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Table of Contents
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Chairman’s Letter to Shareholders
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4
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Portfolio Manager’s Comments
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5
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Fund Leverage and Other Information
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9
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|
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Common Share Dividend and Price Information
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12
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Performance Overviews
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14
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Shareholder Meeting Report
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19
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Portfolios of Investments
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21
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|
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|
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Statement of Assets and Liabilities
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52
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|
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Statement of Operations
|
53
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|
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Statement of Changes in Net Assets
|
54
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|
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Statement of Cash Flows
|
56
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|
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|
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Financial Highlights
|
57
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|
|
|
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Notes to Financial Statements
|
66
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|
|
|
|
Reinvest Automatically, Easily and Conveniently
|
77
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|
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|
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Glossary of Terms Used in this Report
|
79
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|
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Additional Fund Information
|
83
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
In recent months the positive atmosphere in financial markets has reflected efforts by central banks in the U.S. and Europe to provide liquidity to the financial system and keep interest rates low. At the same time, future economic growth in these countries still faces serious headwinds in the form of high energy prices, uncertainties about potential political leadership changes and increasing pressure to reduce government spending regardless of its impact on the economy. Together with the continuing political tensions in the Middle East, investors have many reasons to remain cautious.
Though progress has been painfully slow, officials in Europe have taken important steps to address critical issues. The European Central Bank has provided vital liquidity to the banking system. Similarly, officials in the Euro area finally agreed to an enhanced “firewall” of funding to deal with financial crises in member countries. These steps, in addition to the completion of another round of financing for Greece, have eased credit conditions across the continent. Several very significant challenges remain with the potential to derail the recent progress but European leaders have demonstrated political will and persistence in dealing with their problems.
In the U.S., strong corporate earnings and continued progress on job creation have contributed to a rebound in the equity market and many of the major stock market indexes are approaching their levels before the financial crisis. The Fed’s commitment to an extended period of low interest rates is promoting economic growth, which remains moderate but steady and raises concerns about the future course of long term rates once the program ends. Pre-election maneuvering has added to the highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer with little progress being made to deal with them.
During the last year, investors have experienced a sharp decline and a strong recovery in the equity markets. Experienced investment teams keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long term goals for investors. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
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
May 18, 2012
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 key investment strategies and the six-month performance of these Nuveen New York Funds. Scott, who joined Nuveen in 2000, assumed portfolio management responsibility for these five Funds in January 2011.
What key strategies were used to manage these New York Funds during the six-month reporting period ended March 31, 2012?
During this reporting period, municipal bond prices generally rallied, amid strong demand and yields that continued to be relatively low. The availability of municipal supply improved slightly in recent months, although the pattern of issuance, particularly in refunding transactions, tended to be shorter on the yield curve. Purchase activity in these Funds was relatively light due to the low yield environment as well as a shortage of issues with longer maturities that we typically emphasize for these Funds.
Much of our investment activity was opportunistic, with purchases managed around the timing of cash flows from called or maturing bonds. The Funds took advantage of opportunities created by temporary imbalances in the market to seek bonds with longer maturities, predominantly in the new issue market. In addition to adding to our holdings in health care, NNY, NYV, NNP and NXK carried out some health care credit swapping; that is, based on our fundamental credit view, the Funds sold health care positions that we thought were overvalued and purchased bonds in the same sector that we believed were undervalued. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds. A sizeable number of bond calls and refundings provided a meaningful source of liquidity, which drove much of our activity as we worked to redeploy the proceeds to keep the Funds fully invested. Selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
As of March 31, 2012, all five of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NYV also used forward interest rate swaps to reduce its price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. During this period, these derivatives functioned as intended.
How did the Funds perform during the six-month period ended March 31, 2012?
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 3/31/12
|
|
|
|
|
|
|
Funds
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NNY**
|
4.19%
|
11.65%
|
4.95%
|
5.14%
|
|
NYV**
|
5.04%
|
13.84%
|
N/A
|
N/A
|
|
NNP
|
5.17%
|
16.83%
|
6.26%
|
6.89%
|
|
NAN
|
5.65%
|
17.45%
|
6.01%
|
6.85%
|
|
NXK
|
5.68%
|
17.08%
|
6.14%
|
7.10%
|
|
Standard & Poor’s (S&P) New York Municipal Bond Index***
|
3.47%
|
11.22%
|
5.17%
|
5.44%
|
|
Standard & Poor’s (S&P) National Municipal Bond Index***
|
4.14%
|
12.56%
|
5.11%
|
5.49%
|
|
Lipper New York Municipal Debt Funds Classification Average***
|
6.21%
|
18.78%
|
4.94%
|
6.34%
|
For the six months ended March 31, 2012, the cumulative return on common share net asset value (NAV) for all five of these New York Funds exceeded the returns for the Standard & Poor’s (S&P) New York Municipal Bond Index and the Standard & Poor’s (S&P) National Municipal Bond Index. For the same period, the Funds underperformed the average return for the Lipper New York Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the performance of NNP, NAN and NXK. The primary reason that the returns of NNY and NYV trailed those of the three leveraged Funds for this reporting period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in this report.
|
|
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 Performance Overview page for your Fund in this report.
|
|
|
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
|
|
|
|
**
|
NNY and NYV do not use regulatory leverage; the remaining three Funds in this report use regulatory leverage.
|
|
|
|
|
***
|
Refer to Glossary of Terms Used in this Report for definitions.
|
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these five Funds, NXK and NAN were the most advantageously positioned in terms of duration and yield curve exposure, with good weightings in the segments of the yield curve that performed best. NYV, which had the longer duration typical of a newer Fund more recently invested in long-term bonds, benefited from its significant overexposure to bonds in the 12-year to 14-year range of effective duration and a substantial underexposure to the underperforming shortest end of the curve. NNY, the other unleveraged Fund, was less advantageously positioned, with a shorter effective duration, which detracted from its performance. Although NNP’s duration exceeded that of the market as a whole, this Fund was slightly overweighted in the shortest end of the curve and the distribution of its weightings along the yield curve muted the positive effects of its longer duration.
Credit exposure was the dominant factor in the Funds’ performance during these six months, as lower-quality bonds, including sub-investment grade credits, generally outperformed higher-quality bonds. This outperformance was due in part to the greater demand for lower-rated bonds as investors looked for investment vehicles offering higher yields. All of these Funds had good exposure to the lower-rated credit spectrum, with NXK and NAN benefiting the most from significant overweightings in this area, particularly to bonds rated BBB. Additionally, a strong weighting in the BBB and sub-investment grade sectors, together with an overweighting in health care bonds, was the primary factor in NNY’s outperformance of the S&P Indexes for this period.
Holdings and sectors that generally made positive contributions to the Funds’ returns during this period included zero coupon bonds, health care, industrial development revenue (IDR), transportation and special tax credits. Leasing and housing bonds also outpaced the general municipal market for the period. All of these Funds were overweighted in health care bonds, which enhanced their returns. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing sectors, as these bonds benefited from several developments in the market, including increased demand for higher-yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales have fallen less steeply than anticipated, the 46 states participating in the agreement, including New York, stand to receive increased payments from the tobacco companies.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperfor-mance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of March 31, 2012, NNP had the heaviest weightings in pre-refunded bonds among these five Funds, while NYV and NAN were underweighted in pre-refunded bonds, which lessened the negative impact on their performance. General obligation and other tax-supported bonds as well as credits issued by the electric utilities and water and sewer sectors also lagged the performance of the general municipal market for this period. NNY and NYV, in particular, benefited from being underweighted in tax-supported credits.
Fund Leverage and
Other Information
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 regulatory 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.
THE FUNDS’ REGULATORY LEVERAGE
As of March 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables. As mentioned previously, NNY and NYV do not use regulatory leverage.
MTP Shares
|
|
|
MTP Shares Issued
|
Annual
|
NYSE
|
|
Fund
|
Series
|
at Liquidation Value
|
Interest Rate
|
Ticker
|
|
NAN
|
2015
|
$30,000,000
|
2.70%
|
NAN PrC
|
|
NAN
|
2016
|
$25,360,000
|
2.50%
|
NAN PrD
|
|
NXK
|
2015
|
$37,890,000
|
2.55%
|
NXK PrC
|
VRDP Shares
|
|
|
VRDP Shares Issued
|
|
|
Fund
|
|
at Liquidation Value
|
|
|
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.)
UPDATE ON LITIGATION REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
During 2011, certain funds (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 named 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 contained allegations regarding breaches of fiduciary duties in connection with the redemption of auction rate preferred shares issued by the funds. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint. The plaintiffs failed to file an appeal of the court’s decision within the required time period, resulting in the final disposition of the suit.
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 and Market Risk.
An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. 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.
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.
Inverse Floater Risk.
The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Derivatives Strategy Risk:
Derivatives are financial instruments whose value changes in response to the changes in underlying investment variables. Derivative securities include, but are not limited to, calls, puts, warrants, swaps, and forwards. The fund’s use of derivatives involves risks different from, and possibly greater than, the risks associated with the underlying investments. The derivatives market is largely unregulated. It is possible that developments in the derivatives market, including potential government regulation, could adversely affect the fund’s ability to terminate existing contracts or to realize amounts to be received under such contracts.
Common Share Dividend
and Price Information
DIVIDEND INFORMATION
The monthly dividends of NYV, NNP, NAN and NXK remained stable throughout the six-month reporting period ended March 31, 2012, while NNY’s monthly dividend was reduced effective March 2012.
Due to normal portfolio activity, common shareholders of NAN received a long-term capital gains distribution of $0.0059 per share in December 2011.
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2012, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII positive balances for financial reporting purposes.
COMMON SHARE REPURCHASES AND PRICE INFORMATION
As of March 31, 2012, 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.
|
|
|
|
Common Shares
|
|
|
% of Outstanding
|
|
|
Fund
|
|
|
Repurchased and Retired
|
|
|
Common Shares
|
|
|
NNY
|
|
|
—
|
|
|
—
|
|
|
NYV
|
|
|
—
|
|
|
—
|
|
|
NNP
|
|
|
27,800
|
|
|
0.2
|
%
|
|
NAN
|
|
|
—
|
|
|
—
|
|
|
NXK
|
|
|
7,200
|
|
|
0.1
|
%
|
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
As of March 31, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.
|
|
3/31/12
|
Six-Month Average
|
|
Fund
|
(-) Discount
|
(-) Discount
|
|
NNY
|
(-) 2.37%
|
(-)1.85%
|
|
NYV
|
(-) 3.10%
|
(-)5.92%
|
|
NNP
|
(-) 4.44%
|
(-)3.67%
|
|
NAN
|
(-) 6.60%
|
(-)6.56%
|
|
NXK
|
(-) 5.72%
|
(-)5.98%
|
|
NNY
|
|
Nuveen New York
|
|
Performance
|
|
Municipal Value
|
|
OVERVIEW
|
|
Fund, Inc.
|
|
|
|
as of March 31, 2012
|
|
Fund Snapshot
|
|
|
|
|
|
Common Share Price
|
|
$
|
9.89
|
|
Common Share
Net Asset Value (NAV)
|
|
$
|
10.13
|
|
|
Premium/(Discount) to NAV
|
|
|
-2.37
|
%
|
|
Market Yield
|
|
|
4.19
|
%
|
|
Taxable-Equivalent Yield
1
|
|
|
6.24
|
%
|
Net Assets Applicable to
Common Shares ($000)
|
|
$
|
153,717
|
|
|
Leverage
|
|
|
|
|
|
Regulatory Leverage
|
|
|
—
|
%
|
|
Effective Leverage
|
|
|
2.68
|
%
|
|
Average Annual Total Returns
|
|
|
|
|
|
|
(Inception 10/07/87)
|
|
|
|
|
|
|
|
|
On Share Price
|
On NAV
|
|
6-Month (Cumulative)
|
|
|
6.69
|
%
|
|
4.19
|
%
|
|
1-Year
|
|
|
13.82
|
%
|
|
11.65
|
%
|
|
5-Year
|
|
|
5.21
|
%
|
|
4.95
|
%
|
|
10-Year
|
|
|
5.76
|
%
|
|
5.14
|
%
|
|
Portfolio Composition
3
|
|
|
|
|
|
(as a % of total investments)
|
|
|
|
|
|
Tax Obligation/Limited
|
|
|
25.0
|
%
|
|
Education and Civic Organizations
|
|
|
15.7
|
%
|
|
Health Care
|
|
|
11.9
|
%
|
|
Transportation
|
|
|
11.3
|
%
|
|
Tax Obligation/General
|
|
|
9.5
|
%
|
|
Utilities
|
|
|
5.0
|
%
|
|
U.S. Guaranteed
|
|
|
4.3
|
%
|
|
Housing/Multifamily
|
|
|
4.1
|
%
|
|
Long-Term Care
|
|
|
3.6
|
%
|
|
Other
|
|
|
9.6
|
%
|
|
|
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 32.8%. 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.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
NYV
|
|
Nuveen New York
|
|
Performance
|
|
|
OVERVIEW
|
Fund 2
|
|
|
as of March 31, 2012
|
|
Fund Snapshot
|
|
|
|
|
|
Common Share Price
|
|
$
|
15.30
|
|
Common Share
Net Asset Value (NAV)
|
|
$
|
15.79
|
|
|
Premium/(Discount) to NAV
|
|
|
-3.10
|
%
|
|
Market Yield
|
|
|
4.39
|
%
|
|
Taxable-Equivalent Yield
1
|
|
|
6.53
|
%
|
Net Assets Applicable to
Common Shares ($000)
|
|
$
|
37,056
|
|
|
Leverage
|
|
|
|
|
|
Regulatory Leverage
|
|
|
—
|
%
|
|
Effective Leverage
|
|
|
5.12
|
%
|
|
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
(Inception 4/28/09)
|
|
|
|
|
|
|
|
|
|
|
On Share Price
|
On NAV
|
|
6-Month (Cumulative)
|
|
|
10.77
|
%
|
|
5.04
|
%
|
|
1-Year
|
|
|
15.82
|
%
|
|
13.84
|
%
|
|
Since Inception
|
|
|
5.80
|
%
|
|
8.35
|
%
|
|
Portfolio Composition
3,4
|
|
|
|
|
|
(as a % of total investments)
|
|
|
|
|
|
Tax Obligation/Limited
|
|
|
29.8
|
%
|
|
Health Care
|
|
|
22.5
|
%
|
|
Housing/Multifamily
|
|
|
13.1
|
%
|
|
Transportation
|
|
|
10.8
|
%
|
|
Education and Civic Organizations
|
|
|
10.0
|
%
|
|
Tax Obligation/General
|
|
|
7.2
|
%
|
|
Consumer Staples
|
|
|
4.0
|
%
|
|
Water and Sewer
|
|
|
2.6
|
%
|
|
|
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 32.8%. 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.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
Excluding investments in derivatives.
|
|
5
|
Rounds to less than 1%.
|
|
NNP
|
|
Nuveen New York
|
|
Performance
|
Performance Plus
|
|
OVERVIEW
|
Municipal Fund, Inc.
|
|
|
as of March 31, 2012
|
|
Fund Snapshot
|
|
|
|
|
|
Common Share Price
|
|
$
|
15.51
|
|
Common Share
Net Asset Value (NAV)
|
|
$
|
16.23
|
|
|
Premium/(Discount) to NAV
|
|
|
-4.44
|
%
|
|
Market Yield
|
|
|
5.69
|
%
|
|
Taxable-Equivalent Yield
1
|
|
|
8.47
|
%
|
Net Assets Applicable to
Common Shares ($000)
|
|
$
|
244,164
|
|
|
Leverage
|
|
|
|
|
|
Regulatory Leverage
|
|
|
26.71
|
%
|
|
Effective Leverage
|
|
|
35.18
|
%
|
|
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
(Inception 11/15/89)
|
|
|
|
|
|
|
|
|
|
|
On Share Price
|
On NAV
|
|
6-Month (Cumulative)
|
|
|
6.87
|
%
|
|
5.17
|
%
|
|
1-Year
|
|
|
15.55
|
%
|
|
16.83
|
%
|
|
5-Year
|
|
|
5.71
|
%
|
|
6.26
|
%
|
|
10-Year
|
|
|
7.13
|
%
|
|
6.89
|
%
|
|
Portfolio Composition
3
|
|
|
|
|
|
(as a % of total investments)
|
|
|
|
|
|
Tax Obligation/Limited
|
|
|
24.6
|
%
|
|
Education and Civic Organizations
|
|
|
13.3
|
%
|
|
Health Care
|
|
|
11.2
|
%
|
|
Transportation
|
|
|
9.3
|
%
|
|
U.S. Guaranteed
|
|
|
8.1
|
%
|
|
Water and Sewer
|
|
|
8.0
|
%
|
|
Tax Obligation/General
|
|
|
7.7
|
%
|
|
Utilities
|
|
|
5.9
|
%
|
|
Housing/Multifamily
|
|
|
4.0
|
%
|
|
Housing/Single Family
|
|
|
2.8
|
%
|
|
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 32.8%. 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.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
NAN
|
|
Nuveen New York
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund
|
|
|
as of March 31, 2012
|
|
Fund Snapshot
|
|
|
|
|
|
Common Share Price
|
|
$
|
14.43
|
|
Common Share
Net Asset Value (NAV)
|
|
$
|
15.45
|
|
|
Premium/(Discount) to NAV
|
|
|
-6.60
|
%
|
|
Market Yield
|
|
|
5.45
|
%
|
|
Taxable-Equivalent Yield
1
|
|
|
8.11
|
%
|
Net Assets Applicable to
Common Shares ($000)
|
|
$
|
143,171
|
|
|
Leverage
|
|
|
|
|
|
Regulatory Leverage
|
|
|
27.88
|
%
|
|
Effective Leverage
|
|
|
35.29
|
%
|
|
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
(Inception 5/26/99)
|
|
|
|
|
|
|
|
|
|
|
|
On Share Price
|
|
On NAV
|
|
6-Month (Cumulative)
|
|
|
8.30
|
%
|
|
5.65
|
%
|
|
1-Year
|
|
|
19.08
|
%
|
|
17.45
|
%
|
|
5-Year
|
|
|
4.88
|
%
|
|
6.01
|
%
|
|
10-Year
|
|
|
6.90
|
%
|
|
6.85
|
%
|
|
Portfolio Composition
3
|
|
|
|
|
|
(as a % of total investments)
|
|
|
|
|
|
Tax Obligation/Limited
|
|
|
25.1
|
%
|
|
Health Care
|
|
|
13.9
|
%
|
|
Education and Civic Organizations
|
|
|
13.1
|
%
|
|
Transportation
|
|
|
12.8
|
%
|
|
Tax Obligation/General
|
|
|
8.2
|
%
|
|
Utilities
|
|
|
4.6
|
%
|
|
Housing/Multifamily
|
|
|
4.5
|
%
|
|
Water and Sewer
|
|
|
4.2
|
%
|
|
Long-Term Care
|
|
|
3.5
|
%
|
|
Other
|
|
|
10.1
|
%
|
|
|
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 32.8%. 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.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0059 per share.
|
|
NXK
|
|
Nuveen New York
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund 2
|
|
|
as of March 31, 2012
|
|
Fund Snapshot
|
|
|
|
|
|
Common Share Price
|
|
$
|
14.50
|
|
Common Share
Net Asset Value (NAV)
|
|
$
|
15.38
|
|
|
Premium/(Discount) to NAV
|
|
|
-5.72
|
%
|
|
Market Yield
|
|
|
5.50
|
%
|
|
Taxable-Equivalent Yield
1
|
|
|
8.18
|
%
|
Net Assets Applicable to
Common Shares ($000)
|
|
$
|
99,769
|
|
|
Leverage
|
|
|
|
|
|
Regulatory Leverage
|
|
|
27.52
|
%
|
|
Effective Leverage
|
|
|
34.14
|
%
|
|
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
(Inception 3/27/01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On NAV
|
|
6-Month (Cumulative)
|
|
|
9.62
|
%
|
|
5.68
|
%
|
|
1-Year
|
|
|
20.10
|
%
|
|
17.08
|
%
|
|
5-Year
|
|
|
4.88
|
%
|
|
6.14
|
%
|
|
10-Year
|
|
|
7.44
|
%
|
|
7.10
|
%
|
|
Portfolio Composition
3
|
|
|
|
|
|
(as a % of total investments)
|
|
|
|
|
|
Tax Obligation/Limited
|
|
|
27.3
|
%
|
|
Transportation
|
|
|
15.8
|
%
|
|
Education and Civic Organizations
|
|
|
14.2
|
%
|
|
Tax Obligation/General
|
|
|
9.0
|
%
|
|
Health Care
|
|
|
8.4
|
%
|
|
Utilities
|
|
|
5.8
|
%
|
|
Water and Sewer
|
|
|
4.3
|
%
|
|
Long-Term Care
|
|
|
3.7
|
%
|
|
U.S. Guaranteed
|
|
|
2.6
|
%
|
|
Other
|
|
|
8.9
|
%
|
|
|
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 32.8%. 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.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
NNY
|
|
Shareholder Meeting Report
|
|
NYV
|
|
|
|
NNP
|
|
The annual meeting of shareholders was held in the offices of Nuveen Investments on March 30, 2012; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies. The meeting for NNY, NNP, NAN and NXK was subsequently adjourned to May 8, 2012.
|
|
|
|
NNY
|
|
NYV
|
|
NNP
|
|
|
|
|
|
|
|
|
|
|
|
Common and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
Preferred
|
|
|
|
|
|
|
|
|
|
|
|
shares voting
|
|
|
shares voting
|
|
|
|
|
|
|
|
|
|
|
|
together
|
|
|
together
|
|
|
|
|
|
Common shares
|
|
|
Common shares
|
|
|
as a class
|
|
|
as a class
|
|
|
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
4,651,829
|
|
|
—
|
|
|
5,274,455
|
|
|
890
|
|
|
Against
|
|
|
325,605
|
|
|
—
|
|
|
325,403
|
|
|
—
|
|
|
Abstain
|
|
|
155,675
|
|
|
—
|
|
|
233,101
|
|
|
—
|
|
|
Broker Non-Votes
|
|
|
3,540,671
|
|
|
—
|
|
|
3,117,887
|
|
|
—
|
|
|
Total
|
|
|
8,673,780
|
|
|
—
|
|
|
8,950,846
|
|
|
890
|
|
|
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
4,603,604
|
|
|
—
|
|
|
5,253,820
|
|
|
890
|
|
|
Against
|
|
|
359,888
|
|
|
—
|
|
|
339,322
|
|
|
—
|
|
|
Abstain
|
|
|
169,617
|
|
|
—
|
|
|
239,817
|
|
|
—
|
|
|
Broker Non-Votes
|
|
|
3,540,671
|
|
|
—
|
|
|
3,117,887
|
|
|
—
|
|
|
Total
|
|
|
8,673,780
|
|
|
—
|
|
|
8,950,846
|
|
|
890
|
|
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John P. Amboian
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,661,186
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
289,660
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
Robert P. Bremner
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
8,394,552
|
|
|
1,891,836
|
|
|
8,653,544
|
|
|
—
|
|
|
Withhold
|
|
|
279,228
|
|
|
98,108
|
|
|
297,302
|
|
|
—
|
|
|
Total
|
|
|
8,673,780
|
|
|
1,989,944
|
|
|
8,950,846
|
|
|
—
|
|
|
Jack B. Evans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
8,420,243
|
|
|
1,929,904
|
|
|
8,656,502
|
|
|
—
|
|
|
Withhold
|
|
|
253,537
|
|
|
60,040
|
|
|
294,344
|
|
|
—
|
|
|
Total
|
|
|
8,673,780
|
|
|
1,989,944
|
|
|
8,950,846
|
|
|
—
|
|
|
William C. Hunter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890
|
|
|
David J. Kundert
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,651,598
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
299,248
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
William J. Schneider
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
8,398,366
|
|
|
1,929,904
|
|
|
—
|
|
|
890
|
|
|
Withhold
|
|
|
275,414
|
|
|
60,040
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
8,673,780
|
|
|
1,989,944
|
|
|
—
|
|
|
890
|
|
|
Judith M. Stockdale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,655,959
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
294,887
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
Carole E. Stone
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,660,905
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
289,941
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
Virginia L. Stringer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,661,555
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
289,291
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
Terence J. Toth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
8,661,448
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
289,398
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
8,950,846
|
|
|
—
|
|
|
NAN
|
|
Shareholder Meeting Report
(continued)
|
|
NXK
|
|
|
|
|
NAN
|
|
NXK
|
|
|
|
|
|
Common and
|
|
|
|
|
|
Common and
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
Preferred
|
|
|
Preferred
|
|
|
Preferred
|
|
|
|
|
|
shares voting
|
|
|
shares voting
|
|
|
shares voting
|
|
|
shares voting
|
|
|
|
|
|
together
|
|
|
together
|
|
|
together
|
|
|
together
|
|
|
|
|
|
as a class
|
|
|
as a class
|
|
|
as a class
|
|
|
as a class
|
|
|
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
4,044,004
|
|
|
1,327,676
|
|
|
3,529,272
|
|
|
1,497,524
|
|
|
Against
|
|
|
276,301
|
|
|
101,350
|
|
|
200,518
|
|
|
16,135
|
|
|
Abstain
|
|
|
149,122
|
|
|
21,500
|
|
|
93,081
|
|
|
15,200
|
|
|
Broker Non-Votes
|
|
|
3,598,517
|
|
|
1,153,723
|
|
|
2,272,603
|
|
|
527,645
|
|
|
Total
|
|
|
8,067,944
|
|
|
2,604,249
|
|
|
6,095,474
|
|
|
2,056,504
|
|
|
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
4,036,212
|
|
|
1,321,726
|
|
|
3,521,254
|
|
|
1,496,024
|
|
|
Against
|
|
|
299,723
|
|
|
102,350
|
|
|
207,124
|
|
|
16,135
|
|
|
Abstain
|
|
|
133,492
|
|
|
26,450
|
|
|
94,493
|
|
|
16,700
|
|
|
Broker Non-Votes
|
|
|
3,598,517
|
|
|
1,153,723
|
|
|
2,272,603
|
|
|
527,645
|
|
|
Total
|
|
|
8,067,944
|
|
|
2,604,249
|
|
|
6,095,474
|
|
|
2,056,504
|
|
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John P. Amboian
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Robert P. Bremner
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
7,812,477
|
|
|
—
|
|
|
5,966,789
|
|
|
—
|
|
|
Withhold
|
|
|
255,467
|
|
|
—
|
|
|
128,685
|
|
|
—
|
|
|
Total
|
|
|
8,067,944
|
|
|
—
|
|
|
6,095,474
|
|
|
—
|
|
|
Jack B. Evans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
7,815,253
|
|
|
—
|
|
|
5,966,789
|
|
|
—
|
|
|
Withhold
|
|
|
252,691
|
|
|
—
|
|
|
128,685
|
|
|
—
|
|
|
Total
|
|
|
8,067,944
|
|
|
—
|
|
|
6,095,474
|
|
|
—
|
|
|
William C. Hunter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
2,520,399
|
|
|
—
|
|
|
2,046,004
|
|
|
Withhold
|
|
|
—
|
|
|
83,850
|
|
|
—
|
|
|
10,500
|
|
|
Total
|
|
|
—
|
|
|
2,604,249
|
|
|
—
|
|
|
2,056,504
|
|
|
David J. Kundert
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
William J. Schneider
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
2,516,899
|
|
|
—
|
|
|
2,046,004
|
|
|
Withhold
|
|
|
—
|
|
|
87,350
|
|
|
—
|
|
|
10,500
|
|
|
Total
|
|
|
—
|
|
|
2,604,249
|
|
|
—
|
|
|
2,056,504
|
|
|
Judith M. Stockdale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Carole E. Stone
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Virginia L. Stringer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Terence J. Toth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Withhold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Nuveen New York Municipal Value Fund, Inc.
|
|
NNY
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Consumer Discretionary – 1.3% (1.3% of Total Investments)
|
|
|
|
|
|
|
|
$
|
275
|
|
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
|
9/15 at 100.00
|
BBB–
|
|
$
|
275,407
|
|
|
|
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
|
|
|
1,736,631
|
|
|
|
2,225
|
|
Total Consumer Discretionary
|
|
|
|
|
2,012,038
|
|
|
|
|
|
Consumer Staples – 2.1% (2.2% of Total Investments)
|
|
|
|
|
|
|
|
|
175
|
|
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
|
6/12 at 100.00
|
A3
|
|
|
164,976
|
|
|
|
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
|
|
|
1,485,375
|
|
|
|
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+
|
|
|
366,060
|
|
|
|
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
|
|
|
114,593
|
|
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
845
|
|
4.750%, 6/01/22
|
6/16 at 100.00
|
BBB+
|
|
|
841,578
|
|
|
|
345
|
|
5.000%, 6/01/26
|
6/16 at 100.00
|
BBB–
|
|
|
322,986
|
|
|
|
3,355
|
|
Total Consumer Staples
|
|
|
|
|
3,295,568
|
|
|
|
|
|
Education and Civic Organizations – 15.5% (15.7% 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
|
|
|
282,840
|
|
|
|
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
|
BBB–
|
|
|
368,964
|
|
|
|
1,350
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
|
No Opt. Call
|
BBB–
|
|
|
1,489,725
|
|
|
|
750
|
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt
Revenue Bonds (Enterprise Charter School Project), Series 2011A, 7.500%, 12/01/40
|
12/20 at 100.00
|
BBB
|
|
|
840,713
|
|
|
|
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–
|
|
|
91,090
|
|
|
|
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
|
|
|
1,167,762
|
|
|
|
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
|
|
|
1,083,290
|
|
|
|
800
|
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, D’Youville College, Series 2001, 5.250%, 7/01/20 – RAAI Insured
|
7/12 at 101.00
|
N/R
|
|
|
816,472
|
|
|
|
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
|
|
|
549,884
|
|
|
|
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–
|
|
|
572,056
|
|
|
|
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
|
|
|
303,047
|
|
|
|
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
|
|
|
2,212,076
|
|
|
|
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
|
|
|
274,238
|
|
|
|
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+
|
|
|
956,718
|
|
|
|
|
|
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+
|
|
|
1,089,640
|
|
|
|
1,000
|
|
6.000%, 6/01/34
|
6/21 at 100.00
|
BBB+
|
|
|
1,082,690
|
|
|
|
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
|
|
|
3,231,120
|
|
|
|
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–
|
|
|
251,809
|
|
|
|
|
Nuveen New York Municipal Value Fund, Inc. (continued)
|
|
NNY
|
|
Portfolio of Investments
|
March 31, 2012 (Unaudited)
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
$
|
1,100
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21
|
6/12 at 100.00
|
A–
|
|
$
|
1,101,870
|
|
|
|
|
|
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+
|
|
|
1,435,920
|
|
|
|
1,175
|
|
4.750%, 1/01/42 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
|
|
1,064,057
|
|
|
|
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–
|
|
|
1,542,783
|
|
|
|
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
|
|
|
175,440
|
|
|
|
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
|
|
|
1,480,872
|
|
|
|
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–
|
|
|
320,265
|
|
|
|
22,925
|
|
Total Education and Civic Organizations
|
|
|
|
|
23,785,341
|
|
|
|
|
|
Financials – 1.2% (1.3% of Total Investments)
|
|
|
|
|
|
|
|
|
400
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
|
No Opt. Call
|
A1
|
|
|
435,596
|
|
|
|
1,305
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A1
|
|
|
1,472,849
|
|
|
|
1,705
|
|
Total Financials
|
|
|
|
|
1,908,445
|
|
|
|
|
|
Health Care – 11.7% (11.9% 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+
|
|
|
1,078,783
|
|
|
|
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
|
|
|
1,091,038
|
|
|
|
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
|
|
|
1,028,114
|
|
|
|
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
|
|
|
773,899
|
|
|
|
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
|
|
|
1,906,486
|
|
|
|
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
|
|
|
375,263
|
|
|
|
380
|
|
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
|
12/18 at 100.00
|
Ba1
|
|
|
397,529
|
|
|
|
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
|
Aa2
|
|
|
2,470,485
|
|
|
|
1,495
|
|
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–
|
|
|
1,619,818
|
|
|
|
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
|
A3
|
|
|
2,349,522
|
|
|
|
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
|
|
|
509,655
|
|
|
|
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
|
|
|
506,380
|
|
|
|
290
|
|
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
|
6/12 at 100.00
|
BB
|
|
|
287,431
|
|
|
|
|
|
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–
|
|
|
280,039
|
|
|
|
260
|
|
5.500%, 2/01/32
|
No Opt. Call
|
BBB–
|
|
|
261,677
|
|
|
|
|
|
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
|
|
|
1,214,233
|
|
|
|
1,000
|
|
5.250%, 2/15/22 – AMBAC Insured
|
2/13 at 100.00
|
Aa3
|
|
|
1,038,580
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
$
|
295
|
|
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing
Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
|
7/21 at 100.00
|
A–
|
|
$
|
320,105
|
|
|
|
500
|
|
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
|
7/12 at 100.00
|
B
|
|
|
500,675
|
|
|
|
16,990
|
|
Total Health Care
|
|
|
|
|
18,009,712
|
|
|
|
|
|
Housing/Multifamily – 4.1% (4.1% of Total Investments)
|
|
|
|
|
|
|
|
|
345
|
|
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
|
10/12 at 100.00
|
AA+
|
|
|
345,883
|
|
|
|
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–
|
|
|
1,786,938
|
|
|
|
20
|
|
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A, 5.600%, 11/01/42
|
5/12 at 100.00
|
AA
|
|
|
20,018
|
|
|
|
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
|
|
|
1,065,990
|
|
|
|
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
|
|
|
1,298,788
|
|
|
|
440
|
|
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue
Bonds, Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax)
|
8/12 at 100.00
|
Aa1
|
|
|
440,669
|
|
|
|
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
|
8/12 at 101.00
|
Aaa
|
|
|
1,303,407
|
|
|
|
6,020
|
|
Total Housing/Multifamily
|
|
|
|
|
6,261,693
|
|
|
|
|
|
Housing/Single Family – 1.4% (1.4% of Total Investments)
|
|
|
|
|
|
|
|
|
950
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%,
4/01/27 (Alternative Minimum Tax)
|
4/15 at 100.00
|
Aa1
|
|
|
957,809
|
|
|
|
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
|
|
|
381,862
|
|
|
|
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
|
|
|
854,700
|
|
|
|
2,160
|
|
Total Housing/Single Family
|
|
|
|
|
2,194,371
|
|
|
|
|
|
Long-Term Care – 3.5% (3.6% of Total Investments)
|
|
|
|
|
|
|
|
|
705
|
|
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
|
8/12 at 100.00
|
AAA
|
|
|
705,776
|
|
|
|
2,000
|
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 6.125%, 2/01/36
|
8/12 at 100.00
|
AAA
|
|
|
2,003,500
|
|
|
|
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+
|
|
|
468,956
|
|
|
|
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
|
|
|
230,804
|
|
|
|
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
|
|
|
103,064
|
|
|
|
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
|
|
|
180,992
|
|
|
|
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
|
7/12 at 100.50
|
N/R
|
|
|
473,788
|
|
|
|
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
|
|
|
782,731
|
|
|
|
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
|
|
|
220,578
|
|
|
|
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
|
|
|
211,192
|
|
|
|
5,475
|
|
Total Long-Term Care
|
|
|
|
|
5,381,381
|
|
|
|
|
|
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
|
|
|
244,826
|
|
|
|
|
Nuveen New York Municipal Value Fund, Inc. (continued)
|
|
NNY
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/General – 9.4% (9.5% 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
|
|
$
|
5,483,615
|
|
|
|
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
|
|
|
2,314,300
|
|
|
|
20
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
|
8/14 at 100.00
|
|
AA
|
|
|
22,083
|
|
|
|
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
|
|
|
1,104,970
|
|
|
|
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
|
|
|
2,266,240
|
|
|
|
2,795
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
|
8/16 at 100.00
|
|
AA
|
|
|
3,175,791
|
|
|
|
12,575
|
|
Total Tax Obligation/General
|
|
|
|
|
|
14,366,999
|
|
|
|
|
|
Tax Obligation/Limited – 24.6% (25.0% of Total Investments)
|
|
|
|
|
|
|
|
|
|
1,000
|
|
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
|
11/13 at 100.00
|
|
AAA
|
|
|
1,071,600
|
|
|
|
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–
|
|
|
444,328
|
|
|
|
|
|
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–
|
|
|
1,154,190
|
|
|
|
1,400
|
|
6.000%, 7/01/20
|
No Opt. Call
|
|
AA–
|
|
|
1,743,308
|
|
|
|
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
|
|
|
306,551
|
|
|
|
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–
|
|
|
380,170
|
|
|
|
|
|
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
|
|
|
2,048,380
|
|
|
|
1,000
|
|
5.000%, 11/15/30
|
11/12 at 100.00
|
|
AA
|
|
|
1,023,620
|
|
|
|
1,500
|
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
|
11/19 at 100.00
|
|
AA
|
|
|
1,640,445
|
|
|
|
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–
|
|
|
1,009,830
|
|
|
|
560
|
|
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
|
1/13 at 102.00
|
|
BBB
|
|
|
557,278
|
|
|
|
|
|
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
|
|
|
809,501
|
|
|
|
550
|
|
5.000%, 10/15/26 – NPFG Insured
|
10/14 at 100.00
|
|
AAA
|
|
|
600,787
|
|
|
|
1,890
|
|
5.000%, 10/15/29 – AMBAC Insured
|
10/14 at 100.00
|
|
AAA
|
|
|
2,062,122
|
|
|
|
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–
|
|
|
1,302,132
|
|
|
|
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–
|
|
|
1,633,245
|
|
|
|
385
|
|
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
|
|
|
398,471
|
|
|
|
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
|
|
|
1,706,348
|
|
|
|
1,000
|
|
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
|
3/14 at 100.00
|
|
AA–
|
|
|
1,069,960
|
|
|
|
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
|
|
|
2,380,224
|
|
|
|
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
|
|
|
910,955
|
|
|
|
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
|
|
|
1,133,830
|
|
|
|
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
|
|
|
1,301,242
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
$
|
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
|
|
$
|
3,076,686
|
|
|
|
|
|
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–
|
|
|
1,895,958
|
|
|
|
2,000
|
|
5.250%, 6/01/22 – AMBAC Insured
|
6/13 at 100.00
|
AA–
|
|
|
2,105,900
|
|
|
|
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–
|
|
|
1,056,460
|
|
|
|
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–
|
|
|
749,718
|
|
|
|
2,000
|
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2011A, 5.000%, 3/15/29
|
No Opt. Call
|
AAA
|
|
|
2,290,680
|
|
|
|
34,240
|
|
Total Tax Obligation/Limited
|
|
|
|
|
37,863,919
|
|
|
|
|
|
Transportation – 11.2% (11.3% 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
|
|
|
2,653,800
|
|
|
|
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
|
|
|
514,865
|
|
|
|
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
|
|
|
757,515
|
|
|
|
1,100
|
|
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
|
6/12 at 100.00
|
BB–
|
|
|
946,979
|
|
|
|
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
|
N/R
|
|
|
1,000,100
|
|
|
|
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
|
|
|
734,090
|
|
|
|
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–
|
|
|
880,900
|
|
|
|
660
|
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
|
|
700,075
|
|
|
|
165
|
|
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
|
1/15 at 100.00
|
A+
|
|
|
178,489
|
|
|
|
400
|
|
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
|
7/15 at 100.00
|
AA–
|
|
|
440,452
|
|
|
|
500
|
|
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
BBB
|
|
|
507,400
|
|
|
|
|
|
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
|
|
|
1,067,370
|
|
|
|
435
|
|
5.000%, 12/01/31 – SYNCORA GTY Insured
|
6/15 at 101.00
|
Aa2
|
|
|
461,052
|
|
|
|
325
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)
|
8/17 at 100.00
|
Aa2
|
|
|
427,336
|
|
|
|
|
|
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–
|
|
|
242,849
|
|
|
|
1,160
|
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
|
|
1,301,822
|
|
|
|
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
|
|
|
2,567,675
|
|
|
|
|
|
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
|
|
|
983,564
|
|
|
|
800
|
|
5.250%, 11/15/22 – NPFG Insured
|
11/12 at 100.00
|
Aa3
|
|
|
823,056
|
|
|
|
17,250
|
|
Total Transportation
|
|
|
|
|
17,189,389
|
|
|
|
|
Nuveen New York Municipal Value Fund, Inc. (continued)
|
|
NNY
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
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
|
|
$
|
2,265,610
|
|
|
|
25
|
|
Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)
|
10/12 at 102.33
|
Baa1 (4)
|
|
|
27,716
|
|
|
|
960
|
|
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
|
5/12 at 100.00
|
N/R (4)
|
|
|
1,002,768
|
|
|
|
455
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
N/R (4)
|
|
|
462,053
|
|
|
|
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
|
N/R (4)
|
|
|
230,573
|
|
|
|
740
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 (Pre-refunded 6/15/12)
|
6/12 at 100.00
|
AAA
|
|
|
748,029
|
|
|
|
945
|
|
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
|
|
|
982,885
|
|
|
|
730
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
Aa2 (4)
|
|
|
813,512
|
|
|
|
6,035
|
|
Total U.S. Guaranteed
|
|
|
|
|
6,533,146
|
|
|
|
|
|
Utilities – 5.0% (5.0% 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
|
|
|
1,066,760
|
|
|
|
|
|
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
|
|
|
1,637,040
|
|
|
|
1,500
|
|
5.000%, 12/01/24 – FGIC Insured
|
6/16 at 100.00
|
A
|
|
|
1,624,035
|
|
|
|
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
|
|
|
259,063
|
|
|
|
400
|
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
|
5/21 at 100.00
|
A
|
|
|
426,908
|
|
|
|
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–
|
|
|
1,016,640
|
|
|
|
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)
|
5/12 at 101.00
|
Baa2
|
|
|
505,605
|
|
|
|
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)
|
5/12 at 100.00
|
Baa2
|
|
|
252,793
|
|
|
|
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
|
|
|
28,585
|
|
|
|
|
|
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
|
|
|
|
|
|
|
|
|
270
|
|
5.300%, 1/01/13 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
|
|
269,988
|
|
|
|
575
|
|
5.500%, 1/01/23 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
|
|
561,146
|
|
|
|
7,270
|
|
Total Utilities
|
|
|
|
|
7,648,563
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Water and Sewer – 3.1% (3.2% of Total Investments)
|
|
|
|
|
|
|
|
$
|
4,440
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
|
12/21 at 100.00
|
AA+
|
|
$
|
4,821,973
|
|
|
$
|
142,905
|
|
Total Investments (cost $143,183,926) – 98.6%
|
|
|
|
|
151,517,364
|
|
|
|
|
|
Floating Rate Obligations – (2.1)%
|
|
|
|
|
(3,255,000
|
)
|
|
|
|
|
Other Assets Less Liabilities – 3.5%
|
|
|
|
|
5,455,025
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$
|
153,717,389
|
|
|
(1)
|
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
N/R
|
|
Not rated.
|
|
(ETM)
|
|
Escrowed to maturity.
|
|
(IF)
|
|
Inverse floating rate investment.
|
|
(UB)
|
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
|
|
Nuveen New York Municipal Value Fund 2
|
|
NYV
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Consumer Staples – 4.0% (4.0% 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
|
|
$
|
1,467,585
|
|
|
|
|
|
Education and Civic Organizations – 10.0% (10.0% of Total Investments)
|
|
|
|
|
|
|
|
|
1,200
|
|
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
|
4/17 at 100.00
|
BBB–
|
|
|
1,066,884
|
|
|
|
380
|
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt
Revenue Bonds (Enterprise Charter School Project), Series 2011A, 6.000%, 12/01/19
|
No Opt. Call
|
BBB
|
|
|
416,856
|
|
|
|
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
|
|
|
1,071,100
|
|
|
|
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–
|
|
|
1,134,123
|
|
|
|
7,475
|
|
Total Education and Civic Organizations
|
|
|
|
|
3,688,963
|
|
|
|
|
|
Health Care – 22.4% (22.5% 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+
|
|
|
327,001
|
|
|
|
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
|
|
|
522,325
|
|
|
|
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
|
|
|
53,609
|
|
|
|
1,000
|
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health
Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/27 – RAAI Insured
|
7/12 at 100.00
|
A3
|
|
|
1,000,740
|
|
|
|
85
|
|
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
|
12/18 at 100.00
|
Ba1
|
|
|
88,921
|
|
|
|
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
|
|
|
1,563,825
|
|
|
|
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–
|
|
|
1,661,475
|
|
|
|
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
|
A3
|
|
|
1,081,316
|
|
|
|
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
|
Baa2
|
|
|
715,463
|
|
|
|
725
|
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
|
11/17 at 100.00
|
A
|
|
|
776,432
|
|
|
|
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+
|
|
|
522,300
|
|
|
|
7,860
|
|
Total Health Care
|
|
|
|
|
8,313,407
|
|
|
|
|
|
Housing/Multifamily – 13.1% (13.1% of Total Investments)
|
|
|
|
|
|
|
|
|
1,500
|
|
New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples
Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax)
|
11/15 at 100.00
|
AA+
|
|
|
1,529,055
|
|
|
|
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
|
|
|
1,825,884
|
|
|
|
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
|
|
|
1,038,270
|
|
|
|
450
|
|
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
|
5/19 at 100.00
|
Aa2
|
|
|
464,031
|
|
|
|
4,750
|
|
Total Housing/Multifamily
|
|
|
|
|
4,857,240
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/General – 7.2% (7.2% 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
|
|
$
|
1,639,260
|
|
|
|
500
|
|
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
|
8/19 at 100.00
|
AA
|
|
|
578,575
|
|
|
|
400
|
|
Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%,
|
10/21 at 100.00
|
AA–
|
|
|
434,328
|
|
|
|
|
|
10/01/24 – AGM Insured
|
|
|
|
|
|
|
|
|
2,400
|
|
Total Tax Obligation/General
|
|
|
|
|
2,652,163
|
|
|
|
|
|
Tax Obligation/Limited – 29.7% (29.8% of Total Investments)
|
|
|
|
|
|
|
|
|
1,200
|
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38
|
3/19 at 100.00
|
AAA
|
|
|
1,300,656
|
|
|
|
1,200
|
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
12/19 at 100.00
|
BBB–
|
|
|
1,260,948
|
|
|
|
1,710
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
|
2/17 at 100.00
|
A
|
|
|
1,750,356
|
|
|
|
|
|
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
|
|
|
|
|
|
|
|
|
1,000
|
|
5.000%, 10/15/26 – AGM Insured
|
10/14 at 100.00
|
AAA
|
|
|
1,091,550
|
|
|
|
1,000
|
|
5.000%, 10/15/32 – AGM Insured
|
10/14 at 100.00
|
AAA
|
|
|
1,091,070
|
|
|
|
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–
|
|
|
1,633,245
|
|
|
|
1,000
|
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.648%, 3/15/37 (IF) (4)
|
3/17 at 100.00
|
AAA
|
|
|
1,203,930
|
|
|
|
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+
|
|
|
1,689,525
|
|
|
|
10,110
|
|
Total Tax Obligation/Limited
|
|
|
|
|
11,021,280
|
|
|
|
|
|
Transportation – 10.7% (10.8% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
|
|
|
|
|
|
|
|
|
500
|
|
7.500%, 8/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
|
|
499,485
|
|
|
|
500
|
|
7.750%, 8/01/31 (Alternative Minimum Tax)
|
8/16 at 101.00
|
N/R
|
|
|
500,315
|
|
|
|
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
|
|
|
1,010,240
|
|
|
|
155
|
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
|
|
164,412
|
|
|
|
|
|
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–
|
|
|
194,279
|
|
|
|
140
|
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
|
|
157,116
|
|
|
|
1,325
|
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33
|
5/18 at 100.00
|
Aa2
|
|
|
1,457,818
|
|
|
|
4,800
|
|
Total Transportation
|
|
|
|
|
3,983,665
|
|
|
|
|
|
Water and Sewer – 2.6% (2.6% of Total Investments)
|
|
|
|
|
|
|
|
|
900
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
|
12/21 at 100.00
|
AA+
|
|
|
977,427
|
|
|
$
|
39,645
|
|
Total Investments (cost $32,887,942) – 99.7%
|
|
|
|
|
36,961,730
|
|
|
|
|
|
Other Assets Less Liabilities – 0.3% (5)
|
|
|
|
|
94,248
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$
|
37,055,978
|
|
|
|
|
Nuveen New York Municipal Value Fund 2 (continued)
|
|
NYV
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
Investments in Derivatives at March 31, 2012
Forward Swaps outstanding:
|
|
|
Fund
|
|
|
Fixed Rate
|
|
|
Unrealized
|
|
|
Notional
|
Pay/Receive
|
Floating Rate
|
|
Payment
|
Effective
|
Termination
|
Appreciation
|
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
Fixed Rate
|
Frequency
|
Date (6)
|
Date
|
(Depreciation)
|
|
Barclays Bank PLC
|
$2,750,000
|
Receive
|
3-Month USD-LIBOR
|
3.190%
|
Semi-Annually
|
4/30/14
|
4/30/34
|
$ —
|
|
(1)
|
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in 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 March 31, 2012.
|
|
(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.
|
See accompanying notes to financial statements.
|
|
|
Nuveen New York Performance Plus Municipal Fund, Inc.
|
|
NNP
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Consumer Discretionary – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
|
$
|
685
|
|
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
|
9/15 at 100.00
|
BBB–
|
|
$
|
686,014
|
|
|
|
|
|
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
|
6/12 at 100.00
|
A3
|
|
|
339,379
|
|
|
|
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
|
|
|
990,250
|
|
|
|
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
|
|
|
286,482
|
|
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
2,235
|
|
4.750%, 6/01/22
|
6/16 at 100.00
|
BBB+
|
|
|
2,225,948
|
|
|
|
930
|
|
5.000%, 6/01/26
|
6/16 at 100.00
|
BBB–
|
|
|
870,657
|
|
|
|
4,825
|
|
Total Consumer Staples
|
|
|
|
|
4,712,716
|
|
|
|
|
|
Education and Civic Organizations – 19.3% (13.3% 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
|
|
|
673,674
|
|
|
|
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
|
BBB–
|
|
|
822,390
|
|
|
|
1,000
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43
|
No Opt. Call
|
BBB–
|
|
|
1,106,770
|
|
|
|
1,630
|
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds (Enterprise Charter School Project), Series 2011A, 7.500%, 12/01/40
|
12/20 at 100.00
|
BBB
|
|
|
1,827,149
|
|
|
|
1,285
|
|
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13
|
9/12 at 100.00
|
BBB–
|
|
|
1,287,454
|
|
|
|
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–
|
|
|
91,090
|
|
|
|
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
|
|
|
2,797,660
|
|
|
|
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–
|
|
|
2,645,272
|
|
|
|
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
|
|
|
1,093,670
|
|
|
|
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
|
|
|
1,322,989
|
|
|
|
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
|
|
|
2,164,281
|
|
|
|
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–
|
|
|
953,426
|
|
|
|
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–
|
|
|
5,435,500
|
|
|
|
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
|
|
|
692,678
|
|
|
|
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
|
|
|
917,508
|
|
|
|
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
|
|
|
3,955,233
|
|
|
|
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
|
|
|
657,136
|
|
|
|
1,885
|
|
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB+
|
|
|
2,049,334
|
|
|
|
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–
|
|
|
1,390,120
|
|
|
|
|
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
|
|
NNP
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
|
|
|
Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999:
|
|
|
|
|
|
|
|
$
|
1,000
|
|
5.375%, 6/01/17 – RAAI Insured
|
6/12 at 100.00
|
N/R
|
|
$
|
1,004,160
|
|
|
|
2,365
|
|
5.375%, 6/01/24 – RAAI Insured
|
6/12 at 100.00
|
N/R
|
|
|
2,369,021
|
|
|
|
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–
|
|
|
596,118
|
|
|
|
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
|
6/12 at 100.00
|
A–
|
|
|
851,445
|
|
|
|
|
|
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+
|
|
|
1,914,560
|
|
|
|
2,300
|
|
4.750%, 1/01/42 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
|
|
2,082,834
|
|
|
|
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–
|
|
|
3,694,054
|
|
|
|
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
|
|
|
433,440
|
|
|
|
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–
|
|
|
1,521,259
|
|
|
|
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+
|
|
|
728,765
|
|
|
|
45,390
|
|
Total Education and Civic Organizations
|
|
|
|
|
47,078,990
|
|
|
|
|
|
Financials – 1.3% (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
|
|
|
1,088,990
|
|
|
|
1,740
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A1
|
|
|
1,963,799
|
|
|
|
2,740
|
|
Total Financials
|
|
|
|
|
3,052,789
|
|
|
|
|
|
Health Care – 16.3% (11.2% 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
|
A3
|
|
|
1,037,060
|
|
|
|
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
|
|
|
1,340,728
|
|
|
|
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
|
|
|
1,879,469
|
|
|
|
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
|
|
|
8,879,525
|
|
|
|
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
|
|
|
375,263
|
|
|
|
805
|
|
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
|
12/18 at 100.00
|
Ba1
|
|
|
842,135
|
|
|
|
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
|
Aa2
|
|
|
5,876,599
|
|
|
|
2,735
|
|
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
|
8/14 at 100.00
|
AA–
|
|
|
2,963,345
|
|
|
|
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
|
|
|
1,872,000
|
|
|
|
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
|
A3
|
|
|
4,195,575
|
|
|
|
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
|
|
|
1,274,138
|
|
|
|
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
|
|
|
911,484
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
$
|
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–
|
|
$
|
551,895
|
|
|
|
|
|
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–
|
|
|
710,099
|
|
|
|
625
|
|
5.500%, 2/01/32
|
No Opt. Call
|
BBB–
|
|
|
629,031
|
|
|
|
|
|
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
|
|
|
1,033,390
|
|
|
|
1,250
|
|
5.250%, 2/15/22 – AMBAC Insured
|
2/13 at 100.00
|
Aa3
|
|
|
1,298,225
|
|
|
|
2,730
|
|
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
|
7/21 at 100.00
|
A–
|
|
|
2,962,323
|
|
|
|
1,100
|
|
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
|
7/12 at 100.00
|
B
|
|
|
1,101,485
|
|
|
|
37,530
|
|
Total Health Care
|
|
|
|
|
39,733,769
|
|
|
|
|
|
Housing/Multifamily – 5.8% (4.0% 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 – FGIC Insured (UB)
|
7/15 at 100.00
|
AA–
|
|
|
4,789,841
|
|
|
|
40
|
|
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A, 5.600%, 11/01/42
|
5/12 at 100.00
|
AA
|
|
|
40,036
|
|
|
|
|
|
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
|
|
|
920,765
|
|
|
|
450
|
|
5.500%, 11/01/34 (Alternative Minimum Tax)
|
5/12 at 100.00
|
AA
|
|
|
455,756
|
|
|
|
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
|
|
|
1,536,510
|
|
|
|
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
|
|
|
361,574
|
|
|
|
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
|
|
|
2,064,720
|
|
|
|
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
|
|
|
2,071,200
|
|
|
|
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
|
|
|
705,808
|
|
|
|
1,100
|
|
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
|
8/12 at 100.00
|
Aa1
|
|
|
1,101,793
|
|
|
|
13,565
|
|
Total Housing/Multifamily
|
|
|
|
|
14,048,003
|
|
|
|
|
|
Housing/Single Family – 4.0% (2.8% 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
|
|
|
2,313,865
|
|
|
|
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
|
|
|
853,454
|
|
|
|
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
|
|
|
908,213
|
|
|
|
180
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aa1
|
|
|
180,153
|
|
|
|
3,875
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax)
|
6/12 at 100.00
|
Aa1
|
|
|
3,877,441
|
|
|
|
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
|
|
|
1,689,050
|
|
|
|
9,725
|
|
Total Housing/Single Family
|
|
|
|
|
9,822,176
|
|
|
|
|
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
|
|
NNP
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Long-Term Care – 3.9% (2.7% 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+
|
|
$
|
1,153,524
|
|
|
|
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
|
|
|
551,365
|
|
|
|
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
|
7/12 at 100.00
|
BBB
|
|
|
1,378,616
|
|
|
|
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
|
|
|
|
|
|
|
|
|
50
|
|
5.125%, 7/01/30 – ACA Insured
|
7/15 at 100.00
|
N/R
|
|
|
41,313
|
|
|
|
425
|
|
5.000%, 7/01/35 – ACA Insured
|
7/15 at 100.00
|
N/R
|
|
|
324,462
|
|
|
|
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
|
|
|
1,459,120
|
|
|
|
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
|
|
|
457,507
|
|
|
|
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
|
7/12 at 100.50
|
N/R
|
|
|
1,199,591
|
|
|
|
|
|
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
|
|
|
1,875,691
|
|
|
|
755
|
|
5.800%, 7/01/23
|
7/16 at 101.00
|
N/R
|
|
|
708,666
|
|
|
|
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
|
|
|
319,134
|
|
|
|
9,885
|
|
Total Long-Term Care
|
|
|
|
|
9,468,989
|
|
|
|
|
|
Materials – 0.2% (0.1% 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
|
|
|
586,563
|
|
|
|
|
|
Tax Obligation/General – 11.2% (7.7% of Total Investments)
|
|
|
|
|
|
|
|
|
10,000
|
|
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/26 (UB)
|
12/17 at 100.00
|
AA
|
|
|
11,505,300
|
|
|
|
400
|
|
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
|
8/19 at 100.00
|
AA
|
|
|
447,700
|
|
|
|
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
|
|
|
3,399,360
|
|
|
|
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
|
|
|
7,239,616
|
|
|
|
1,800
|
|
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
|
8/14 at 100.00
|
AA
|
|
|
1,987,506
|
|
|
|
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
|
|
|
2,762,425
|
|
|
|
24,100
|
|
Total Tax Obligation/General
|
|
|
|
|
27,341,907
|
|
|
|
|
|
Tax Obligation/Limited – 35.8% (24.6% of Total Investments)
|
|
|
|
|
|
|
|
|
2,400
|
|
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.000%, 11/01/23
|
11/13 at 100.00
|
AAA
|
|
|
2,556,480
|
|
|
|
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–
|
|
|
547,383
|
|
|
|
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–
|
|
|
1,105,110
|
|
|
|
2,500
|
|
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 – FGIC Insured
|
No Opt. Call
|
AA–
|
|
|
2,923,475
|
|
|
|
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
|
|
|
769,164
|
|
|
|
2,700
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
No Opt. Call
|
A
|
|
|
3,025,296
|
|
|
|
500
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
|
2/17 at 100.00
|
A
|
|
|
511,800
|
|
|
|
|
|
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
|
|
|
5,120,950
|
|
|
|
2,500
|
|
5.000%, 11/15/30
|
11/12 at 100.00
|
AA
|
|
|
2,559,050
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
|
|
|
|
|
|
|
|
$
|
2,175
|
|
5.750%, 7/01/18
|
No Opt. Call
|
AA–
|
|
$
|
2,671,466
|
|
|
|
2,000
|
|
5.125%, 1/01/29
|
7/12 at 100.00
|
AA–
|
|
|
2,019,660
|
|
|
|
1,300
|
|
5.000%, 7/01/30 – AMBAC Insured
|
7/12 at 100.00
|
AA–
|
|
|
1,311,934
|
|
|
|
1,680
|
|
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
|
1/13 at 102.00
|
BBB
|
|
|
1,671,835
|
|
|
|
|
|
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
|
|
|
2,920,766
|
|
|
|
2,125
|
|
5.000%, 10/15/26 – NPFG Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
2,321,223
|
|
|
|
2,475
|
|
5.000%, 10/15/29 – AMBAC Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
2,700,398
|
|
|
|
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–
|
|
|
3,363,841
|
|
|
|
770
|
|
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
|
|
|
796,942
|
|
|
|
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
|
|
|
4,059,546
|
|
|
|
2,400
|
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.692%, 5/01/32 (IF)
|
5/19 at 100.00
|
AAA
|
|
|
3,036,672
|
|
|
|
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
|
|
|
2,929,650
|
|
|
|
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–
|
|
|
1,151,210
|
|
|
|
1,000
|
|
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
|
3/14 at 100.00
|
AA–
|
|
|
1,069,960
|
|
|
|
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
|
|
|
5,667,200
|
|
|
|
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
|
|
|
2,201,474
|
|
|
|
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
|
|
|
1,133,830
|
|
|
|
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
|
|
|
3,100,832
|
|
|
|
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
|
|
|
7,032,424
|
|
|
|
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
|
|
|
1,850,800
|
|
|
|
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–
|
|
|
7,057,177
|
|
|
|
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–
|
|
|
3,169,380
|
|
|
|
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
|
|
|
1,407,848
|
|
|
|
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+
|
|
|
2,092,760
|
|
|
|
10,000
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
Aa2
|
|
|
1,529,800
|
|
|
|
87,625
|
|
Total Tax Obligation/Limited
|
|
|
|
|
87,387,336
|
|
|
|
|
|
Transportation – 13.5% (9.3% of Total Investments)
|
|
|
|
|
|
|
|
|
340
|
|
Albany Parking Authority, New York, Revenue Bonds, Series 2001B, 5.250%, 10/15/12
|
4/12 at 101.00
|
BBB+
|
|
|
344,151
|
|
|
|
1,500
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 – FGIC Insured
|
No Opt. Call
|
A
|
|
|
1,710,180
|
|
|
|
2,000
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
|
11/20 at 100.00
|
A
|
|
|
2,151,380
|
|
|
|
|
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
|
|
NNP
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Transportation
(continued)
|
|
|
|
|
|
|
|
$
|
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
|
|
$
|
1,010,020
|
|
|
|
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)
|
6/12 at 100.00
|
BB–
|
|
|
1,635,691
|
|
|
|
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
|
|
|
1,625,485
|
|
|
|
1,420
|
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
|
|
1,506,222
|
|
|
|
215
|
|
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
|
1/15 at 100.00
|
A+
|
|
|
232,576
|
|
|
|
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–
|
|
|
1,211,243
|
|
|
|
1,000
|
|
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
BBB
|
|
|
1,014,800
|
|
|
|
|
|
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
|
|
|
2,454,951
|
|
|
|
1,080
|
|
5.000%, 12/01/31 – SYNCORA GTY Insured
|
6/15 at 101.00
|
Aa2
|
|
|
1,144,681
|
|
|
|
770
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)
|
8/17 at 100.00
|
Aa2
|
|
|
1,012,458
|
|
|
|
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
|
|
|
1,098,720
|
|
|
|
|
|
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–
|
|
|
561,252
|
|
|
|
2,500
|
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
|
|
2,805,650
|
|
|
|
2,040
|
|
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (4)
|
6/12 at 100.00
|
N/R
|
|
|
982,076
|
|
|
|
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
|
|
|
5,905,653
|
|
|
|
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
|
|
|
2,469,168
|
|
|
|
1,750
|
|
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.143%, 5/15/16 (IF)
|
No Opt. Call
|
Aa2
|
|
|
2,126,600
|
|
|
|
33,135
|
|
Total Transportation
|
|
|
|
|
33,002,957
|
|
|
|
|
|
U.S. Guaranteed – 11.7% (8.1% of Total Investments) (5)
|
|
|
|
|
|
|
|
|
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
|
|
|
1,613,115
|
|
|
|
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
|
|
|
1,013,160
|
|
|
|
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+ (5)
|
|
|
5,678,650
|
|
|
|
685
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
N/R (5)
|
|
|
695,618
|
|
|
|
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
|
N/R (5)
|
|
|
701,967
|
|
|
|
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 (Pre-refunded 6/15/12)
|
6/12 at 100.00
|
AAA
|
|
|
2,249,141
|
|
|
|
1,895
|
|
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
|
|
|
1,970,971
|
|
|
|
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+ (5)
|
|
|
3,084,137
|
|
|
|
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+ (5)
|
|
|
1,952,720
|
|
|
|
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+ (5)
|
|
|
9,734,100
|
|
|
|
25,060
|
|
Total U.S. Guaranteed
|
|
|
|
|
28,693,579
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Utilities – 8.5% (5.9% 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
|
|
$
|
2,346,872
|
|
|
|
|
|
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
|
|
|
3,383,216
|
|
|
|
3,100
|
|
5.000%, 12/01/24 – FGIC Insured
|
6/16 at 100.00
|
A
|
|
|
3,356,339
|
|
|
|
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
|
|
|
2,540,103
|
|
|
|
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–
|
|
|
2,338,272
|
|
|
|
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)
|
5/12 at 101.00
|
Baa2
|
|
|
2,021,080
|
|
|
|
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
|
|
|
937,580
|
|
|
|
4,000
|
|
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
|
|
3,903,640
|
|
|
|
19,900
|
|
Total Utilities
|
|
|
|
|
20,827,102
|
|
|
|
|
|
Water and Sewer – 11.6% (8.0% 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
|
|
|
1,985,584
|
|
|
|
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+
|
|
|
3,401,790
|
|
|
|
12,000
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
|
12/21 at 100.00
|
AA+
|
|
|
13,032,360
|
|
|
|
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
|
|
|
4,244,890
|
|
|
|
|
|
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
|
|
|
1,386,426
|
|
|
|
4,060
|
|
5.250%, 11/15/20
|
11/12 at 100.00
|
AAA
|
|
|
4,185,046
|
|
|
|
26,240
|
|
Total Water and Sewer
|
|
|
|
|
28,236,096
|
|
|
$
|
340,980
|
|
Total Investments (cost $333,521,412) – 145.3%
|
|
|
|
|
354,678,986
|
|
|
|
|
|
Floating Rate Obligations – (14.2)%
|
|
|
|
|
(34,645,000
|
)
|
|
|
|
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (36.5)% (6)
|
|
|
|
|
(89,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities – 5.4%
|
|
|
|
|
13,130,194
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$
|
244,164,180
|
|
|
(1)
|
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(5)
|
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.1%.
|
|
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 New York Dividend Advantage Municipal Fund
|
|
NAN
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Consumer Discretionary – 2.8% (1.9% of Total Investments)
|
|
|
|
|
|
|
|
$
|
950
|
|
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
|
9/15 at 100.00
|
BBB–
|
|
$
|
951,406
|
|
|
|
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
|
|
|
2,983,443
|
|
|
|
4,300
|
|
Total Consumer Discretionary
|
|
|
|
|
3,934,849
|
|
|
|
|
|
Consumer Staples – 3.0% (2.1% of Total Investments)
|
|
|
|
|
|
|
|
|
235
|
|
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
|
6/12 at 100.00
|
A3
|
|
|
221,539
|
|
|
|
745
|
|
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+
|
|
|
737,066
|
|
|
|
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
|
|
|
162,340
|
|
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
750
|
|
4.750%, 6/01/22
|
6/16 at 100.00
|
BBB+
|
|
|
746,963
|
|
|
|
2,625
|
|
5.000%, 6/01/26
|
6/16 at 100.00
|
BBB–
|
|
|
2,457,499
|
|
|
|
4,525
|
|
Total Consumer Staples
|
|
|
|
|
4,325,407
|
|
|
|
|
|
Education and Civic Organizations – 18.9% (13.1% 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
|
|
|
390,834
|
|
|
|
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
|
BBB–
|
|
|
488,989
|
|
|
|
1,725
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
|
No Opt. Call
|
BBB–
|
|
|
1,903,538
|
|
|
|
965
|
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds (Enterprise Charter School Project), Series 2011A, 7.500%, 12/01/40
|
12/20 at 100.00
|
BBB
|
|
|
1,081,717
|
|
|
|
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–
|
|
|
121,453
|
|
|
|
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
|
|
|
1,624,928
|
|
|
|
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
|
|
|
1,059,170
|
|
|
|
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
|
|
|
767,660
|
|
|
|
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–
|
|
|
762,741
|
|
|
|
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
|
|
|
735,971
|
|
|
|
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
|
|
|
1,616,797
|
|
|
|
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
|
|
|
1,325,207
|
|
|
|
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
|
|
|
382,898
|
|
|
|
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
|
|
|
269,680
|
|
|
|
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+
|
|
|
1,179,590
|
|
|
|
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
|
6/12 at 100.00
|
N/R
|
|
|
3,075,219
|
|
|
|
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–
|
|
|
339,171
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
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
|
6/12 at 100.00
|
A–
|
|
$
|
1,803,060
|
|
|
|
|
|
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+
|
|
|
154,173
|
|
|
|
1,000
|
|
5.000%, 1/01/39 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
|
|
957,280
|
|
|
|
1,630
|
|
4.750%, 1/01/42 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
|
|
1,476,095
|
|
|
|
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–
|
|
|
2,146,480
|
|
|
|
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
|
|
|
1,079,690
|
|
|
|
1,500
|
|
Niagara County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Niagara University, Series 2001A, 5.350%, 11/01/23 – RAAI Insured
|
11/12 at 100.00
|
BBB+
|
|
|
1,513,035
|
|
|
|
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
|
|
|
252,840
|
|
|
|
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–
|
|
|
571,139
|
|
|
|
26,605
|
|
Total Education and Civic Organizations
|
|
|
|
|
27,079,355
|
|
|
|
|
|
Financials – 2.2% (1.5% 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
|
|
|
1,197,889
|
|
|
|
1,740
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A1
|
|
|
1,963,799
|
|
|
|
2,840
|
|
Total Financials
|
|
|
|
|
3,161,688
|
|
|
|
|
|
Health Care – 20.1% (13.9% of Total Investments)
|
|
|
|
|
|
|
|
|
1,370
|
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Memorial Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 – NPFG Insured
|
8/12 at 100.00
|
BBB
|
|
|
1,372,809
|
|
|
|
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
|
|
|
678,506
|
|
|
|
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
|
|
|
3,760,740
|
|
|
|
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
|
|
|
214,434
|
|
|
|
|
|
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
|
7/12 at 100.00
|
A3
|
|
|
1,763,274
|
|
|
|
2,000
|
|
5.500%, 7/01/27 – RAAI Insured
|
7/12 at 100.00
|
A3
|
|
|
2,001,480
|
|
|
|
1,000
|
|
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
|
No Opt. Call
|
A–
|
|
|
1,055,620
|
|
|
|
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
|
Aa2
|
|
|
3,322,013
|
|
|
|
1,325
|
|
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–
|
|
|
1,435,624
|
|
|
|
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
|
|
|
1,040,000
|
|
|
|
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
|
A3
|
|
|
2,141,220
|
|
|
|
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
|
A3
|
|
|
839,115
|
|
|
|
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
|
|
|
509,655
|
|
|
|
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
|
|
|
607,656
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund (continued)
|
|
NAN
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
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
|
6/12 at 100.00
|
BB
|
|
$
|
416,279
|
|
|
|
|
|
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–
|
|
|
410,057
|
|
|
|
360
|
|
5.500%, 2/01/32
|
No Opt. Call
|
BBB–
|
|
|
362,322
|
|
|
|
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
|
|
|
842,463
|
|
|
|
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
|
|
|
1,817,515
|
|
|
|
470
|
|
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
|
7/21 at 100.00
|
A–
|
|
|
509,997
|
|
|
|
2,675
|
|
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39
|
8/12 at 100.00
|
N/R
|
|
|
2,796,606
|
|
|
|
950
|
|
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
|
7/12 at 100.00
|
B
|
|
|
951,283
|
|
|
|
27,640
|
|
Total Health Care
|
|
|
|
|
28,848,668
|
|
|
|
|
|
Housing/Multifamily – 6.6% (4.5% 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–
|
|
|
409,196
|
|
|
|
2,585
|
|
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – FGIC Insured (UB)
|
7/15 at 100.00
|
AA–
|
|
|
2,733,276
|
|
|
|
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
|
|
|
768,255
|
|
|
|
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
|
|
|
4,140,680
|
|
|
|
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
|
|
|
303,932
|
|
|
|
600
|
|
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
|
5/19 at 100.00
|
Aa2
|
|
|
618,708
|
|
|
|
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
|
|
|
414,279
|
|
|
|
9,030
|
|
Total Housing/Multifamily
|
|
|
|
|
9,388,326
|
|
|
|
|
|
Housing/Single Family – 3.5% (2.4% 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
|
|
|
748,181
|
|
|
|
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
|
|
|
1,361,097
|
|
|
|
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
|
|
|
495,719
|
|
|
|
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
|
|
|
526,351
|
|
|
|
1,045
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aa1
|
|
|
1,045,888
|
|
|
|
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
|
|
|
854,700
|
|
|
|
4,875
|
|
Total Housing/Single Family
|
|
|
|
|
5,031,936
|
|
|
|
|
|
Long-Term Care – 5.1% (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
|
|
|
2,053,200
|
|
|
|
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+
|
|
|
630,665
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Long-Term Care
(continued)
|
|
|
|
|
|
|
|
$
|
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
|
|
$
|
320,561
|
|
|
|
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
|
|
|
190,860
|
|
|
|
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
|
|
|
867,341
|
|
|
|
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
|
|
|
226,240
|
|
|
|
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
|
7/12 at 100.50
|
N/R
|
|
|
665,320
|
|
|
|
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
|
|
|
|
|
|
|
|
|
1,140
|
|
5.500%, 7/01/18
|
7/16 at 101.00
|
N/R
|
|
|
1,088,187
|
|
|
|
635
|
|
5.800%, 7/01/23
|
7/16 at 101.00
|
N/R
|
|
|
596,030
|
|
|
|
680
|
|
Yonkers Industrial Development Agency, New York, FHA-Insured Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 – NPFG Insured
|
8/12 at 100.00
|
BBB
|
|
|
681,061
|
|
|
|
7,510
|
|
Total Long-Term Care
|
|
|
|
|
7,319,465
|
|
|
|
|
|
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
|
|
|
336,636
|
|
|
|
|
|
Tax Obligation/General – 11.8% (8.2% of Total Investments)
|
|
|
|
|
|
|
|
|
6,590
|
|
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
|
12/17 at 100.00
|
AA
|
|
|
7,591,812
|
|
|
|
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
|
|
|
2,314,300
|
|
|
|
3,700
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
|
8/16 at 100.00
|
AA
|
|
|
4,204,088
|
|
|
|
1,000
|
|
New York City, New York, General Obligation Bonds, 2004C-1, 5.250%, 8/15/16 (UB) Rochester, New York, General Obligation Bonds, Series 1999:
|
8/14 at 100.00
|
AA
|
|
|
1,104,170
|
|
|
|
720
|
|
5.250%, 10/01/18 – NPFG Insured
|
No Opt. Call
|
Aa3
|
|
|
869,825
|
|
|
|
720
|
|
5.250%, 10/01/19 – NPFG Insured
|
No Opt. Call
|
Aa3
|
|
|
878,522
|
|
|
|
14,730
|
|
Total Tax Obligation/General
|
|
|
|
|
16,962,717
|
|
|
|
|
|
Tax Obligation/Limited – 36.3% (25.1% of Total Investments)
|
|
|
|
|
|
|
|
|
1,000
|
|
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
|
11/13 at 100.00
|
AAA
|
|
|
1,071,600
|
|
|
|
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–
|
|
|
663,679
|
|
|
|
1,850
|
|
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
|
8/12 at 100.00
|
AA–
|
|
|
1,857,049
|
|
|
|
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
|
|
|
206,225
|
|
|
|
|
|
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
|
|
|
2,048,380
|
|
|
|
2,000
|
|
5.000%, 11/15/30
|
11/12 at 100.00
|
AA
|
|
|
2,047,240
|
|
|
|
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–
|
|
|
1,009,830
|
|
|
|
1,130
|
|
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
|
1/13 at 102.00
|
BBB
|
|
|
1,124,508
|
|
|
|
|
|
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
|
|
|
1,203,312
|
|
|
|
810
|
|
5.000%, 10/15/26 – NPFG Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
884,795
|
|
|
|
2,375
|
|
5.000%, 10/15/29 – AMBAC Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
2,591,291
|
|
|
|
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–
|
|
|
2,278,731
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund (continued)
|
|
NAN
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
$
|
485
|
|
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
|
|
$
|
501,970
|
|
|
|
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
|
|
|
2,358,775
|
|
|
|
|
|
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
|
|
|
|
|
|
|
|
|
2,500
|
|
5.500%, 11/01/35
|
11/20 at 100.00
|
AAA
|
|
|
2,929,650
|
|
|
|
2,000
|
|
5.000%, 11/01/39
|
11/20 at 100.00
|
AAA
|
|
|
2,192,020
|
|
|
|
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–
|
|
|
4,604,840
|
|
|
|
1,000
|
|
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
|
3/14 at 100.00
|
AA–
|
|
|
1,069,960
|
|
|
|
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
|
|
|
3,326,668
|
|
|
|
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
|
|
|
1,290,519
|
|
|
|
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
|
|
|
1,133,830
|
|
|
|
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
|
|
|
1,799,590
|
|
|
|
3,400
|
|
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB)
|
No Opt. Call
|
AA
|
|
|
4,269,686
|
|
|
|
510
|
|
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
|
9/20 at 100.00
|
AAA
|
|
|
589,943
|
|
|
|
|
|
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–
|
|
|
4,213,240
|
|
|
|
2,000
|
|
5.250%, 6/01/22 – AMBAC Insured
|
6/13 at 100.00
|
AA–
|
|
|
2,105,900
|
|
|
|
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–
|
|
|
1,056,460
|
|
|
|
1,330
|
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.648%, 3/15/37 (IF) (4)
|
3/17 at 100.00
|
AAA
|
|
|
1,601,227
|
|
|
|
47,215
|
|
Total Tax Obligation/Limited
|
|
|
|
|
52,030,918
|
|
|
|
|
|
Transportation – 18.5% (12.8% 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–
|
|
|
2,115,740
|
|
|
|
3,000
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
|
11/17 at 100.00
|
A
|
|
|
3,184,560
|
|
|
|
1,000
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
|
11/20 at 100.00
|
A
|
|
|
1,075,690
|
|
|
|
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
|
|
|
1,023,960
|
|
|
|
1,750
|
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
|
8/16 at 101.00
|
N/R
|
|
|
1,751,103
|
|
|
|
|
|
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
|
|
|
101,024
|
|
|
|
2,000
|
|
5.875%, 10/01/46
|
10/17 at 102.00
|
N/R
|
|
|
1,010,020
|
|
|
|
105
|
|
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
|
6/12 at 100.00
|
BB–
|
|
|
90,393
|
|
|
|
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
|
N/R
|
|
|
1,000,100
|
|
|
|
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
|
|
|
943,830
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
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–
|
|
$
|
415,094
|
|
|
|
1,000
|
|
5.125%, 5/15/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
B–
|
|
|
880,900
|
|
|
|
845
|
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
|
|
896,308
|
|
|
|
160
|
|
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
|
1/15 at 100.00
|
A+
|
|
|
173,080
|
|
|
|
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–
|
|
|
770,791
|
|
|
|
500
|
|
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
BBB
|
|
|
507,400
|
|
|
|
|
|
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
|
|
|
1,387,581
|
|
|
|
615
|
|
5.000%, 12/01/31 – SYNCORA GTY Insured
|
6/15 at 101.00
|
Aa2
|
|
|
651,832
|
|
|
|
440
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)
|
8/17 at 100.00
|
Aa2
|
|
|
578,547
|
|
|
|
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
|
|
|
2,197,440
|
|
|
|
|
|
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–
|
|
|
313,006
|
|
|
|
1,470
|
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
|
|
1,649,722
|
|
|
|
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
|
|
|
2,567,675
|
|
|
|
1,000
|
|
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.143%, 5/15/16 (IF)
|
No Opt. Call
|
Aa2
|
|
|
1,215,200
|
|
|
|
26,225
|
|
Total Transportation
|
|
|
|
|
26,500,996
|
|
|
|
|
|
U.S. Guaranteed – 3.0% (2.0% of Total Investments) (5)
|
|
|
|
|
|
|
|
|
550
|
|
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured (UB)
|
5/14 at 100.00
|
AA– (5)
|
|
|
597,410
|
|
|
|
535
|
|
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
|
5/12 at 100.00
|
N/R (5)
|
|
|
558,834
|
|
|
|
535
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
N/R (5)
|
|
|
543,293
|
|
|
|
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
|
N/R (5)
|
|
|
97,353
|
|
|
|
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 (Pre-refunded 6/15/12)
|
6/12 at 100.00
|
AAA
|
|
|
1,142,261
|
|
|
|
1,185
|
|
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
|
|
|
1,232,507
|
|
|
|
4,030
|
|
Total U.S. Guaranteed
|
|
|
|
|
4,171,658
|
|
|
|
|
|
Utilities – 6.6% (4.6% 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
|
|
|
1,386,788
|
|
|
|
|
|
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
|
|
|
2,728,400
|
|
|
|
500
|
|
5.000%, 12/01/24 – FGIC Insured
|
6/16 at 100.00
|
A
|
|
|
541,345
|
|
|
|
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
|
|
|
2,540,103
|
|
|
|
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–
|
|
|
1,423,296
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund (continued)
|
|
NAN
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Utilities
(continued)
|
|
|
|
|
|
|
|
$
|
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)
|
5/12 at 101.00
|
Baa2
|
|
$
|
252,793
|
|
|
|
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)
|
5/12 at 101.00
|
Baa2
|
|
|
605,482
|
|
|
|
8,930
|
|
Total Utilities
|
|
|
|
|
9,478,207
|
|
|
|
|
|
Water and Sewer – 6.2% (4.2% 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
|
|
|
1,179,407
|
|
|
|
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+
|
|
|
2,267,858
|
|
|
|
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+
|
|
|
5,363,473
|
|
|
|
8,060
|
|
Total Water and Sewer
|
|
|
|
|
8,810,738
|
|
|
$
|
196,845
|
|
Total Investments (cost $197,108,112) – 144.8%
|
|
|
|
|
207,381,564
|
|
|
|
|
|
Floating Rate Obligations – (12.4)%
|
|
|
|
|
(17,735,000)
|
|
|
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (38.7)% (6)
|
|
|
|
|
(55,360,000)
|
|
|
|
|
|
Other Assets Less Liabilities – 6.3%
|
|
|
|
|
8,884,648
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$
|
143,171,212
|
|
|
(1)
|
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.7%.
|
|
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 New York Dividend Advantage Municipal Fund 2
|
|
NXK
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Consumer Discretionary – 2.4% (1.7% of Total Investments)
|
|
|
|
|
|
|
|
$
|
700
|
|
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
|
9/15 at 100.00
|
BBB–
|
|
$
|
701,036
|
|
|
|
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
|
|
|
1,736,631
|
|
|
|
2,650
|
|
Total Consumer Discretionary
|
|
|
|
|
2,437,667
|
|
|
|
|
|
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
|
6/12 at 100.00
|
A3
|
|
|
221,539
|
|
|
|
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
|
|
|
495,125
|
|
|
|
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
|
|
|
100,269
|
|
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
560
|
|
4.750%, 6/01/22
|
6/16 at 100.00
|
BBB+
|
|
|
557,732
|
|
|
|
835
|
|
5.000%, 6/01/26
|
6/16 at 100.00
|
BBB–
|
|
|
781,719
|
|
|
|
2,235
|
|
Total Consumer Staples
|
|
|
|
|
2,156,384
|
|
|
|
|
|
Education and Civic Organizations – 20.6% (14.2% 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
|
|
|
267,413
|
|
|
|
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
|
BBB–
|
|
|
337,847
|
|
|
|
1,225
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
|
No Opt. Call
|
BBB–
|
|
|
1,351,788
|
|
|
|
670
|
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds (Enterprise Charter School Project), Series 2011A, 7.500%, 12/01/40
|
12/20 at 100.00
|
BBB
|
|
|
751,037
|
|
|
|
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–
|
|
|
91,090
|
|
|
|
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
|
|
|
1,118,070
|
|
|
|
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
|
|
|
1,093,670
|
|
|
|
2,000
|
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
|
|
2,005,860
|
|
|
|
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
|
|
|
1,059,170
|
|
|
|
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
|
|
|
528,107
|
|
|
|
1,000
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000, 5.250%, 7/01/30 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
|
|
1,002,150
|
|
|
|
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–
|
|
|
190,685
|
|
|
|
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
|
|
|
303,047
|
|
|
|
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
|
|
|
1,870,581
|
|
|
|
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
|
|
|
274,238
|
|
|
|
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+
|
|
|
1,603,591
|
|
|
|
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
|
|
|
1,099,516
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
|
|
NXK
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
$
|
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+
|
|
$
|
969,780
|
|
|
|
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–
|
|
|
251,809
|
|
|
|
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
|
6/12 at 100.00
|
A–
|
|
|
1,101,870
|
|
|
|
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+
|
|
|
1,014,250
|
|
|
|
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–
|
|
|
1,399,045
|
|
|
|
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
|
|
|
175,440
|
|
|
|
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–
|
|
|
320,265
|
|
|
|
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+
|
|
|
375,425
|
|
|
|
19,980
|
|
Total Education and Civic Organizations
|
|
|
|
|
20,555,744
|
|
|
|
|
|
Financials – 2.0% (1.4% 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
|
|
|
544,495
|
|
|
|
1,305
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A1
|
|
|
1,472,849
|
|
|
|
1,805
|
|
Total Financials
|
|
|
|
|
2,017,344
|
|
|
|
|
|
Health Care – 12.3% (8.4% 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
|
|
|
1,791,023
|
|
|
|
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
|
|
|
1,775,905
|
|
|
|
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
|
|
|
160,826
|
|
|
|
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
|
7/12 at 100.00
|
A3
|
|
|
440,818
|
|
|
|
340
|
|
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37
|
12/18 at 100.00
|
Ba1
|
|
|
355,684
|
|
|
|
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
|
Aa2
|
|
|
2,417,921
|
|
|
|
490
|
|
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–
|
|
|
530,910
|
|
|
|
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
|
A3
|
|
|
1,605,915
|
|
|
|
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
|
A3
|
|
|
1,118,820
|
|
|
|
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
|
|
|
506,380
|
|
|
|
290
|
|
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
|
6/12 at 100.00
|
BB
|
|
|
287,431
|
|
|
|
|
|
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–
|
|
|
275,039
|
|
|
|
250
|
|
5.500%, 2/01/32
|
No Opt. Call
|
BBB–
|
|
|
251,613
|
|
|
|
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
|
|
|
519,290
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
$
|
215
|
|
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
|
7/12 at 100.00
|
B
|
|
$
|
215,290
|
|
|
|
11,570
|
|
Total Health Care
|
|
|
|
|
12,252,865
|
|
|
|
|
|
Housing/Multifamily – 3.6% (2.4% 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
|
8/12 at 101.00
|
N/R
|
|
|
1,980,530
|
|
|
|
|
|
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
|
|
|
460,383
|
|
|
|
225
|
|
5.500%, 11/01/34 (Alternative Minimum Tax)
|
5/12 at 100.00
|
AA
|
|
|
227,878
|
|
|
|
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
|
|
|
512,170
|
|
|
|
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
|
|
|
73,363
|
|
|
|
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
|
|
|
296,644
|
|
|
|
3,515
|
|
Total Housing/Multifamily
|
|
|
|
|
3,550,968
|
|
|
|
|
|
Housing/Single Family – 2.4% (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
|
|
|
957,809
|
|
|
|
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
|
|
|
342,404
|
|
|
|
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
|
|
|
361,221
|
|
|
|
750
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aa1
|
|
|
750,638
|
|
|
|
2,385
|
|
Total Housing/Single Family
|
|
|
|
|
2,412,072
|
|
|
|
|
|
Long-Term Care – 5.4% (3.7% of Total Investments)
|
|
|
|
|
|
|
|
|
440
|
|
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
|
2/17 at 103.00
|
AA+
|
|
|
474,346
|
|
|
|
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
|
|
|
2,168,930
|
|
|
|
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
|
|
|
217,982
|
|
|
|
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
|
|
|
|
|
|
|
|
|
50
|
|
5.125%, 7/01/30 – ACA Insured
|
7/15 at 100.00
|
N/R
|
|
|
41,313
|
|
|
|
175
|
|
5.000%, 7/01/35 – ACA Insured
|
7/15 at 100.00
|
N/R
|
|
|
133,602
|
|
|
|
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
|
|
|
600,814
|
|
|
|
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
|
7/12 at 100.50
|
N/R
|
|
|
468,748
|
|
|
|
|
|
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
|
|
|
338,865
|
|
|
|
440
|
|
5.800%, 7/01/23
|
7/16 at 101.00
|
N/R
|
|
|
412,997
|
|
|
|
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
|
|
|
410,457
|
|
|
|
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
|
|
|
159,567
|
|
|
|
5,565
|
|
Total Long-Term Care
|
|
|
|
|
5,427,621
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
|
|
NXK
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Materials – 0.2% (0.2% of Total Investments)
|
|
|
|
|
|
|
|
$
|
230
|
|
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
|
12/13 at 100.00
|
BBB
|
|
$
|
234,625
|
|
|
|
|
|
Tax Obligation/General – 13.1% (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
|
|
|
1,781,994
|
|
|
|
4,540
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2007D-1, 5.125%, 12/01/25 (UB)
|
12/17 at 100.00
|
AA
|
|
|
5,230,171
|
|
|
|
45
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 – NPFG Insured
|
6/12 at 100.00
|
AA
|
|
|
45,174
|
|
|
|
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
|
|
|
2,266,240
|
|
|
|
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
|
|
|
2,941,094
|
|
|
|
750
|
|
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
|
8/14 at 100.00
|
AA
|
|
|
828,128
|
|
|
|
11,710
|
|
Total Tax Obligation/General
|
|
|
|
|
13,092,801
|
|
|
|
|
|
Tax Obligation/Limited – 39.7% (27.3% of Total Investments)
|
|
|
|
|
|
|
|
|
1,000
|
|
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
|
11/13 at 100.00
|
AAA
|
|
|
1,071,600
|
|
|
|
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
|
|
|
139,341
|
|
|
|
2,000
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
No Opt. Call
|
A
|
|
|
2,240,960
|
|
|
|
5,000
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
|
2/17 at 100.00
|
A
|
|
|
5,118,000
|
|
|
|
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
|
|
|
1,792,333
|
|
|
|
560
|
|
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
|
1/13 at 102.00
|
BBB
|
|
|
557,278
|
|
|
|
|
|
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
|
|
|
1,247,069
|
|
|
|
835
|
|
5.000%, 10/15/26 – NPFG Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
912,104
|
|
|
|
1,425
|
|
5.000%, 10/15/26 – AGM Insured
|
10/14 at 100.00
|
AAA
|
|
|
1,555,459
|
|
|
|
750
|
|
5.000%, 10/15/29 – AMBAC Insured (UB)
|
10/14 at 100.00
|
AAA
|
|
|
818,303
|
|
|
|
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–
|
|
|
1,410,643
|
|
|
|
290
|
|
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
|
|
|
300,147
|
|
|
|
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
|
|
|
1,368,576
|
|
|
|
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
|
|
|
1,628,280
|
|
|
|
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
|
|
|
4,373,036
|
|
|
|
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–
|
|
|
1,151,210
|
|
|
|
1,000
|
|
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21
|
3/14 at 100.00
|
AA–
|
|
|
1,069,960
|
|
|
|
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
|
|
|
2,289,549
|
|
|
|
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
|
|
|
910,955
|
|
|
|
|
|
New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A:
|
|
|
|
|
|
|
|
|
1,070
|
|
5.250%, 5/15/23 – AMBAC Insured
|
5/12 at 100.00
|
A1
|
|
|
1,073,574
|
|
|
|
1,125
|
|
5.250%, 5/15/24 – AMBAC Insured
|
5/12 at 100.00
|
A1
|
|
|
1,128,735
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
$
|
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
|
|
$
|
1,245,870
|
|
|
|
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
|
|
|
2,888,317
|
|
|
|
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–
|
|
|
2,211,195
|
|
|
|
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–
|
|
|
1,056,459
|
|
|
|
36,190
|
|
Total Tax Obligation/Limited
|
|
|
|
|
39,558,953
|
|
|
|
|
|
Transportation – 22.9% (15.8% 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
|
|
|
2,653,800
|
|
|
|
1,000
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
|
11/20 at 100.00
|
A
|
|
|
1,075,690
|
|
|
|
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
|
|
|
471,031
|
|
|
|
1,250
|
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
|
8/16 at 101.00
|
N/R
|
|
|
1,250,788
|
|
|
|
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
|
|
|
757,515
|
|
|
|
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)
|
6/12 at 100.00
|
BB–
|
|
|
43,045
|
|
|
|
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
|
N/R
|
|
|
1,000,100
|
|
|
|
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
|
|
|
681,655
|
|
|
|
|
|
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–
|
|
|
46,122
|
|
|
|
750
|
|
5.125%, 5/15/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
B–
|
|
|
660,675
|
|
|
|
585
|
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
|
|
620,521
|
|
|
|
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–
|
|
|
330,339
|
|
|
|
3,400
|
|
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
BBB
|
|
|
3,450,320
|
|
|
|
|
|
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
|
|
|
1,067,370
|
|
|
|
280
|
|
5.000%, 12/01/31 – SYNCORA GTY Insured
|
6/15 at 101.00
|
Aa2
|
|
|
296,769
|
|
|
|
310
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.142%, 8/15/32 – AGM Insured (IF)
|
8/17 at 100.00
|
Aa2
|
|
|
407,613
|
|
|
|
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
|
|
|
2,197,440
|
|
|
|
|
|
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–
|
|
|
226,659
|
|
|
|
1,030
|
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
|
|
1,155,928
|
|
|
|
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
|
|
|
2,567,675
|
|
|
|
|
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
|
|
NXK
|
|
Portfolio of Investments
|
|
|
|
March 31, 2012 (Unaudited)
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Transportation
(continued)
|
|
|
|
|
|
|
|
$
|
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
|
|
$
|
983,562
|
|
|
|
750
|
|
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.143%, 5/15/16 (IF)
|
No Opt. Call
|
Aa2
|
|
|
911,398
|
|
|
|
22,355
|
|
Total Transportation
|
|
|
|
|
22,856,015
|
|
|
|
|
|
U.S. Guaranteed – 3.8% (2.6% of Total Investments) (4)
|
|
|
|
|
|
|
|
|
455
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
N/R (4)
|
|
|
462,053
|
|
|
|
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
|
N/R (4)
|
|
|
471,394
|
|
|
|
710
|
|
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
|
|
|
738,464
|
|
|
|
1,000
|
|
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
|
|
|
1,040,090
|
|
|
|
|
|
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C:
|
|
|
|
|
|
|
|
|
425
|
|
6.000%, 11/01/22 (Pre-refunded 11/01/12)
|
11/12 at 100.00
|
A– (4)
|
|
|
439,530
|
|
|
|
610
|
|
5.875%, 11/01/32 (Pre-refunded 11/01/12)
|
11/12 at 100.00
|
A– (4)
|
|
|
630,403
|
|
|
|
3,660
|
|
Total U.S. Guaranteed
|
|
|
|
|
3,781,934
|
|
|
|
|
|
Utilities – 8.5% (5.8% 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
|
|
|
1,855,312
|
|
|
|
1,700
|
|
5.000%, 12/01/24 – FGIC Insured
|
6/16 at 100.00
|
A
|
|
|
1,840,573
|
|
|
|
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
|
|
|
259,063
|
|
|
|
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–
|
|
|
914,976
|
|
|
|
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)
|
5/12 at 101.00
|
Baa2
|
|
|
455,045
|
|
|
|
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)
|
5/12 at 101.00
|
Baa2
|
|
|
2,021,080
|
|
|
|
|
|
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
|
|
|
|
|
|
|
|
|
330
|
|
5.300%, 1/01/13 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
|
|
329,985
|
|
|
|
750
|
|
5.500%, 1/01/23 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
|
|
731,931
|
|
|
|
8,080
|
|
Total Utilities
|
|
|
|
|
8,407,965
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
Water and Sewer – 6.2% (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
|
|
$
|
816,130
|
|
|
|
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+
|
|
|
5,363,473
|
|
|
|
5,695
|
|
Total Water and Sewer
|
|
|
|
|
6,179,603
|
|
|
$
|
137,625
|
|
Total Investments (cost $137,940,101) – 145.3%
|
|
|
|
|
144,922,561
|
|
|
|
|
|
Floating Rate Obligations – (12.2)%
|
|
|
|
|
(12,150,000
|
)
|
|
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (38.0)% (5)
|
|
|
|
|
(37,890,000
|
)
|
|
|
|
|
Other Assets Less Liabilities – 4.9%
|
|
|
|
|
4,886,306
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$
|
99,768,867
|
|
|
(1)
|
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
(2)
|
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.1%.
|
|
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.
|
|
|
Statement of
|
|
|
|
Assets & Liabilities
|
March 31, 2012 (Unaudited)
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY
|
)
|
|
(NYV
|
)
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $143,183,926, $32,887,942, $333,521,412, $197,108,112 and $137,940,101, respectively)
|
|
$
|
151,517,364
|
|
$
|
36,961,730
|
|
$
|
354,678,986
|
|
$
|
207,381,564
|
|
$
|
144,922,561
|
|
|
Cash
|
|
|
3,822,455
|
|
|
117,604
|
|
|
7,568,661
|
|
|
5,589,669
|
|
|
677,361
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
2,215,684
|
|
|
631,948
|
|
|
5,248,338
|
|
|
3,235,658
|
|
|
2,313,837
|
|
|
Investments sold
|
|
|
10,000
|
|
|
—
|
|
|
335,000
|
|
|
140,000
|
|
|
2,005,000
|
|
|
Deferred offering costs
|
|
|
—
|
|
|
—
|
|
|
1,231,589
|
|
|
916,997
|
|
|
505,816
|
|
|
Other assets
|
|
|
6,724
|
|
|
440
|
|
|
121,704
|
|
|
34,246
|
|
|
15,564
|
|
|
Total assets
|
|
|
157,572,227
|
|
|
37,711,722
|
|
|
369,184,278
|
|
|
217,298,134
|
|
|
150,440,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate obligations
|
|
|
3,255,000
|
|
|
—
|
|
|
34,645,000
|
|
|
17,735,000
|
|
|
12,150,000
|
|
|
Payables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common share dividends
|
|
|
457,792
|
|
|
114,668
|
|
|
923,006
|
|
|
577,316
|
|
|
413,604
|
|
|
Interest
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128,361
|
|
|
85,885
|
|
|
Offering costs
|
|
|
—
|
|
|
—
|
|
|
122,626
|
|
|
155,200
|
|
|
10,248
|
|
|
Forward swap contracts
|
|
|
—
|
|
|
496,285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
|
|
67,018
|
|
|
18,955
|
|
|
191,487
|
|
|
113,156
|
|
|
79,239
|
|
|
Other
|
|
|
75,028
|
|
|
25,836
|
|
|
137,979
|
|
|
57,889
|
|
|
42,296
|
|
|
Total liabilities
|
|
|
3,854,838
|
|
|
655,744
|
|
|
125,020,098
|
|
|
74,126,922
|
|
|
50,671,272
|
|
|
Net assets applicable to Common shares
|
|
$
|
153,717,389
|
|
$
|
37,055,978
|
|
$
|
244,164,180
|
|
$
|
143,171,212
|
|
$
|
99,768,867
|
|
|
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)
|
|
$
|
10.13
|
|
$
|
15.79
|
|
$
|
16.23
|
|
$
|
15.45
|
|
$
|
15.38
|
|
|
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
|
|
|
425,545
|
|
|
52,120
|
|
|
3,335,412
|
|
|
1,418,853
|
|
|
630,651
|
|
|
Accumulated net realized gain (loss)
|
|
|
80,450
|
|
|
(643,161
|
)
|
|
(166,457
|
)
|
|
(96,113
|
)
|
|
(71,604
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
8,333,438
|
|
|
4,073,788
|
|
|
21,157,574
|
|
|
10,273,452
|
|
|
6,982,460
|
|
|
Net assets applicable to Common shares
|
|
$
|
153,717,389
|
|
$
|
37,055,978
|
|
$
|
244,164,180
|
|
$
|
143,171,212
|
|
$
|
99,768,867
|
|
|
Authorized shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
|
|
|
250,000,000
|
|
|
Unlimited
|
|
|
200,000,000
|
|
|
Unlimited
|
|
|
Unlimited
|
|
|
Auction Rate Preferred Shares (ARPS)
|
|
|
N/A
|
|
|
N/A
|
|
|
950,000
|
|
|
Unlimited
|
|
|
Unlimited
|
|
|
MTP
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Unlimited
|
|
|
Unlimited
|
|
|
VRDP
|
|
|
—
|
|
|
—
|
|
|
50,000
|
|
|
—
|
|
|
—
|
|
|
N/A – Fund is not authorized to issue ARPS.
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
|
|
Six Months Ended March 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY
|
)
|
|
(NYV
|
)
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Investment Income
|
|
$
|
3,718,589
|
|
$
|
989,086
|
|
$
|
8,558,789
|
|
$
|
5,127,752
|
|
$
|
3,533,805
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
400,038
|
|
|
110,318
|
|
|
1,124,130
|
|
|
663,036
|
|
|
464,378
|
|
|
Shareholders’ servicing agent fees and expenses
|
|
|
12,640
|
|
|
32
|
|
|
12,150
|
|
|
11,611
|
|
|
8,773
|
|
|
Interest expense and amortization of offering costs
|
|
|
6,818
|
|
|
—
|
|
|
231,432
|
|
|
916,310
|
|
|
601,044
|
|
|
Fees on VRDP Shares
|
|
|
—
|
|
|
—
|
|
|
506,029
|
|
|
—
|
|
|
—
|
|
|
Custodian’s fees and expenses
|
|
|
17,104
|
|
|
5,850
|
|
|
30,416
|
|
|
20,535
|
|
|
15,540
|
|
|
Directors’/Trustees’ fees and expenses
|
|
|
2,537
|
|
|
733
|
|
|
5,650
|
|
|
2,932
|
|
|
2,085
|
|
|
Professional fees
|
|
|
11,276
|
|
|
9,619
|
|
|
—
|
|
|
11,641
|
|
|
10,862
|
|
|
Shareholders’ reports – printing and mailing expenses
|
|
|
36,772
|
|
|
11,292
|
|
|
42,987
|
|
|
36,123
|
|
|
29,439
|
|
|
Stock exchange listing fees
|
|
|
4,366
|
|
|
159
|
|
|
4,348
|
|
|
19,371
|
|
|
7,951
|
|
|
Investor relations expense
|
|
|
7,533
|
|
|
1,714
|
|
|
11,342
|
|
|
7,616
|
|
|
4,749
|
|
|
Other expenses
|
|
|
4,295
|
|
|
1,727
|
|
|
86
|
|
|
15,381
|
|
|
14,635
|
|
|
Total expenses before custodian fee credit
|
|
|
503,379
|
|
|
141,444
|
|
|
1,968,570
|
|
|
1,704,556
|
|
|
1,159,456
|
|
|
Custodian fee credit
|
|
|
(588
|
)
|
|
(166
|
)
|
|
(1,331
|
)
|
|
(1,061
|
)
|
|
(535
|
)
|
|
Net expenses
|
|
|
502,791
|
|
|
141,278
|
|
|
1,967,239
|
|
|
1,703,495
|
|
|
1,158,921
|
|
|
Net investment income (loss)
|
|
|
3,215,798
|
|
|
847,808
|
|
|
6,591,550
|
|
|
3,424,257
|
|
|
2,374,884
|
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
102,396
|
|
|
67,899
|
|
|
417,926
|
|
|
119,546
|
|
|
29,851
|
|
|
Forward swaps
|
|
|
—
|
|
|
(496,285
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
3,060,448
|
|
|
852,332
|
|
|
5,215,016
|
|
|
4,263,821
|
|
|
3,013,471
|
|
|
Forward swaps
|
|
|
—
|
|
|
532,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net realized and unrealized gain (loss)
|
|
|
3,162,844
|
|
|
956,846
|
|
|
5,632,942
|
|
|
4,383,367
|
|
|
3,043,322
|
|
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
|
$
|
6,378,642
|
|
$
|
1,804,654
|
|
$
|
12,224,492
|
|
$
|
7,807,624
|
|
$
|
5,418,206
|
|
See accompanying notes to financial statements.
|
|
|
Statement of
|
|
|
|
Changes in Net Assets
(Unaudited)
|
|
|
|
New York
Value (NNY)
|
|
New York
Value 2 (NYV)
|
|
New York
Performance Plus (NNP)
|
|
|
|
|
Six Months
|
|
|
|
|
Six Months
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
3,215,798
|
|
$
|
6,458,693
|
|
$
|
847,808
|
|
$
|
1,764,275
|
|
$
|
6,591,550
|
|
$
|
13,224,530
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
102,396
|
|
|
(46,596
|
)
|
|
67,899
|
|
|
(163,774
|
)
|
|
417,926
|
|
|
(206,266
|
)
|
|
Forward swaps
|
|
|
—
|
|
|
—
|
|
|
(496,285
|
)
|
|
(55,000
|
)
|
|
—
|
|
|
—
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
3,060,448
|
|
|
(1,332,570
|
)
|
|
852,332
|
|
|
(1,009,351
|
)
|
|
5,215,016
|
|
|
(2,438,462
|
)
|
|
Forward swaps
|
|
|
—
|
|
|
—
|
|
|
532,900
|
|
|
(532,900
|
)
|
|
—
|
|
|
—
|
|
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
|
|
6,378,642
|
|
|
5,079,527
|
|
|
1,804,654
|
|
|
3,250
|
|
|
12,224,492
|
|
|
10,579,802
|
|
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(3,215,760
|
)
|
|
(6,461,857
|
)
|
|
(788,592
|
)
|
|
(1,759,077
|
)
|
|
(6,632,452
|
)
|
|
(13,264,903
|
)
|
|
From accumulated net realized gains
|
|
|
—
|
|
|
(94,046
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(192,507
|
)
|
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
|
|
(3,215,760
|
)
|
|
(6,555,903
|
)
|
|
(788,592
|
)
|
|
(1,759,077
|
)
|
|
(6,632,452
|
)
|
|
(13,457,410
|
)
|
|
Net increase (decrease) in net assets applicable to Common shares
|
|
|
3,162,882
|
|
|
(1,476,376
|
)
|
|
1,016,062
|
|
|
(1,755,827
|
)
|
|
5,592,040
|
|
|
(2,877,608
|
)
|
|
Net assets applicable to Common shares at the beginning of period
|
|
|
150,554,507
|
|
|
152,030,883
|
|
|
36,039,916
|
|
|
37,795,743
|
|
|
238,572,140
|
|
|
241,449,748
|
|
|
Net assets applicable to Common shares at the end of period
|
|
$
|
153,717,389
|
|
$
|
150,554,507
|
|
$
|
37,055,978
|
|
$
|
36,039,916
|
|
$
|
244,164,180
|
|
$
|
238,572,140
|
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
|
$
|
425,545
|
|
$
|
425,507
|
|
$
|
52,120
|
|
$
|
(7,096
|
)
|
$
|
3,335,412
|
|
$
|
3,376,314
|
|
|
N/A – Fund is not authorized to issue ARPS.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
|
|
|
New York
Dividend Advantage (NAN)
|
|
New York
Dividend Advantage 2 (NXK)
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
3,424,257
|
|
$
|
7,007,064
|
|
$
|
2,374,884
|
|
$
|
4,806,285
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
119,546
|
|
|
30,513
|
|
|
29,851
|
|
|
(30,343
|
)
|
|
Forward swaps
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
4,263,821
|
|
|
(878,173
|
)
|
|
3,013,471
|
|
|
(814,228
|
)
|
|
Forward swaps
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
|
|
—
|
|
|
(23,288
|
)
|
|
—
|
|
|
—
|
|
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
|
|
7,807,624
|
|
|
6,136,116
|
|
|
5,418,206
|
|
|
3,961,714
|
|
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(3,641,275
|
)
|
|
(7,282,550
|
)
|
|
(2,588,918
|
)
|
|
(5,177,836
|
)
|
|
From accumulated net realized gains
|
|
|
(54,665
|
)
|
|
(318,727
|
)
|
|
—
|
|
|
—
|
|
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
|
|
(3,695,940
|
)
|
|
(7,601,277
|
)
|
|
(2,588,918
|
)
|
|
(5,177,836
|
)
|
|
Net increase (decrease) in net assets applicable to Common shares
|
|
|
4,111,684
|
|
|
(1,465,161
|
)
|
|
2,829,288
|
|
|
(1,216,122
|
)
|
|
Net assets applicable to Common shares at the beginning of period
|
|
|
139,059,528
|
|
|
140,524,689
|
|
|
96,939,579
|
|
|
98,155,701
|
|
|
Net assets applicable to Common shares at the end of period
|
|
$
|
143,171,212
|
|
$
|
139,059,528
|
|
$
|
99,768,867
|
|
$
|
96,939,579
|
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
|
$
|
1,418,853
|
|
$
|
1,635,871
|
|
$
|
630,651
|
|
$
|
844,685
|
|
See accompanying notes to financial statements.
|
|
Six Months Ended March 31, 2012
(Unaudited)
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
|
$
|
12,224,492
|
|
$
|
7,807,624
|
|
$
|
5,418,206
|
|
|
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
|
|
|
(22,129,845
|
)
|
|
(4,533,812
|
)
|
|
(4,571,950
|
)
|
|
Proceeds from sales and maturities of investments
|
|
|
28,944,149
|
|
|
9,809,370
|
|
|
5,817,989
|
|
|
Amortization (Accretion) of premiums and discounts, net (Increase) Decrease in:
|
|
|
326,855
|
|
|
210,814
|
|
|
154,832
|
|
|
Receivable for interest
|
|
|
68,259
|
|
|
(68,584
|
)
|
|
(73,807
|
)
|
|
Receivable for investments sold
|
|
|
1,832,271
|
|
|
1,569,186
|
|
|
(762,836
|
)
|
|
Other assets
|
|
|
3,164
|
|
|
(2,452
|
)
|
|
28,328
|
|
|
Increase (Decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
Payable for interest
|
|
|
—
|
|
|
8,027
|
|
|
5,368
|
|
|
Accrued management fees
|
|
|
7,580
|
|
|
5,015
|
|
|
3,459
|
|
|
Accrued other expenses
|
|
|
7,264
|
|
|
(2,768
|
)
|
|
245
|
|
|
Net realized (gain) loss from investments
|
|
|
(417,926
|
)
|
|
(119,546
|
)
|
|
(29,851
|
)
|
|
Change in net unrealized (appreciation) depreciation of investments
|
|
|
(5,215,016
|
)
|
|
(4,263,821
|
)
|
|
(3,013,471
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
15,651,247
|
|
|
10,419,053
|
|
|
2,976,512
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) Decrease in deferred offering costs
|
|
|
22,103
|
|
|
141,616
|
|
|
82,205
|
|
|
Increase (Decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft balance
|
|
|
(1,264,441
|
)
|
|
(1,139,699
|
)
|
|
—
|
|
|
Payable for offering costs
|
|
|
(214,133
|
)
|
|
(136,977
|
)
|
|
(108,145
|
)
|
|
Cash distributions paid to Common shareholders
|
|
|
(6,626,115
|
)
|
|
(3,694,324
|
)
|
|
(2,585,925
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(8,082,586
|
)
|
|
(4,829,384
|
)
|
|
(2,611,865
|
)
|
|
Net Increase (Decrease) in Cash
|
|
|
7,568,661
|
|
|
5,589,669
|
|
|
364,647
|
|
|
Cash at the beginning of period
|
|
|
—
|
|
|
—
|
|
|
312,714
|
|
|
Cash at the End of Period
|
|
$
|
7,568,661
|
|
$
|
5,589,669
|
|
$
|
677,361
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Cash paid for interest (excluding amortization of offering costs)
|
|
$
|
209,329
|
|
$
|
766,667
|
|
$
|
513,470
|
|
See accompanying notes to financial statements.
|
|
|
Financial
|
|
|
|
Highlights
(Unaudited)
|
|
|
|
Financial
|
|
|
|
Highlights
(Unaudited)
|
|
|
|
|
|
|
|
Selected data for a Common share outstanding throughout each period:
|
|
|
|
|
|
|
Investment Operations
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Common
Share
Net Asset
Value
|
|
Net
Investment
Income
(Loss)
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
Total
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(d)
|
|
$
|
9.93
|
|
$
|
.21
|
|
$
|
.20
|
|
$
|
.41
|
|
$
|
(.21
|
)
|
$
|
—
|
|
$
|
(.21
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
10.13
|
|
$
|
9.89
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(d)
|
|
|
15.36
|
|
|
.36
|
|
|
.41
|
|
|
.77
|
|
|
(.34
|
)
|
|
—
|
|
|
(.34
|
)
|
|
—
|
|
|
—
|
|
|
15.79
|
|
|
15.30
|
|
|
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(e)
|
|
|
14.33
|
|
|
.23
|
|
|
1.64
|
|
|
1.87
|
|
|
(.26
|
)
|
|
—
|
|
|
(.26
|
)
|
|
—
|
|
|
(.03
|
)
|
|
15.91
|
|
|
14.84
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
Total Returns
|
|
|
|
|
Ratios to Average Net Assets
Applicable to Common Shares(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based
on
Market
Value
|
(a)
|
Based
on
Common
Share Net
Asset
Value
|
(a)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
|
Expenses
|
(c)
|
Net
Investment
Income (Loss)
|
|
Portfolio
Turnover
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.69
|
%
|
|
4.19
|
%
|
$
|
153,717
|
|
|
.66
|
%*
|
|
4.23
|
%*
|
|
5
|
%
|
|
|
.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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.77
|
|
|
5.04
|
|
|
37,056
|
|
|
.78
|
*
|
|
4.66
|
*
|
|
9
|
|
|
|
(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:
|
|
|
|
|
|
2012(d)
|
|
|
.01
|
%*
|
|
2011
|
|
|
.01
|
|
|
2010
|
|
|
.01
|
|
|
2009
|
|
|
.03
|
|
|
2008
|
|
|
.03
|
|
|
2007
|
|
|
.04
|
|
|
|
|
|
|
|
|
New York Value 2 (NYV)
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
2012(d)
|
|
|
—
|
%
|
|
2011
|
|
|
—
|
|
|
2010
|
|
|
—
|
|
|
2009(e)
|
|
|
—
|
|
|
(d)
|
For the six months ended March 31, 2012.
|
|
(e)
|
For the period April 28, 2009 (commencement of operations) through September 30, 2009.
|
|
*
|
Annualized.
|
See accompanying notes to financial statements.
|
|
|
Financial
|
|
|
|
Highlights
(Unaudited) (continued)
|
|
|
|
|
|
|
|
Selected data for a Common share outstanding throughout each period:
|
|
|
|
|
|
|
Investment Operations
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Common
Share
Net Asset
Value
|
|
Net
Investment
Income
(Loss)
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
Distributions from Net
Investment Income to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Distributions
from Capital
Gains to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Total
|
|
Net
Investment
Income to
Common
Share-
holders
|
|
Capital
Gains to
Common
Share-
holders
|
|
Total
|
|
Discount
from
Common
Shares
Repur
chased
and
Retired
|
|
Ending
Common
Share
Net Asset
Value
|
|
Ending
Market
Value
|
|
|
New York Performance Plus (NNP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(f)
|
|
$
|
15.86
|
|
$
|
.44
|
|
$
|
.37
|
|
$
|
—
|
|
$
|
—
|
|
$
|
.81
|
|
$
|
(.44
|
)
|
$
|
—
|
|
$
|
(.44
|
)
|
$
|
—
|
|
$
|
16.23
|
|
$
|
15.51
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(f)
|
|
|
15.01
|
|
|
.37
|
|
|
.47
|
|
|
—
|
|
|
—
|
|
|
.84
|
|
|
(.39
|
)
|
|
(.01
|
)
|
|
(.40
|
)
|
|
—
|
|
|
15.45
|
|
|
14.43
|
|
|
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.
|
|
|
|
|
|
|
|
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
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
|
Portfolio
Turnover
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.87
|
%
|
|
5.17
|
%
|
$
|
244,164
|
|
|
1.63
|
%*
|
|
5.47
|
%*
|
|
N/A
|
|
|
N/A
|
|
|
6
|
%
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.30
|
|
|
5.65
|
|
|
143,171
|
|
|
2.42
|
*
|
|
4.86
|
*
|
|
N/A
|
|
|
N/A
|
|
|
2
|
|
|
|
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. As of August 1, 2009, the Adviser is no longer reimbursing New York Dividend Advantage (NAN) for any fees and expenses.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
|
New York Performance Plus (NNP)
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
2012(f)
|
|
|
.61
|
%*
|
|
2011
|
|
|
.70
|
|
|
2010
|
|
|
.40
|
|
|
2009
|
|
|
.22
|
|
|
2008
|
|
|
.15
|
|
|
2007
|
|
|
.07
|
|
|
|
|
|
|
|
|
New York Dividend Advantage (NAN)
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
2012(f)
|
|
|
1.30
|
%*
|
|
2011
|
|
|
1.27
|
|
|
2010
|
|
|
.63
|
|
|
2009
|
|
|
.20
|
|
|
2008
|
|
|
.13
|
|
|
2007
|
|
|
.10
|
|
|
(f)
|
For the six months ended March 31, 2012.
|
|
*
|
Annualized.
|
|
**
|
Rounds to less than $.01 per share.
|
|
N/A
|
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
|
|
|
Financial
|
|
|
|
Highlights
(Unaudited) (continued)
|
|
|
|
|
|
|
|
Selected data for a Common share outstanding throughout each period:
|
|
|
|
|
|
|
Investment Operations
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Common
Share
Net Asset
Value
|
|
Net
Investment
Income
(Loss)
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Distributions
from Capital
Gains to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Total
|
|
Net
Investment
Income to
Common
Share-
holders
|
|
Capital
Gains to
Common
Share-
holders
|
|
Total
|
|
Discount
from Common
Shares
Repur-
chased
and
Retired
|
|
Ending
Common
Share
Net Asset Value
|
|
Ending
Market
Value
|
|
|
New York Dividend Advantage 2 (NXK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(f)
|
|
$
|
14.94
|
|
$
|
.37
|
|
$
|
.47
|
|
$
|
—
|
|
$
|
—
|
|
$
|
.84
|
|
$
|
(.40
|
)
|
$
|
—
|
|
$
|
(.40
|
)
|
$
|
—
|
|
$
|
15.38
|
|
$
|
14.50
|
|
|
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.
|
|
|
|
|
|
|
|
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
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
|
Portfolio
Turnover
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.62
|
%
|
|
5.68
|
%
|
$
|
99,769
|
|
|
2.36
|
%*
|
|
4.84
|
%*
|
|
N/A
|
|
|
N/A
|
|
|
3
|
%
|
|
|
.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 2 (NXK) for any fees or 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:
|
|
|
|
|
|
2012(f)
|
|
|
1.22
|
%*
|
|
2011
|
|
|
1.29
|
|
|
2010
|
|
|
.63
|
|
|
2009
|
|
|
.20
|
|
|
2008
|
|
|
.14
|
|
|
2007
|
|
|
.10
|
|
|
(f)
|
For the six months ended March 31, 2012.
|
|
*
|
Annualized.
|
|
**
|
Rounds to less than $.01 per share.
|
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
|
|
|
Financial
|
|
|
|
Highlights
(Unaudited) (continued)
|
|
|
|
ARPS at the End of Period
|
|
MTP Shares at the End of Period (h)
|
|
VRDP Shares at the End of Period
|
|
ARPS and
MTP Shares at
the End of Period
|
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
Liquidation
Value
Per Share
|
|
Asset
Coverage
Per Share
|
|
Aggregate
Amount
Outstanding
(000)
|
|
Liquidation
Value
Per Share
|
|
Asset
Coverage
Per Share
|
|
Aggregate
Amount
Outstanding
(000)
|
|
Liquidation
Value
Per Share
|
|
Asset
Coverage
Per Share
|
|
Asset Coverage
Per $1
Liquidation
Preference
|
|
|
New York Performance Plus (NNP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(i)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
89,000
|
|
$
|
100,000
|
|
$
|
374,342
|
|
$
|
—
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(i)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,360
|
|
|
10.00
|
|
|
35.86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
|
Average
|
|
|
|
|
Ending
|
|
Average
|
|
|
|
|
|
|
Market Value
|
|
Market Value
|
|
|
|
Market Value
|
|
Market Value
|
|
|
|
|
Series
|
|
Per Share
|
|
Per Share
|
|
Series
|
|
Per Share
|
|
Per Share
|
|
|
New York Dividend Advantage (NAN)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(i)
|
|
|
2015
|
|
$
|
10.08
|
|
$
|
10.10
|
|
|
2016
|
|
$
|
10.12
|
|
$
|
10.09
|
|
|
2011
|
|
|
2015
|
|
|
10.09
|
|
|
10.08
|
|
|
2016
|
|
|
10.06
|
|
|
9.95
|
^^
|
|
2010
|
|
|
2015
|
|
|
10.16
|
|
|
10.09
|
^
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2008
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(i)
|
For the six months ended March 31, 2012.
|
|
^
|
For the period December 21, 2009 (first issuance date of shares) through September 30, 2010.
|
|
^^
|
For the period December 13, 2010 (first issuance date of shares) through September 30, 2011.
|
|
|
|
ARPS at the End of Period
|
|
MTP Shares at the End of Period (h)
|
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
Liquidation
Value
Per Share
|
|
Asset
Coverage
Per Share
|
|
Aggregate
Amount
Outstanding
(000)
|
|
Liquidation
Value
Per Share
|
|
Asset
Coverage
Per Share
|
|
|
New York Dividend Advantage 2 (NXK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012(i)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
37,890
|
|
$
|
10.00
|
|
$
|
36.33
|
|
|
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
|
|
|
Average
|
|
|
|
|
|
|
|
|
Market Value
|
|
|
Market Value
|
|
|
|
|
|
Series
|
|
|
Per Share
|
|
|
Per Share
|
|
|
New York Dividend Advantage 2 (NXK)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30:
|
|
|
|
|
|
|
|
|
|
|
|
2012(i)
|
|
|
2015
|
|
$
|
10.13
|
|
$
|
10.09
|
|
|
2011
|
|
|
2015
|
|
|
10.11
|
|
|
10.05
|
|
|
2010
|
|
|
2015
|
|
|
10.14
|
|
|
10.05
|
^
|
|
2009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2008
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(i)
|
For the six months ended March 31, 2012.
|
|
^
|
For the period April 14, 2010 (first issuance date of shares) through September 30, 2010.
|
See accompanying notes to financial statements.
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited)
|
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen New York Municipal Value Fund 2 (NYV), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New York Dividend Advantage Municipal Fund (NAN) 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.
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 interest rate swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). 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 such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the
custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2012, 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 (“RICs”). 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, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. 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 March 31, 2012, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Dividend Advantage (NAN)
|
|
New York Dividend Advantage 2 (NXK)
|
|
|
|
|
Shares
|
|
Annual
|
|
NYSE
|
|
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
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited) (continued)
|
redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
Dividend
|
|
|
Dividend
|
|
|
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 six months ended March 31, 2012, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Average liquidation value of MTP Shares outstanding
|
|
$
|
55,360,000
|
|
$
|
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 six months ended March 31, 2012, 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.
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 six months ended March 31, 2012, with an annualized dividend rate of .27%.
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. 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 six months ended March 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
At March 31, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY
|
)
|
|
(NYV
|
)
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Maximum exposure to Recourse Trusts
|
|
$
|
—
|
|
$
|
2,000,000
|
|
$
|
—
|
|
$
|
2,670,000
|
|
$
|
—
|
|
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended March 31, 2012, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY
|
)
|
|
(NYV
|
)
|
|
(NNP
|
)
|
|
(NAN
|
)
|
|
(NXK
|
)
|
|
Average floating rate obligations outstanding
|
|
$
|
3,255,000
|
|
$
|
—
|
|
$
|
34,645,000
|
|
$
|
17,735,000
|
|
$
|
12,150,000
|
|
|
Average annual interest rate and fees
|
|
|
.42
|
%
|
|
—
|
%
|
|
.51
|
%
|
|
.50
|
%
|
|
.50
|
%
|
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 the Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the 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
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited) (continued)
|
termination date increase or decrease. 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 reporting 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 reporting 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 six months ended March 31, 2012, 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 six months ended March 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
|
|
|
Value 2
|
|
|
|
|
|
(NYV
|
)
|
|
Average notional amount of forward interest rate swap contracts outstanding*
|
|
$
|
2,250,000
|
|
* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on forward interest rate swap contract activity.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
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 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 deferred charges, 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.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The 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 March 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Value (NNY)
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
$
|
151,517,364
|
|
$
|
—
|
|
$
|
151,517,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Value 2 (NYV)
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
$
|
36,961,730
|
|
$
|
—
|
|
$
|
36,961,730
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Swaps*
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Performance Plus (NNP)
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
$
|
354,678,986
|
|
$
|
—
|
|
$
|
354,678,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Dividend Advantage (NAN)
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
$
|
207,381,564
|
|
$
|
—
|
|
$
|
207,381,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Dividend Advantage 2 (NXK)
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Long-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
—
|
|
$
|
144,922,561
|
|
$
|
—
|
|
$
|
144,922,561
|
|
* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
During the six months ended March 31, 2012, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited) (continued)
|
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended March 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
|
|
|
Value 2
|
|
|
Net Realized Gain (Loss) from Forward Swaps
|
|
|
(NYV)
|
|
|
Risk Exposure
|
|
|
|
|
|
Interest Rate
|
|
$
|
(496,285
|
)
|
|
|
|
|
New York
|
|
|
|
|
|
Value 2
|
|
|
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
|
|
|
(NYV)
|
|
|
Risk Exposure
|
|
|
|
|
|
Interest Rate
|
|
$
|
532,900
|
|
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
Value (NNY)
|
|
New York
Value 2 (NYV)
|
|
New York
Performance Plus (NNP)
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued to shareholders due to reinvestment of distributions
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
New York
Dividend Advantage (NAN)
|
|
New York
Dividend Advantage 2 (NXK)
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Year Ended
|
|
|
Ended
|
|
|
Year Ended
|
|
|
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
3/31/12
|
|
|
9/30/11
|
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued to shareholders due to reinvestment of distributions
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Preferred Shares
New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue ARPS. During the fiscal year ended September 30, 2010, New York Performance Plus (NNP) and New York Dividend Advantage 2 (NXK) redeemed all of their outstanding ARPS at liquidation value. Transactions in ARPS were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
Dividend Advantage (NAN)
|
|
|
|
|
Six Months
Ended
3/31/12
|
|
Year Ended
9/30/11
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
ARPS redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series M
|
|
|
N/A
|
|
|
N/A
|
|
|
—
|
|
$
|
—
|
|
|
Series T
|
|
|
N/A
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
Series W
|
|
|
N/A
|
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
Series F
|
|
|
N/A
|
|
|
N/A
|
|
|
876
|
|
|
21,900,000
|
|
|
Total
|
|
|
N/A
|
|
|
N/A
|
|
|
876
|
|
$
|
21,900,000
|
|
N/A – As of September 30, 2011, New York Dividend Advantage (NAN) redeemed all of their ARPS at liquidation value.
Transactions in MTP Shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Dividend Advantage (NAN)
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
Ended
|
|
Year Ended
|
|
|
|
|
3/31/12
|
|
9/30/11
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
MTP Shares issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016
|
|
|
—
|
|
$
|
—
|
|
|
2,536,000
|
|
$
|
25,360,000
|
|
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended March 31, 2012, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY)
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NAN)
|
|
|
(NXK)
|
|
|
Purchases
|
|
$
|
8,241,588
|
|
$
|
3,783,413
|
|
$
|
22,129,845
|
|
$
|
4,533,812
|
|
$
|
4,571,950
|
|
|
Sales and maturities
|
|
|
10,416,106
|
|
|
3,089,497
|
|
|
28,944,149
|
|
|
9,809,370
|
|
|
5,817,989
|
|
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
At March 31, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY)
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NAN)
|
|
|
(NXK)
|
|
|
Cost of investments
|
|
$
|
139,565,280
|
|
$
|
32,778,711
|
|
$
|
298,265,656
|
|
$
|
179,194,709
|
|
$
|
125,637,433
|
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
9,758,245
|
|
$
|
4,302,979
|
|
$
|
24,947,051
|
|
$
|
12,285,951
|
|
$
|
8,373,827
|
|
|
Depreciation
|
|
|
(1,063,778
|
)
|
|
(119,960
|
)
|
|
(3,181,921
|
)
|
|
(1,834,298
|
)
|
|
(1,237,339
|
)
|
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
8,694,467
|
|
$
|
4,183,019
|
|
$
|
21,765,130
|
|
$
|
10,451,653
|
|
$
|
7,136,488
|
|
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’ last tax year end, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY)
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NAN)
|
|
|
(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
|
)
|
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited) (continued)
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2011, the Funds’ last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY)
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NAN)
|
|
|
(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.
|
The tax character of distributions paid during the Funds’ last tax year ended September 30, 2011, was designated for purposes of the dividends paid deduction as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
Dividend
|
|
|
|
|
|
Value
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage
|
|
|
Advantage 2
|
|
|
|
|
|
(NNY)
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NAN)
|
|
|
(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
|
|
|
—
|
|
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
At September 30, 2011, the Funds’ last 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
|
|
|
|
|
|
New York
|
|
|
Performance
|
|
|
|
|
|
Value
|
|
|
Plus
|
|
|
|
|
|
(NNY)
|
|
|
(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’ last 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 current fiscal year. The following Funds have elected to defer post-October losses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
New York
|
|
|
|
|
|
New York
|
|
|
Performance
|
|
|
Dividend
|
|
|
|
|
|
Value 2
|
|
|
Plus
|
|
|
Advantage 2
|
|
|
|
|
|
(NYV)
|
|
|
(NNP)
|
|
|
(NXK)
|
|
|
Post-October capital losses
|
|
$
|
214,775
|
|
$
|
151,168
|
|
$
|
19,962
|
|
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
The annual fund-level fee for the following Funds, payable monthly, is calculated according to the following schedules:
|
|
|
|
|
|
New York Performance Plus (NNP)
|
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
.4500
|
%
|
|
For the next $125 million
|
.4375
|
|
|
For the next $250 million
|
.4250
|
|
|
For the next $500 million
|
.4125
|
|
|
For the next $1 billion
|
.4000
|
|
|
For the next $3 billion
|
.3875
|
|
|
For managed assets over $5 billion
|
.3750
|
|
|
|
New York Value 2 (NYV)
|
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
.4000
|
%
|
|
For the next $125 million
|
.3875
|
|
|
For the next $250 million
|
.3750
|
|
|
For the next $500 million
|
.3625
|
|
|
For the next $1 billion
|
.3500
|
|
|
For managed assets over $2 billion
|
.3375
|
|
|
|
New York Dividend Advantage (NAN)
|
|
|
New York Dividend Advantage 2 (NXK)
|
|
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*
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
.2000
|
%
|
|
$56 billion
|
.1996
|
|
|
$57 billion
|
.1989
|
|
|
$60 billion
|
.1961
|
|
|
$63 billion
|
.1931
|
|
|
$66 billion
|
.1900
|
|
|
$71 billion
|
.1851
|
|
|
$76 billion
|
.1806
|
|
|
$80 billion
|
.1773
|
|
|
$91 billion
|
.1691
|
|
|
$125 billion
|
.1599
|
|
|
$200 billion
|
.1505
|
|
|
$250 billion
|
.1469
|
|
|
$300 billion
|
.1445
|
|
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2012, the complex-level fee rate for these Funds was .1735%.
|
|
|
|
Notes to
|
|
|
|
Financial Statements
(Unaudited) (continued)
|
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. New Accounting Pronouncements
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 and the reasons for the transfers and 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 to the financial statement amounts and footnote disclosures, if any.
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
Reinvest Automatically,
Easily and Conveniently
(continued)
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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 regulatory leverage (see below) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
|
|
|
|
■
|
Inverse Floating Rate Securities:
Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (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.
|
Glossary of Terms
Used in this Report
(continued)
|
|
|
|
■
|
Leverage:
Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
|
|
|
|
■
|
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 Funds Classification Average:
Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 29 funds; 1-year, 29 funds; 5-year, 28 funds; and 10-year, 20 funds. Lipper returns account for the effects of management fees and assume reinvestment of distributions, 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.
|
|
|
|
|
■
|
Regulatory Leverage:
Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
|
|
|
|
■
|
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. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees. It is not possible to 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. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees. It is not possible to invest directly in an index.
|
|
■
|
Taxable-Equivalent Yield:
The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
|
|
|
|
■
|
Zero Coupon Bond:
A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Notes
Additional Fund Information
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
Fund Manager
Nuveen Fund Advisors, 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 publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Information
Each Fund intends to repurchase shares of its own common 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 shares of their common stock as shown in the accompanying table.
|
|
|
|
|
|
|
|
|
|
Common Shares
|
|
|
Fund
|
|
|
Repurchased
|
|
|
NNY
|
|
|
–
|
|
|
NYV
|
|
|
–
|
|
|
NNP
|
|
|
–
|
|
|
NAN
|
|
|
–
|
|
|
NXK
|
|
|
–
|
|
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.
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
ESA-A-0312D