 (NXK) — Year Ended 9/30/11 | Year Ended 9/30/10 | |||||
|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |
| MTP Shares issued: | ||||||||
| Series 2015 | — | $ — | 3,000,000 | $ 30,000,000 | — | $ — | 3,789,000 | $ 37,890,000 |
| Series 2016 | 2,536,000 | $ 25,360,000 | — | — | — | — | — | — |
Transactions in VRDP Shares were as follows:
| Year Ended 9/30/11 | Year Ended 9/30/10 | |||
|---|---|---|---|---|
| Shares | Amount | Shares | Amount | |
| VRDP Shares issued: | ||||
| Series 1 | — | $ — | 890 | $ 89,000,000 |
Nuveen Investments 77
| Notes to |
|---|
| Financial Statements (continued) |
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the fiscal year ended September 30, 2011, were as follows:
| New York Value (NNY | New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage (NAN | New York Dividend Advantage 2 (NXK | |
|---|---|---|---|---|---|
| Purchases | $ 15,167,407 | $ 6,107,660 | $ 27,507,318 | $ 28,865,521 | $ 19,213,951 |
| Sales and maturities | 13,975,274 | 6,729,015 | 21,697,467 | 18,977,682 | 20,152,385 |
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 September 30, 2011, 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:
| Cost of investments | New York Value (NNY — $ 141,806,579 | ) — $ | 32,021,224 | ) — $ | 305,033,518 | ) — $ | 184,581,238 | ) — $ | 127,004,008 | ) |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross unrealized: | ||||||||||
| Appreciation | $ 7,310,428 | $ | 3,348,574 | $ | 20,063,013 | $ | 8,913,794 | $ | 5,988,376 | |
| Depreciation | (1,687,426 | ) | (30,228 | ) | (3,558,971 | ) | (2,746,942 | ) | (1,861,601 | ) |
| Net unrealized appreciation (depreciation) of investments | $ 5,623,002 | $ | 3,318,346 | $ | 16,504,042 | $ | 6,166,852 | $ | 4,126,775 |
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at September 30, 2011, the Funds’ tax year-end, as follows:
| New York Value (NNY | ) | ) | ) | New York Dividend Advantage (NAN | ) | New York Dividend Advantage 2(NXK | ) | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Paid-in-surplus | $ 5,757 | $ | 22,662 | $ | (41,612 | ) | $ (252,944 | ) | $ (125,534 | ) |
| Undistributed (Over-distribution of) net investment income | (30,978 | ) | (162 | ) | 41,747 | 279,516 | 154,513 | |||
| Accumulated net realized gain (loss) | 25,221 | (22,500 | ) | (135 | ) | (26,572 | ) | (28,979 | ) |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2011, the Funds’ tax year-end, were as follows:
| New York Value (NNY | New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage (NAN | New York Dividend Advantage 2 (NXK | |
|---|---|---|---|---|---|
| Undistributed net tax-exempt income * | $ 590,004 | $ 27,446 | $ 3,945,243 | $ 2,207,465 | $ 1,243,167 |
| Undistributed net ordinary income ** | 23,979 | — | 2,979 | 3,881 | 12,537 |
| Undistributed net long-term capital gains | — | — | — | 35,100 | 8,693 |
| * | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2011, and paid on October 3, 2011. |
|---|---|
| ** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
78 Nuveen Investments
The tax character of distributions paid during the Funds’ tax years ended September 30, 2011 and September 30, 2010, was designated for purposes of the dividends paid deduction as follows:
| 2011 | New York Value (NNY | New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage (NAN | New York Dividend Advantage 2 (NXK |
|---|---|---|---|---|---|
| Distributions from net tax-exempt income*** | $ 6,461,857 | $ 1,777,853 | $ 13,612,296 | $ 8,550,666 | $ 6,144,031 |
| Distributions from net ordinary income ** | 572 | — | 186 | — | — |
| Distributions from net long-term capital gains**** | 93,474 | — | 192,321 | 349,903 | — |
| 2010 | New York Value (NNY | New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage (NAN | New York Dividend Advantage 2 (NXK |
|---|---|---|---|---|---|
| Distributions from net tax-exempt income | $ 6,454,995 | $ 1,802,496 | $ 12,854,886 | $ 7,928,615 | $ 5,604,844 |
| Distributions from net ordinary income ** | 75,868 | — | — | — | 5,541 |
| Distributions from net long-term capital gains | 261,952 | — | 248,894 | 429,765 | 52,537 |
| ** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
|---|---|
| *** | The Funds hereby designate these amounts paid during the fiscal year ended September 30, 2011, as Exempt Interest Dividends. |
| **** | The Funds designate as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended September 30, 2011. |
At September 30, 2011, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
| New York Value (NNY | New York Performance Plus (NNP | |
|---|---|---|
| Expiration: | ||
| September 30, 2019 | $ 21,947 | $ 51,614 |
The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through September 30, 2011, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer post-October losses as follows:
| New York Value 2 (NYV | New York Performance Plus (NNP | New York Dividend Advantage 2 (NXK | |
|---|---|---|---|
| Post-October capital losses | $ 214,775 | $ 151,168 | $ 19,962 |
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. This pricing structure enables Fund shareholders to benefit from growth in the assets within their 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.
Nuveen Investments 79
| Notes to |
|---|
| Financial Statements (continued) |
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) | |
| 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 |
The annual complex-level fee for each fund, payable monthly, is calculated according to the following schedule:
| Complex-Level Managed Asset 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 |
80 Nuveen Investments
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into sub-advisory agreements with the Sub-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.
For the first ten years of New York Dividend Advantage 2’s (NXK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets for fees and expenses in the amounts and for the time periods set forth below:
| Year Ending March 31, — 2001* | .30% | Year Ending March 31, — 2007 | .25 % |
|---|---|---|---|
| 2002 | .30 | 2008 | .20 |
| 2003 | .30 | 2009 | .15 |
| 2004 | .30 | 2010 | .10 |
| 2005 | .30 | 2011 | .05 |
| 2006 | .30 |
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for any portion of its fees and expenses beyond March 31, 2011.
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures . At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
Nuveen Investments 81
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
Name, Birthdate & Address Position(s) Held with the Funds Year First Elected or Appointed and Term (1) Principal Occupation(s) including other Directorships During Past 5 Years Number of Portfolios in Fund Complex Overseen by Board Member
| Independent Board Members: | |||||
|---|---|---|---|---|---|
| ■ | ROBERT P. BREMNER (2) | ||||
| 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | Chairman of the Board and Board Member | 1996 Class III | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | 240 | |
| ■ | JACK B. EVANS | ||||
| 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1999 Class III | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 240 | |
| ■ | WILLIAM C. HUNTER | ||||
| 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2004 Class I | Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 240 | |
| ■ | DAVID J. KUNDERT (2) | ||||
| 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2005 Class II | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | 240 | |
| ■ | WILLIAM J. SCHNEIDER (2) | ||||
| 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1996 Class III | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | 240 |
82 Nuveen Investments
| Name, Birthdate & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | |
|---|---|---|---|---|---|
| Independent Board Members: | |||||
| ■ | JUDITH M. STOCKDALE | ||||
| 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1997 Class I | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 240 | |
| ■ | CAROLE E. STONE (2) | ||||
| 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2007 Class I | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | 240 | |
| ■ | VIRGINIA L. STRINGER | ||||
| 8/16/44 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2011 | Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | 240 | |
| ■ | TERENCE J. TOTH (2) | ||||
| 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2008 Class II | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | 240 | |
| Interested Board Member: | |||||
| ■ | JOHN P. AMBOIAN (3) | ||||
| 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2008 Class II | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | 240 |
Nuveen Investments 83
Board Members & Officers (Unaudited) (continued)
| Name, Birthdate and Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |
|---|---|---|---|---|---|
| Officers of the Funds: | |||||
| ■ | GIFFORD R. ZIMMERMAN | ||||
| 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 1988 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | 240 | |
| ■ | WILLIAM ADAMS IV | ||||
| 6/9/55 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC. | 133 |
| ■ | CEDRIC H. ANTOSIEWICZ — 1/11/62 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | Managing Director of Nuveen Securities, LLC. | 133 |
|---|---|---|---|---|---|
| ■ | MARGO L. COOK | ||||
| 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2009 | Executive Vice President (since 2008) of Nuveen Investments, Inc.and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | 240 | |
| ■ | LORNA C. FERGUSON | ||||
| 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | 240 | |
| ■ | STEPHEN D. FOY | ||||
| 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant. | 240 |
84 Nuveen Investments
| Name, Birthdate and Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |
|---|---|---|---|---|---|
| Officers of the Funds: | |||||
| ■ | SCOTT S. GRACE | ||||
| 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2009 | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | 240 | |
| ■ | WALTER M. KELLY | ||||
| 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc. | 240 | |
| ■ | TINA M. LAZAR | ||||
| 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | 240 | |
| ■ | LARRY W. MARTIN | ||||
| 7/27/51 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1997 | Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Securities, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc., Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management, LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007), and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010). | 240 | |
| ■ | KEVIN J. MCCARTHY | ||||
| 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | 240 |
Nuveen Investments 85
Board Members & Officers (Unaudited) (continued)
| Name, Birthdate and Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |
|---|---|---|---|---|---|
| Officers of the Funds: | |||||
| ■ | KATHLEEN L. PRUDHOMME | ||||
| 3/30/53 800 Nicollet Mall Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2011 | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | 240 |
| (1) | Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. |
|---|---|
| (2) | Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser. |
| (3) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
86 Nuveen Investments
Annual Investment Management
Agreement Approval Process (Unaudited)
The Board of Trustees or Directors (as the case may be) (each, a “ Board ” and each Trustee or Director, a “ Board Member ”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “ Independent Board Members ”), is responsible for approving the advisory agreements (each, an “ Investment Management Agreement ”) between each Fund and Nuveen Fund Advisors, Inc. (the “ Advisor ”) and the sub-advisory agreements (each a “ Sub-Advisory Agreement ”) between the Advisor and Nuveen Asset Management, LLC (the “ Sub-Advisor ”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “ Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “ 1940 Act ”), the Board is generally required to consider the continuation of advisory agreements and sub-advisory agreements on an annual basis. Accordingly, at an in-person meeting held on May 23-25, 2011 (the “ May Meeting ”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for their considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “ Fund Advisers ” and each, a “ Fund Adviser ”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of their annual review, the Board also held a separate meeting on April 19-20, 2011, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of their review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
Nuveen Investments 87
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
The materials and information prepared in connection with the review of the Advisory Agreements at the May Meeting supplemented the information provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and, since the internal restructuring described in Section A below, the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and compliance reports. The Board also meets with key investment personnel managing the Fund portfolios during the year. In addition, the Board continues its program of seeking to visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Board also met with State Street Bank & Trust Company, the Funds’ accountant and custodian, in 2010. The Board considers factors and information that are relevant to its consideration of the renewal of the Advisory Agreements at these meetings held throughout the year. Accordingly, the Board considered the information provided and knowledge gained at these meetings when performing its review at the May Meeting of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
88 Nuveen Investments
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor provides the portfolio investment management services to the Funds. The Board recognized that Nuveen engaged in an internal restructuring in 2010 pursuant to which portfolio management services the Advisor had provided directly to the Funds were transferred to the Sub-Advisor, a newly-organized, wholly-owned subsidiary of the Advisor consisting of largely the same investment personnel. Accordingly, in reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares.
In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included continued activities to refinance auction rate preferred securities; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings and share repurchases for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: continuing communications in support of refinancing efforts related to auction rate preferred securities; participating in conferences; communicating continually with closed-end fund analysts covering the Nuveen funds; providing marketing for the closed-end funds; share purchases; and maintaining and enhancing a closed-end fund website.
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “ Performance Peer Group ”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks.
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three-and five-year periods ending December 31, 2010 and for the same periods ending March 31, 2011 (or for the periods available for the Nuveen New York Municipal Value Fund 2 (the “ Municipal Value Fund 2 ”), which did not exist for part of the foregoing time frame). In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one-and three-year periods ending December 31, 2010 and for the same periods ending March 31, 2011 (or for the periods available for the Municipal Value Fund 2, which did not exist for part of the foregoing time frame). The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. In this regard, the Independent Board Members noted that the Performance Peer Groups of the Nuveen New York Municipal Value Fund, Inc. (the “ Municipal Value Fund ”) and the Municipal Value Fund 2 were classified as having significant differences from such Funds based on various considerations such as special fund objectives, potential investable universe and the composition of the peer set ( e.g., the number and size of competing funds and number of competing managers). The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered) and the performance of the fund (or respective class) during that shareholder’s investment period. With respect to any Nuveen funds that underper-
90 Nuveen Investments
formed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen New York Performance Plus Municipal Fund, Inc. (the “ Performance Plus Fund ”), the Nuveen New York Dividend Advantage Municipal Fund (the “ Dividend Advantage Fund ”) and the Nuveen New York Dividend Advantage Municipal Fund 2 (the “ Dividend Advantage Fund 2 ”) had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. In addition, they noted that the Municipal Value Fund 2 was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance. With respect to the Municipal Value Fund which, as noted above, had significant differences with its Performance Peer Group, the Independent Board Members considered such Fund’s performance compared to its benchmark. In this regard, the Independent Board Members noted that the Municipal Value Fund underperformed its benchmark in the three-year period but outperformed its benchmark in the one-year period.
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
| C. |
|---|
| 1.Fees and Expenses |
| The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “ Peer Universe ”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “ Peer Group ”) and any expense limitations. |
| The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group (if any). In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; the differences in the type and use of leverage; and differences in the states reflected in the Peer Universe or Peer Group may impact the comparative data thereby limiting the ability to make a meaningful comparison with peers, including for the Municipal Value Fund and the Municipal Value Fund 2. |
| In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen |
Nuveen Investments 91
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
| (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group (if available) or Peer Universe if there was no separate Peer Group. |
|---|
| The Independent Board Members noted that the Municipal Value Fund, the Dividend Advantage Fund and the Performance Plus Fund had net management fees slightly higher or higher than the peer average but a net expense ratio below or in line with the peer average, while the Municipal Value Fund 2 had a higher net management fee and a higher net expense ratio compared to its peer averages (although the Board, as noted above, recognized the limits on the comparisons of the applicable peer group for the Municipal Value Fund 2). Finally, the Independent Board Members observed that the Dividend Advantage Fund 2 had a net management fee in line with, and a net expense ratio below, its peer averages. |
| Based on their review of the fee and expense information provided, the |
| Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund. |
| 2. Comparisons with the Fees of Other Clients |
| The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees. |
| In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds. |
| 3. Profitability of Fund Advisers |
| In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated |
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| Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2010. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen. |
|---|
| In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided. |
| In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable. |
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset
Nuveen Investments 93
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. Nevertheless, the Independent Board Members noted that commissions are generally not paid in connection with municipal securities transactions typically executed on a principal basis.
94 Nuveen Investments
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Nuveen Investments 95
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
96 Nuveen Investments
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.
Nuveen Investments 97
Glossary of Terms
Used in this Report
| ■ | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction. |
|---|---|
| ■ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| ■ | Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security. |
| ■ | Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural 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 structural leverage. |
| ■ | Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
98 Nuveen Investments
| ■ | Leverage: Using borrowed money to invest in securities or other assets. |
|---|---|
| ■ | Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds. |
| ■ | Lipper New York Municipal Debt Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 23 funds; 5-year, 22 funds; and 10-year, 13 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. |
| ■ | Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price. |
| ■ | Net Asset Value (NAV): 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. |
| ■ | Standard & Poor’s (S&P) National 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. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index. |
| ■ | Standard & Poor’s (S&P) New York Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New York municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index. |
| ■ | Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of a Fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940. |
| ■ | Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. |
Nuveen Investments 99
Glossary of Terms
Used in this Report (continued)
■ 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.
100 Nuveen Investments
Notes
Nuveen Investments 101
Notes
102 Nuveen Investments
Other Useful 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, Inc.
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 Portfolio of Investments and Proxy Voting Information
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to [email protected] or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common and Preferred Share Information
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
| Fund | Common Shares Repurchased | Auction Rate Preferred Shares Redeemed |
|---|---|---|
| NNY | — | N/A |
| NYV | — | N/A |
| NNP | — | — |
| NAN | — | 876 |
| NXK | — | — |
| N/A - Fund is not authorized to issue auction rate preferred shares. |
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 is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $198 billion of assets as of September 30, 2011.
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
EAN-A-0911D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen New York Dividend Advantage Municipal Fund
The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
| Audit Fees Billed | Audit-Related Fees | Tax Fees | All Other Fees | |
|---|---|---|---|---|
| Fiscal Year Ended | to Fund 1 | Billed to Fund 2 | Billed to Fund 3 | Billed to Fund 4 |
| September 30, 2011 | $ 18,200 | $ 12,500 | $ 0 | $ 0 |
| Percentage approved | 0 % | 0 % | 0 % | 0 % |
| pursuant to | ||||
| pre-approval | ||||
| exception | ||||
| September 30, 2010 | $ 13,493 | $ 20,000 | $ 0 | $ 850 |
| Percentage approved | 0 % | 0 % | 0 % | 0 % |
| pursuant to | ||||
| pre-approval | ||||
| exception | ||||
| 1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services | ||||
| provided in connection with statutory and regulatory filings or engagements. | ||||
| 2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the | ||||
| audit or review of financial statements and are not reported under "Audit Fees". | ||||
| 3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. | ||||
| 4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds. |
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.
| Fiscal Year Ended | Audit-Related Fees | Tax Fees Billed to | All Other Fees |
|---|---|---|---|
| Billed to Adviser and | Adviser and | Billed to Adviser | |
| Affiliated Fund | Affiliated Fund | and Affiliated Fund | |
| Service Providers | Service Providers | Service Providers | |
| September 30, 2011 | $ 0 | $ 0 | $ 0 |
| Percentage approved | 0 % | 0 % | 0 % |
| pursuant to | |||
| pre-approval | |||
| exception | |||
| September 30, 2010 | $ 0 | $ 0 | $ 0 |
| Percentage approved | 0 % | 0 % | 0 % |
| pursuant to | |||
| pre-approval | |||
| exception |
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.
| Fiscal Year Ended | Total Non-Audit Fees | |||
|---|---|---|---|---|
| billed to Adviser and | ||||
| Affiliated Fund Service | Total Non-Audit Fees | |||
| Providers (engagements | billed to Adviser and | |||
| related directly to the | Affiliated Fund Service | |||
| Total Non-Audit Fees | operations and financial | Providers (all other | ||
| Billed to Fund | reporting of the Fund) | engagements) | Total | |
| September 30, 2011 | $ 0 | $ 0 | $ 0 | $ 0 |
| September 30, 2010 | $ 850 | $ 0 | $ 0 | $ 850 |
| "Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective | ||||
| amounts from the previous table. |
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.
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.
Nuveen Fund Advisors, Inc. (“Adviser”) is the registrant’s investment adviser. NFA is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, Inc. is the registrant's investment adviser (also referred to as the "Adviser".) The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“NAM” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
The Portfolio Manager
The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
| Name | Fund |
|---|---|
| Scott R. Romans | Nuveen New York Dividend Advantage Municipal Fund |
Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
| Portfolio Manager | Type of Account Managed | Number of Accounts | Assets |
|---|---|---|---|
| Scott R. Romans | Registered Investment Company | 32 | $6.29 billion |
| Other Pooled Investment Vehicles | 0 | $0 | |
| Other Accounts | 2 | $.6 million |
Compensation. Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long-term incentive payments.
Base pay. Base pay is determined based upon an analysis of the portfolio manager‘s general performance, experience, and market levels of base pay for such position.
Annual cash bonus . The Fund’s portfolio manager is eligible for an annual cash bonus determined based upon the portfolio manager‘s performance, experience and market levels of base pay for such position. The maximum potential annual cash bonus is equal to a multiple of base pay.
A portion of the portfolio manager‘s annual cash bonus is based on his or her Fund‘s investment performance, generally measured over the past one- and three-year periods unless the portfolio manager‘s tenure is shorter. Investment performance for the Fund is determined by evaluating the Fund‘s performance relative to its benchmark(s) and/or Lipper industry peer group.
Each portfolio manager whose performance is evaluated in part by comparing the manager‘s performance to a benchmark is measured against a Fund-specific customized subset (limited to bonds in each Fund‘s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond Index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor‘s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million. As of June 30, 2011, the S&P/Investortools Municipal Bond Index was comprised of 56,838 securities with an aggregate current market value of $1,218 billion.
Bonus amounts can also be influenced by factors other than investment performance. These other factors are more subjective and are based on evaluations by each portfolio manager‘s supervisor and reviews submitted by his or her peers. These reviews and evaluations often take into account a number of factors, including the portfolio manager‘s effectiveness in communicating investment performance to shareholders and their advisors, his or her contribution to NAM‘s investment process and to the execution of investment strategies consistent with risk guidelines, his or her participation in asset growth, and his or her compliance with NAM‘s policies and procedures.
Investment performance is measured on a pre-tax basis, gross of fees for a Fund‘s results and for its Lipper industry peer group.
Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received profits interests in the parent company of Nuveen Investments which entitle their holders to participate in the appreciation in the value of Nuveen Investments. In addition, in July 2009, Nuveen Investments created and funded a trust which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain key employees, including certain portfolio managers. Finally, certain key employees of NAM, including certain portfolio managers, have received profits interests in NAM which entitle their holders to participate in the firm‘s growth over time.
Material Conflicts of Interest . Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, however, believes that such potential conflicts are mitigated by the fact that the NAM has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.
Beneficial Ownership of Securities. As of September 30, 2011, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by NAM’s municipal investment team.
| Name of Portfolio Manager | Fund | Dollar range of equity securities beneficially owned in Fund | Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by NAM’s municipal investment team |
|---|---|---|---|
| Scott R. Romans | Nuveen New York Dividend Advantage Municipal Fund | $0 | $0 |
PORTFOLIO MANAGER BIO:
Scott R. Romans, PhD joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds most of which are state funds covering California and other western states. Currently, he manages investments for 33 Nuveen-sponsored investment companies.
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. Letter or number the exhibits in the sequence indicated.
(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 because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Dividend Advantage Municipal Fund
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date: December 8, 2011
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: December 8, 2011
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 8, 2011
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