N-CSRS 1 nyv.txt NYV UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-22271 --------------------- Nuveen New York Municipal Value Fund 2 ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: September 30 ------------------ Date of reporting period: March 31, 2010 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. LOGO: NUVEEN INVESTMENTS Closed-End Funds Nuveen Investments Municipal Closed-End Funds It's not what you earn, it's what you keep.(R) Semi-Annual Report March 31, 2010 --------------- --------------- -------------------- ------------------ Nuveen New York Nuveen New York Nuveen New York Nuveen New York Municipal Value Municipal Value Performance Plus Dividend Advantage Fund, Inc. Fund 2 Municipal Fund, Inc. Municipal Fund NNY NYV NNP NAN ------------------- Nuveen New York Dividend Advantage Municipal Fund 2 NXK March 10 LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. LOGO: NUVEEN INVESTMENTS Chairman's Letter to Shareholders [PHOTO OF ROBERT P. BREMNER] DEAR SHAREHOLDER, The economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The largest source of economic uncertainty is the potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion carried out to deal with the financial and economic crisis of 2008. Consequently, the implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them. In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Over the last six months, the Nuveen leveraged municipal closed-end funds continued to make progress in refinancing their auction rate preferred shares (ARPS). By the fall of 2009, all of the Nuveen taxable closed-end Funds had completed redemption of their ARPS at par value. As of April 30, 2010, approximately 39% of the municipal ARPS issued by the Nuveen Funds also had been redeemed. Please consult the Nuveen web site for the most recent information on this issue and all recent developments on your Nuveen Funds at: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/Robert P. Bremner ----------------------- Robert P. Bremner Chairman of the Board May 21, 2010 Nuveen Investments 1 Portfolio Manager's Comments Nuveen New York Municipal Value Fund, Inc. (NNY) Nuveen New York Municipal Value Fund 2 (NYV) Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) Nuveen New York Dividend Advantage Municipal Fund (NAN) Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) Portfolio manager Cathryn Steeves discusses key investment strategies and the six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen in 1996, has managed NNY, NNP, NAN and NXK since 2006. In April 2009, she added portfolio management responsibility for NYV. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2010? Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt in the marketplace, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax-exempt debt. For the six-month period ended March 31, 2010, taxable Build America Bonds issuance totaled $55.3 billion, accounting for almost 25% of new bonds in the municipal market nationwide. In New York, the Build America Bond program had a significant impact on the availability of tax-exempt issuance, especially among the longer maturities that we typically seek to purchase for these Funds. For the six months ended March 31, 2010, Build America Bonds issuance in New York totaled $7.4 billion, which ranked the state as the second largest user of these bonds (after California). Although total municipal issuance, which includes tax-exempt as well as taxable bonds, was up substantially in New York for this period Build America Bonds made up approximately 31.5% of that supply. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as good investment opportunities for the New York Funds. 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. 2 Nuveen Investments Despite the constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform relatively well over the long term. Areas of the market where we found value included water and sewer, housing and airport bonds. We also added health care and higher education credits to the Funds. Tax-exempt supply was usually more plentiful in these two sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally do not qualify for the Build America Bond program and so must continue to issue bonds in the tax-exempt municipal market. We also purchased bonds issued for the Hudson Yards Redevelopment Project to fund infrastructure and business development on Manhattan's Far West Side, including extension of the subway line and expansion of the Javits Center. In general, our purchases during this period focused on bonds offering premium coupons as a defense against a potential rise in interest rates. We also bought bonds with retail structures (i.e., higher quality credits priced at a slight discount with coupons around 5%). Cash for new purchases was generated almost entirely from bond calls. As of March 31, 2010, all five of these Funds used inverse floating rate securities.(1) We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. HOW DID THE FUNDS PERFORM? Individual results for the Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table. AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED 3/31/10 SIX-MONTH 1-YEAR 5-YEAR 10-YEAR ------------------------------------------------------------------------------- NNY(2) 0.79% 10.77% 4.31% 5.14% NYV(2) 0.58% 13.64%** N/A N/A NNP 0.95% 17.36% 4.91% 7.14% NAN 1.02% 19.82% 4.69% 7.28% NXK 1.37% 19.05% 5.01% N/A Standard & Poor's (S&P) New York Municipal Bond Index(3) 0.53% 10.73% 4.70% 5.65% Standard & Poor's (S&P) National Municipal Bond Index(4) 0.28% 11.26% 4.42% 5.54% Lipper New York Municipal Debt Funds Average(5) 1.18% 21.80% 3.52% 6.19% ------------------------------------------------------------------------------- * Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. ** The cumulative return shown for NYV represents the period from its inception on April 28, 2009, through March 31, 2010. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. (1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) NNY and NYV do not issue auction rate preferred (Preferred) shares; the remaining three Funds in this report issue Preferred shares. (3) The Standard & Poor's (S&P) New York Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade New York municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (4) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (5) The Lipper New York Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: six-month, 18 funds; 1-year, 17 funds; 5-year, 17 funds; and 10-year, 8 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. Nuveen Investments 3 For the six months ended March 31, 2010, the cumulative returns on common share net asset value (NAV) for all five of these New York Funds outperformed the Standard & Poor's (S&P) New York Municipal Bond Index and the Standard & Poor's (S&P) National Municipal Bond Index. NXK also exceeded the average return for the Lipper New York Municipal Debt Funds Average, while the remaining four Funds lagged this measure. Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, the use of leverage was an important factor during this period. One of the reasons that the returns of NNY and NYV trailed those of the other three New York Funds for the six-month period was that these two Funds do not use structural leverage. The impact of structural leverage is discussed in more detail on page five. During this period, short and intermediate-term bonds generally outperformed credits with longer maturities, with bonds maturing in 20 years or more posting negative returns for the period. Overall, duration and yield curve positioning was a neutral factor in the performances of these Funds. Although the Funds benefited from being under-weight in the underperforming longer end of the yield curve, this was offset by their underexposure to the shorter part of the curve that outperformed. NYV, which had the longer duration typical of a new Fund recently invested in long-term bonds, was the least advantageously positioned in terms of duration among these Funds. Credit exposure had the most impact on the performance of these Funds. The demand for municipal bonds increased during this period, driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below and non-rated bonds generally outperformed those rated AAA. In this environment, the Fund's performance benefited from their allocations to lower quality credits. This was especially true in NXK and NAN, which had the heaviest weightings of bonds rated BBB or lower and non-rated bonds among these five Funds. Holdings that generally contributed positively to the Funds' performance during this period included housing and health care bonds. On the whole, these five Funds were overweighted in both housing and health care credits, which enhanced their returns. Revenue bonds as a whole performed well, with resource recovery, electric utilities, leasing and transportation among the sectors also outperforming the general municipal market for this period. In addition, pre-refunded bonds, which are typically backed by U.S. Treasury securities, were among the stronger performers, primarily due to their shorter effective 4 Nuveen Investments maturities. As of March 31, 2010, NNP and NXK had the largest allocations of pre-refunded bonds among these five Funds, which benefited their performance. Zero coupon bonds, special tax credits and general obligation (GO) bonds generally posted negative returns for this period, while education and water and sewer bonds failed to keep pace with the overall municipal market for the six months. IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of most of these Funds relative to the comparative indexes was the Funds' use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total returns 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 bond prices generally are rising. Leverage made a significant positive contribution to the performance of these Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE Shortly after their inceptions, each of the Funds except NNY and NYV issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have "failed to clear," and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low. Nuveen Investments 5 One continuing implication for common shareholders from the auction failures is that each Fund's cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund's common share earnings likely have been incrementally lower at times than they otherwise might have been. As noted in past shareholder reports, the Nuveen funds' Board of Directors/Trustees authorized several methods to refinance a portion of the Nuveen funds' outstanding ARPS. Some Funds have utilized tender option bonds (TOBs), also known as floating rate securities for leverage purposes. The amount of TOBs that a Fund may use varies according to the composition of each Fund's portfolio. Some funds have a greater ability to use TOBs than others. As of March 31, 2010, some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it has been difficult to find liquidity providers on economically viable terms given the constrained credit environment. Some Funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form of preferred stock with a mandatory redemption period of five years. While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the Funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed. As of March 31, 2010, the amounts of ARPS redeemed at par by each of the Funds are as shown in the accompanying table. AUCTION RATE % OF ORIGINAL PREFERRED SHARES AUCTION RATE FUND REDEEMED PREFERRED SHARES ----------------------------------------------------------------------------- NNP $ 124,300,000 100.00% NAN $ 47,100,000 68.3% NXK $ 12,900,000 27.4% ----------------------------------------------------------------------------- Subsequent to the reporting period, NXK completed the issuance of $37.89 million of 2.55%, Series 2015 MTP. The net proceeds from this offering were used to refinance the Fund's outstanding ARPS at par. The newly-issued MTP shares trade on the New York Stock Exchange (NYSE) under the symbol "NXK Pr C". MTP is a fixed-rate form of preferred stock with a mandatory redemption period, in this case, of five years. By issuing MTP, the Fund seeks to take advantage of the current historically low interest rate environment to lock in an attractive federally tax-exempt cost of leverage for a period as long as the term of the MTP. The Fund's managers believe that issuing MTP may help the Fund mitigate the risk of a significant increase in their cost of leverage should short-term interest rates rise sharply in the coming years. 6 Nuveen Investments Subsequent to the reporting period, NXK noticed for redemption at par the remaining $34.1 million of its outstanding ARPS using the proceeds from the issuance of MTP described above. As of March 31, 2010, 82 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS redemptions to approximately $4.3 billion of the approximately $11.0 billion originally outstanding. On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NNP, received a demand letter from a law firm on behalf of the each such fund's common shareholders, alleging that Nuveen and the fund's officers and Board of Directors breached their fiduciary duties related to the redemption at par of the fund's ARPS. The funds' independent Board is evaluating the demand letters for each fund. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps. Nuveen Investments 7 Common Share Dividend and Share Price Information During the six-month reporting period ended March 31, 2010, NNP, NAN and NXK each had one monthly dividend increase, while the dividends of NNY and NYV remained stable throughout the period. Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2009 as follows: SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME FUND (PER SHARE) (PER SHARE) ----------------------------------------------------------------------------- NNY $ 0.0173 $ 0.0050 NNP $ 0.0154 - NAN $ 0.0431 - NXK $ 0.0076 $ 0.0008 ----------------------------------------------------------------------------- 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, 2010, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes. NNY, NNP, NAN and NXK had positive UNII balances and NYV had a negative UNII balance for financial reporting purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION As of March 31, 2010, the Funds cumulatively repurchased common shares as shown in the accompanying table. COMMON SHARES % OF OUTSTANDING FUND REPURCHASED COMMON SHARES ----------------------------------------------------------------------------- NNY - - NYV - - NNP 27,800 0.2% NAN - - NXK 7,200 0.1% ----------------------------------------------------------------------------- 8 Nuveen Investments The Funds did not repurchase any of their outstanding common shares during the six-month reporting period. As of March 31, 2010, the Funds' common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table. 3/31/10 SIX-MONTH AVERAGE FUND (-) DISCOUNT (-) DISCOUNT ------------------------------------------------------------------------------- NNY -0.62% -2.03% NYV -4.48% -5.63% NNP -7.23% -8.27% NAN -7.23% -9.13% NXK -6.19% -8.85% ------------------------------------------------------------------------------- Nuveen Investments 9 NNY Performance OVERVIEW | Nuveen New York Municipal Value Fund, Inc. as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) [PIE CHART] AAA/U.S. Guaranteed 27% AA 40% A 16% BBB 7% BB or Lower 5% N/R 5% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [LINE CHART] Apr $ 0.0355 May 0.0355 Jun 0.0355 Jul 0.0355 Aug 0.0355 Sep 0.0355 Oct 0.0355 Nov 0.0355 Dec 0.0355 Jan 0.0355 Feb 0.0355 Mar 0.0355 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 8.89 9 8.95 9.0367 9.1907 9.32 9.35 9.38 9.37 9.34 9.3 9.1 9.0999 9.09 9.18 9.07 9.12 9.13 9.34 9.25 9.31 9.5499 9.74 9.58 9.53 9.57 9.64 9.5782 9.5254 9.39 9.55 9.4399 9.46 9.5 9.65 9.74 9.5 9.65 9.64 9.58 9.45 9.5 9.4499 9.45 9.45 9.55 9.4785 9.44 9.5495 9.6554 9.67 9.67 9.76 3/31/10 9.69 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 9.69 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 9.75 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -0.62% -------------------------------------------------------------------------------- Market Yield 4.40% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 6.56% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 147,676 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.35 -------------------------------------------------------------------------------- Modified Duration 4.72 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 10/07/87) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 4.42% 0.79% -------------------------------------------------------------------------------- 1-Year 13.49% 10.77% -------------------------------------------------------------------------------- 5-Year 5.30% 4.31% -------------------------------------------------------------------------------- 10-Year 6.80% 5.14% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 25.9% -------------------------------------------------------------------------------- Health Care 11.5% -------------------------------------------------------------------------------- Tax Obligation/General 9.5% -------------------------------------------------------------------------------- Transportation 9.2% -------------------------------------------------------------------------------- Education and Civic Organizations 8.9% -------------------------------------------------------------------------------- Utilities 6.9% -------------------------------------------------------------------------------- U.S. Guaranteed 6.4% -------------------------------------------------------------------------------- Housing/Multifamily 6.2% -------------------------------------------------------------------------------- Long-Term Care 5.9% -------------------------------------------------------------------------------- Other 9.6% -------------------------------------------------------------------------------- (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0223 per share. 10 Nuveen Investments NYV Performance OVERVIEW | Nuveen New York Municipal Value Fund 2, Inc. as of March 31, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.91 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.61 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.48% -------------------------------------------------------------------------------- Market Yield 5.15% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.68% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 36,636 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 25.63 -------------------------------------------------------------------------------- Modified Duration 9.43 -------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN (Inception 4/28/09) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 3.14% 0.58% -------------------------------------------------------------------------------- Since Inception 3.90% 13.64% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 26.3% -------------------------------------------------------------------------------- Health Care 20.3% -------------------------------------------------------------------------------- Housing/Multifamily 13.1% -------------------------------------------------------------------------------- Education and Civic Organizations 12.2% -------------------------------------------------------------------------------- Transportation 10.9% -------------------------------------------------------------------------------- Tax Obligation/General 7.3% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 0.5% -------------------------------------------------------------------------------- Other 9.4% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS(2) [PIE CHART] AAA/U.S. Guaranteed 16% AA 35% A 25% BBB 14% BB or Lower 3% N/R 7% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Jun $ 0.064 Jul 0.064 Aug 0.064 Sep 0.064 Oct 0.064 Nov 0.064 Dec 0.064 Jan 0.064 Feb 0.064 Mar 0.064 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 14.75 14.63 13.85 13.6 13.7992 13.8 13.26 13.12 13.28 13.4 13.72 13.73 13.85 14.1 14.11 14 14.01 14.0501 14.2165 14.42 14.7 14.9 14.9999 14.99 14.85 14.8 14.7636 14.7 14.63 14.55 14.4 14.5 14.5999 14.35 14.37 14.35 14.59 14.49 14.508 14.53 14.63 14.4999 14.4 14.48 14.52 14.59 14.57 14.99 3/31/10 14.91 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Excluding Euro Dollar Time Deposit. Nuveen Investments 11 NNP Performance OVERVIEW | Nuveen New York Performance Plus Municipal Fund, Inc. as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 33% AA 36% A 15% BBB 9% BB or Lower 3% N/R 4% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Apr $ 0.0595 May 0.0645 Jun 0.0645 Jul 0.0645 Aug 0.0645 Sep 0.067 Oct 0.067 Nov 0.067 Dec 0.068 Jan 0.068 Feb 0.068 Mar 0.068 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.78 11.95 12.45 12.13 12.33 12.3 12.87 12.77 12.9 12.7732 12.71 12.34 12.48 12.546 12.93 13.05 13.03 13.23 13.7211 13.94 13.91 14.06 14.14 14.26 14.7 14.85 14.7673 14.82 14.7 13.88 14.03 13.78 14.09 13.81 13.68 13.72 13.83 13.91 13.89 13.99 13.89 13.9649 14.04 13.9299 14.03 14.23 14.06 13.95 14.07 14.211 14.25 14.27 14.3 3/31/10 14.24 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.24 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.35 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.23% -------------------------------------------------------------------------------- Market Yield 5.73% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.54% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 230,886 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.54 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.03 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/89) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) -0.65% 0.95% -------------------------------------------------------------------------------- 1-Year 29.48% 17.36% -------------------------------------------------------------------------------- 5-Year 5.69% 4.91% -------------------------------------------------------------------------------- 10-Year 7.46% 7.14% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 24.6% -------------------------------------------------------------------------------- Health Care 14.0% -------------------------------------------------------------------------------- Education and Civic Organizations 11.0% -------------------------------------------------------------------------------- U.S. Guaranteed 9.9% -------------------------------------------------------------------------------- Transportation 7.6% -------------------------------------------------------------------------------- Tax Obligation/General 7.4% -------------------------------------------------------------------------------- Utilities 6.1% -------------------------------------------------------------------------------- Water and Sewer 4.6% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 1.1% -------------------------------------------------------------------------------- Other 13.7% -------------------------------------------------------------------------------- (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gains distribution in December 2009 of $0.0154 per share. (3) Excluding Euro Dollar Time Deposit. 12 Nuveen Investments NAN Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund as of March 31, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 13.48 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.53 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.23% -------------------------------------------------------------------------------- Market Yield 5.83% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.69% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 134,643 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 17.14 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.83 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/26/99) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 4.12% 1.02% -------------------------------------------------------------------------------- 1-Year 29.34% 19.82% -------------------------------------------------------------------------------- 5-Year 4.37% 4.69% -------------------------------------------------------------------------------- 10-Year 7.21% 7.28% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Health Care 21.5% -------------------------------------------------------------------------------- Tax Obligation/Limited 21.0% -------------------------------------------------------------------------------- Education and Civic Organizations 10.0% -------------------------------------------------------------------------------- Transportation 8.9% -------------------------------------------------------------------------------- Housing/Multifamily 8.6% -------------------------------------------------------------------------------- Tax Obligation/General 7.9% -------------------------------------------------------------------------------- Utilities 4.3% -------------------------------------------------------------------------------- Long-Term Care 3.8% -------------------------------------------------------------------------------- Euro Dollar Time Deposit 1.3% -------------------------------------------------------------------------------- Other 12.7% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 17% AA 35% A 23% BBB 10% BB or Lower 7% N/R 8% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Apr $ 0.059 May 0.0635 Jun 0.0635 Jul 0.0635 Aug 0.0635 Sep 0.0645 Oct 0.0645 Nov 0.0645 Dec 0.0655 Jan 0.0655 Feb 0.0655 Mar 0.0655 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.15 11.44 11.75 11.55 11.75 12.01 12.12 12.26 12.11 12.14 12.14 11.75 11.69 11.88 11.88 12.25 12.26 12.43 12.75 12.75 12.82 12.798 12.79 13.05 13.08 13.15 13.38 13.48 13.47 13.0086 13.24 13 13.08 12.85 12.85 13.02 13.2 13.094 12.95 12.93 12.94 13 13.09 13 13.14 13.15 13.19 13.19 13.2801 13.44 13.64 13.63 13.51 3/31/10 13.4799 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gains distribution in December 2009 of $0.0431 per share. (3) Excluding Euro Dollar Time Deposit. Nuveen Investments 13 NXK Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund 2 as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) [PIE CHART] AAA/U.S. Guaranteed 21% AA 28% A 24% BBB 11% BB or Lower 6% N/R 10% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Apr $ 0.058 May 0.0645 Jun 0.0645 Jul 0.0645 Aug 0.0645 Sep 0.0655 Oct 0.0655 Nov 0.0655 Dec 0.0665 Jan 0.0665 Feb 0.0665 Mar 0.0665 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.27 11.12 11.23 11.3 11.9 12.15 12.15 12.5 12.12 12.16 12.18 11.73 11.64 11.92 11.9 12.094 12.14 12.28 12.68 12.65 12.8 12.7713 13.14 12.53 13.11 13.15 13.374 13.42 13.41 13 13.12 13.1 13.05 12.87 12.908 13.066 12.9612 13 12.96 12.98 12.92 13.01 13.02 13.11 13.16 13.21 13.38 13.268 13.5 13.54 13.55 13.71 13.63 3/31/10 13.65 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 13.65 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.55 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -6.19% -------------------------------------------------------------------------------- Market Yield 5.85% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.72% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 94,394 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.35 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.76 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/27/01) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 4.94% 1.37% -------------------------------------------------------------------------------- 1-Year 29.51% 19.05% -------------------------------------------------------------------------------- 5-Year 5.14% 5.01% -------------------------------------------------------------------------------- Since Inception 5.45% 6.43% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 22.7% -------------------------------------------------------------------------------- Health Care 15.2% -------------------------------------------------------------------------------- Education and Civic Organizations 12.5% -------------------------------------------------------------------------------- Transportation 11.9% -------------------------------------------------------------------------------- Tax Obligation/General 8.9% -------------------------------------------------------------------------------- Utilities 7.6% -------------------------------------------------------------------------------- U.S. Guaranteed 6.8% -------------------------------------------------------------------------------- Other 14.4% -------------------------------------------------------------------------------- (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0084 per share. 14 Nuveen Investments NNY | Shareholder Meeting Report NYV | The annual meeting of shareholders was held in the offices of Nuveen NNP | Investments on April 6, 2010; at this meeting the shareholders were asked to vote on the election of Board Members.
NNY NYV NNP ----------------------------------------------------------------------------------------------------------------- Common and Preferred Preferred shares shares voting voting Common together together Common shares shares as a class as a class ----------------------------------------------------------------------------------------------------------------- APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: John P. Amboian For -- -- 12,492,237 1,454 Withhold -- -- 604,427 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- 13,096,664 1,606 ================================================================================================================= Robert P. Bremner For -- -- 12,378,404 1,454 Withhold -- -- 718,260 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- 13,096,664 1,606 ================================================================================================================= Jack B. Evans For -- -- 12,379,404 1,454 Withhold -- -- 717,260 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- 13,096,664 1,606 ================================================================================================================= William C. Hunter For 12,805,355 2,171,076 -- 1,454 Withhold 547,886 95,631 -- 152 ----------------------------------------------------------------------------------------------------------------- Total 13,353,241 2,266,707 -- 1,606 ================================================================================================================= David J. Kundert For -- -- 12,493,701 1,454 Withhold -- -- 602,963 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- 13,096,664 1,606 ================================================================================================================= William J. Schneider For -- -- -- 1,454 Withhold -- -- -- 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- -- 1,606 ================================================================================================================= Judith M. Stockdale For 12,487,217 2,193,707 12,374,568 1,454 Withhold 866,024 73,000 722,096 152 ----------------------------------------------------------------------------------------------------------------- Total 13,353,241 2,266,707 13,096,664 1,606 ================================================================================================================= Carole E. Stone For 12,814,766 2,196,107 12,492,033 1,454 Withhold 538,475 70,600 604,631 152 ----------------------------------------------------------------------------------------------------------------- Total 13,353,241 2,266,707 13,096,664 1,606 ================================================================================================================= Terence J. Toth For -- -- 12,486,901 1,454 Withhold -- -- 609,763 152 ----------------------------------------------------------------------------------------------------------------- Total -- -- 13,096,664 1,606 =================================================================================================================
Nuveen Investments 15 | Shareholder Meeting Report (continued) NAN | NXK |
NAN NXK ----------------------------------------------------------------------------------------------------------------- Common and Preferred Common and Preferred Preferred shares Preferred shares shares voting voting shares voting voting together together together together as a class as a class as a class as a class ----------------------------------------------------------------------------------------------------------------- APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: John P. Amboian For -- -- -- -- Withhold -- -- -- -- ----------------------------------------------------------------------------------------------------------------- Total -- -- -- -- ================================================================================================================= Robert P. Bremner For -- -- -- -- Withhold -- -- -- -- ----------------------------------------------------------------------------------------------------------------- Total -- -- -- -- ================================================================================================================= Jack B. Evans For -- -- -- -- Withhold -- -- -- -- ----------------------------------------------------------------------------------------------------------------- Total -- -- -- -- ================================================================================================================= William C. Hunter For -- 2,665,223 -- 811 Withhold -- 215,774 -- 37 ----------------------------------------------------------------------------------------------------------------- Total -- 2,880,997 -- 848 ================================================================================================================= David J. Kundert For -- -- -- -- Withhold -- -- -- -- ----------------------------------------------------------------------------------------------------------------- Total -- -- -- -- ================================================================================================================= William J. Schneider For -- 2,665,223 -- 811 Withhold -- 215,774 -- 37 ----------------------------------------------------------------------------------------------------------------- Total -- 2,880,997 -- 848 ================================================================================================================= Judith M. Stockdale For 11,101,214 -- 5,715,886 -- Withhold 618,955 -- 266,345 -- ----------------------------------------------------------------------------------------------------------------- Total 11,720,169 -- 5,982,231 -- ================================================================================================================= Carole E. Stone For 11,091,668 -- 5,717,038 -- Withhold 628,501 -- 265,193 -- ----------------------------------------------------------------------------------------------------------------- Total 11,720,169 -- 5,982,231 -- ================================================================================================================= Terence J. Toth For -- -- -- -- Withhold -- -- -- -- ----------------------------------------------------------------------------------------------------------------- Total -- -- -- -- =================================================================================================================
16 Nuveen Investments NNY | Nuveen New York Municipal Value Fund, Inc. | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 1.3% (1.2% OF TOTAL INVESTMENTS) $ 275 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 239,418 New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 1,950 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 1,624,877 Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 ---------------------------------------------------------------------------------------------------------------------- 2,225 Total Consumer Discretionary 1,864,295 ---------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 1.3% (1.3% OF TOTAL INVESTMENTS) 225 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 215,233 Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 385 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 373,477 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 165 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 157,006 Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 900 4.750%, 6/01/22 6/16 at 100.00 BBB 866,907 345 5.000%, 6/01/26 6/16 at 100.00 BBB 317,969 ---------------------------------------------------------------------------------------------------------------------- 2,020 Total Consumer Staples 1,930,592 ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 9.1% (8.9% OF TOTAL INVESTMENTS) 275 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 254,944 Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 115 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 92,439 Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,350 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,397,601 New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 90 Cattaraugus County Industrial Development 5/16 at 100.00 BBB- 86,080 Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,175 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,060,250 General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call A 965,350 Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 - FGIC Insured 800 Dormitory Authority of the State of New York, 7/11 at 102.00 N/R 806,584 Insured Revenue Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 - RAAI Insured 505 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 509,833 Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG Insured Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A: 1,000 5.750%, 7/01/18 No Opt. Call AA- 1,145,230 1,400 6.000%, 7/01/20 No Opt. Call AA- 1,617,126 575 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 482,839 New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 265 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 267,790 New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 245 New York City Industrial Development Agency, 10/14 at 100.00 A- 234,012 New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,100 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,106,600 New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 1,175 New York City Industrial Development Agency, 1/17 at 100.00 BB+ 968,999 New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 1,610 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,387,933 New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured
Nuveen Investments 17 NNY | Nuveen New York Municipal Value Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 170 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB $ 151,229 New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 880 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 883,670 Corporation Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 ---------------------------------------------------------------------------------------------------------------------- 13,730 Total Education and Civic Organizations 13,418,509 ---------------------------------------------------------------------------------------------------------------------- FINANCIALS - 1.2% (1.2% OF TOTAL INVESTMENTS) 400 Liberty Development Corporation, New York, No Opt. Call A1 405,072 Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,305 Liberty Development Corporation, New York, No Opt. Call A1 1,369,806 Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 ---------------------------------------------------------------------------------------------------------------------- 1,705 Total Financials 1,774,878 ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 11.7% (11.5% OF TOTAL INVESTMENTS) 490 Cattaraugus County Industrial Development 8/10 at 100.00 A+ 490,843 Agency, New York, Revenue Bonds, Olean General Hospital, Series 1998A, 5.250%, 8/01/23 1,005 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,020,879 FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 700 Dormitory Authority of the State of New York, 2/15 at 100.00 A 710,423 FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 1,800 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 1,771,776 FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 1,250 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 1,267,138 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 2,350 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 2,411,946 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 1,000 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 1,013,860 Revenue Bonds, Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 250,128 Revenue Bonds, Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 1,590 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 1,732,321 Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - AGM Insured 500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 504,390 Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 472,980 Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 290 Livingston County Industrial Development Agency, 7/10 at 100.00 BB 264,358 New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: 280 5.250%, 2/01/27 No Opt. Call BBB- 248,142 260 5.500%, 2/01/32 No Opt. Call BBB- 232,934 245 Nassau County Industrial Development Agency, No Opt. Call Baa1 253,247 New York, Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 500 New York City Health and Hospitals Corporation, 8/10 at 100.00 A+ 501,345 New York, Health System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 - AMBAC Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,225,349 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,034,730 480 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 476,357 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 240 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 237,456 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 660 Newark-Wayne Community Hospital, New York, 9/10 at 100.00 N/R 660,079 Hospital Revenue Refunding and Improvement Bonds, Series 1993A, 7.600%, 9/01/15
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 500 Yonkers Industrial Development Agency, 7/11 at 101.00 B- $ 490,175 New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 ---------------------------------------------------------------------------------------------------------------------- 17,065 Total Health Care 17,270,856 ---------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 6.3% (6.2% OF TOTAL INVESTMENTS) 390 East Syracuse Housing Authority, New York, 4/10 at 102.00 AAA 398,471 FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 1,690 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 1,754,609 New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - FGIC Insured New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: 1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,020,470 1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,012,980 1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,011,880 1,000 New York City Housing Development Corporation, 5/19 at 100.00 AA 1,035,510 New York, Multifamily Housing Revenue Bonds, Series 2009C-1, 5.500%, 11/01/34 1,250 New York City Housing Development Corporation, 5/19 at 100.00 AA 1,258,963 New York, Multifamily Housing Revenue Bonds, Series 2009M, 5.150%, 11/01/45 440 New York State Housing Finance Agency, Secured 8/11 at 100.00 Aa1 445,760 Mortgage Program Multifamily Housing Revenue Bonds, Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax) 1,275 Westchester County Industrial Development 8/11 at 102.00 Aaa 1,322,443 Agency, New York, GNMA Collateralized Mortgage Loan Revenue Bonds, Living Independently for the Elderly Inc., Series 2001A, 5.375%, 8/20/21 ---------------------------------------------------------------------------------------------------------------------- 9,045 Total Housing/Multifamily 9,261,086 ---------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 4.0% (3.9% OF TOTAL INVESTMENTS) 950 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 915,382 Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 370 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 373,659 Mortgage Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 3,750 New York State Mortgage Agency, Homeowner 9/10 at 100.00 Aa1 3,764,174 Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) 840 New York State Mortgage Agency, Mortgage 4/13 at 101.00 Aaa 844,830 Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 5,910 Total Housing/Single Family 5,898,045 ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 6.0% (5.9% OF TOTAL INVESTMENTS) 1,000 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 1,004,660 FHA-Insured Mortgage Nursing Home Revenue Bonds, Eger Healthcare Center of Staten Island, Series 1998, 5.100%, 2/01/28 2,250 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 2,250,495 FHA-Insured Mortgage Nursing Home Revenue Bonds, Rosalind and Joseph Gurwin Jewish Geriatric Center of Long Island, Series 1997, 5.700%, 2/01/37 - AMBAC Insured 1,105 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 1,105,939 FHA-Insured Mortgage Revenue Bonds, German Masonic Home Corporation, Series 1996, 5.950%, 8/01/26 2,000 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 2,001,560 FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 6.125%, 2/01/36 450 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 451,143 GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 270 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 266,479 Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 135 Dormitory Authority of the State of New York, 7/15 at 100.00 N/R 87,585 Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured 530 New York City Industrial Development Agency, 7/11 at 101.00 N/R 536,312 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 820 New York City Industrial Development Agency, 7/16 at 101.00 N/R 744,757 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18
Nuveen Investments 19 NNY | Nuveen New York Municipal Value Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE (continued) $ 235 Suffolk County Industrial Development Agency, 7/16 at 101.00 N/R $ 206,626 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23 225 Yonkers Industrial Development Agency, New York, 7/16 at 101.00 N/R 197,834 Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 ---------------------------------------------------------------------------------------------------------------------- 9,020 Total Long-Term Care 8,853,390 ---------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.1% (0.1% OF TOTAL INVESTMENTS) 240 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 235,937 New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 9.6% (9.5% OF TOTAL INVESTMENTS) 2,000 New York City, New York, General Obligation 8/19 at 100.00 AA 2,156,020 Bonds, Fiscal 2009 Series C, 5.000%, 8/01/23 750 New York City, New York, General Obligation 8/14 at 100.00 AA 837,075 Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 1,000 New York City, New York, General Obligation 11/14 at 100.00 AAA 1,074,690 Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 - AGM Insured 2,000 New York City, New York, General Obligation 9/15 at 100.00 AA 2,163,620 Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured 2,795 New York City, New York, General Obligation 8/16 at 100.00 AA 2,937,097 Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 4,760 New York City, New York, General Obligation 12/17 at 100.00 AA 5,084,393 Bonds, Series D, 5.125%, 12/01/25 ---------------------------------------------------------------------------------------------------------------------- 13,305 Total Tax Obligation/General 14,252,895 ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 22.9% (22.6% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150 Revenue Bonds, Series 2003A, 5.250%, 11/01/21 395 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 410,559 Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG Insured 275 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 293,821 State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - AGM Insured 350 Erie County Industrial Development Agency, 5/14 at 100.00 AAA 370,283 New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - AGM Insured 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 AAA 2,092,820 1,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,010,220 1,500 Metropolitan Transportation Authority, New York, 11/19 at 100.00 AA 1,566,315 Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 1,000 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 1,016,590 State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 515,911 Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 740 5.000%, 10/15/25 - NPFG Insured 10/14 at 100.00 AAA 799,222 550 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 581,218 1,890 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,981,627 1,200 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 1,247,496 New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,500 New York City Transitional Finance Authority, 1/19 at 100.00 AA- 1,583,040 New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39 1,330 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,390,036 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 - FGIC Insured 1,530 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 1,635,371 New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030 Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,100 New York State Environmental Facilities 12/17 at 100.00 AAA 2,243,703 Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) $ 840 New York State Housing Finance Agency, State 9/15 at 100.00 AAA $ 871,198 Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010 Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 2,450 New York State Thruway Authority, Highway and No Opt. Call AA 2,841,388 Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,175 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,242,692 Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 1,065 New York State Thruway Authority, State 3/12 at 100.00 AAA 1,137,537 Personal Income Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21 New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,800 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 1,913,778 2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 2,108,440 1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 600 New York State Urban Development Corporation, No Opt. Call AA- 703,206 Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21 ---------------------------------------------------------------------------------------------------------------------- 31,850 Total Tax Obligation/Limited 33,862,841 ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 9.3% (9.2% OF TOTAL INVESTMENTS) 180 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 182,506 Bonds, Series 2001A, 5.625%, 7/15/25 2,500 Metropolitan Transportation Authority, 11/17 at 100.00 A 2,534,650 New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33 500 Metropolitan Transportation Authority, 11/12 at 100.00 A 534,920 New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC Insured 1,100 New York City Industrial Development Agency, 6/10 at 101.00 BB- 799,062 New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760 New York, Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 500 New York City Industrial Development Agency, 1/16 at 100.00 A3 506,340 New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax) 1,000 New York City Industrial Development 5/12 at 100.00 B- 782,920 Authority, New York, JetBlue, 5.125%, 5/15/30 (Alternative Minimum Tax) 165 New York State Thruway Authority, General 1/15 at 100.00 A+ 168,552 Revenue Bonds, Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 400 New York State Thruway Authority, General 7/15 at 100.00 AAA 411,492 Revenue Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured 500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 500,745 Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680 435 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 453,879 325 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 382,499 Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.440%, 8/15/32 - AGM Insured (IF) 2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,624 New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 901,844 800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 855,752 ---------------------------------------------------------------------------------------------------------------------- 13,685 Total Transportation 13,763,225 ----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 21 NNY | Nuveen New York Municipal Value Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 6.5% (6.4% OF TOTAL INVESTMENTS)(4) Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2000A: $ 600 5.700%, 10/01/20 (Pre-refunded 10/01/10) 10/10 at 100.00 N/R (4) $ 616,314 - RAAI Insured 750 5.750%, 10/01/30 (Pre-refunded 10/01/10) 10/10 at 100.00 N/R (4) 770,580 - RAAI Insured 220 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 236,535 Bonds, Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11) 2,525 Dormitory Authority of the State of New York, No Opt. Call AAA 2,990,407 Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM) 25 Dormitory Authority of the State of New York, 4/10 at 105.68 Baa1 (4) 32,106 Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 (ETM) 280 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 287,389 Corporation, New York, Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10) 960 Metropolitan Transportation Authority, New York, 5/10 at 100.00 N/R (4) 963,446 Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM) 420 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 427,850 New York, Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 365 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 378,187 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 555 New York State Thruway Authority, State Personal 3/12 at 100.00 Aa3 (4) 598,179 Income Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21 (ETM) 1,000 Niagara Falls, Niagara County, New York, General No Opt. Call A (4) 1,101,520 Obligation Water Treatment Plant Bonds, Series 1994, 7.250%, 11/01/11 - MBIA Insured (Alternative Minimum Tax) (ETM) 1,120 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 1,174,589 Revenue Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) ---------------------------------------------------------------------------------------------------------------------- 8,820 Total U.S. Guaranteed 9,577,102 ---------------------------------------------------------------------------------------------------------------------- UTILITIES - 7.0% (6.9% OF TOTAL INVESTMENTS) 1,000 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 1,017,460 New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 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 1,562,115 1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 1,555,440 250 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 253,425 System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured 1,000 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 960,570 New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 1,500 New York State Energy Research and Development 3/11 at 100.00 A 1,509,360 Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - NPFG Insured 500 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 514,860 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) 250 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 257,420 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) 1,500 Power Authority of the State of New York, 11/10 at 100.00 Aa2 1,507,755 General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 25 Power Authority of the State of New York, 11/15 at 100.00 Aa2 26,977 General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: 705 5.300%, 1/01/13 (Alternative Minimum Tax) 7/10 at 100.50 N/R 665,929 575 5.500%, 1/01/23 (Alternative Minimum Tax) 7/10 at 100.50 N/R 481,356 ---------------------------------------------------------------------------------------------------------------------- 10,305 Total Utilities 10,312,667 ----------------------------------------------------------------------------------------------------------------------
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 1.9% (1.9% OF TOTAL INVESTMENTS) $ 415 New York City Municipal Water Finance 6/10 at 101.00 AAA $ 423,545 Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 1,500 New York City Municipal Water Finance 6/11 at 101.00 AAA 1,600,335 Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 740 New York City Municipal Water Finance 6/12 at 100.00 AAA 796,913 Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 ---------------------------------------------------------------------------------------------------------------------- 2,655 Total Water and Sewer 2,820,793 ---------------------------------------------------------------------------------------------------------------------- $ 141,580 Total Long-Term Investments (cost 145,097,111 $142,538,829) - 98.2% (96.7% of Total Investments) ===============------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 3.4% (3.3% OF TOTAL INVESTMENTS) TAX OBLIGATION/LIMITED - 3.4% (3.3% OF TOTAL INVESTMENTS) $ 4,975 Metropolitan Transportation Authority, 5/10 at 100.00 A-1 4,975,000 New York, Dedicated Tax Fund Bonds, Variable Rate Demand Revenue Obligations, Series 2008A, 0.310%, 11/01/31 - AGM Insured (5) ===============------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $4,975,000) 4,975,000 ---------------------------------------------------------------------------------------------------- Total Investments (cost $147,513,829) - 101.6% 150,072,111 ---------------------------------------------------------------------------------------------------- Floating Rate Obligations - (2.2)% (3,255,000) ---------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.6% 858,439 ---------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 147,675,550 ====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. N/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 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 23 NYV | Nuveen New York Municipal Value Fund 2, Inc. | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 3.6% (3.7% OF TOTAL INVESTMENTS) $ 1,350 District of Columbia Tobacco Settlement No Opt. Call BBB $ 1,316,804 Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 12.1% (12.2% OF TOTAL INVESTMENTS) 1,200 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 964,584 Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,000 Dormitory Authority of the State of New York, 7/17 at 100.00 AA- 1,020,640 Lease Revenue Bonds, State University Dormitory Facilities, Series 2007, 5.000%, 7/01/37 1,500 Dormitory Authority of the State of New York, 7/18 at 100.00 AA- 1,562,655 Revenue Bonds, New York University, Series 2008A, 5.000%, 7/01/38 5,095 New York City Industrial Development Agency, No Opt. Call AAA 879,193 New York, Revenue Bonds, Yankee Stadium Project Pilot, Series 2009A, 0.000%, 3/01/40 - AGC Insured ---------------------------------------------------------------------------------------------------------------------- 8,795 Total Education and Civic Organizations 4,427,072 ---------------------------------------------------------------------------------------------------------------------- ENERGY - 2.8% (2.8% OF TOTAL INVESTMENTS) 1,000 Virgin Islands Public Finance Authority, Revenue 1/14 at 100.00 Baa3 1,008,360 Bonds, Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 20.1% (20.3% OF TOTAL INVESTMENTS) 500 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 492,160 FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 1,000 Dormitory Authority of the State of New York, 7/10 at 100.00 A3 980,270 Insured Revenue Bonds, Franciscan Health Partnership Obligated Group - Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/27 - RAAI Insured 1,500 Dormitory Authority of the State of New York, 11/16 at 100.00 A3 1,489,440 Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34 1,500 Dormitory Authority of the State of New York, 5/19 at 100.00 A- 1,523,490 Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37 1,010 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 995,365 Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 700 Hospital Authority of Delaware County, Indiana, 8/16 at 100.00 Baa3 640,199 Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24 725 Illinois Finance Authority, Revenue Bonds, OSF 11/17 at 100.00 A 721,962 Healthcare System, Series 2007A, 5.750%, 11/15/37 500 Wisconsin Health and Educational Facilities 2/14 at 100.00 A+ 521,815 Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 ---------------------------------------------------------------------------------------------------------------------- 7,435 Total Health Care 7,364,701 ---------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 13.0% (13.1% OF TOTAL INVESTMENTS) 1,500 New York City Housing Development Corporation, 11/15 at 100.00 AAA 1,491,210 New York, FNMA Backed Progress of Peoples Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax) 1,800 New York City Housing Development Corporation, 11/14 at 100.00 AA 1,801,008 New York, Multifamily Housing Revenue Bonds, Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax) 1,000 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 1,015,840 Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41 450 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 442,503 Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 ---------------------------------------------------------------------------------------------------------------------- 4,750 Total Housing/Multifamily 4,750,561 ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 7.2% (7.3% OF TOTAL INVESTMENTS) 1,000 New York City, New York, General Obligation 8/19 at 100.00 AA 1,078,010 Bonds, Fiscal 2009 Series C, 5.000%, 8/01/23 1,500 New York City, New York, General Obligation No Opt. Call AA 1,554,390 Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36 ---------------------------------------------------------------------------------------------------------------------- 2,500 Total Tax Obligation/General 2,632,400 ----------------------------------------------------------------------------------------------------------------------
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 26.0% (26.3% OF TOTAL INVESTMENTS) $ 1,200 Dormitory Authority of the State of New York, 3/19 at 100.00 AAA $ 1,262,772 State Personal Income Tax Revenue Bonds, Series 2009A, 5.000%, 3/15/38 1,200 Guam Government, Limited Obligation Section 30 12/19 at 100.00 BBB- 1,226,676 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 1,710 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 1,636,231 New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 1,500 New York City Transitional Finance Authority, 1/19 at 100.00 AA- 1,583,040 New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39 2,000 New York State Urban Development Corporation, 3/17 at 100.00 AAA 2,217,199 State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.752%, 3/15/37 (IF) 1,500 Puerto Rico Sales Tax Financing Corporation, 8/19 at 100.00 A+ 1,615,305 Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 ---------------------------------------------------------------------------------------------------------------------- 9,110 Total Tax Obligation/Limited 9,541,223 ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 10.8% (10.9% OF TOTAL INVESTMENTS) New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005: 500 7.500%, 8/01/16 (Alternative Minimum Tax) No Opt. Call B- 500,620 500 7.750%, 8/01/31 (Alternative Minimum Tax) 8/16 at 101.00 B- 506,175 2,000 New York City Industrial Development Agency, 10/17 at 100.00 N/R 1,566,300 New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 1,325 Triborough Bridge and Tunnel Authority, New York, 5/18 at 100.00 Aa2 1,387,951 General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33 ---------------------------------------------------------------------------------------------------------------------- 4,325 Total Transportation 3,961,046 ---------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 2.8% (2.9% OF TOTAL INVESTMENTS) 1,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 1,041,110 New York, Water and Sewerage System Revenue Bonds, Second Generation Resolution, Series 2009FF-1, 5.000%, 6/15/40 ---------------------------------------------------------------------------------------------------------------------- $ 40,265 Total Long-Term Investments (cost $32,922,630) - 36,043,277 98.4% (99.5% of Total Investments) ===============------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.5% (0.5% OF TOTAL INVESTMENTS) $ 198 State Street Bank Euro Dollar Time Deposit, N/A N/A 198,482 0.010%, 4/01/10 ===============------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $198,482) 198,482 ---------------------------------------------------------------------------------------------------- Total Investments (cost $33,121,112) - 98.9% 36,241,759 ---------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 394,064 ---------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 36,635,823 ====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. N/A Not applicable. N/R Not rated. (IF) Inverse floating rate investment. See accompanying notes to financial statements. Nuveen Investments 25 NNP | Nuveen New York Performance Plus Municipal Fund, Inc. | Portfolio of Investments March 31, 2010 (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, 9/15 at 100.00 BB+ $ 596,368 New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 ---------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.1% (1.4% OF TOTAL INVESTMENTS) 465 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 444,814 Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 1,000 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 944,960 Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 425 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 404,409 Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 2,390 4.750%, 6/01/22 6/16 at 100.00 BBB 2,302,120 930 5.000%, 6/01/26 6/16 at 100.00 BBB 857,135 ---------------------------------------------------------------------------------------------------------------------- 5,210 Total Consumer Staples 4,953,438 ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 16.7% (11.0% OF TOTAL INVESTMENTS) 655 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 607,231 Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 275 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 221,051 Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,285 Cattaraugus County Industrial Development Agency, 9/10 at 100.00 BBB- 1,288,855 New York, Revenue Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13 90 Cattaraugus County Industrial Development Agency, 5/16 at 100.00 BBB- 86,080 New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 660 City of Yonkers, New York, Industrial Development 6/19 at 100.00 A 683,932 Agency Civic Facility Revenue Bonds, Series A, Sarah Lawrence College Project, 6.000%, 6/01/41 850 Dormitory Authority of the State of New York, No Opt. Call AAA 927,087 Consolidated Revenue Bonds, City University System, Series 1993B, 6.000%, 7/01/14 - AGM Insured 2,815 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 2,540,087 General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 2,120 Dormitory Authority of the State of New York, No Opt. Call AA- 2,452,734 General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call A 998,710 Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 - FGIC Insured 1,215 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 1,226,628 Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG Insured 230 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 234,789 Revenue Bonds, Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 - AGM Insured 2,100 Dormitory Authority of the State of New York, 7/19 at 100.00 Baa2 2,087,253 Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29 2,500 Dormitory Authority of the State of New York, No Opt. Call AA- 2,912,775 Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 2,800 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 2,351,216 New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 635 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 641,687 New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999: 1,000 5.375%, 6/01/17 - RAAI Insured 6/10 at 101.00 N/R 1,008,980 2,365 5.375%, 6/01/24 - RAAI Insured 6/10 at 101.00 N/R 2,364,953 580 New York City Industrial Development Agency, 10/14 at 100.00 A- 553,987 New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE --------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 850 New York City Industrial Development Agency, 2/11 at 100.00 A- $ 855,100 New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 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+ 1,747,100 2,300 4.750%, 1/01/42 - AMBAC Insured 1/17 at 100.00 BB+ 1,896,764 3,855 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 3,323,280 New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 5,000 New York State Dormitory Authority, Revenue 7/17 at 100.00 AA- 5,209,400 Bonds, New York University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured 420 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 373,624 New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 1,885 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,892,860 Corporation Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 ---------------------------------------------------------------------------------------------------------------------- 39,485 Total Education and Civic Organizations 38,486,163 ---------------------------------------------------------------------------------------------------------------------- FINANCIALS - 1.2% (0.8% OF TOTAL INVESTMENTS) 1,000 Liberty Development Corporation, New York, No Opt. Call A1 1,012,680 Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,740 Liberty Development Corporation, New York, No Opt. Call A1 1,826,408 Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 ---------------------------------------------------------------------------------------------------------------------- 2,740 Total Financials 2,839,088 ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 21.1% (14.0% OF TOTAL INVESTMENTS) 50 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 49,358 FHA-Insured Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 455 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 457,998 FHA-Insured Mortgage Hospital Revenue Bonds, St. James Mercy Hospital, Series 1998, 5.250%, 2/01/18 1,235 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,254,513 FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 1,700 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,725,313 FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 8,500 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 8,366,718 FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 3,750 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 3,801,413 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 8,000 Dormitory Authority of the State of New York, 7/10 at 100.50 A 8,063,598 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - NPFG Insured 1,950 Dormitory Authority of the State of New York, 7/11 at 101.00 Ba1 1,795,677 Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30 5,600 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 5,747,616 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB) 3,400 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 3,447,124 Revenue Bonds, Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 2,915 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 3,175,922 Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - AGM Insured 1,800 Dormitory Authority of the State of New York, 11/16 at 100.00 Baa1 1,743,012 Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34 1,250 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 1,260,975 Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 900 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 851,364 Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32
Nuveen Investments 27 NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: $ 710 5.250%, 2/01/27 No Opt. Call BBB- $ 629,216 625 5.500%, 2/01/32 No Opt. Call BBB- 559,938 New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,042,850 1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,293,413 725 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 719,497 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 715 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 707,421 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 1,000 New York State Dormitory Authority, Revenue 7/17 at 100.00 BBB 898,930 Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36 1,100 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 1,078,385 Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 ---------------------------------------------------------------------------------------------------------------------- 48,630 Total Health Care 48,670,251 ---------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 6.5% (4.3% OF TOTAL INVESTMENTS) 4,530 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 4,703,182 New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - NPFG Insured (UB) New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: 1,610 5.500%, 11/01/31 5/11 at 101.00 AA 1,630,898 2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,023,760 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 922,012 450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 452,525 1,500 New York City Housing Development Corporation, 5/14 at 100.00 AA 1,535,025 New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 2,000 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 2,004,860 Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax) 690 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 691,677 Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) 1,100 New York State Housing Finance Agency, Secured 8/10 at 100.50 Aa1 1,111,891 Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax) --------------------------------------------------------------------------------------------------------------------- 14,790 Total Housing/Multifamily 15,075,830 --------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 5.1% (3.3% OF TOTAL INVESTMENTS) 835 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 836,553 Mortgage Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax) 2,295 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 2,211,370 Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 880 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 888,703 Mortgage Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 1,250 New York State Mortgage Agency, Homeowner 9/10 at 100.00 Aa1 1,254,725 Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) 245 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 245,108 Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) 4,565 New York State Mortgage Agency, Homeowner 4/11 at 100.00 Aa1 4,581,708 Mortgage Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax) 1,660 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 1,669,545 Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) --------------------------------------------------------------------------------------------------------------------- 11,730 Total Housing/Single Family 11,687,712 ---------------------------------------------------------------------------------------------------------------------
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 5.4% (3.5% OF TOTAL INVESTMENTS) $ 1,100 Dormitory Authority of the State of New York, 2/17 at 103.00 A- $ 1,102,794 GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 645 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 636,589 Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 1,375 Dormitory Authority of the State of New York, 7/10 at 102.00 BBB 1,379,524 Revenue Bonds, Miriam Osborn Memorial Home Association, Series 2000B, 6.375%, 7/01/29 - ACA Insured Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005: 50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 N/R 35,193 425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 275,732 1,350 New York City Industrial Development Agency, 7/11 at 101.00 N/R 1,366,079 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: 1,965 5.500%, 7/01/18 7/16 at 101.00 N/R 1,784,692 755 5.800%, 7/01/23 7/16 at 101.00 N/R 663,841 2,720 Oswego County Industrial Development Agency, 8/10 at 100.50 AA+ 2,735,069 New York, FHA-Insured Mortgage Assisted Civic Facility Revenue Bonds, Bishop Commons Inc., Series 1999A, 5.375%, 2/01/49 340 Suffolk County Industrial Development Agency, 7/16 at 101.00 N/R 298,948 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23 2,100 Syracuse Housing Authority, New York, 8/10 at 100.00 AAA 2,106,678 FHA-Insured Mortgage Revenue Bonds, Loretto Rest Residential Healthcare Facility, Series 1997A, 5.600%, 8/01/17 ---------------------------------------------------------------------------------------------------------------------- 12,825 Total Long-Term Care 12,385,139 ---------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS) 575 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 565,265 New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 11.1% (7.4% OF TOTAL INVESTMENTS) 3,000 New York City, New York, General Obligation 9/15 at 100.00 AA 3,245,430 Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured 6,400 New York City, New York, General Obligation 6/16 at 100.00 AA 6,717,824 Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB) 400 New York City, New York, General Obligation 8/19 at 100.00 AA 423,840 Bonds, Fiscal Series 2009E, 5.000%, 8/01/28 1,800 New York City, New York, General Obligation 8/14 at 100.00 AA 2,008,980 Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB) 10,000 New York City, New York, General Obligation 12/17 at 100.00 AA 10,640,800 Bonds, Series 2007D-1, 5.125%, 12/01/26 (UB) 2,500 New York City, New York, General Obligation 11/14 at 100.00 AAA 2,686,725 Bonds, Series 2004E, 5.000%, 11/01/19 - AGM Insured (UB) ---------------------------------------------------------------------------------------------------------------------- 24,100 Total Tax Obligation/General 25,723,599 ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 36.5% (24.2% OF TOTAL INVESTMENTS) 2,400 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 2,602,320 Revenue Bonds, Series 2003A, 5.000%, 11/01/23 Dormitory Authority of the State of New York, Lease Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2001A: 1,265 5.250%, 8/15/17 - AGM Insured 8/11 at 100.00 AAA 1,328,490 1,385 5.250%, 8/15/18 - AGM Insured 8/11 at 100.00 AAA 1,450,649 1,000 Dormitory Authority of the State of New York, 2/15 at 100.00 AA- 1,035,760 Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 - FGIC Insured 690 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 737,224 State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - AGM Insured 500 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 478,430 New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 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 AAA 5,232,050 2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,525,550
Nuveen Investments 29 NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
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- $ 2,537,333 2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,033,180 1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 1,316,172 1,680 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 1,547,734 Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 2,670 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,883,680 2,125 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,245,615 2,475 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,594,988 3,100 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 3,222,698 New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 2,665 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 2,785,298 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 - FGIC Insured 3,640 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 3,890,687 New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 2,400 New York City Transitional Finance Authority, 5/19 at 100.00 AAA 2,714,736 New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.352%, 5/01/38 (IF) 1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030 Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 5,000 New York State Environmental Facilities 12/17 at 100.00 AAA 5,342,150 Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) 2,030 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 2,105,394 Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010 Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 5,600 New York State Thruway Authority, Highway and No Opt. Call AA 6,494,600 Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 2,800 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 2,961,308 Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 4,285 New York State Thruway Authority, State Personal 3/12 at 100.00 AAA 4,576,851 Income Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21 6,700 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 7,123,505 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured 3,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 3,198,540 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 3,595 New York State Urban Development Corporation, No Opt. Call AA- 3,723,270 Service Contract Revenue Bonds, Correctional and Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) 1,300 New York State Urban Development Corporation, 3/15 at 100.00 AAA 1,355,510 State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 - AGM Insured 1,950 Puerto Rico Sales Tax Financing Corporation, 2/20 at 100.00 A+ 2,031,023 Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42 ---------------------------------------------------------------------------------------------------------------------- 79,230 Total Tax Obligation/Limited 84,192,785 ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 11.4% (7.6% OF TOTAL INVESTMENTS) 660 Albany Parking Authority, New York, Revenue 10/11 at 101.00 BBB+ 693,403 Bonds, Series 2001B, 5.250%, 10/15/12 1,500 Metropolitan Transportation Authority, New York, No Opt. Call A 1,667,055 Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured 1,900 New York City Industrial Development Agency, 6/10 at 101.00 BB- 1,380,198 New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,500 New York City Industrial Development Agency, 1/16 at 100.00 A3 1,519,020 New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax) 215 New York State Thruway Authority, General 1/15 at 100.00 A+ 219,629 Revenue Bonds, Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION (continued) $ 1,100 New York State Thruway Authority, General 7/15 at 100.00 AAA $ 1,131,603 Revenue Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured (UB) 1,000 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 1,001,490 Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 2,300 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 2,434,964 1,080 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,126,872 770 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 906,228 Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.440%, 8/15/32 - AGM Insured (IF) 2,040 Puerto Rico Ports Authority, Special Facilities 6/10 at 100.00 CCC+ 1,583,795 Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) 2,000 Triborough Bridge and Tunnel Authority, 1/12 at 100.00 Aa2 2,112,920 New York, General Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19 5,750 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 6,119,436 New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 2,400 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa3 2,567,256 New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.250%, 11/15/22 - NPFG Insured 1,750 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 1,924,808 New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.185%, 11/15/33 (IF) ---------------------------------------------------------------------------------------------------------------------- 25,965 Total Transportation 26,388,677 ---------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 14.9% (9.9% OF TOTAL INVESTMENTS) (4) 1,520 Dormitory Authority of the State of New York, 2/13 at 102.00 Aaa 1,723,330 FHA-Insured Nursing Home Mortgage Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13) Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D: 25 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525 Insured 10 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209 Insured 155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 158,257 Insured 20 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 20,420 Insured 10 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209 Insured 155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 158,257 Insured 25 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525 Insured 15 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 15,313 Insured 180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 183,782 Insured 1,000 Dormitory Authority of the State of New York, 7/12 at 100.00 AAA 1,100,740 Revenue Bonds, Columbia University, Series 2002B, 5.375%, 7/01/19 (Pre-refunded 7/01/12) 350 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 357,998 Revenue Bonds, Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 (Pre-refunded 7/01/10) - AGM Insured 705 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 723,605 Corporation, New York, Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10) 5,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 5,681,450 Dedicated Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) - FGIC Insured 455 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 463,504 New York, Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 925 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 958,420 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 2,215 New York State Thruway Authority, State Personal 3/12 at 100.00 Aa3 (4) 2,387,327 Income Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21 (ETM) 2,950 New York State Urban Development Corporation, 3/13 at 100.00 AAA 3,283,026 State Personal Income Tax Revenue Bonds, Series 2003B, 5.000%, 3/15/22 (Pre-refunded 3/15/13) 1,600 Triborough Bridge and Tunnel Authority, 3/12 at 100.00 AAA 1,837,344 New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM) 7,500 Triborough Bridge and Tunnel Authority, 1/22 at 100.00 AAA 9,059,246 New York, General Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22)
Nuveen Investments 31 NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED (4) (continued) $ 3,480 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB+ (4) $ 3,618,574 Receipts Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) 2,520 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 2,642,825 Revenue Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) ---------------------------------------------------------------------------------------------------------------------- 30,815 Total U.S. Guaranteed 34,444,886 ---------------------------------------------------------------------------------------------------------------------- UTILITIES - 9.2% (6.1% OF TOTAL INVESTMENTS) 2,200 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 2,238,412 New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 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 3,228,371 3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 3,214,576 2,300 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 2,209,311 New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 2,023,360 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) 4,000 Power Authority of the State of New York, 11/10 at 100.00 Aa2 4,020,680 General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 820 Power Authority of the State of New York, 11/15 at 100.00 Aa2 884,854 General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured 4,000 Suffolk County Industrial Development Agency, 7/10 at 100.50 N/R 3,348,560 New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 21,520 Total Utilities 21,168,124 ---------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 7.0% (4.6% OF TOTAL INVESTMENTS) 2,495 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 2,546,372 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 2,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AAA 2,133,780 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 2,225 New York City Municipal Water Finance Authority, 6/12 at 100.00 AAA 2,396,125 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 3,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 3,224,160 New York, Water and Sewerage System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27 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 1,472,264 4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,444,158 ---------------------------------------------------------------------------------------------------------------------- 15,125 Total Water and Sewer 16,216,859 ---------------------------------------------------------------------------------------------------------------------- $ 333,425 Total Long-Term Investments (cost $335,420,383) 343,394,184 - 148.7% (98.5% of Total Investments) ===============-------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.2% (1.5% OF TOTAL INVESTMENTS) MUNICIPAL BONDS - 0.6% (0.4% OF TOTAL INVESTMENTS) TAX OBLIGATION/LIMITED - 0.6% (0.4% OF TOTAL INVESTMENTS) $ 1,495 Metropolitan Transportation Authority, New York, 5/10 at 100.00 A-1 $ 1,495,000 Dedicated Tax Fund Bonds, Variable Rate Demand Revenue Obligations, Series 2008A, 0.310%, 11/01/31 - AGM Insured (5) ---------------------------------------------------------------------------------------------------------------------- EURO DOLLAR TIME DEPOSITS - 1.6% (1.1% OF TOTAL INVESTMENTS) 3,614 State Street Bank Euro Dollar Time Deposit, N/A N/A 3,613,851 0.010%, 4/01/10 ---------------------------------------------------------------------------------------------------------------------- $ 5,109 Total Short-Term Investments (cost $5,108,851) 5,108,851 ===============------------------------------------------------------------------------------------------------------- Total Investments (cost $340,529,234) - 150.9% 348,503,035 ---------------------------------------------------------------------------------------------------- Floating Rate Obligations - (15.0)% (34,645,000) ---------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred Shares, at (89,000,000) Liquidation Value - (38.5)% (6) ---------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.6% 6,028,162 ---------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 230,886,197 ====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.5%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 33 NAN | Nuveen New York Dividend Advantage Municipal Fund | Portfolio of Investments March 31, 2010 (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, 9/15 at 100.00 BB+ $ 827,080 New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 3,600 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 2,999,772 Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 ---------------------------------------------------------------------------------------------------------------------- 4,550 Total Consumer Discretionary 3,826,852 ---------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.3% (1.5% OF TOTAL INVESTMENTS) 305 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 291,760 Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 785 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 761,505 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 240 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 228,372 Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 805 4.750%, 6/01/22 6/16 at 100.00 BBB 775,400 1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,036,856 ---------------------------------------------------------------------------------------------------------------------- 3,260 Total Consumer Staples 3,093,893 ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 15.0% (10.0% OF TOTAL INVESTMENTS) 380 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 352,287 Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 160 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 128,611 Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,725 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,785,824 New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 120 Cattaraugus County Industrial Development Agency, 5/16 at 100.00 BBB- 114,773 New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,635 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,475,326 General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call AA- 1,109,410 Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY Insured 705 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 711,747 Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG Insured 195 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 199,060 Revenue Bonds, Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 - AGM Insured 1,630 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 1,368,744 New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 370 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 373,896 New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 3,070 Monroe County Industrial Development Agency, 6/10 at 101.00 N/R 3,069,939 New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999, 5.375%, 6/01/24 - RAAI Insured 330 New York City Industrial Development Agency, 10/14 at 100.00 A- 315,200 New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,800 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,810,800 New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 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+ 141,232 1,000 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 BB+ 873,550 1,630 4.750%, 1/01/42 - AMBAC Insured 1/17 at 100.00 BB+ 1,344,228 2,240 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,931,037 New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 1,500 Niagara County Industrial Development Agency, 11/11 at 101.00 BBB $ 1,514,670 New York, Civic Facility Revenue Bonds, Niagara University, Series 2001A, 5.350%, 11/01/23 - RAAI Insured 245 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 217,947 New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 1,085 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,089,524 Corporation Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 250 Town of Hempstead, New York, Local Development 2/19 at 100.00 A 257,280 Corporation Revenue Refunding Bonds, Series 2009A, and Revenue Bonds, Series 2009B, Adelphi University Project, 5.250%, 2/01/39 ---------------------------------------------------------------------------------------------------------------------- 21,230 Total Education and Civic Organizations 20,185,085 ---------------------------------------------------------------------------------------------------------------------- FINANCIALS - 2.2% (1.4% OF TOTAL INVESTMENTS) 1,100 Liberty Development Corporation, New York, No Opt. Call A1 1,113,948 Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,740 Liberty Development Corporation, New York, No Opt. Call A1 1,826,408 Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 ---------------------------------------------------------------------------------------------------------------------- 2,840 Total Financials 2,940,356 ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 32.2% (21.5% OF TOTAL INVESTMENTS) Albany Industrial Development Agency, New York, Revenue Bonds, Albany Medical Center, Series 1999: 1,120 6.000%, 5/01/19 5/10 at 100.50 N/R 1,116,830 1,460 6.000%, 5/01/29 5/10 at 100.50 N/R 1,330,863 1,880 Dormitory Authority of the State of New York, 8/10 at 100.50 A 1,891,938 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 4,825 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 4,877,203 FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured 625 Dormitory Authority of the State of New York, 2/15 at 100.00 A 634,875 FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 3,600 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 3,543,552 FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group - Frances Shervier Home and Hospital, Series 1997: 2,000 5.500%, 7/01/17 - RAAI Insured 7/10 at 100.00 A3 2,000,840 2,000 5.500%, 7/01/27 - RAAI Insured 7/10 at 100.00 A3 1,960,540 2,000 Dormitory Authority of the State of New York, 7/10 at 101.00 A3 2,027,420 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001: 1,165 5.375%, 7/01/20 7/11 at 101.00 Ba1 1,118,342 500 5.500%, 7/01/30 7/11 at 101.00 Ba1 460,430 3,150 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 3,233,034 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB) 1,575 Dormitory Authority of the State of New York, 7/10 at 101.00 A2 1,596,830 Revenue Bonds, Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 250,128 Revenue Bonds, Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 1,410 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 1,536,209 Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - AGM Insured 1,000 Dormitory Authority of the State of New York, 11/16 at 100.00 Baa1 968,340 Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34 2,000 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 1,971,020 Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 504,390 Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 600 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 567,576 Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32
Nuveen Investments 35 NAN | Nuveen New York Dividend Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 420 Livingston County Industrial Development Agency, 7/10 at 100.00 BB $ 382,864 New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: 410 5.250%, 2/01/27 No Opt. Call BBB- 363,350 360 5.500%, 2/01/32 No Opt. Call BBB- 322,524 1,750 New York City Health and Hospitals Corporation, 2/13 at 100.00 A+ 1,810,778 New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC Insured 565 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 560,712 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 100 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 98,940 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 4,000 Ulster County Industrial Development Agency, 5/10 at 101.00 A2 4,043,319 New York, Civic Facility Revenue Bonds, Kingston Hospital, Series 1999, 5.650%, 11/15/24 3,075 Yates County Industrial Development Agency, 8/10 at 100.50 AAA 3,257,378 New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39 950 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 931,333 Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 ---------------------------------------------------------------------------------------------------------------------- 43,290 Total Health Care 43,361,558 ---------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 12.9% (8.6% OF TOTAL INVESTMENTS) Kenmore Housing Authority, New York, Revenue Bonds, State University of New York at Buffalo Student Apartment Project, Series 1999A: 3,050 5.500%, 8/01/19 - RAAI Insured 8/10 at 101.00 A3 3,082,940 2,750 5.500%, 8/01/24 - RAAI Insured 8/10 at 101.00 A3 2,763,448 2,585 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 2,683,825 New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - NPFG Insured (UB) 3,000 New York City Housing Development Corporation, 5/11 at 101.00 AA 3,038,940 New York, Multifamily Housing Revenue Bonds, Series 2001A, 5.500%, 11/01/31 750 New York City Housing Development Corporation, 5/14 at 100.00 AA 767,513 New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 4,000 New York City Housing Development Corporation, 5/19 at 100.00 AA 4,008,599 New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36 600 New York State Housing Finance Agency, 5/19 at 100.00 Aa2 590,004 Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 405 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 405,984 Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 17,140 Total Housing/Multifamily 17,341,253 ---------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 3.9% (2.6% OF TOTAL INVESTMENTS) 645 Guam Housing Corporation, Mortgage-Backed No Opt. Call AAA 704,540 Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax) 485 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 485,902 Mortgage Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax) 1,350 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 1,300,806 Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 510 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 515,044 Mortgage Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 1,390 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 1,390,612 Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) 840 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 844,830 Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 5,220 Total Housing/Single Family 5,241,734 ----------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 5.6% (3.8% OF TOTAL INVESTMENTS) $ 2,000 Dormitory Authority of the State of New York, 2/15 at 100.00 AA $ 2,011,080 FHA-Insured Nursing Home Mortgage Revenue Bonds, Gurwin Jewish Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41 600 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 601,524 GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 375 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 370,110 Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 250 Dormitory Authority of the State of New York, 7/15 at 100.00 N/R 162,195 Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured 905 East Rochester Housing Authority, New York, 8/16 at 101.00 N/R 756,254 Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33 750 New York City Industrial Development Agency, 7/11 at 101.00 N/R 758,933 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: 1,140 5.500%, 7/01/18 7/16 at 101.00 N/R 1,035,394 635 5.800%, 7/01/23 7/16 at 101.00 N/R 558,330 1,330 Yonkers Industrial Development Agency, New York, 8/10 at 100.50 A 1,337,621 FHA-Insured Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 - NPFG Insured ---------------------------------------------------------------------------------------------------------------------- 7,985 Total Long-Term Care 7,591,441 ---------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS) 330 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 324,413 New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) --------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 11.8% (7.9% OF TOTAL INVESTMENTS) 3,700 New York City, New York, General Obligation 8/16 at 100.00 AA 3,888,107 Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 6,590 New York City, New York, General Obligation 12/17 at 100.00 AA 7,039,109 Bonds, Fiscal Series 2007D-1, 5.125%, 12/01/25 (UB) 2,000 New York City, New York, General Obligation 8/19 at 100.00 AA 2,156,020 Bonds, Fiscal Series 2009C, 5.000%, 8/01/23 1,000 New York City, New York, General Obligation 8/14 at 100.00 AA 1,116,100 Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB) Rochester, New York, General Obligation Bonds, Series 1999: 720 5.250%, 10/01/18 - NPFG Insured No Opt. Call A 817,445 720 5.250%, 10/01/19 - NPFG Insured No Opt. Call A 815,494 ---------------------------------------------------------------------------------------------------------------------- 14,730 Total Tax Obligation/General 15,832,275 ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 31.4% (21.0% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150 Revenue Bonds, Series 2003A, 5.250%, 11/01/21 590 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 613,240 Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG Insured 1,850 Dormitory Authority of the State of New York, 8/10 at 100.00 AA- 1,851,536 Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 - NPFG Insured 185 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 197,661 State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - AGM Insured 550 Erie County Industrial Development Agency, 5/14 at 100.00 AAA 581,873 New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - AGM Insured (UB) 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 AAA 2,092,820 2,000 5.000%, 11/15/30 11/12 at 100.00 AA 2,020,440 1,000 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 1,016,590 State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 1,130 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 1,041,035 Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
Nuveen Investments 37 NAN | Nuveen New York Dividend Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) 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 $ 1,188,033 810 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 855,976 2,375 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 2,490,140 2,100 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 2,183,118 New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,670 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,745,384 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 - FGIC Insured 2,115 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 2,260,660 New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030 Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,920 New York State Environmental Facilities 12/17 at 100.00 AAA 3,133,861 Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB) 1,190 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 1,234,197 Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 1,000 New York State Thruway Authority, Highway and 10/15 at 100.00 AA 1,076,010 Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 3,400 New York State Thruway Authority, Highway and No Opt. Call AA 3,943,150 Bridge Trust Fund Bonds, Series 2005B, 5.000%, 4/01/20 - AMBAC Insured (UB) 1,625 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,718,616 Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 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- 4,252,839 2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 2,108,440 1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 1,330 New York State Urban Development Corporation, 3/17 at 100.00 AAA 1,474,438 State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.752%, 3/15/37 (IF) ---------------------------------------------------------------------------------------------------------------------- 39,940 Total Tax Obligation/Limited 42,310,417 ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 13.3% (8.9% OF TOTAL INVESTMENTS) 310 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 314,315 Bonds, Series 2001A, 5.625%, 7/15/25 3,000 Metropolitan Transportation Authority, New York, 11/17 at 100.00 A 3,041,580 Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33 1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 1,039,600 Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 - FGIC Insured 1,750 New York City Industrial Development Agency, 8/16 at 101.00 B- 1,771,613 New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 200 New York City Industrial Development Agency, 10/17 at 100.00 N/R 156,630 New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 105 New York City Industrial Development Agency, 6/10 at 101.00 BB- 76,274 New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760 New York, Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 500 New York City Industrial Development Agency, 1/16 at 100.00 A3 506,340 New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax) New York City Industrial Development Authority, New York, JetBlue,: 450 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B- 393,179 1,000 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B- 782,920 160 New York State Thruway Authority, General 1/15 at 100.00 A+ 163,445 Revenue Bonds, Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 700 New York State Thruway Authority, General 7/15 at 100.00 AAA 720,111 Revenue Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured (UB)
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION (continued) $ 500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A $ 500,745 Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,300 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,376,284 615 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 641,691 440 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 517,845 Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.440%, 8/15/32 - AGM Insured (IF) 1,000 Triborough Bridge and Tunnel Authority, 1/12 at 100.00 Aa2 1,066,480 New York, General Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16 2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,625 New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 1,000 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 1,099,890 New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.185%, 11/15/33 (IF) ---------------------------------------------------------------------------------------------------------------------- 17,530 Total Transportation 17,858,327 ---------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 5.1% (3.4% OF TOTAL INVESTMENTS) (4) 390 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 419,312 Bonds, Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11) Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D: 25 5.875%, 8/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 25,525 Insured 10 5.875%, 8/15/18 (Pre-refunded 8/15/10) - AGM 8/10 at 100.00 AAA 10,209 Insured 305 Dormitory Authority of the State of New York, 7/10 at 101.00 AAA 311,969 Revenue Bonds, Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 (Pre-refunded 7/01/10) - AGM Insured 425 Erie County Tobacco Asset Securitization 7/10 at 101.00 AAA 436,216 Corporation, New York, Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10) 535 Metropolitan Transportation Authority, New York, 5/10 at 100.00 N/R (4) 536,921 Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM) 1,050 Monroe Tobacco Asset Securitization Corporation, 6/10 at 101.00 AAA 1,069,625 New York, Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 455 New York City Industrial Development Agency, 7/10 at 102.00 N/R (4) 471,439 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 750 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB+ (4) 779,865 Receipts Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) 1,250 Westchester Tobacco Asset Securitization 7/10 at 101.00 AAA 1,285,538 Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10) 1,400 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 Baa3 (4) 1,468,236 Revenue Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) ---------------------------------------------------------------------------------------------------------------------- 6,595 Total U.S. Guaranteed 6,814,855 ---------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.4% (4.3% OF TOTAL INVESTMENTS) 1,300 Chautauqua County Industrial Development Agency, 2/20 at 100.00 Baa3 1,322,698 New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 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 2,603,525 500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 518,480 1,400 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 1,344,798 New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 250 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 257,420 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)
Nuveen Investments 39 NAN | Nuveen New York Dividend Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- UTILITIES (continued) $ 600 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 $ 617,838 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) 2,000 Power Authority of the State of New York, 11/10 at 100.00 Aa2 2,012,900 General Revenue Bonds, Series 2000A, 5.250%, 11/15/30 ---------------------------------------------------------------------------------------------------------------------- 8,550 Total Utilities 8,677,659 ---------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 2.5% (1.7% OF TOTAL INVESTMENTS) 1,130 New York City Municipal Water Finance Authority, 6/12 at 100.00 AAA 1,216,908 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 2,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 2,149,440 New York, Water and Sewerage System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27 ---------------------------------------------------------------------------------------------------------------------- 3,130 Total Water and Sewer 3,366,348 ---------------------------------------------------------------------------------------------------------------------- $ 196,320 Total Long-Term Investments (cost $197,408,998) 198,766,466 - 147.6% (98.7% of Total Investments) ===============------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.0% (1.3% OF TOTAL INVESTMENTS) $ 2,642 State Street Bank Euro Dollar Time Deposit, N/A N/A 2,642,422 0.010%, 4/01/10 ===============------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $2,642,422) 2,642,422 ---------------------------------------------------------------------------------------------------- Total Investments (cost $200,051,420) - 149.6% 201,408,888 ---------------------------------------------------------------------------------------------------- Floating Rate Obligations - (13.2)% (17,735,000) ---------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation (30,000,000) Value - (22.3)% (5) ---------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.2% 2,868,667 ---------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation (21,900,000) Value - (16.3)% (5) ---------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 134,642,555 ====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 14.9% and 10.9%, respectively. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 40 Nuveen Investments NXK | Nuveen New York Dividend Advantage Municipal Fund 2 | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 2.4% (1.6% OF TOTAL INVESTMENTS) $ 700 New York City Industrial Development Agency, 9/15 at 100.00 BB+ $ 609,427 New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 1,950 Seneca Nation of Indians Capital Improvements 6/17 at 100.00 BB 1,624,877 Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 ---------------------------------------------------------------------------------------------------------------------- 2,650 Total Consumer Discretionary 2,234,304 ---------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.4% (1.6% OF TOTAL INVESTMENTS) 300 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 286,977 Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 500 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 472,480 Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 150 Rensselaer Tobacco Asset Securitization 6/12 at 100.00 BBB 142,733 Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 600 4.750%, 6/01/22 6/16 at 100.00 BBB 577,938 835 5.000%, 6/01/26 6/16 at 100.00 BBB 769,578 ---------------------------------------------------------------------------------------------------------------------- 2,385 Total Consumer Staples 2,249,706 ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 18.6% (12.5% OF TOTAL INVESTMENTS) 260 Albany Industrial Development Agency, New York, 7/17 at 100.00 BBB 241,038 Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 110 Albany Industrial Development Agency, New York, 4/17 at 100.00 N/R 88,420 Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,225 Brooklyn Areba Local Development Corporation, No Opt. Call BBB- 1,268,194 New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 90 Cattaraugus County Industrial Development 5/16 at 100.00 BBB- 86,080 Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 340 City of Yonkers, New York, Industrial 6/19 at 100.00 A 352,328 Development Agency Civic Facility Revenue Bonds, Series A, Sarah Lawrence College Project, 6.000%, 6/01/41 1,125 Dormitory Authority of the State of New York, 7/17 at 100.00 N/R 1,015,133 General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call A 998,710 Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 - FGIC Insured 2,000 Dormitory Authority of the State of New York, 7/10 at 100.00 A 2,015,940 Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - NPFG Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call AA- 1,109,410 Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA GTY Insured 485 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 489,641 Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG Insured 1,000 Dormitory Authority of the State of New York, 7/11 at 101.00 A 996,210 Revenue Bonds, Canisius College, Series 2000, 5.250%, 7/01/30 - NPFG Insured 1,265 Dormitory Authority of the State of New York, 7/10 at 100.00 AA- 1,276,360 Third General Resolution Consolidated Revenue Bonds, City University System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured 120 Dutchess County Industrial Development Agency, 8/17 at 100.00 Baa1 100,766 New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 265 Hempstead Town Industrial Development Agency, 10/15 at 100.00 A 267,790 New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 2,190 Monroe County Industrial Development Agency, 6/11 at 102.00 N/R 2,082,186 New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 2001, 5.250%, 6/01/26 - RAAI Insured 245 New York City Industrial Development Agency, 10/14 at 100.00 A- 234,012 New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,100 New York City Industrial Development Agency, 2/11 at 100.00 A- 1,106,600 New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21
Nuveen Investments 41 NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 1,120 New York City Industrial Development Agency, 1/17 at 100.00 BB+ $ 923,642 New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 1,460 New York City Industrial Development Authority, 9/16 at 100.00 BBB- 1,258,622 New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 170 Seneca County Industrial Development Authority, 10/17 at 100.00 BBB 151,229 New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 1,475 Town of Hempstead, New York, Local Development 7/19 at 100.00 BBB+ 1,481,151 Corporation Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 ---------------------------------------------------------------------------------------------------------------------- 18,045 Total Education and Civic Organizations 17,543,462 ---------------------------------------------------------------------------------------------------------------------- FINANCIALS - 2.0% (1.3% OF TOTAL INVESTMENTS) 500 Liberty Development Corporation, New York, No Opt. Call A1 506,340 Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,305 Liberty Development Corporation, New York, No Opt. Call A1 1,369,806 Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 ---------------------------------------------------------------------------------------------------------------------- 1,805 Total Financials 1,876,146 ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 22.5% (15.2% OF TOTAL INVESTMENTS) 3,000 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 3,031,799 FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 2,505 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R 2,532,580 FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured 1,620 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,644,122 FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 1,700 Dormitory Authority of the State of New York, 8/15 at 100.00 A- 1,673,344 FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 500 Dormitory Authority of the State of New York, 7/10 at 100.00 A3 500,210 Insured Revenue Bonds, Franciscan Health Partnership Obligated Group - Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 - RAAI Insured Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001: 710 5.375%, 7/01/20 7/11 at 101.00 Ba1 681,565 500 5.500%, 7/01/30 7/11 at 101.00 Ba1 460,430 2,300 Dormitory Authority of the State of New York, 7/16 at 100.00 AA 2,360,628 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB) 1,250 Dormitory Authority of the State of New York, 7/10 at 100.00 A2 1,250,638 Revenue Bonds, Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 520 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 566,545 Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - AGM Insured 1,500 Dormitory Authority of the State of New York, 7/17 at 100.00 BBB 1,478,265 Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 472,980 Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 290 Livingston County Industrial Development Agency, 7/10 at 100.00 BB 264,358 New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: 275 5.250%, 2/01/27 No Opt. Call BBB- 243,711 250 5.500%, 2/01/32 No Opt. Call BBB- 223,975 250 Nassau County Industrial Development Agency, No Opt. Call Baa1 258,415 New York, Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 850 New York City Health and Hospitals Corporation, 8/10 at 100.00 A+ 852,287 New York, Health System Revenue Bonds, Series 1999A, 5.250%, 2/15/17 500 New York City Health and Hospitals Corporation, 2/13 at 100.00 A+ 517,365 New York, Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC Insured
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 480 New York City Industrial Development Agency, 7/12 at 100.00 Ba2 $ 476,357 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 485 New York City Industrial Development Agency, 7/12 at 101.00 Ba2 479,859 New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C: 425 6.000%, 11/01/22 11/12 at 100.00 BBB+ 434,023 610 5.875%, 11/01/32 11/12 at 100.00 BBB+ 613,514 215 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 B- 210,775 Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 ---------------------------------------------------------------------------------------------------------------------- 21,235 Total Health Care 21,227,745 ---------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 4.7% (3.2% OF TOTAL INVESTMENTS) 1,975 Amherst Industrial Development Agency, New York, 8/11 at 102.00 N/R 1,949,898 Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 - AMBAC Insured 1,000 New York City Housing Development Corporation, 11/11 at 100.00 AA 1,004,580 New York, Multifamily Housing Revenue Bonds, Series 2001C-2, 5.400%, 11/01/33 (Alternative Minimum Tax) New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: 455 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 461,006 225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 226,262 500 New York City Housing Development Corporation, 5/14 at 100.00 AA 511,675 New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 290 New York State Housing Finance Agency, 11/17 at 100.00 Aa2 290,705 Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 4,445 Total Housing/Multifamily 4,444,126 ---------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 2.7% (1.9% OF TOTAL INVESTMENTS) 335 New York State Mortgage Agency, Homeowner 4/17 at 100.00 Aa1 335,623 Mortgage Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax) 950 New York State Mortgage Agency, Homeowner 4/15 at 100.00 Aa1 915,382 Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 350 New York State Mortgage Agency, Homeowner 10/17 at 100.00 Aa1 353,462 Mortgage Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 990 New York State Mortgage Agency, Homeowner 4/10 at 100.00 Aa1 990,436 Mortgage Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- 2,625 Total Housing/Single Family 2,594,903 ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 5.7% (3.8% OF TOTAL INVESTMENTS) 450 Dormitory Authority of the State of New York, 2/17 at 103.00 A- 451,143 GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 2,150 Dormitory Authority of the State of New York, 7/11 at 102.00 A3 2,171,651 Insured Revenue Bonds, Rehabilitation Association Pooled Loan Program 1, Series 2001A, 5.000%, 7/01/23 - AMBAC Insured 255 Dormitory Authority of the State of New York, 11/16 at 100.00 A1 251,675 Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005: 50 5.125%, 7/01/30 - ACA Insured 7/15 at 100.00 N/R 35,193 175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 113,537 635 East Rochester Housing Authority, New York, 8/16 at 101.00 N/R 530,631 Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33 525 New York City Industrial Development Agency, 7/11 at 101.00 N/R 531,253 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
Nuveen Investments 43 NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE (continued) 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 $ 322,425 440 5.800%, 7/01/23 7/16 at 101.00 N/R 386,874 430 Suffolk County Industrial Development Agency, 7/16 at 100.00 N/R 390,543 New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18 170 Yonkers Industrial Development Agency, New York, 7/16 at 101.00 N/R 149,474 Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 ---------------------------------------------------------------------------------------------------------------------- 5,635 Total Long-Term Care 5,334,399 ---------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS) 230 Jefferson County Industrial Development Agency, 12/13 at 100.00 BBB 226,106 New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 13.2% (8.9% OF TOTAL INVESTMENTS) 1,775 Bath Central School District, Steuben County, 6/12 at 100.00 A 1,807,216 New York, General Obligation Bonds, Series 2002, 4.000%, 6/15/18 - FGIC Insured 45 New York City, New York, General Obligation 8/10 at 100.00 AA 45,189 Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 - MBIA Insured 2,000 New York City, New York, General Obligation 9/15 at 100.00 AA 2,163,620 Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured 2,600 New York City, New York, General Obligation 6/16 at 100.00 AA 2,729,116 Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB) 4,540 New York City, New York, General Obligation 12/17 at 100.00 AA 4,849,401 Bonds, Fiscal Series 2007D-1, 5.125%, 12/01/25 (UB) 750 New York City, New York, General Obligation 8/14 at 100.00 AA 837,075 Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB) ---------------------------------------------------------------------------------------------------------------------- 11,710 Total Tax Obligation/General 12,431,617 ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 33.7% (22.7% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior 11/13 at 100.00 AAA 1,122,150 Revenue Bonds, Series 2003A, 5.250%, 11/01/21 125 Dormitory Authority of the State of New York, 3/15 at 100.00 AAA 133,555 State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - AGM Insured 1,500 Hudson Yards Infrastructure Corporation, 2/17 at 100.00 A 1,435,290 New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 1,750 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,831,218 Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - AGM Insured 560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 515,911 Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 1,140 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 1,231,234 835 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 882,395 750 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 786,360 1,300 New York City Transitional Finance Authority, 1/17 at 100.00 AA- 1,351,454 New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,000 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,045,140 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 - FGIC Insured 1,200 New York City Transitional Finance Authority, 5/17 at 100.00 AAA 1,256,748 New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 1,460 New York City Transitional Finance Authority, 11/17 at 100.00 AAA 1,560,550 New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 3,775 New York City Transitional Finance Authority, 5/20 at 100.00 AAA 4,135,471 New York, Future Tax Secured Bonds, Subordinate Lien Series 2010D, 5.000%, 11/01/25
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) $ 1,000 New York City Transitional Finance Authority, 2/13 at 100.00 AAA $ 1,056,600 New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - NPFG Insured 1,000 New York State Environmental Facilities 3/14 at 100.00 AA- 1,042,030 Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,020 New York State Environmental Facilities 12/17 at 100.00 AAA 2,158,229 Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) 840 New York State Housing Finance Agency, State 9/15 at 100.00 AAA 871,198 Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A: 1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 A 1,107,279 1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 A 1,155,859 2,300 New York State Thruway Authority, Highway and No Opt. Call AA 2,667,425 Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,125 New York State Thruway Authority, Highway and 10/17 at 100.00 AA 1,189,811 Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 2,100 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 2,213,862 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 - AMBAC Insured 1,000 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,066,180 Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 ---------------------------------------------------------------------------------------------------------------------- 29,975 Total Tax Obligation/Limited 31,815,949 ---------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 17.7% (11.9% OF TOTAL INVESTMENTS) 895 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ 915,621 Bonds, Series 2001A, 5.625%, 7/15/20 2,500 Metropolitan Transportation Authority, New York, 11/17 at 100.00 A 2,534,650 Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33 460 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 474,099 Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC Insured 1,250 New York City Industrial Development Agency, 8/16 at 101.00 B- 1,265,438 New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 50 New York City Industrial Development Agency, 6/10 at 101.00 BB- 36,321 New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, 8/12 at 101.00 B- 1,028,760 New York, Special Facilities Revenue Bonds, Airport - American Airlines Inc., Series JFK 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) New York City Industrial Development Authority, New York, JetBlue,: 50 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B- 43,687 750 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B- 587,190 300 New York State Thruway Authority, General 7/15 at 100.00 AAA 308,619 Revenue Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured (UB) 3,400 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 3,405,065 Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680 280 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 292,152 310 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 364,845 Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 17.440%, 8/15/32 - AGM Insured (IF) 2,500 Triborough Bridge and Tunnel Authority, 11/12 at 100.00 Aa2 2,660,625 New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 780 Triborough Bridge and Tunnel Authority, No Opt. Call Aa3 901,844 New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 - NPFG Insured 750 Triborough Bridge and Tunnel Authority, 11/18 at 100.00 Aa2 824,918 New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.185%, 11/15/33 (IF) ---------------------------------------------------------------------------------------------------------------------- 16,275 Total Transportation 16,702,514 ----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45 NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 10.1% (6.8% OF TOTAL INVESTMENTS) (4) $ 2,750 Albany Industrial Development Agency, New York, 7/11 at 101.00 N/R (4) $ 2,943,242 Revenue Bonds, St. Rose College, Series 2001A, 5.375%, 7/01/31 (Pre-refunded 7/01/11) - AMBAC Insured 1,105 Albany Parking Authority, New York, Revenue 7/11 at 101.00 BBB+ (4) 1,186,107 Bonds, Series 2001A, 5.625%, 7/15/20 (Pre-refunded 7/15/11) 1,905 Dormitory Authority of the State of New York, 4/12 at 100.00 AA- (4) 2,077,784 Service Contract Bonds, Child Care Facilities Development Program, Series 2002, 5.375%, 4/01/17 (Pre-refunded 4/01/12) 3,205 New York State Urban Development Corporation, 1/11 at 100.00 AAA 3,319,385 Service Contract Revenue Bonds, Correctional Facilities, Series 2000C, 5.125%, 1/01/21 (Pre-refunded 1/01/11) - AGM Insured ---------------------------------------------------------------------------------------------------------------------- 8,965 Total U.S. Guaranteed 9,526,518 ---------------------------------------------------------------------------------------------------------------------- UTILITIES - 11.2% (7.6% 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 1,770,397 1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A 1,762,832 250 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 253,425 System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured 900 Nassau County Industrial Development Authority, 6/13 at 100.00 A- 864,513 New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 450 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 463,374 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) 2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa2 2,023,360 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) 2,000 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 2,010,340 Revenue Bonds, Series 2000A, 5.250%, 11/15/40 Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: 880 5.300%, 1/01/13 (Alternative Minimum Tax) 7/10 at 100.50 N/R 831,231 750 5.500%, 1/01/23 (Alternative Minimum Tax) 7/10 at 100.50 N/R 627,856 ---------------------------------------------------------------------------------------------------------------------- 10,630 Total Utilities 10,607,328 ---------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 1.1% (0.8% OF TOTAL INVESTMENTS) 1,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AAA 1,066,890 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 ---------------------------------------------------------------------------------------------------------------------- $ 137,610 Total Investments (cost $138,940,423) - 148.2% 139,881,713 ===============------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (12.9)% (12,155,000) ---------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.8% 767,238 ---------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation (34,100,000) Value - (36.1)% (5) ---------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 94,393,951 ====================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 24.4%. N/R Not rated. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 46 Nuveen Investments | Statement of | Assets & Liabilities March 31, 2010 (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 $ 150,072,111 $ 36,241,759 $ 348,503,035 $ 201,408,888 $ 139,881,713 $147,513,829, $33,121,112, $340,529,234, $200,051,420 and $138,940,423, respectively) Cash -- -- -- 5,040 -- Cash equivalents(1) -- -- 87,692,995 -- -- Receivables: Interest 2,175,153 565,807 5,214,910 3,010,826 2,108,767 Investments sold 10,000 -- 989,000 210,000 150,000 Deferred offering costs -- -- 1,359,082 685,161 -- Other assets 7,333 197 46,958 31,813 41,072 --------------------------------------------------------------------------------------------------------------------------- Total assets 152,264,597 36,807,763 443,805,980 205,351,728 142,181,552 --------------------------------------------------------------------------------------------------------------------------- LIABILITIES Cash overdraft 734,205 -- -- -- 1,016,633 Floating rate obligations 3,255,000 -- 34,645,000 17,735,000 12,155,000 Payables: Auction Rate Preferred shares noticed for redemption, at liquidation value N/A N/A 87,650,000 -- -- Auction Rate Preferred share dividends N/A N/A 3,723 2,403 2,387 Common share dividends 458,438 126,229 847,665 576,077 408,871 Interest -- -- 1,000 67,500 -- MuniFund Term Preferred shares, at liquidation value -- -- -- 30,000,000 -- Variable Rate Demand Preferred shares, at liquidation value -- -- 89,000,000 -- -- Accrued expenses: Management fees 67,510 20,250 189,353 109,953 64,528 Offering costs -- -- 430,000 255,000 -- Other 73,894 25,461 153,042 63,239 40,182 --------------------------------------------------------------------------------------------------------------------------- Total liabilities 4,589,047 171,940 212,919,783 48,809,172 13,687,601 --------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares, at liquidation value N/A N/A -- 21,900,000 34,100,000 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 147,675,550 $ 36,635,823 $ 230,886,197 $ 134,642,555 $ 94,393,951 =========================================================================================================================== Common shares outstanding 15,148,861 2,347,000 15,039,571 9,265,330 6,488,517 =========================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 9.75 $ 15.61 $ 15.35 $ 14.53 $ 14.55 =========================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: --------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 151,489 $ 23,470 $ 150,396 $ 92,653 $ 64,885 Paid-in surplus 144,520,869 33,527,105 219,751,087 131,847,334 92,364,886 Undistributed (Over-distribution of) net investment income 428,831 (42,339) 3,288,436 1,419,366 1,093,652 Accumulated net realized gain (loss) 16,079 6,940 (277,523) (74,266) (70,762) Net unrealized appreciation (depreciation) 2,558,282 3,120,647 7,973,801 1,357,468 941,290 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 147,675,550 $ 36,635,823 $ 230,886,197 $ 134,642,555 $ 94,393,951 =========================================================================================================================== Authorized shares: Common 250,000,000 Unlimited 200,000,000 Unlimited Unlimited Auction Rate Preferred N/A N/A 1,000,000 Unlimited Unlimited MuniFund Term Preferred -- -- -- Unlimited -- Variable Rate Demand Preferred -- -- Unlimited -- -- ===========================================================================================================================
(1) Segregated for the payment of Auction Rate Preferred shares noticed for redemption. N/A Fund is not authorized to issue Auction Rate Preferred shares. See accompanying notes to financial statements. Nuveen Investments 47 | Statement of | Operations Six Months Ended March 31, 2010 (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 $ 3,628,244 $ 1,059,914 $ 8,548,533 $ 5,080,801 $ 3,400,497 --------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 398,154 118,391 1,108,781 647,107 448,030 Auction fees N/A N/A 65,445 29,109 25,505 Dividend disbursing agent fees N/A N/A 19,967 4,986 4,986 Shareholders' servicing agent fees and expenses 14,346 24 14,149 1,605 731 Interest expense and amortization of offering costs 8,576 -- 108,387 319,070 36,939 Liquidity fees -- -- 2,518 -- -- Custodian's fees and expenses 18,408 5,687 31,290 21,236 15,303 Directors'/Trustees' fees and expenses 1,944 379 5,203 3,444 2,096 Professional fees 8,546 897 19,813 12,434 9,775 Shareholders' reports - printing and mailing expenses 48,349 8,717 56,834 35,720 28,029 Stock exchange listing fees 4,589 -- 4,565 4,565 458 Investor relations expense 8,223 2,262 12,163 7,118 4,854 Other expenses 8,865 1,147 21,330 14,517 12,350 --------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 520,000 137,504 1,470,445 1,100,911 589,056 Custodian fee credit (265) (169) (2,729) (1,503) (1,101) Expense reimbursement -- -- -- -- (70,295) --------------------------------------------------------------------------------------------------------------------------- Net expenses 519,735 137,335 1,467,716 1,099,408 517,660 --------------------------------------------------------------------------------------------------------------------------- Net investment income 3,108,509 922,579 7,080,817 3,981,393 2,882,837 --------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 15,769 14,346 104,606 292,807 20,834 Change in net unrealized appreciation (depreciation) of investments (1,997,663) (747,259) (4,892,637) (2,783,071) (1,563,392) --------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (1,981,894) (732,913) (4,788,031) (2,490,264) (1,542,558) --------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income N/A N/A (159,209) (64,192) (63,167) From accumulated net realized gains N/A N/A (17,285) (30,429) (3,233) --------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders N/A N/A (176,494) (94,621) (66,400) --------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 1,126,615 $ 189,666 $ 2,116,292 $ 1,396,508 $ 1,273,879 ===========================================================================================================================
N/A Fund is not authorized to issue Auction Rate Preferred shares. See accompanying notes to financial statements. 48 Nuveen Investments | Statement of | Changes in Net Assets (Unaudited)
NEW YORK VALUE (NNY) NEW YORK VALUE 2 (NYV) NEW YORK PERFORMANCE PLUS (NNP) ------------------------------ ----------------------------- ------------------------------- FOR THE PERIOD 4/28/09 SIX MONTHS SIX MONTHS (COMMENCEMENT SIX MONTHS ENDED YEAR ENDED ENDED OF OPERATIONS) ENDED YEAR ENDED 3/31/10 9/30/09 3/31/10 THROUGH 9/30/09 3/31/10 9/30/09 --------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 3,108,509 $ 6,447,771 $ 922,579 $ 537,162 $ 7,080,817 $ 14,517,338 Net realized gain (loss) from: Investments 15,769 132,227 14,346 (7,406) 104,606 209,269 Futures -- 176,461 -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments (1,997,663) 10,734,027 (747,259) 3,867,906 (4,892,637) 28,157,222 Futures -- 13,211 -- -- -- -- Distributions to Auction Rate Preferred shareholders: From net investment income N/A N/A N/A N/A (159,209) (815,348) From accumulated net realized gains N/A N/A N/A N/A (17,285) (608,160) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 1,126,615 17,503,697 189,666 4,397,662 2,116,292 41,460,321 --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,226,343) (6,448,739) (901,248) (600,832) (6,106,067) (11,090,805) From accumulated net realized gains (337,820) (1,484,820) -- -- (231,609) (1,928,624) --------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,564,163) (7,933,559) (901,248) (600,832) (6,337,676) (13,019,429) --------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from sale of shares, net of offering costs -- -- -- 33,450,300 -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 49,969 208,108 -- -- -- -- Repurchased and retired -- -- -- -- -- (309,124) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions 49,969 208,108 -- 33,450,300 -- (309,124) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (2,387,579) 9,778,246 (711,582) 37,247,130 (4,221,384) 28,131,768 Net assets applicable to Common shares at the beginning of period 150,063,129 140,284,883 37,347,405 100,275 235,107,581 206,975,813 --------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 147,675,550 $ 150,063,129 $36,635,823 $ 37,347,405 $ 230,886,197 $ 235,107,581 ================================================================================================================================= Undistributed (Over-distribution of)net investment income at the end of period $ 428,831 $ 546,665 $ (42,339) $ (63,670) $ 3,288,436 $ 2,472,895 =================================================================================================================================
N/A Fund is not authorized to issue Auction Rate Preferred shares. See accompanying notes to financial statements. Nuveen Investments 49 Statement of Changes in Net Assets (Unaudited) (continued)
NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) ----------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 3/31/10 9/30/09 3/31/10 9/30/09 ---------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 3,981,393 $ 8,628,755 $ 2,882,837 $ 5,962,245 Net realized gain (loss) from: Investments 292,807 237,884 20,834 32,039 Futures -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments (2,783,071) 15,279,735 (1,563,392) 10,675,788 Futures -- -- -- -- Distributions to Auction Rate Preferred shareholders: From net investment income (64,192) (544,164) (63,167) (303,512) From accumulated net realized gains (30,429) (276,265) (3,233) (241,933) ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 1,396,508 23,325,945 1,273,879 16,124,627 ---------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,622,744) (6,777,589) (2,581,132) (4,735,461) From accumulated net realized gains (399,336) (813,496) (49,313) (901,605) ---------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (4,022,080) (7,591,085) (2,630,445) (5,637,066) ---------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from sale of shares, net of offering costs -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased and retired -- -- -- (76,617) ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- (76,617) ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (2,625,572) 15,734,860 (1,356,566) 10,410,944 Net assets applicable to Common shares at the beginning of period 137,268,127 121,533,267 95,750,517 85,339,573 ---------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 134,642,555 $ 137,268,127 $ 94,393,951 $ 95,750,517 ================================================================================================================ Undistributed (Over-distribution of) net investments income at the end of period $ 1,419,366 $ 1,124,909 $ 1,093,652 $ 855,114 ================================================================================================================
See accompanying notes to financial statements. 50 Nuveen Investments | Statement of Cash Flows Six months ended March 31, 2010 (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 $ 2,116,292 $ 1,396,508 $ 1,273,879 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 (24,486,547) (13,234,796) (12,316,676) Proceeds from sales and maturities of investments 14,707,450 7,751,300 6,047,666 Proceeds from (Purchases of) short-term investments, net 9,208,434 6,031,235 2,742,583 Amortization (Accretion) of premiums and discounts, net 303,095 175,733 139,650 (Increase) Decrease in receivable for interest (153,743) (51,569) (46,031) (Increase) Decrease in receivable for investments sold (599,000) 3,303,450 2,215,531 (Increase) Decrease in other assets 33,739 (372) 4,870 Increase (Decrease) in payable for investments purchased -- (4,000,000) -- Increase (Decrease) in payable for Auction Rate Preferred share dividends (1,424) 24 (1,105) Increase (Decrease) in payable for interest 1,000 67,500 -- Increase (Decrease) in accrued management fees 6,195 3,801 2,128 Increase (Decrease) in accrued other liabilities 19,241 12,474 2,094 Net realized (gain) loss from investments (104,606) (292,807) (20,834) Change in net unrealized (appreciation) depreciation of 4,892,637 2,783,071 1,563,392 investments Taxes paid on undistributed capital gains -- 20 1,166 -------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 5,942,763 3,945,572 1,608,313 -------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in cash overdraft balance -- -- 1,016,633 (Increase) Decrease in deferred offering costs (1,359,082) (685,161) -- Increase (Decrease) in payable for Auction Rate Preferred 87,650,000 -- -- shares noticed for redemption, at liquidation value Increase (Decrease) in accrued offering costs 430,000 255,000 -- Increase (Decrease) in Auction Rate Preferred shares, at (87,650,000) (29,500,000) -- liquidation value Increase (Decrease) in MuniFund Term Preferred shares, -- 30,000,000 -- liquidation value Increase (Decrease) in Variable Rate Demand Preferred 89,000,000 -- -- shares, at liquidation value Cash distributions paid to Common shareholders (6,320,686) (4,010,371) (2,624,946) -------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities 81,750,232 (3,940,532) (1,608,313) -------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH 87,692,995 5,040 -- Cash and cash equivalents at the beginning of period -- -- -- -------------------------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 87,692,995 5,040 -- ==============================================================================================================
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 $ 107,266 $ 211,731 $ 36,939 costs, where applicable) ==============================================================================================================
See accompanying notes to financial statements. Nuveen Investments 51 | Notes to | Financial Statements(Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen New York 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) (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 management investment companies. Prior to the commencement of operations, New York Value 2 (NYV) had no operations other than those related to organizational matters, the initial capital contribution of $100,275 by Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and the recording of the organization expense ($15,000) and its reimbursement by Nuveen Investments, LLC, also a wholly-owned subsidiary of Nuveen. 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. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Directors/Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2010, there were no such outstanding purchase commitments in any of the Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions 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. 52 Nuveen Investments For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles. Auction Rate Preferred Shares New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue Auction Rate Preferred shares. The following Funds have issued and outstanding Auction Rate Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Auction Rate Preferred shares are issued in one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of March 31, 2010, the number of Auction Rate Preferred shares outstanding, by Series and in total, for each Fund is as follows: NEW YORK NEW YORK DIVIDEND DIVIDEND ADVANTAGE ADVANTAGE 2 (NAN) (NXK) ------------------------------------------------------------------------------- Number of shares: Series W -- 1,364 Series F 876 -- ------------------------------------------------------------------------------- Total 876 1,364 =============================================================================== Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Auction Rate Preferred shares issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many Auction Rate Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Auction Rate Preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions as calculated in accordance with the pre-established terms of the Auction Rate Preferred shares. As of March 31, 2010, the aggregate amount of outstanding Auction Rate Preferred shares redeemed by each Fund is as follows: NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND PLUS ADVANTAGE ADVANTAGE 2 (NNP) (NAN) (NXK) ------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed, at liquidation value $ 124,300,000 $ 47,100,000 $ 12,900,000 =============================================================================== MuniFund Term Preferred Shares New York Dividend Advantage (NAN) has issued and outstanding $30,000,000, of 2.70%, Series 2015 MuniFund Term Preferred shares, with a $10 liquidation value per share. Dividends, which are recognized as interest expense for financial reporting purposes, will be paid monthly at a fixed annual rate of 2.70%, subject to adjustment in certain circumstances. Proceeds from the issuance of MuniFund Term Preferred shares, net of offering expenses, were used to redeem a portion of the Fund's outstanding Auction Rate Preferred shares totaling $29,500,000. The Fund is obligated to redeem the MuniFund Term Preferred shares on January 1, 2015, unless earlier redeemed or repurchased by the Fund. MuniFund Term Preferred shares are subject to optional and mandatory redemption in certain circumstances. As of January 1, 2011, the MuniFund Term Preferred shares will be subject to redemption at the option of the Fund, subject to payment of a premium until December 31, 2011, and at par thereafter. The MuniFund Term Preferred shares also will be subject to redemption, at the option of the Fund, at par in the event of certain changes in the credit rating of the MuniFund Term Preferred shares. The Funds may be obligated to redeem certain of the MuniFund Term Preferred shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The MuniFund Term Preferred shares trade on NYSE under the symbol "NAN Pr C". Nuveen Investments 53 | Notes to | Financial Statements (Unaudited) (continued) During the period from December 21, 2009 through March 31, 2010, New York Dividend Advantage (NAN) had an average balance of $30,000,000 MuniFund Term Preferred shares outstanding. For financial reporting purposes only, the liquidation value of MuniFund Term Preferred shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on the MuniFund Term Preferred shares are recognized as "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on the MuniFund Term Preferred shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Variable Rate Demand Preferred Shares New York Performance Plus (NNP) has issued and outstanding 890 Series 1 Variable Rate Demand Preferred shares, $100,000 liquidation value per share. Variable Rate Demand Preferred shares were issued in a privately negotiated offering. Proceeds of this offering were used to redeem a portion of the Fund's outstanding Auction Rate Preferred shares totaling $87,650,000. The Variable Rate Demand Preferred shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, have a maturity date of March 1, 2040 and include a liquidity feature that allows the Variable Rate Demand Preferred shareholders to have their shares purchased by the liquidity provider in the event that sell orders are not matched with purchase orders in a remarketing. Dividends on the Variable Rate Demand Preferred shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the liquidation value of the Variable Rate Demand Preferred shares approximates fair value. Subject to certain conditions, Variable Rate Demand Preferred 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 Variable Rate Demand Preferred 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) issued all $89,000,000 of its Variable Rate Demand Preferred shares on March 31, 2010. For financial reporting purposes only, the liquidation value of Variable Rate Demand Preferred shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on Variable Rate Preferred shares are recognized as "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on the Variable Rate Demand Preferred shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee, which is recognized as "Liquidity fees" 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 recognizes the related interest paid to the holders of the short-term floating rate certificates as "Interest expense on floating rate obligations" on the Statement of Operations. During the six months ended March 31, 2010, 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 54 Nuveen Investments 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, 2010, each Fund's maximum exposure to externally-deposited Recourse Trusts is 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 $ -- $ 4,000,000 $ -- $ 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, 2010, 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 $ 12,155,000 Average annual interest rate and fees 0.53% --% 0.62% 0.61% 0.61% ==================================================================================================
Futures Contracts Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations. Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the six months ended March 31, 2010. 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 predetermined threshold amount. Nuveen Investments 55 | Notes to | Financial Statements (Unaudited) (continued) Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolio of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Offering Costs Costs incurred by New York Performance Plus (NNP) in connection with its offering of Variable Rate Demand Preferred shares ($1,320,000) were recorded as a deferred charge which will be amortized over the 30-year life of the shares. Cost incurred by New York Dividend Advantage (NAN) in connection with its offering of MuniFund Term Preferred shares ($725,000) were recorded as a deferred charge which will be amortized over the 5-year life of the shares. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. Indemnifications Under the Funds' organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 56 Nuveen Investments 2. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of March 31, 2010:
NEW YORK VALUE (NNY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 145,097,111 $ -- $ 145,097,111 Short-Term Investments -- 4,975,000 -- 4,975,000 ------------------------------------------------------------------------------------------------- Total $ -- $ 150,072,111 $ -- $ 150,072,111 ================================================================================================= NEW YORK VALUE 2 (NYV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 36,043,277 $ -- $ 36,043,277 Short-Term Investments 198,482 -- -- 198,482 ------------------------------------------------------------------------------------------------- Total $ 198,482 $ 36,043,277 $ -- $ 36,241,759 ================================================================================================= NEW YORK PERFORMANCE PLUS (NNP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 343,394,184 $ -- $ 343,394,184 Short-Term Investments 3,613,851 1,495,000 -- 5,108,851 ------------------------------------------------------------------------------------------------- Total $ 3,613,851 $ 344,889,184 $ -- $ 348,503,035 ================================================================================================= NEW YORK DIVIDEND ADVANTAGE (NAN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 198,766,466 $ -- $ 198,766,466 Short-Term Investments 2,642,422 -- -- 2,642,422 ------------------------------------------------------------------------------------------------- Total $ 2,642,422 $ 198,766,466 $ -- $ 201,408,888 ================================================================================================= NEW YORK DIVIDEND ADVANTAGE 2 (NXK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 139,881,713 $ -- $ 139,881,713 =================================================================================================
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 considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended March 31, 2010. Nuveen Investments 57 | Notes to | Financial Statements (Unaudited) (continued) 4. FUND SHARES Common Shares Transactions in Common shares were as follows:
NEW YORK NEW YORK VALUE (NNY) NEW YORK VALUE 2 (NYV) PERFORMANCE PLUS (NNP) ----------------------- --------------------------- ------------------------ FOR THE PERIOD 4/28/09 SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT SIX MONTHS YEAR ENDED ENDED ENDED OF OPERATIONS) ENDED ENDED 3/31/10 9/30/09 3/31/10 THROUGH 9/30/09 3/31/10 9/30/09 -------------------------------------------------------------------------------------------------------------------------------- Common shares: Sold* -- -- -- 2,340,000 -- -- Issued to shareholders due to reinvestment of distributions 5,140 23,357 -- -- -- -- Repurchased and retired -- -- -- -- -- (27,800) -------------------------------------------------------------------------------------------------------------------------------- Weighted average Common share: Price per share repurchased and retired -- -- -- -- -- $ 11.10 Discount per share repurchased and retired -- -- -- -- -- 19.25% ================================================================================================================================
NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) --------------------------- --------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/10 9/30/09 3/31/10 9/30/09 -------------------------------------------------------------------------------------------------------------------------------- Common shares: Issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased and retired -- -- -- (7,200) -------------------------------------------------------------------------------------------------------------------------------- Weighted average Common share: Price per share repurchased and retired -- -- -- $ 10.62 Discount per share repurchased and retired -- -- -- 18.33% ================================================================================================================================
* New York Value 2 (NYV) was the only Fund to sell Common shares during the fiscal year ended September 30, 2009. Preferred Shares New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue Auction Rate Preferred shares. Transactions in Auction Rate Preferred shares were as follows:
NEW YORK NEW YORK PERFORMANCE PLUS (NNP) DIVIDEND ADVANTAGE (NAN) ---------------------------------------- ----------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 3/31/10 9/30/09 3/31/10 9/30/09 ------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed: Series M 1,129 $ 28,225,000 -- $ -- -- $ -- -- $ -- Series T 564 14,100,000 -- -- -- -- -- -- Series W 1,410 35,250,000 -- -- -- -- -- -- Series F 403 10,075,000 -- -- 1,180 29,500,000 -- -- -------------------------------------------------------------------------------------------------------------------------------- Total 3,506 $ 87,650,000 -- $ -- 1,180 $ 29,500,000 -- $ -- ================================================================================================================================
NEW YORK DIVIDEND ADVANTAGE 2 (NXK) --------------------------------------- SIX MONTHS ENDED YEAR ENDED 3/31/10 9/30/09 --------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed: Series W -- $ -- -- $ -- ================================================================================================================================
58 Nuveen Investments Transactions in MuniFund Term Preferred shares were as follows:
NEW YORK DIVIDEND ADVANTAGE (NAN) --------------------------------------- SIX MONTHS ENDED YEAR ENDED 3/31/10 9/30/09 ---------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred shares issued: Series 2015 3,000,000 $ 30,000,000 N/A N/A =================================================================================================================================
N/A - The Fund was not authorized to issue MuniFund Term Preferred shares during the fiscal year ended September 30, 2009. Transactions in Variable Rate Demand Preferred shares were as follows:
NEW YORK PERFORMANCE PLUS (NNP) --------------------------------------- SIX MONTHS ENDED YEAR ENDED 3/31/10 9/30/09 ---------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred shares issued: Series 1 890 $ 89,000,000 N/A N/A =================================================================================================================================
N/A - The Fund was not authorized to issue Variable Rate Demand Preferred shares during the fiscal year ended September 30, 2009. 5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended March 31, 2010, 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 $ 8,868,203 $ 1,604,635 $ 24,486,547 $ 13,234,796 $ 12,316,676 Sales and maturities 1,662,500 227,250 14,707,450 7,751,300 6,047,666 =================================================================================================================================
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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At March 31, 2010, the cost of investments 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) ---------------------------------------------------------------------------------------------------------------------------------- Cost of investments $ 143,917,105 $ 33,088,108 $ 305,418,868 $ 182,217,532 $ 126,656,834 ==================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2010, 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) --------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 4,663,436 $ 3,192,389 $ 12,907,893 $ 4,489,974 $ 2,955,099 Depreciation (1,765,285) (38,738) (4,480,790) (3,025,056) (1,879,073) --------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 2,898,151 $ 3,153,651 $ 8,427,103 $ 1,464,918 $ 1,076,026 ==================================================================================================================================
Nuveen Investments 59 | 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, 2009, 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 * $ 755,511 $ 73,053 $ 3,090,862 $ 1,616,659 $ 1,202,209 Undistributed net ordinary income ** 81,069 -- -- -- 5,541 Undistributed net long-term capital gains 261,484 -- 248,364 258,801 52,301 ================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2009, paid on October 1, 2009. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. *** For the period April 28, 2009 (commencement of operations) through September 30, 2009. The tax character of distributions paid during the Funds' last tax year ended September 30, 2009, 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 $ 6,447,404 $ 450,624 $ 11,827,384 $ 7,301,446 $ 5,057,663 Distributions from net ordinary income ** 535,895 -- 1,105,907 651,694 466,316 Distributions from net long-term capital gains 949,431 -- 1,488,610 438,066 677,222 ===================================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. *** For the period April 28, 2009 (commencement of operations) through September 30, 2009. New York Value 2 (NYV) has elected to defer net realized losses from investments incurred from April 28, 2009 (commencement of operations) through September 30, 2009, the Fund's last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October capital losses of $7,406 are treated as having arisen on the first day of the current fiscal year. 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components -- a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's 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. 60 Nuveen Investments 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 NET 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 net assets over $5 billion .3750 ================================================================================ NEW YORK DIVIDEND ADVANTAGE (NAN) NEW YORK DIVIDEND ADVANTAGE 2 (NXK) AVERAGE DAILY NET 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 net assets over $2 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 ================================================================================ The annual complex-level fee for each fund, payable monthly, is calculated according to the following schedule: COMPLEX-LEVEL 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 ================================================================================ * The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include 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 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 to limit the amount of such assets for determining managed assets in certain circumstances. As of March 31, 2010, the complex-level fee rate was .1867%. Nuveen Investments 61 | Notes to | Financial Statements (Unaudited) (continued) The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. For the first ten years of New York Dividend Advantage 2's (NXK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, ------------------------------------------------------------------------------ 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ============================================================================== * From the commencement of operations. The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for any portion of its fees and expenses beyond March 31, 2011. 8. NEW ACCOUNTING PRONOUNCEMENTS Accounting for Transfers of Financial Assets During June 2009, the Financial Accounting Standards Board ("FASB") issued changes to the authoritative guidance under generally accepted accounting principles ("GAAP") on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. Fair Value Measurements On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. 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. 62 Nuveen Investments 9. SUBSEQUENT EVENTS Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on May 3, 2010, to shareholders of record on April 15, 2010, 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) ---------------------------------------------------------------------------------------- Dividend per share $. 0355 $. 0640 $ .0680 $ .0655 $ .0665 ========================================================================================
Distributions to MuniFund Term Preferred Shareholders New York Dividend Advantage (NAN) declared a dividend distribution of $0.022500, which was paid on May 3, 2010, to shareholders of record on April 15, 2010. MuniFund Term Preferred Shares As discussed in the Portfolio Manager's Comments section, during April 2010, New York Dividend Advantage 2 (NXK) successfully completed the issuance of $37.89 million of 2.55%, Series 2015 MuniFund Term Preferred ("MTP") shares. The newly-issued MTP shares trade on the NYSE under the symbol "NXK Pr C." Auction Rate Preferred Shares Noticed for Redemption During April, 2010, New York Dividend Advantage 2 (NXK) noticed for redemption its remaining $34.1 million outstanding Auction Rate Preferred shares, at liquidation value, using proceeds from the issuance of MTP described above. Nuveen Investments 63 | Financial | Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS ------------------------------ ----------------------------- DISCOUNT FROM NET COMMON BEGINNING INVESTMENT CAPITAL SHARES ENDING COMMON NET INCOME TO GAINS TO REPUR- COMMON SHARE NET REALIZED/ COMMON COMMON CHASED SHARE ENDING NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- AND OFFERING NET ASSET MARKET VALUE INCOME GAIN (LOSS) TOTAL HOLDERS HOLDERS TOTAL RETIRED COSTS VALUE VALUE ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK VALUE (NNY) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) $ 9.91 $ .21 $ (.14) $ .07 $(.21) $ (.02) $ (.23) $ -- $ -- $ 9.75 $ 9.69 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 2006 10.07 .44 .01 .45 (.43) -- (.43) -- -- 10.09 9.51 2005 10.01 .45 .04 .49 (.43) -- (.43) -- -- 10.07 9.26 NEW YORK VALUE 2 (NYV) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) 15.91 .39 (.31) .08 (.38) -- (.38) -- -- 15.61 14.91 2009(e) 14.33 .23 1.64 1.87 (.26) -- (.26) -- (.03) 15.91 14.84 ====================================================================================================================================
64 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES(b) ----------------------- -------------------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK VALUE (NNY) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) 4.42% .79% $ 147,676 .71%* .69%* 4.22%* 1% 2009 11.78 13.00 150,063 .71 .68 4.58 3 2008 (.62) (2.38) 140,285 .71 .68 4.39 16 2007 4.40 2.79 150,321 .69 .65 4.32 15 2006 7.50 4.56 152,573 .66 .66 4.35 13 2005 5.88 4.95 152,236 .66 .66 4.44 18 NEW YORK VALUE 2 (NYV) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) 3.14 .58 36,636 .76* .76* 5.09* 1 2009(e) .73 12.99 37,347 .84* .84* 3.66* 4 ====================================================================================================================================
* Annualized. (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) Expense ratios do not reflect the reduction 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, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended March 31, 2010. (e) For the period April 28, 2009 (commencement of operations) through September 30, 2009. See accompanying notes to financial statements. Nuveen Investments 65 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS ---------------------------------------------------------------- --------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL NET BEGINNING INCOME TO GAINS TO INVESTMENT CAPITAL COMMON NET AUCTION RATE AUCTION RATE INCOME TO GAINS TO SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL ---------------------------------------------------------------------------------------------------------------------------------- NEW YORK PERFORMANCE PLUS (NNP) ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) $ 15.63 $ .47 $ (.31) $ (.01) $ --** $ .15 $ (.41) $ (.02) $ (.43) 2009 13.74 .96 1.89 (.05) (.04) 2.76 (.74) (.13) (.87) 2008 15.48 .98 (1.69) (.27) (.01) (.99) (.72) (.03) (.75) 2007 16.01 .99 (.41) (.27) (.01) .30 (.77) (.06) (.83) 2006 16.44 1.01 --** (.20) (.05) .76 (.89) (.30) (1.19) 2005 16.50 1.05 .10 (.14) --** 1.01 (.99) (.08) (1.07) NEW YORK DIVIDEND ADVANTAGE (NAN) ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) 14.82 .43 (.28) (.01) --** .14 (.39) (.04) (.43) 2009 13.12 .93 1.68 (.06) (.03) 2.52 (.73) (.09) (.82) 2008 14.95 .96 (1.76) (.24) (.02) (1.06) (.70) (.07) (.77) 2007 15.49 .97 (.39) (.24) (.02) .32 (.77) (.09) (.86) 2006 15.83 .98 --** (.21) (.03) .74 (.89) (.19) (1.08) 2005 15.83 1.03 .09 (.13) -- .99 (.99) -- (.99) ==================================================================================================================================
DISCOUNT FROM COMMON SHARES ENDING REPUR- COMMON CHASED SHARE ENDING AND OFFERING NET ASSET MARKET RETIRED COSTS VALUE VALUE ------------------------------------------------------------------------ NEW YORK PERFORMANCE PLUS (NNP) ------------------------------------------------------------------------ Year Ended 9/30: 2010(d) $ -- $ -- $ 15.35 $ 14.24 2009 -- -- 15.63 14.77 2008 -- -- 13.74 11.16 2007 -- -- 15.48 14.30 2006 -- -- 16.01 15.88 2005 -- -- 16.44 16.01 NEW YORK DIVIDEND ADVANTAGE (NAN) ------------------------------------------------------------------------ Year Ended 9/30: 2010(d) -- -- 14.53 13.48 2009 -- -- 14.82 13.38 2008 -- -- 13.12 11.36 2007 -- -- 14.95 14.33 2006 -- -- 15.49 15.60 2005 -- -- 15.83 16.11 ========================================================================
AUCTION RATE MUNIFUND TERM VARIABLE RATE DEMAND PREFERRED SHARES PREFERRED SHARES PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD AT END OF PERIOD ----------------------------------------------------------------- ------------------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET OUTSTANDING VALUE OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE (000) PER SHARE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE -------------------------------------------------------------------------------------------------------------------------- NEW YORK PERFORMANCE PLUS (NNP) -------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) $ 87,650 $ 25,000 $ -- $ -- $ 116,240 $ 89,000 $ 100,000 $ 457,906 2009 87,650 25,000 -- -- 92,059 -- -- -- 2008 87,650 25,000 -- -- 84,035 -- -- -- 2007 124,300 25,000 -- -- 71,914 -- -- -- 2006 124,300 25,000 -- -- 73,395 -- -- -- 2005 124,300 25,000 -- -- 74,528 -- -- -- NEW YORK DIVIDEND ADVANTAGE (NAN) -------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) 21,900 25,000 30,000 10*** --**** -- -- -- 2009 51,400 25,000 -- -- 91,765 -- -- -- 2008 51,400 25,000 -- -- 84,112 -- -- -- 2007 69,000 25,000 -- -- 75,183 -- -- -- 2006 69,000 25,000 -- -- 76,865 -- -- -- 2005 69,000 25,000 -- -- 77,790 -- -- -- ===========================================================================================================================
66 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) ------------------ ----------------------------------- --------------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK PERFORMANCE PLUS (NNP) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) (.65)% .95% $ 230,886 1.28%* 1.19%* 6.16%* 1.28%* 1.19%* 6.16%* 4% 2009 42.29 21.05 235,108 1.39 1.17 6.91 1.39 1.17 6.91 1 2008 (17.61) (6.71) 206,976 1.42 1.27 6.48 1.42 1.27 6.48 16 2007 (5.02) 1.90 233,258 1.29 1.22 6.33 1.29 1.22 6.33 14 2006 6.69 4.91 240,618 1.22 1.22 6.33 1.22 1.22 6.33 13 2005 9.37 6.29 246,255 1.20 1.20 6.36 1.20 1.20 6.36 16 NEW YORK DIVIDEND ADVANTAGE (NAN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) 4.12 1.02 134,643 1.64* 1.17* 5.94* 1.64* 1.17* 5.94* 4 2009 26.58 20.29 137,268 1.37 1.17 7.07 1.31 1.11 7.13 4 2008 (16.02) (7.45) 121,533 1.36 1.23 6.45 1.22 1.09 6.59 17 2007 (2.86) 2.07 138,504 1.29 1.19 6.15 1.07 .97 6.36 18 2006 3.49 4.91 143,147 1.18 1.18 6.11 .89 .89 6.40 15 2005 14.24 6.38 145,701 1.16 1.16 6.13 .81 .81 6.49 20 ====================================================================================================================================
* Annualized. ** Rounds to less than $.01 per share. *** For the period December 21, 2009 through March 31, 2010, the average market value was $10.07. **** Asset coverage per $1 of liquidation preference for Auction Rate Preferred shares and MuniFund Term Preferred shares equaled $3.59. On a per share basis, asset coverage is $89,857 and $35.94 for Auction Rate Preferred shares and MuniFund Term Preferred shares, respectively. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares, MuniFund Term Preferred shares and/or Variable Rate Demand Preferred shares, where applicable. (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) After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction 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. (c) The expense ratios reflect, among other things and where applicable, payments to MuniFund Term Preferred shareholders, Variable Rate Demand Preferred shareholders and 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, as described in Footnote 1 - MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended March 31, 2010. See accompanying notes to financial statements. Nuveen Investments 67 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS -------------------------------------------------------------- ---------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL NET BEGINNING INCOME TO GAINS TO INVESTMENT CAPITAL COMMON NET AUCTION RATE AUCTION RATE INCOME TO GAINS TO SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL ----------------------------------------------------------------------------------------------------------------------------- NEW YORK DIVIDEND ADVANTAGE 2 (NXK) ----------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) $ 14.76 $ .44 $ (.23) $ (.01) $ --** $ .20 $ (.40) $ (.01) $ (.41) 2009 13.14 .92 1.66 (.05) (.04) 2.49 (.73) (.14) (.87) 2008 14.80 .95 (1.64) (.23) (.01) (.93) (.69) (.04) (.73) 2007 15.29 .95 (.34) (.24) (.02) .35 (.76) (.08) (.84) 2006 15.57 .97 .05 (.20) (.03) .79 (.87) (.20) (1.07) 2005 15.60 1.01 .10 (.13) --** .98 (.95) (.06) (1.01) =============================================================================================================================
DISCOUNT FROM COMMON SHARES ENDING REPUR- COMMON CHASED SHARE ENDING AND OFFERING NET ASSET MARKET RETIRED COSTS VALUE VALUE ---------------------------------------------------------------------- NEW YORK DIVIDEND ADVANTAGE 2 (NXK) ---------------------------------------------------------------------- Year Ended 9/30: 2010(d) $ -- $ -- $ 14.55 $ 13.65 2009 -- -- 14.76 13.41 2008 -- -- 13.14 11.15 2007 -- -- 14.80 14.16 2006 -- -- 15.29 15.47 2005 -- -- 15.57 15.34 =======================================================================
AUCTION RATE PREFERRED SHARES AT END OF PERIOD ------------------------------------------------ AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE ------------------------------------------------------------- NEW YORK DIVIDEND ADVANTAGE 2 (NXK) ------------------------------------------------------------- Year Ended 9/30: 2010(d) $ 34,100 $ 25,000 $ 94,204 2009 34,100 25,000 95,198 2008 34,100 25,000 87,566 2007 47,000 25,000 76,140 2006 47,000 25,000 77,695 2005 47,000 25,000 78,514 ============================================================= 68 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------ RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) -------------------- ------------------------------- ----------------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK DIVIDEND ADVANTAGE 2 (NXK) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2010(d) 4.94% 1.37% $ 94,394 1.26%* 1.18%* 6.00%* 1.11%* 1.03%* 6.15%* 4% 2009 29.95 20.06 95,751 1.36 1.16 6.83 1.18 .98 7.01 0 2008 (16.79) (6.63) 85,340 1.37 1.23 6.25 1.11 .97 6.51 17 2007 (3.20) 2.35 96,144 1.32 1.22 5.98 .99 .89 6.31 17 2006 7.96 5.37 99,067 1.19 1.19 5.96 .78 .78 6.36 14 2005 10.61 6.45 100,606 1.18 1.18 6.01 .74 .74 6.45 19 ====================================================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (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) After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction 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, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended March 31, 2010. See accompanying notes to financial statements. Nuveen Investments 69 Reinvest Automatically Easily and Conveniently NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price 70 Nuveen Investments per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Nuveen Investments 71 Glossary of Terms Used in this Report o AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction. o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. 72 Nuveen Investments o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund (including any Preferred Shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. o 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. o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. Nuveen Investments 73 Notes 74 Nuveen Investments Notes Nuveen Investments 75 Notes 76 Nuveen Investments Other Useful Information QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange ("NYSE") the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table. COMMON SHARES PREFERRED SHARES FUND REPURCHASED REDEEMED NNY -- N/A NYV -- N/A NNP -- 3,506 NAN -- 1,180 NXK -- -- N/A - Fund is not authorized to issue auction rate preferred shares. Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. BOARD OF DIRECTORS/TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Nuveen Investments 77 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, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. FOCUSED ON MEETING INVESTOR NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010. 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 o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com ESA-A-0310D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. (a) See Portfolio of Investments in Item 1. (b) Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen New York Municipal Value Fund 2 ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: June 7, 2010 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: June 7, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: June 7, 2010 -------------------------------------------------------------------