-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Or54qSpSDEU/DgbX9WF6VKwBO9mL+SIWdZEVQ/BJpOXrI9grThR0CLbZfZNYU1BU kDcDGg4CdMGmTJYUHTQwPA== 0000891804-08-001691.txt : 20080606 0000891804-08-001691.hdr.sgml : 20080606 20080606141043 ACCESSION NUMBER: 0000891804-08-001691 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080606 DATE AS OF CHANGE: 20080606 EFFECTIVENESS DATE: 20080606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK MUNICIPAL VALUE FUND INC CENTRAL INDEX KEY: 0000818850 IRS NUMBER: 363529057 STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05238 FILM NUMBER: 08885218 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: 333 W. WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 file001.txt NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. 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 811-5238 --------------------- Nuveen New York Municipal Value Fund, Inc. ------------------------------------------------------------------------------ (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, 2008 ------------------ 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. SEMI-ANNUAL REPORT March 31, 2008 Nuveen Investments MUNICIPAL CLOSED-END FUNDS Photo of: Small child NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. NNY NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. NNP NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND NAN NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2 NXK IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments Photo of: Man working on computer 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 Investments 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: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Once again, I am pleased to report that over the six-month period covered by this report your Fund continued to provide you with attractive monthly tax-free income. For more details about the management strategy and performance of your Fund, please read the Portfolio Manager's Comments, the Common Share Dividend and Share Price Information, and the Performance Overview sections of this report. With the recent volatility in the stock market, many have begun to wonder which way the market is headed, and whether they need to adjust their holdings of investments. No one knows what the future will bring, which is why we think a well-balanced portfolio that is structured and carefully monitored with the help of an investment professional is an important component in achieving your long term financial goals. A well-diversified portfolio may actually help to reduce your overall investment risk, and we believe that investments like your Nuveen Investments Fund can be important building blocks in a portfolio crafted to perform well through a variety of market conditions. We also are pleased to be able to offer you a choice concerning how you receive your shareholder reports and other Fund information. As an alternative to mailed copies, you can sign up to receive future Fund reports and other Fund information by e-mail and the internet. The inside front cover of this report contains information on how you can sign up. We are grateful that you have chosen us as a partner as you pursue your financial goals and we look forward to continuing to earn your trust in the months and years ahead. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board May 15, 2008 Portfolio Manager's COMMENTS Nuveen Investments Municipal Closed-End Funds NNY, NNP, NAN, NXK Portfolio manager Cathryn Steeves examines key investment strategies and the six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen in 1996, assumed portfolio management responsibility for these four Funds in 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2008? During this six-month period, the municipal market experienced a great deal of volatility, as factors related to the sub-prime mortgage crisis had an indirect, but important, influence on the municipal market's performance. We sought to capitalize on this environment by continuing to focus on relative value, as we looked for undervalued sectors and individual credits with the potential to perform well over the long term. Among our additions to these Funds were bonds issued by New York City, where we considered many bonds a good value. When the market discounted lower-quality and higher-yielding bonds, we selectively took advantage of opportunities to add some uninsured, lower-rated health care credits to the Funds. We also bought small positions in auction rate bonds at attractive yields. Auction rate bonds are short-term securities whose interest payments are adjusted periodically through an auction process, which typically also serves as a means for buying and selling. To generate cash for purchases and move the Funds' durations(1) closer to our strategic range, we selectively sold some holdings with shorter durations. Selling shorter duration bonds and reinvesting further out on the municipal bond yield curve also helped to improve the Funds' overall call protection profiles. In addition, we took advantage of strong bids to sell some sub-5% coupon bonds that were attractive to the retail market. Over the course of the entire reporting period, we saw the municipal yield curve steepen, as municipal bond interest rates at the short end of the curve declined while longer-term rates rose. In this environment, we continued to emphasize a disciplined approach to duration management. As part of our duration strategies, we used inverse 1 Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. Discussions of specific investments are for illustrative purposes only and are not intended as recommendations of individual investments. The views expressed in this commentary represent those of the portfolio manager as of the date of this report and are subject to change at any time, based on market conditions and other factors. The Funds disclaim any obligation to advise shareholders of such changes. 4 floating rate securities,(2) a type of derivative financial instrument, in all four of these New York Funds. Inverse floaters typically provide the dual benefit of lengthening the Funds' durations to be closer to our strategic target and enhancing their income-generation capabilities. During this period, all of the Funds also used forward interest rate swaps, another type of derivative financial instrument. The goal of this strategy was to help us manage the risk vs. our strategic benchmark. We believed that the forward interest rate swaps had accomplished this goal, therefore we removed the swaps from the Funds. HOW DID THE FUNDS PERFORM? Individual results for these Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table. Total Returns on Common Share Net Asset Value* For periods ended 3/31/08 Six-Month 1-Year 5-Year 10-Year NNY(3) -0.08% 0.97% 3.91% 4.38% NNP -1.55% -1.20% 4.51% 5.85% NAN -1.77% -1.39% 4.70% NA NXK -1.38% -0.79% 5.08% NA Lehman Brothers NY Tax-Exempt Bond Index(4) 1.25% 2.55% 3.94% 5.03% Lipper NY Municipal Debt Funds Average(5) -2.92% -3.44% 4.60% 4.91% For the six months ended March 31, 2008, the cumulative returns on NAV for NNY, NNP, NAN, and NXK underperformed the return of the Lehman Brothers New York Tax-Exempt Bond Index. At the same time, the six-month returns for all four of these New York Funds outperformed the average return for the Lipper New York Municipal Debt Funds Average. One of the major factors impacting the six-month performance of NNP, NAN, and NXK, especially in relation to that of the unleveraged Lehman Brothers New York Tax- * Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. 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. (2) An inverse floating rate security 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 the reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in This Report sections of this shareholder report. (3) NNY is an unleveraged Fund; the remaining three Funds in this report are leveraged. (4) The Lehman Brothers New York Tax-Exempt Bond Index is an unleveraged, unmanaged index comprising a broad range of investment-grade New York municipal bonds. Results for the Lehman index do not reflect any expenses. (5) The Lipper New York Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6 months, 17 funds; 1 year, 17 funds; 5 years, 17 funds; and 10 years, 6 funds. Fund and Lipper returns assume reinvestment of dividends. 5 Exempt Bond Index, was the use of financial leverage. While leverage provides opportunities for additional income and total returns for common shareholders, the benefits of leveraging are tied in part to the short-term rates that leveraged Funds pay their preferred shareholders. During this period, the leveraged Funds' borrowing costs remained relatively high, negatively impacting their total returns along with the relatively weak returns of the underlying bonds. Other key factors that influenced the Funds' returns included yield curve and duration positioning, credit exposure and sector allocations, the use of derivatives, and holdings of bonds backed by certain municipal bond insurers. During this six-month period, bonds in the Lehman Brothers Municipal Bond Index with maturities of eight years or less, especially those maturing in two to four years, benefited the most from changes in the interest rate environment. As a result, these shorter maturity bonds generally outperformed credits with longer maturities. Bonds having the longest maturities (22 years and longer) posted the worst returns. In this market environment, the performance of NNY (which does not use financial leverage) benefited from the fact that its duration was shorter than the leverage-adjusted durations of the other three Funds in this report. Among the three leveraged Funds, NXK had a slightly shorter duration. As mentioned earlier, all four of these Funds used inverse floating rate securities to synthetically extend their durations and move the Funds closer to our strategic duration target. Because the inverse floaters effectively increased the Funds' exposure to longer maturity bonds during a period when shorter maturities were in favor in the market, these inverse floaters had a negative impact on performance. However, the inverse floaters also benefited the Funds by helping to support their income streams. In general, these four Funds had smaller positions in inverse floaters than their peers in the Lipper New York Municipal Debt Funds Average, which helped the relative performance of the Nuveen New York Funds. Lower credit quality bonds (bonds rated BBB or below) and non-rated bonds posted poor returns. The underperformance of this sector was largely the result of risk-averse investors' flight to quality as disruptions in the financial and housing markets deepened. With allocations of 6% to 10% in bonds rated BBB and 4% to 8% in sub-investment grade and non-rated bonds, these Funds were more heavily weighted in lower quality bonds than the Lehman Brothers New York Tax-Exempt Bond Index. This helped to explain some of their underperformance relative to the index. In general, bonds that carried any credit risk, regardless of sector, tended to perform 6 poorly. Revenue bonds as a whole, and especially the industrial development and health care sectors that had ranked among the top performers in the Lehman Brothers Municipal Bond Index over the past few years, underperformed the general municipal market. The housing sector also performed poorly. Sectors of the market that generally contributed to the Funds' performance included water and sewer, resource recovery, special tax, and electric utilities. Pre-refunded bonds(6) performed exceptionally well, due primarily to their shorter effective maturities and higher credit quality. Another factor that had an impact on the performance of the New York Funds was their position in bonds backed by certain municipal insurers. These municipal issuers included Financial Guaranty Insurance Company (FGIC), Radian Asset Assurance, XL Capital Assurance (XLCA) and Financial Security Assurance (FSA). As concern increased about the balance sheets of municipal bond insurers, prices on bonds insured by these companies declined, detracting from the performance of the Funds. On the whole, the holdings of all of our Funds continued to be well diversified not only between insured and uninsured bonds, but also within the insured bond category. RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES The Portfolios of Investments reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers. It is important to note that municipal bonds historically have had a very low rate of default. (6) Advance refundings, also known as pre-refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers. 7 RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED MARKETS Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the preferred shares issued by these Funds than there were offers to buy. This meant that these auctions "failed to clear'' and that many or all auction preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction preferred shares did not lower the credit quality of these shares, and auction preferred shareholders unable to sell their shares received distributions at the "maximum rate'' calculated in accordance with the pre-established terms of the auction preferred shares. At the time this report was prepared, the Funds' managers could not predict when future auctions might succeed in attracting sufficient buyers for the shares offered, if ever. The Funds' managers are working diligently to develop mechanisms designed to improve the liquidity of the auction preferred shares, or to refund them, but at present there is no assurance that these efforts will succeed. These developments generally do not affect the management or investment policies of these Funds. However, one implication of these auction failures for common shareholders is that the Funds' cost of leverage will be higher than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future common share earnings may be lower than they otherwise would have been. For current, up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx. 8 Common Share Dividend and Share Price INFORMATION The common share dividends of NNY, NNP, and NXK remained stable throughout the six-month reporting period ended March 31, 2008. As previously noted, all of the Funds in this report except NNY use leverage to potentially enhance opportunities for additional income for common shareholders. While this strategy continued to provide incremental income, the extent of this benefit was reduced to a degree by short-term interest rates that kept the Funds' borrowing costs relatively high. The Funds' income streams were also impacted as the proceeds from older, higher-yielding bonds that matured or were called were reinvested into bonds currently available in the market, which generally offered lower yields. A combination of these factors resulted in one monthly common share dividend reduction in NAN over the six-month period ended March 31, 2008. Due to capital gains generated by normal portfolio activity, common shareholders of the Funds received capital gains and net ordinary income distributions at the end of December 2007 as follows: Short-Term Capital Gains Long-Term Capital Gains and/or Ordinary Income (per share) (per share) NNY $0.0108 -- NNP $0.0294 $0.0009 NAN $0.0682 -- NXK $0.0402 -- 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 common share 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 common share 9 NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2008, NNY had a positive UNII balance, based upon our best estimate, for tax purposes and a positive UNII balance for financial statement purposes, while NNP, NAN, and NXK had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial statement purposes. As of March 31, 2008, the Funds' common share prices were trading at discounts to their common share NAVs as shown in the accompanying chart: 3/31/08 Six-Month Average Discount Discount NNY -2.78% -6.45% NNP -6.60% -8.42% NAN -6.66% -7.70% NXK -8.30% -8.44% 10 NNY Performance OVERVIEW Nuveen New York Municipal Value Fund, Inc. as of March 31, 2008 Pie Chart: Credit Quality (as a % of total investments)(1) AAA/U.S. Guaranteed 42% AA 37% A 9% BBB 6% BB or Lower 3% N/R 3% Bar Chart: 2007-2008 Monthly Tax-Free Dividends Per Common Share(3) Apr 0.0355 May 0.0355 Jun 0.0355 Jul 0.0355 Aug 0.0355 Sep 0.0355 Oct 0.0355 Nov 0.0355 Dec 0.0355 Jan 0.0355 Feb 0.0355 Mar 0.0355 Line Chart: Common Share Price Performance -- Weekly Closing Price 4/01/07 9.69 9.7 9.74 9.82 9.84 9.8 9.7 9.68 9.65 9.64 9.63 9.68 9.65 9.65 9.66 9.66 9.71 9.74 9.67 9.76 9.75 9.8 9.82 9.81 9.83 9.78 9.78 9.82 9.83 9.83 9.82 9.76 9.79 9.83 9.78 9.8 9.7 9.6 9.67 9.76 9.83 9.77 9.79 9.77 9.85 9.81 9.7 9.58 9.45 9.32 9.34 9.44 9.36 9.36 9.36 9.3699 9.4 9.36 9.35 9.36 9.39 9.36 9.41 9.41 9.49 9.44 9.398 9.41 9.41 9.41 9.42 9.403 9.39 9.39 9.35 9.33 9.39 9.36 9.37 9.33 9.38 9.25 9.3 9.3 9.28 9.25 9.32 9.33 9.32 9.35 9.37 9.28 9.26 9.22 9.27 9.14 9.05 9.17 9.16 9.3 9.35 9.24 9.4 9.35 9.35 9.35 9.38 9.4 9.6 9.7 9.5499 9.62 9.58 9.57 9.52 9.46 9.4 9.4199 9.37 9.32 9.24 9.31 9.42 9.53 9.55 9.51 9.5 9.5 9.45 9.43 9.41 9.34 9.3 9.29 9.3 9.29 9.37 9.383 9.29 9.25 9.17 9.18 9.2 9.24 9.25 9.19 9.18 9.13 9.25 9.24 9.18 9.18 9.17 9.18 9.14 9.1 9.14 9.17 9.13 9.2 9.08 9.17 9.08 9.05 9.02 9.02 9 9.04 9.0001 9 8.98 8.97 9.16 9.21 9.22 9.15 9.16 9.08 9.15 9.11 9.0501 9.01 9.05 9.06 9.05 8.98 9.06 8.98 9.06 9.15 9.13 9.12 9.14 9.3 9.31 9.35 9.4 9.47 9.42 9.42 9.38 9.45 9.44 9.39 9.18 9.21 9.3 9.25 9.38 9.4 9.48 9.5501 9.45 9.54 9.61 9.65 9.6 9.39 9.43 9.46 9.5299 9.39 9.24 9.32 9.34 9.42 9.33 9.49 9.518 9.54 9.5001 9.49 9.32 9.3 9.3 9.36 9.41 9.38 9.3 9.28 9.25 9.25 9.25 9.19 9.39 9.42 9.42 9.45 9.45 9.6 9.44 9.41 3/31/08 9.44 FUND SNAPSHOT - ------------------------------------ Common Share Price $9.44 - ------------------------------------ Common Share Net Asset Value $9.71 - ------------------------------------ Premium/(Discount) to NAV -2.78% - ------------------------------------ Market Yield 4.51% - ------------------------------------ Taxable-Equivalent Yield(2) 6.72% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $146,791 - ------------------------------------ Average Effective Maturity on Securities (Years) 16.88 - ------------------------------------ Modified Duration 5.70 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 10/07/87) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) 1.76% -0.08% - ------------------------------------ 1-Year 1.36% 0.97% - ------------------------------------ 5-Year 4.80% 3.91% - ------------------------------------ 10-Year 4.08% 4.38% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 21.6% - ------------------------------------ Health Care 12.0% - ------------------------------------ Education and Civic Organizations 9.8% - ------------------------------------ U.S. Guaranteed 9.5% - ------------------------------------ Long-Term Care 8.9% - ------------------------------------ Transportation 8.3% - ------------------------------------ Tax Obligation/General 7.9% - ------------------------------------ Utilities 7.0% - ------------------------------------ Housing/Multifamily 5.0% - ------------------------------------ Other 10.0% - ------------------------------------ (1) The percentages shown in the foregoing chart reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As explained earlier in the Portfolio Manager's Comments section of this report, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers, and thereby reduce the percentage of the ratings shown in the foregoing chart. (2) 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. (3) The Fund paid shareholders a capital gains distribution in December 2007 of $0.0108 per share. 11 NNP Performance OVERVIEW Nuveen New York Performance Plus Municipal Fund, Inc. as of March 31, 2008 Pie Chart: Credit Quality (as a % of total investments)(1) AAA/U.S. Guaranteed 43% AA 38% A 7% BBB 8% BB or Lower 2% N/R 2% Bar Chart: 2007-2008 Monthly Tax-Free Dividends Per Common Share(3) Apr 0.064 May 0.064 Jun 0.061 Jul 0.061 Aug 0.061 Sep 0.061 Oct 0.061 Nov 0.061 Dec 0.061 Jan 0.061 Feb 0.061 Mar 0.061 Line Chart: Common Share Price Performance -- Weekly Closing Price 4/01/07 15.9 15.89 16.5 16.25 16.11 16.2 16.05 16.1 15.94 15.83 15.78 15.75 15.77 15.74 15.85 15.9 15.86 15.84 15.836 15.84 15.9 15.93 15.95 15.93 15.9 15.89 15.8 15.77 15.73 15.71 15.72 15.72 15.72 15.6703 15.68 15.6397 15.62 15.61 15.57 15.64 15.649 15.7 15.64 15.58 15.6 15.51 15.34 14.98 14.89 14.67 14.62 14.56 14.54 14.49 14.53 14.53 14.5 14.45 14.423 14.52 14.56 14.5 14.51 14.51 14.62 14.6868 14.61 14.57 14.54 14.68 14.51 14.46 14.43 14.43 14.39 14.44 14.36 14.36 14.34 14.18 14.15 14.13 14.31 14.37 14.45 14.49 14.3 14.37 14.48 14.45 14.33 14.32 14.3 14.21 14.1 13.95 13.87 13.97 14.11 13.99 14.1 14.17 14.33 14.26 14.28 14.5 14.45 14.54 14.6 14.59 14.59 14.72 14.95 14.87 14.92 14.8 14.77 14.59 14.6 14.72 14.53 14.28 14.29 14.25 14.25 14.29 14.3 14.3 14.25 14.29 14.27 14.45 14.27 14.3099 14.33 14.33 14.3 14.21 14.15 14.1601 14.24 14.16 14.37 14.16 14.16 14.25 14.06 14.05 14.17 14.2 14.21 14.11 14.1 14.01 14.01 14.11 14.05 13.91 13.82 13.98 13.89 13.82 13.71 13.7 13.9 14.01 13.9 13.8 13.78 13.9 14 14.05 14 13.98 14.13 14.25 14.2 14.18 14.15 13.96 13.9 13.75 13.62 13.53 13.6 13.78 13.87 13.84 13.95 13.93 13.98 14.19 14.27 14.43 14.71 14.75 14.75 14.78 14.78 14.73 14.72 14.67 14.52 14.4799 14.26 14.26 14.44 14.44 14.38 14.38 14.41 14.35 14.32 14.24 14.31 14.29 14.33 14.44 14.5 14.54 14.58 14.38 13.98 13.96 14.2 13.97 13.93 13.91 14.05 14.05 13.94 13.71 13.48 13.77 13.93 14 13.89 13.94 13.76 13.93 13.79 13.71 13.61 13.46 13.58 13.57 13.59 13.65 13.82 13.94 13.99 13.94 3/31/08 13.87 FUND SNAPSHOT - ------------------------------------ Common Share Price $13.87 - ------------------------------------ Common Share Net Asset Value $14.85 - ------------------------------------ Premium/(Discount) to NAV -6.60% - ------------------------------------ Market Yield 5.28% - ------------------------------------ Taxable-Equivalent Yield(2) 7.87% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $223,818 - ------------------------------------ Average Effective Maturity on Securities (Years) 16.94 - ------------------------------------ Leverage-Adjusted Duration 9.46 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/89) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) -0.26% -1.55% - ------------------------------------ 1-Year -7.79% -1.20% - ------------------------------------ 5-Year 4.40% 4.51% - ------------------------------------ 10-Year 4.57% 5.85% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 22.6% - ------------------------------------ Education and Civic Organizations 14.9% - ------------------------------------ Health Care 12.4% - ------------------------------------ U.S. Guaranteed 11.3% - ------------------------------------ Tax Obligation/General 7.4% - ------------------------------------ Transportation 6.6% - ------------------------------------ Utilities 6.0% - ------------------------------------ Long-Term Care 4.9% - ------------------------------------ Other 13.9% - ------------------------------------ (1) The percentages shown in the foregoing chart reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As explained earlier in the Portfolio Manager's Comments section of this report, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers, and thereby reduce the percentage of the ratings shown in the foregoing chart. (2) 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. (3) The Fund paid shareholders capital gains and net ordinary income distributions in December 2007 of $0.0303 per share. 12 NAN Performance OVERVIEW Nuveen New York Dividend Advantage Municipal Fund as of March 31, 2008 Pie Chart: Credit Quality (as a % of total investments)(1) AAA/U.S. Guaranteed 38% AA 38% A 10% BBB 6% BB or Lower 5% N/R 3% Bar Chart: 2007-2008 Monthly Tax-Free Dividends Per Common Share(3) Apr 0.063 May 0.063 Jun 0.063 Jul 0.063 Aug 0.063 Sep 0.0595 Oct 0.0595 Nov 0.0595 Dec 0.0595 Jan 0.0595 Feb 0.0595 Mar 0.0575 Line Chart: Common Share Price Performance -- Weekly Closing Price 4/01/07 15.44 15.41 15.44 15.49 15.48 15.6 15.73 15.38 15.4 15.27 15.3 15.29 15.38 15.35 15.36 15.48 15.53 15.36 15.5 15.45 15.53 15.55 15.54 15.57 15.64 15.65 15.71 15.74 15.68 15.54 15.45 15.56 15.48 15.49 15.46 15.46 15.51 15.47 15.48 15.51 15.25 15.1999 15.17 15.2 15.24 15.2 15.36 15.14 15.14 15.1 15.14 15.04 15.05 15.04 15.05 14.98 14.94 14.93 14.93 14.87 14.8 14.78 14.82 14.82 14.95 15 14.93 14.96 14.92 14.87 14.85 14.73 14.72 14.65 14.58 14.5 14.46 14.43 14.31 14.29 14.27 14.34 14.41 14.43 14.52 14.6 14.5201 14.56 14.54 14.5 14.55 14.52 14.47 14.33 14.26 14 13.85 13.9 13.75 13.78 14 13.97 14.01 14.17 14.17 14.24 14.35 14.49 14.58 14.54 14.5 14.58 14.7 14.67 14.71 14.51 14.55 14.38 14.4 14.3 14.25 14.33 14.28 14.36 14.28 14.39 14.33 14.33 14.38 14.22 14.02 14.14 14.144 14.07 14.05 14.09 14.17 14.1 14.12 14.07 14 13.93 13.98 14 14.01 14.09 13.76 13.77 13.81 13.82 13.85 13.93 14.01 14.03 14 13.93 13.87 13.75 13.45 13.46 13.36 13.18 13.22 13.16 13.25 13.2 13.17 13.25 13.34 13.5 13.5 13.45 13.58 13.6 13.55 13.58 13.61 13.62 13.6 13.45 13.28 13.25 13.33 13.32 13.25 13.18 13.17 13.28 13.17 13.21 13.35 13.52 13.59 13.83 14.08 14.11 14.05 14.05 14.13 14.118 14.1 14.11 14.09 14.02 13.85 13.99 14.03 13.95 14 14 13.99 13.98 14.03 14.04 14.03 14.07 14.13 14.15 14.19 14.25 14.34 14.01 13.67 13.4 13.78 13.53 13.4 13.39 13.48 13.6 13.45 13.32 13.13 13.2 13.22 13.35 13.24 13.45 13.21 13.17 13.08 13.08 13 12.98 12.93 13.07 13.13 13.25 13.26 13.3 13.36 13.3 3/31/08 13.32 FUND SNAPSHOT - ------------------------------------ Common Share Price $13.32 - ------------------------------------ Common Share Net Asset Value $14.27 - ------------------------------------ Premium/(Discount) to NAV -6.66% - ------------------------------------ Market Yield 5.18% - ------------------------------------ Taxable-Equivalent Yield(2) 7.72% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $132,186 - ------------------------------------ Average Effective Maturity on Securities (Years) 18.02 - ------------------------------------ Leverage-Adjusted Duration 9.35 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 5/26/99) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) -4.15% -1.77% - ------------------------------------ 1-Year -8.76% -1.39% - ------------------------------------ 5-Year 4.14% 4.70% - ------------------------------------ Since Inception 4.84% 6.15% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Health Care 22.4% - ------------------------------------ Tax Obligation/Limited 21.2% - ------------------------------------ Education and Civic Organizations 14.2% - ------------------------------------ Tax Obligation/General 9.4% - ------------------------------------ Transportation 7.5% - ------------------------------------ U.S. Guaranteed 5.8% - ------------------------------------ Long-Term Care 4.1% - ------------------------------------ Housing/Multifamily 3.6% - ------------------------------------ Other 11.8% - ------------------------------------ (1) The percentages shown in the foregoing chart reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As explained earlier in the Portfolio Manager's Comments section of this report, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers, and thereby reduce the percentage of the ratings shown in the foregoing chart. (2) 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. (3) The Fund paid shareholders a capital gains distribution in December 2007 of $0.0682 per share. 13 NXK Performance OVERVIEW Nuveen New York Dividend Advantage Municipal Fund 2 as of March 31, 2008 Pie Chart: Credit Quality (as a % of total investments)(1) AAA/U.S. Guaranteed 42% AA 29% A 11% BBB 10% BB or Lower 5% N/R 3% Bar Chart: 2007-2008 Monthly Tax-Free Dividends Per Common Share(3) Apr 0.063 May 0.063 Jun 0.06 Jul 0.06 Aug 0.06 Sep 0.06 Oct 0.057 Nov 0.057 Dec 0.057 Jan 0.057 Feb 0.057 Mar 0.057 Line Chart: Common Share Price Performance -- Weekly Closing Price 4/01/07 15.53 15.5848 15.51 15.55 15.59 15.7 15.53 15.5 15.4 15.34 15.3 15.4 15.48 15.43 15.456 15.52 15.46 15.5 15.45 15.55 15.45 15.44 15.42 15.46 15.41 15.4 15.36 15.21 15.27 15.22 15.2 15.29 15.22 15.2 15.12 15.16 15.08 15.1 15 14.95 15.03 14.97 14.98 14.96 14.9 14.78 14.55 14.4 14.46 14.02 14.11 14.13 14.1 14.06 14.1 14.14 14.16 14.09 14.14 14.14 14.12 13.9801 14.0999 14.0999 14.18 14.19 14.1 14.16 14.15 14.216 14.1 14.13 14.136 14.13 13.96 14.03 13.84 13.82 13.74 13.72 13.62 13.59 13.87 13.8 13.88 13.95 13.99 14 14 14 13.94 13.99 13.83 13.77 13.78 13.67 13.48 13.41 13.44 13.41 13.51 13.57 13.91 13.85 13.76 13.94 13.85 13.9 13.9 13.92 13.96 14.06 14.12 14.22 14.23 14.14 14.2 14.2199 14.02 14.1 14.05 14.19 13.97 13.9 13.86 14.05 14.16 14.16 14.16 14.28 14.3 14.65 14.2601 14.3175 14.4101 14.4 14.32 14.5 14.2399 14.22 14.01 14.02 14.12 14.04 14.05 14.04 13.76 13.68 13.57 13.56 13.52 13.49 13.52 13.36 13.36 13.19 13.2 13.1 13 13.06 12.9 12.88 12.75 12.8101 12.89 12.95 12.91 12.93 13.07 13.1 12.86 13.19 13.1901 13.21 13.34 13.26 13.34 13.28 13.26 13.18 12.96 12.96 13.01 13.05 13.05 13.08 13.09 13.08 13.02 13.12 13.14 13.37 13.33 13.68 13.79 13.8 13.86 13.92 13.86 13.9468 13.978 13.98 13.96 13.96 13.78 13.66 13.74 13.68 13.8 13.85 13.7799 13.85 13.88 13.86 13.8 13.91 13.93 13.93 13.98 14.02 13.92 13.77 13.39 13.16 13.42 13.37 13.06 13.11 13.39 13.36 13.3 13.06 12.77 12.89 12.98 13.14 13.25 13.33 13.17 13.09 13.09 12.99 12.9 12.8 12.88 13 12.86 13 13.08 13.02 13.19 13.1099 3/31/08 13.04 FUND SNAPSHOT - ------------------------------------ Common Share Price $13.04 - ------------------------------------ Common Share Net Asset Value $14.22 - ------------------------------------ Premium/(Discount) to NAV -8.30% - ------------------------------------ Market Yield 5.25% - ------------------------------------ Taxable-Equivalent Yield(2) 7.82% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $92,383 - ------------------------------------ Average Effective Maturity on Securities (Years) 17.58 - ------------------------------------ Leverage-Adjusted Duration 9.16 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 3/27/01) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) -5.27% -1.38% - ------------------------------------ 1-Year -11.23% -0.79% - ------------------------------------ 5-Year 4.71% 5.08% - ------------------------------------ Since Inception 4.33% 6.17% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 18.8% - ------------------------------------ Health Care 15.7% - ------------------------------------ Education and Civic Organizations 12.5% - ------------------------------------ Tax Obligation/General 11.4% - ------------------------------------ Transportation 10.9% - ------------------------------------ U.S. Guaranteed 9.1% - ------------------------------------ Utilities 8.3% - ------------------------------------ Other 13.3% - ------------------------------------ (1) The percentages shown in the foregoing chart reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As explained earlier in the Portfolio Manager's Comments section of this report, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers, and thereby reduce the percentage of the ratings shown in the foregoing chart. (2) 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. (3) The Fund paid shareholders a capital gains distribution in December 2007 of $0.0402 per share. 14 NNY NNP NAN NXK Shareholder MEETING REPORT The special meeting of shareholders was held in the offices of Nuveen Investments on October 12, 2007; the meetings for NNY, NNP, NAN and NXK were subsequently adjourned to October 22, 2007 and additionally adjourned to November 8, 2007 for NNY and NXK.
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT: Common and Common and Common and Preferred Preferred Preferred shares voting shares voting shares voting Common together together together shares as a class as a class as a class ==================================================================================================================================== For 7,733,973 7,430,913 4,354,646 3,074,160 Against 435,249 364,232 203,333 141,417 Abstain 333,356 441,481 214,707 148,662 Broker Non-Votes 2,949,336 2,605,476 1,657,337 1,109,956 - ------------------------------------------------------------------------------------------------------------------------------------ Total 11,451,914 10,842,102 6,430,023 4,474,195 ==================================================================================================================================== TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR: For 10,966,160 10,396,126 6,189,413 4,331,620 Against 288,924 167,173 112,801 51,876 Abstain 196,830 278,803 127,809 90,699 - ------------------------------------------------------------------------------------------------------------------------------------ Total 11,451,914 10,842,102 6,430,023 4,474,195 ====================================================================================================================================
15 NNY Nuveen New York Municipal Value Fund, Inc. Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 1.3% (1.3% OF TOTAL INVESTMENTS) $ 275 New York City Industrial Development Agency, New York, Liberty 9/15 at 100.00 Baa3 $ 234,589 Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 1,950 Seneca Nation of Indians Capital Improvements Authority, New York, 6/17 at 100.00 BB 1,720,095 Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 2,225 Total Consumer Discretionary 1,954,684 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 1.5% (1.5% OF TOTAL INVESTMENTS) 300 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 283,152 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 430 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 410,323 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 225 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 209,988 Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 1,070 4.750%, 6/01/22 6/16 at 100.00 BBB 1,006,720 345 5.000%, 6/01/26 6/16 at 100.00 BBB 320,298 - ------------------------------------------------------------------------------------------------------------------------------------ 2,370 Total Consumer Staples 2,230,481 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 9.8% (9.8% OF TOTAL INVESTMENTS) 275 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 245,314 Albany Law School, Series 2007A, 5.000%, 7/01/31 115 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 92,930 Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066 Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,175 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,089,037 Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 800 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AA 812,392 Bonds, D'Youville College, Series 2001, 5.250%, 7/01/20 - RAAI Insured 505 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 508,318 Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - MBIA Insured 615 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 686,697 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,287,575 Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 - RAAI Insured 750 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 102.00 AA 764,655 Pratt Institute, Series 1999, 6.000%, 7/01/24 - RAAI Insured Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A: 1,000 5.750%, 7/01/18 No Opt. Call AA- 1,129,730 1,400 6.000%, 7/01/20 No Opt. Call AA- 1,598,408 575 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 510,962 Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 16 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- $ 258,542 Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 1,650 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,338,597 Civic Facility Revenue Bonds, Horace Mann School, Series 2002, 4.644%, 7/01/41 - MBIA Insured (4) 245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 231,603 Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,115,631 Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 1,175 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,100,940 PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 1,610 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,432,337 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 170 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 158,870 Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 14,765 Total Education and Civic Organizations 14,446,604 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 1.2% (1.2% OF TOTAL INVESTMENTS) 400 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 405,260 Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,369,819 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 1,705 Total Financials 1,775,079 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 12.1% (12.0% OF TOTAL INVESTMENTS) 490 Cattaraugus County Industrial Development Agency, New York, 8/08 at 102.00 A+ 496,507 Revenue Bonds, Olean General Hospital, Series 1998A, 5.250%, 8/01/23 1,005 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 995,824 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 712,929 Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 1,800 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,762,614 Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,297,250 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, Revenue Bonds, 7/16 at 100.00 AA 2,335,971 Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,033,060 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 249,985 Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 1,595 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,752,458 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 504,485 South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 486,260 Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 276,138 Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 17 NNY Nuveen New York Municipal Value Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (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: $ 280 5.250%, 2/01/27 No Opt. Call BBB- $ 258,252 260 5.500%, 2/01/32 No Opt. Call BBB- 239,288 470 Nassau County Industrial Development Agency, New York, No Opt. Call A3 491,065 Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 500 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 511,765 Health System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 - AMBAC Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,220,919 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,039,080 490 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 472,419 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 250 New York City Industrial Development Agency, New York, Civic 7/12 at 101.00 B2 242,905 Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 825 Newark-Wayne Community Hospital, New York, Hospital Revenue 9/08 at 100.00 N/R 825,569 Refunding and Improvement Bonds, Series 1993A, 7.600%, 9/01/15 500 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B- 504,645 Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 17,480 Total Health Care 17,709,388 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.0% (5.0% OF TOTAL INVESTMENTS) 400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 420,876 Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 1,690 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 1,713,457 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 1,026,290 1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,005,020 1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,004,280 480 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 439,987 Multifamily Housing Revenue Bonds, Series 2005F-1, 4.750%, 11/01/35 440 New York State Housing Finance Agency, Secured Mortgage 8/11 at 100.00 Aa1 446,926 Program Multifamily Housing Revenue Bonds, Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax) 1,275 Westchester County Industrial Development Agency, New York, 8/11 at 102.00 Aaa 1,320,377 GNMA Collateralized Mortgage Loan Revenue Bonds, Living Independently for the Elderly Inc., Series 2001A, 5.375%, 8/20/21 - ------------------------------------------------------------------------------------------------------------------------------------ 7,285 Total Housing/Multifamily 7,377,213 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.0% (3.9% OF TOTAL INVESTMENTS) 950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 852,445 Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 370 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 353,246 Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 3,750 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,795,900 Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) 840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 800,293 Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,910 Total Housing/Single Family 5,801,884 - ------------------------------------------------------------------------------------------------------------------------------------ 18 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 9.0% (8.9% OF TOTAL INVESTMENTS) $ 1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA $ 1,037,660 Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 - MBIA Insured 1,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 102.00 AAA 1,000,790 Mortgage Nursing Home Revenue Bonds, Eger Healthcare Center of Staten Island, Series 1998, 5.100%, 2/01/28 2,760 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AA 2,793,175 Mortgage Nursing Home Revenue Bonds, Hebrew Home for the Aged at Riverdale, Series 1997, 6.125%, 2/01/37 2,250 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 2,275,290 Mortgage Nursing Home Revenue Bonds, Rosalind and Joseph Gurwin Jewish Geriatric Center of Long Island, Series 1997, 5.700%, 2/01/37 - AMBAC Insured 1,455 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 100.00 AA- 1,461,358 Mortgage Revenue Bonds, German Masonic Home Corporation, Series 1996, 5.950%, 8/01/26 2,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 100.00 AAA 2,005,760 Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 6.125%, 2/01/36 450 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 452,745 Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 270 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 270,548 Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 135 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 N/R 106,912 Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured 530 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 550,983 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 820 New York City Industrial Development Agency, New York, 7/16 at 101.00 N/R 783,248 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18 235 Suffolk County Industrial Development Agency, New York, 7/16 at 101.00 N/R 223,234 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23 225 Yonkers Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 213,734 Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 13,130 Total Long-Term Care 13,175,437 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS) 240 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 217,428 Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 7.9% (7.9% OF TOTAL INVESTMENTS) 750 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AA 816,533 Fiscal Series 2004C, 5.250%, 8/15/16 1,000 New York City, New York, General Obligation Bonds, 11/14 at 100.00 AAA 1,067,900 Fiscal Series 2004E, 5.000%, 11/01/19 - FSA Insured 2,000 New York City, New York, General Obligation Bonds, 9/15 at 100.00 AA 2,079,920 Fiscal Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured 2,795 New York City, New York, General Obligation Bonds, 8/16 at 100.00 AA 2,825,186 Fiscal Series 2007A, 5.000%, 8/01/25 4,760 New York City, New York, General Obligation Bonds, 12/17 at 100.00 AA 4,863,434 Series D, 5.125%, 12/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 11,305 Total Tax Obligation/General 11,652,973 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 21.7% (21.6% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270 Series 2003A, 5.250%, 11/01/21 Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A: 395 5.250%, 7/01/24 - CIFG Insured 7/15 at 100.00 AA- 404,772 250 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AA- 251,340 19 NNY Nuveen New York Municipal Value Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 275 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA $ 290,285 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured 350 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 375,389 School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,067,680 1,000 5.000%, 11/15/30 11/12 at 100.00 AA 1,001,170 1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,001,620 Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 498,994 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 - MBIA Insured 10/14 at 100.00 AAA 756,117 550 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 559,807 1,890 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,904,629 1,200 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,206,696 Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,363,915 Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 1,530 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 1,560,294 Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310 Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,100 New York State Environmental Facilities Corporation, 12/17 at 100.00 AAA 2,145,224 State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) 840 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 842,050 Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 2,450 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,749,782 Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170 Fund Bonds, Second Generation, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 1,175 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA 1,196,350 Fund Bonds, Series 2007, 5.000%, 4/01/27 1,620 New York State Thruway Authority, State Personal Income Tax 3/12 at 100.00 AAA 1,687,246 Revenue Bonds, Series 2002A, 5.125%, 3/15/21 New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,800 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,852,308 2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,042,440 1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510 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, Special No Opt. Call AA- 683,724 Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21 1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,273,874 Agreement Revenue Bonds, John P. Colahan Court Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured 40 Triborough Bridge and Tunnel Authority, New York, Convention No Opt. Call AA- 42,146 Center Bonds, Series 1990E, 7.250%, 1/01/10 - ------------------------------------------------------------------------------------------------------------------------------------ 30,925 Total Tax Obligation/Limited 31,926,112 - ------------------------------------------------------------------------------------------------------------------------------------ 20 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.4% (8.3% OF TOTAL INVESTMENTS) $ 180 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ $ 183,168 Series 2001A, 5.625%, 7/15/25 2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,474,900 Revenue Bonds, Series 2007B, 5.000%, 11/15/33 500 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 530,585 Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC Insured 1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 848,298 Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,052,770 Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 165 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 165,644 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 400 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 402,628 Series 2005G, 5.000%, 1/01/30 - FSA Insured 500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 502,255 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450 435 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 435,922 430 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 444,173 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516, 10.129%, 8/15/32 - FSA Insured (IF) 2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,576,875 Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 870,480 800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 833,352 - ------------------------------------------------------------------------------------------------------------------------------------ 12,290 Total Transportation 12,330,500 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.6% (9.5% OF TOTAL INVESTMENTS) (5) Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2000A: 600 5.700%, 10/01/20 (Pre-refunded 10/01/10) - RAAI Insured 10/10 at 100.00 AA (5) 647,994 750 5.750%, 10/01/30 (Pre-refunded 10/01/10) - RAAI Insured 10/10 at 100.00 AA (5) 810,900 220 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 N/R (5) 243,168 Series 2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11) 2,980 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,486,749 Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM) 25 Dormitory Authority of the State of New York, Suffolk County, No Opt. Call Baa1 (5) 32,656 Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 (ETM) 3,125 East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101.00 N/R (5) 3,192,344 Mortgage Revenue Bonds, St. John's Meadows Project, Series 1998A, 5.250%, 8/01/38 (Pre-refunded 8/01/08) 325 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 352,859 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, Commuter 5/08 at 102.00 AAA 974,054 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM) 540 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 575,089 Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 450 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 495,653 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 21 NNY Nuveen New York Municipal Value Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (5) (continued) $ 750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- (5) $ 798,465 Certificates of Participation, High School Facility, Series 2000, 6.625%, 6/15/28 (Pre-refunded 6/15/09) 1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,151,610 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, Revenue 2/11 at 100.00 BBB- (5) 1,242,998 Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 12,845 Total U.S. Guaranteed 14,004,539 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.1% (7.0% OF TOTAL INVESTMENTS) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 1,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 1,522,005 1,500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 1,513,920 250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured 1,000 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 963,650 Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 914,090 Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 1,500 New York State Energy Research and Development Authority, 3/11 at 100.00 AAA 1,511,520 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - MBIA Insured 500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 494,650 Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax) 250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 247,915 Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative Minimum Tax) 1,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 1,504,995 Bonds, Series 2000A, 5.250%, 11/15/40 25 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 26,409 Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: 1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 947,620 575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 508,795 - ------------------------------------------------------------------------------------------------------------------------------------ 10,600 Total Utilities 10,401,139 - ------------------------------------------------------------------------------------------------------------------------------------ 22 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 Authority, New York, 6/10 at 101.00 AAA $ 448,582 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 1,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,625,055 Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 740 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 783,830 Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ 2,655 Total Water and Sewer 2,857,467 - ------------------------------------------------------------------------------------------------------------------------------------ $ 145,730 Total Investments (cost $147,223,960) - 100.7% 147,860,928 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (2.3)% (3,412,500) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 2,342,184 -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 146,790,612 ====================================================================================================================
(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. The Portfolio of Investments reflects the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers. (4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors/Trustees. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. See accompanying notes to financial statements. 23 NNP Nuveen New York Performance Plus Municipal Fund, Inc. Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS) $ 685 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 584,339 Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.5% (1.6% OF TOTAL INVESTMENTS) 615 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 580,462 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 993,330 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 570 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 BBB 531,970 Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 2,855 4.750%, 6/01/22 6/16 at 100.00 BBB 2,686,155 930 5.000%, 6/01/26 6/16 at 100.00 BBB 863,412 - ------------------------------------------------------------------------------------------------------------------------------------ 5,970 Total Consumer Staples 5,655,329 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 23.3% (14.9% OF TOTAL INVESTMENTS) 655 Albany Industrial Development Agency, New York, Revenue Bonds, 7/17 at 100.00 BBB 584,293 Albany Law School, Series 2007A, 5.000%, 7/01/31 275 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 222,225 Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,285 Cattaraugus County Industrial Development Agency, New York, 9/08 at 101.00 BBB- 1,301,718 Revenue Bonds, St. Bonaventure University, Series 1998B, 5.000%, 9/15/13 90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066 Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 1,099,300 Revenue Bonds, City University System, Series 1993B, 6.000%, 7/01/14 - FSA Insured 2,815 Dormitory Authority of the State of New York, General 7/17 at 100.00 AA 2,609,055 Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 2,120 Dormitory Authority of the State of New York, General No Opt. Call AAA 2,335,689 Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 - AMBAC Insured 1,215 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 1,222,983 Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - MBIA Insured 730 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 815,103 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 230 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 240,881 Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 - FSA Insured 8,345 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 8,595,850 Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 - RAAI Insured Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 1999: 1,250 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,298,738 1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,019,540 3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 3,844,214 2,500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,843,525 State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 24 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, Third General Resolution Consolidated Revenue Bonds, City University System, Series 1998-2: $ 1,490 5.000%, 7/01/17 - FSA Insured 7/08 at 101.00 AAA $ 1,513,572 475 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 481,379 2,800 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 2,488,164 Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 635 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 619,525 Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 Monroe County Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. John Fisher College, Series 1999: 1,000 5.375%, 6/01/17 - RAAI Insured 6/09 at 102.00 AA 1,023,770 2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,380,869 3,950 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 3,204,519 Civic Facility Revenue Bonds, Horace Mann School, Series 2002, 4.644%, 7/01/41 - MBIA Insured (4) 580 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 548,286 Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 850 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 862,079 Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 2,300 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,155,031 PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 3,855 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 3,429,601 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 5,000 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 Aaa 5,021,700 New York University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured 420 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 392,503 Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 53,040 Total Education and Civic Organizations 52,238,178 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 1.3% (0.8% OF TOTAL INVESTMENTS) 1,000 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,013,150 Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,826,426 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 2,740 Total Financials 2,839,576 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 19.5% (12.4% OF TOTAL INVESTMENTS) 50 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 49,006 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 800 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 102.00 AA 816,992 Mortgage Hospital Revenue Bonds, St. James Mercy Hospital, Series 1998, 5.250%, 2/01/18 1,235 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,223,724 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 1,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,731,399 Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 4,500 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 4,406,535 Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 3,750 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 3,891,750 Catholic Health Services of Long Island Obligated Group - St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 8,234,319 Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 25 NNP Nuveen New York Performance Plus Municipal Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE (continued) $ 1,200 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 $ 1,120,716 Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30 5,600 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 5,566,568 Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 3,400 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 3,512,404 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 2,925 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,213,756 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 1,800 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 1,669,050 North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 1,261,213 South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 900 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 875,268 Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 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- 654,854 625 5.500%, 2/01/32 No Opt. Call BBB- 575,213 New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,039,080 1,250 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,298,850 735 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 708,628 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 735 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 714,141 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 1,100 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B- 1,110,219 Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 43,265 Total Health Care 43,673,685 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.2% (4.0% OF TOTAL INVESTMENTS) 4,530 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 4,592,876 Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - FGIC Insured New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: 1,610 5.500%, 11/01/31 5/11 at 101.00 AA 1,618,082 2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,008,560 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 911,802 450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 438,935 1,500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 1,504,575 Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 1,160 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 1,063,302 Multifamily Housing Revenue Bonds, Series 2005F-1, 4.750%, 11/01/35 690 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 638,699 Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) 1,100 New York State Housing Finance Agency, Secured Mortgage 8/09 at 101.00 Aa1 1,118,568 Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 13,950 Total Housing/Multifamily 13,895,399 - ------------------------------------------------------------------------------------------------------------------------------------ 26 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.5% (3.5% OF TOTAL INVESTMENTS) $ 835 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 $ 765,703 Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 ( Alternative Minimum Tax) 2,295 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 2,059,326 Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 880 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 840,154 Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 1,250 New York State Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,265,300 Revenue Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum Tax) 310 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 324,121 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) 5,595 New York State Mortgage Agency, Homeowner Mortgage 4/11 at 100.00 Aa1 5,523,160 Revenue Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax) 1,660 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 1,581,532 Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 12,825 Total Housing/Single Family 12,359,296 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 7.7% (4.9% OF TOTAL INVESTMENTS) 2,755 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AA 2,788,115 Mortgage Nursing Home Revenue Bonds, Hebrew Home for the Aged at Riverdale, Series 1997, 6.125%, 2/01/37 1,100 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 1,106,710 Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 645 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 646,309 Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 1,375 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 102.00 BBB- 1,377,351 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 41,430 425 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 336,575 1,350 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 1,403,447 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 1,876,929 755 5.800%, 7/01/23 7/16 at 101.00 N/R 717,197 470 New York State Medical Care Facilities Finance Agency, 8/08 at 100.00 AA+ 471,260 FHA-Insured Mortgage Hospital and Nursing Home Revenue Bonds, Series 1995C, 6.100%, 8/15/15 2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,768,913 FHA-Insured Mortgage Assisted Civic Facility Revenue Bonds, Bishop Commons Inc., Series 1999A, 5.375%, 2/01/49 340 Suffolk County Industrial Development Agency, New York, 7/16 at 101.00 N/R 322,976 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23 3,280 Syracuse Housing Authority, New York, FHA-Insured Mortgage 8/08 at 102.00 AAA 3,353,078 Revenue Bonds, Loretto Rest Residential Healthcare Facility, Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ 17,265 Total Long-Term Care 17,210,290 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS) 575 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 520,921 Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 27 NNP Nuveen New York Performance Plus Municipal Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.6% (7.4% OF TOTAL INVESTMENTS) $ 1,800 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA $ 1,959,678 Series 2004C, 5.250%, 8/15/16 2,500 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 2,669,750 Series 2004E, 5.000%, 11/01/19 - FSA Insured 3,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 3,119,880 Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured 6,400 New York City, New York, General Obligation Bonds, Fiscal 6/16 at 100.00 AA 6,467,968 Series 2006J-1, 5.000%, 6/01/25 10,000 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 10,178,595 5.125%, 12/01/26 Oneida County, New York, General Obligation Public Improvement Bonds, Series 2000: 200 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 207,074 200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 207,074 United Nations Development Corporation, New York, Senior Lien Revenue Bonds, Series 2004A: 750 5.250%, 7/01/23 5/08 at 100.00 A3 751,005 500 5.250%, 7/01/24 5/08 at 100.00 A3 500,670 - ------------------------------------------------------------------------------------------------------------------------------------ 25,350 Total Tax Obligation/General 26,061,694 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 35.5% (22.6% OF TOTAL INVESTMENTS) 2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 2,452,632 Series 2003A, 5.000%, 11/01/23 250 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 251,340 Health Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - CIFG Insured Dormitory Authority of the State of New York, Lease Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2001A: 1,265 5.250%, 8/15/17 - FSA Insured 8/11 at 100.00 AAA 1,350,780 1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,445,040 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AA- 1,013,870 Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 - FGIC Insured 690 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 728,350 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 5,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 5,169,200 2,500 5.000%, 11/15/30 11/12 at 100.00 AA 2,502,925 Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,175 5.750%, 7/01/18 No Opt. Call AA- 2,487,417 2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,003,240 1,300 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,307,813 1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,496,981 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 - MBIA Insured 10/14 at 100.00 AAA 2,728,153 2,125 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,162,889 2,475 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 2,494,157 3,100 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 3,117,298 Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 2,665 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,732,958 Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 3,640 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 3,712,072 Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310 Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 28 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 5,000 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA $ 5,107,675 Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) 2,030 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 2,034,953 Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 5,600 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 6,285,216 Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170 Fund Bonds, Second Generation, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 2,800 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA 2,850,876 Fund Bonds, Series 2007, 5.000%, 4/01/27 6,500 New York State Thruway Authority, State Personal Income Tax 3/12 at 100.00 AAA 6,769,815 Revenue Bonds, Series 2002A, 5.125%, 3/15/21 6,700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 6,894,701 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured 3,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 3,106,530 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, Service No Opt. Call AA- 3,802,539 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, State 3/15 at 100.00 AAA 1,308,320 Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 76,845 Total Tax Obligation/Limited 79,397,220 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.3% (6.6% OF TOTAL INVESTMENTS) 955 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,015,748 Series 2001B, 5.250%, 10/15/12 1,500 Metropolitan Transportation Authority, New York, Transportation No Opt. Call A 1,607,625 Revenue Bonds, Series 2003A, 5.000%, 11/15/15 - FGIC Insured 1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 1,465,242 Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 215 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 215,839 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 1,100 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,107,227 Series 2005G, 5.000%, 1/01/30 - FSA Insured 1,000 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 1,004,510 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 2,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 2,321,735 1,080 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 1,082,290 1,025 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 1,058,784 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516, 10.129%, 8/15/32 - FSA Insured (IF) 2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/08 at 100.00 CCC+ 1,708,480 American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) 2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 2,070,300 Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19 5,750 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 5,926,813 Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 2,400 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/12 at 100.00 AAA 2,500,056 Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.250%, 11/15/22 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 23,265 Total Transportation 23,084,649 - ------------------------------------------------------------------------------------------------------------------------------------ 29 NNP Nuveen New York Performance Plus Municipal Fund, Inc. (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.7% (11.3% OF TOTAL INVESTMENTS) (5) $ 1,500 Albany Industrial Development Agency, New York, Revenue 12/09 at 101.00 AA (5) $ 1,628,625 Bonds, Albany Law School, Series 1999A, 6.750%, 12/01/29 (Pre-refunded 12/01/09) - RAAI Insured 1,520 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 Aaa 1,700,059 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) - FSA Insured 8/10 at 100.00 Aaa 27,040 10 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809 155 5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 167,646 20 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 21,632 10 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809 155 5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 167,646 25 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 27,040 15 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 16,213 180 5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 194,686 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 AAA 1,101,820 Columbia University, Series 2002B, 5.375%, 7/01/19 (Pre-refunded 7/01/12) 350 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 376,901 Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 (Pre-refunded 7/01/10) - FSA Insured 815 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 884,862 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, Dedicated 10/15 at 100.00 AAA 5,392,300 Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) - FGIC Insured 595 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 633,663 Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 AAA 2,671,875 Tobacco Settlement Asset-Backed Bonds, Series 1999A, 6.500%, 7/15/27 (Pre-refunded 7/15/09) 1,150 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 1,266,668 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 1,000 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,059,060 Revenue Bonds, American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured 2,950 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 3,230,162 Personal Income Tax Revenue Bonds, Series 2003B, 5.000%, 3/15/22 (Pre-refunded 3/15/13) 2,095 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,282,901 Water Treatment Plant Bonds, Series 1994, 8.000%, 11/01/09 - MBIA Insured (Alternative Minimum Tax) (ETM) 1,600 Triborough Bridge and Tunnel Authority, New York, General No Opt. Call AAA 1,694,624 Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM) 7,500 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 8,262,224 Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22) 3,480 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (5) 3,859,250 Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) 2,520 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (5) 2,796,746 Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 36,170 Total U.S. Guaranteed 39,485,261 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.5% (6.0% OF TOTAL INVESTMENTS) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 3,100 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 3,145,477 3,100 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 3,128,768 2,300 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 2,216,395 Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 30 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,500 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- $ 2,285,225 Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 1,963,860 Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15) 4,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 4,013,320 Bonds, Series 2000A, 5.250%, 11/15/40 820 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 866,207 Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured 4,000 Suffolk County Industrial Development Agency, New York, 1/09 at 101.00 N/R 3,539,440 Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 21,820 Total Utilities 21,158,692 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.8% (3.7% OF TOTAL INVESTMENTS) 2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,696,895 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, New York, 6/11 at 101.00 AA+ 2,166,740 Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 2,225 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ 2,356,787 Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2002F: 1,345 5.250%, 11/15/19 11/12 at 100.00 AAA 1,425,431 4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,302,788 - ------------------------------------------------------------------------------------------------------------------------------------ 12,125 Total Water and Sewer 12,948,641 - ------------------------------------------------------------------------------------------------------------------------------------ $ 345,890 Total Investments (cost $348,837,816) - 156.9% 351,113,170 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.6)% (7,950,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.2% 4,954,427 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.5)% (6) (124,300,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 223,817,597 ====================================================================================================================
(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. The Portfolio of Investments reflects the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers. (4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors/Trustees. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) Preferred Shares, at Liquidation Value as a percentage of total investments is (35.4)%. 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 pursuant to the provisions of SFAS No. 140. See accompanying notes to financial statements. 31 NAN Nuveen New York Dividend Advantage Municipal Fund Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 2.7% (1.8% OF TOTAL INVESTMENTS) $ 500 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 426,525 Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 3,600 Seneca Nation of Indians Capital Improvements Authority, 6/17 at 100.00 BB 3,175,560 New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 4,100 Total Consumer Discretionary 3,602,085 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.6% (1.7% OF TOTAL INVESTMENTS) 400 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 377,536 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 870 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 830,189 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 325 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 303,316 New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 960 4.750%, 6/01/22 6/16 at 100.00 BBB 903,226 1,125 5.000%, 6/01/26 6/16 at 100.00 BBB 1,044,450 - ------------------------------------------------------------------------------------------------------------------------------------ 3,680 Total Consumer Staples 3,458,717 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 21.9% (14.2% OF TOTAL INVESTMENTS) 380 Albany Industrial Development Agency, New York, Revenue 7/17 at 100.00 BBB 338,979 Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 160 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 129,294 Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 120 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 112,088 Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,635 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,515,383 Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 705 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 709,632 Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - MBIA Insured 845 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 943,510 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 195 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 204,225 Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 - FSA Insured 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 1,287,575 Marymount Manhattan College, Series 1999, 6.250%, 7/01/29 - RAAI Insured Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 1999: 1,750 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,818,233 750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 756,735 1,630 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 1,448,467 Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 32 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 370 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- $ 360,983 Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 Kenmore Housing Authority, New York, Revenue Bonds, State University of New York at Buffalo Student Apartment Project, Series 1999A: 3,050 5.500%, 8/01/19 - RAAI Insured 8/09 at 102.00 AA 3,114,813 2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,782,285 3,070 Monroe County Industrial Development Agency, New York, 6/09 at 102.00 AA 3,090,600 Civic Facility Revenue Bonds, St. John Fisher College, Series 1999, 5.375%, 6/01/24 - RAAI Insured 2,300 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,865,923 Civic Facility Revenue Bonds, Horace Mann School, Series 2002, 4.644%, 7/01/41 - MBIA Insured (4) 330 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 311,956 Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,800 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,825,578 Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 1,630 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,527,261 PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 2,240 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,992,816 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 1,500 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 AA 1,516,185 Civic Facility Revenue Bonds, Niagara University, Series 2001A, 5.350%, 11/01/23 - RAAI Insured 245 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 228,960 Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 29,705 Total Education and Civic Organizations 28,946,661 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 2.2% (1.4% OF TOTAL INVESTMENTS) 1,100 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,114,465 Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,740 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,826,426 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 2,840 Total Financials 2,940,891 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 34.5% (22.4% OF TOTAL INVESTMENTS) Albany Industrial Development Agency, New York, Revenue Bonds, Albany Medical Center, Series 1999: 1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 1,105,250 1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,363,290 2,205 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AAA 2,252,694 Mortgage Hospital Revenue Bonds, Memorial Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 - MBIA Insured 4,825 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 4,875,806 Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Victory Memorial Hospital, Series 1999: 1,710 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 1,761,386 2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,033,420 625 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 619,294 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 2,600 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 2,545,998 Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 33 NAN Nuveen New York Dividend Advantage Municipal Fund (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE (continued) 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 7/08 at 101.00 AA $ 2,044,320 2,000 5.500%, 7/01/27 - RAAI Insured 7/08 at 101.00 AA 2,005,080 2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 2,075,600 Catholic Health Services of Long Island Obligated Group - St. Catherine of Siena Medical Center, Series 2000A, 6.500%, 7/01/20 Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001: 165 5.375%, 7/01/20 7/11 at 101.00 Ba2 161,083 500 5.500%, 7/01/30 7/11 at 101.00 Ba2 466,965 3,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 3,131,195 Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 1,575 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa1 1,627,070 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 249,985 Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 1,415 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,554,689 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 11/16 at 100.00 A3 927,250 North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34 2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 BB 1,874,000 NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 504,485 South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 583,512 Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 420 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 399,924 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- 378,155 360 5.500%, 2/01/32 No Opt. Call BBB- 331,322 1,750 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 1,818,390 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC Insured 575 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 554,369 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 100 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 97,162 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 4,000 Ulster County Industrial Development Agency, New York, 11/09 at 101.00 A2 4,059,239 Civic Facility Revenue Bonds, Kingston Hospital, Series 1999, 5.650%, 11/15/24 3,435 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AAA 3,477,594 FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39 650 Yonkers Industrial Development Agency, New York, Revenue 7/11 at 101.00 B- 656,039 Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 45,400 Total Health Care 45,534,566 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.6% (3.6% OF TOTAL INVESTMENTS) 2,585 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 2,620,880 Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 - FGIC Insured 3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,015,060 Multifamily Housing Revenue Bonds, Series 2001A, 5.500%, 11/01/31 34 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 750 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA $ 752,288 Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 680 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 623,315 Multifamily Housing Revenue Bonds, Series 2005F-1, 4.750%, 11/01/35 405 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 374,888 Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,420 Total Housing/Multifamily 7,386,431 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.1% (2.7% OF TOTAL INVESTMENTS) 645 Guam Housing Corporation, Mortgage-Backed Securities No Opt. Call AAA 648,941 Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax) 485 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 444,750 Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax) 1,350 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 1,211,369 Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 510 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 486,907 Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 1,735 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,814,029 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) 840 New York State Mortgage Agency, Mortgage Revenue Bonds, 4/13 at 101.00 Aaa 800,293 Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,565 Total Housing/Single Family 5,406,289 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 6.3% (4.1% OF TOTAL INVESTMENTS) 2,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA 1,933,340 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, GNMA 2/17 at 103.00 AA 603,660 Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 375 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 375,761 Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 250 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 N/R 197,985 Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA Insured 905 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 786,680 Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33 750 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 779,693 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 1,088,905 635 5.800%, 7/01/23 7/16 at 101.00 N/R 603,206 1,920 Yonkers Industrial Development Agency, New York, FHA-Insured 2/09 at 101.00 AAA 1,942,214 Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,575 Total Long-Term Care 8,311,444 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS) 330 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 298,964 Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 14.5% (9.4% OF TOTAL INVESTMENTS) 2,600 New York City, New York, General Obligation Bonds, Fiscal 5/09 at 101.00 AAA 2,612,116 Series 1999J, 5.125%, 5/15/29 - MBIA Insured 35 NAN Nuveen New York Dividend Advantage Municipal Fund (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AA $ 1,088,710 Fiscal Series 2004C, 5.250%, 8/15/16 3,700 New York City, New York, General Obligation Bonds, 8/16 at 100.00 AA 3,739,959 Fiscal Series 2007A, 5.000%, 8/01/25 6,590 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 6,733,197 5.125%, 12/01/25 Rochester, New York, General Obligation Bonds, Series 1999: 720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 789,106 720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 786,334 2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,465,068 Series 1999, 5.600%, 10/15/16 United Nations Development Corporation, New York, Senior Lien Revenue Bonds, Series 2004A: 500 5.250%, 7/01/23 6/08 at 100.00 A3 500,670 500 5.250%, 7/01/24 6/08 at 100.00 A3 500,670 - ------------------------------------------------------------------------------------------------------------------------------------ 18,610 Total Tax Obligation/General 19,215,830 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 32.6% (21.2% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270 Series 2003A, 5.250%, 11/01/21 590 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AA- 604,597 of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG Insured 1,850 Dormitory Authority of the State of New York, Secured Hospital 8/08 at 101.50 AAA 1,880,211 Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 - MBIA Insured 185 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 195,282 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured 550 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 589,897 School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,067,680 2,000 5.000%, 11/15/30 11/12 at 100.00 AA 2,002,340 1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,001,620 Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 1,130 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 1,006,898 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: 1,100 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,123,958 810 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 824,442 2,375 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 2,393,383 2,100 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,111,718 Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,670 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,712,585 Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 2,115 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 2,156,877 Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310 Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,920 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 2,996,621 Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB) 1,190 New York State Housing Finance Agency, State Personal 9/15 at 100.00 AAA 1,192,904 Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 3,400 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,816,024 Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,000 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 1,043,170 Fund Bonds, Second Generation, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 36 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,625 New York State Thruway Authority, Highway and Bridge Trust 10/17 at 100.00 AA $ 1,654,526 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 AAA 4,116,239 2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,042,440 1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 3,479,335 Agreement Revenue Bonds, John P. Colahan Court Complex, Series 1999, 5.250%, 10/15/15 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 41,955 Total Tax Obligation/Limited 43,137,837 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.5% (7.5% OF TOTAL INVESTMENTS) 310 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 315,456 Series 2001A, 5.625%, 7/15/25 3,000 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,969,880 Revenue Bonds, Series 2007B, 5.000%, 11/15/33 1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 1,014,520 Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/22 - FGIC Insured 1,750 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 1,805,545 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 105 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 80,974 Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,052,770 Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 450 New York City Industrial Development Authority, New York, 5/12 at 100.00 B 378,045 JetBlue,, 5.000%, 5/15/20 (Alternative Minimum Tax) 160 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 160,624 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 704,599 Series 2005G, 5.000%, 1/01/30 - FSA Insured 500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 502,255 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,300 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,312,285 615 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 616,304 590 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 609,446 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516, 10.129%, 8/15/32 - FSA Insured (IF) 1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 1,071,850 Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16 2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,576,875 Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ 14,980 Total Transportation 15,171,428 - ------------------------------------------------------------------------------------------------------------------------------------ 37 NAN Nuveen New York Dividend Advantage Municipal Fund (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 8.9% (5.8% OF TOTAL INVESTMENTS) (5) $ 390 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 N/R (5) $ 431,071 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) - FSA Insured 8/10 at 100.00 Aaa 27,040 10 5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809 305 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 328,442 Fashion Institute of Technology, Series 2000, 5.375%, 7/01/20 (Pre-refunded 7/01/10) - FSA Insured 490 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 532,003 Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10) 35 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 35,547 Revenue Bonds, Series 1998A, 5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured 535 Metropolitan Transportation Authority, New York, Commuter 5/08 at 102.00 AAA 542,832 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured (ETM) 1,360 Monroe Tobacco Asset Securitization Corporation, New York, 6/10 at 101.00 AAA 1,448,373 Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.150%, 6/01/25 (Pre-refunded 6/01/10) 570 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R (5) 627,827 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 7/01/10) 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/22 at 100.00 AAA 3,327,960 Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28 (Pre-refunded 1/01/22) - FSA Insured 600 Utica Industrial Development Agency, New York, Revenue Bonds, 6/09 at 101.00 N/R (5) 639,768 Utica College, Series 2004A, 6.875%, 12/01/34 (Pre-refunded 6/01/09) 750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (5) 831,735 Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) 1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 1,384,363 New York, Tobacco Settlement Asset-Backed Bonds, Series 1999, 6.750%, 7/15/29 (Pre-refunded 7/15/10) 1,400 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- (5) 1,553,748 Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded 2/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 10,720 Total U.S. Guaranteed 11,721,518 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.5% (3.6% OF TOTAL INVESTMENTS) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 2,500 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 2,536,675 500 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 504,640 1,400 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 1,349,110 Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 250 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 247,915 Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative Minimum Tax) 600 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 595,818 Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001B, 5.550%, 11/15/24 (Mandatory put 11/15/13) (Alternative Minimum Tax) 2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,010,560 Bonds, Series 2000A, 5.250%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 7,250 Total Utilities 7,244,718 - ------------------------------------------------------------------------------------------------------------------------------------ 38 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 0.9% (0.5% OF TOTAL INVESTMENTS) $ 1,130 New York City Municipal Water Finance Authority, New York, 6/12 at 100.00 AA+ $ 1,196,930 Water and Sewerage System Revenue Bonds, Fiscal Series 2003A, 5.375%, 6/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ $ 202,260 Total Investments (cost $203,752,511) - 154.0% 203,574,309 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.6)% (4,740,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 2,351,477 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.2)% (6) (69,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 132,185,786 ====================================================================================================================
(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. The Portfolio of Investments reflects the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers. (4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors/Trustees. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) Preferred Shares, at Liquidation Value as a percentage of total investments is (33.9)%. 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 pursuant to the provisions of SFAS No. 140. See accompanying notes to financial statements. 39 NXK Nuveen New York Dividend Advantage Municipal Fund 2 Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 2.1% (1.4% OF TOTAL INVESTMENTS) $ 275 New York City Industrial Development Agency, New York, 9/15 at 100.00 Baa3 $ 234,589 Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35 1,950 Seneca Nation of Indians Capital Improvements Authority, 6/17 at 100.00 BB 1,720,095 New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 2,225 Total Consumer Discretionary 1,954,684 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.7% (1.8% OF TOTAL INVESTMENTS) 395 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 372,817 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 496,665 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 200 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 186,656 New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 715 4.750%, 6/01/22 6/16 at 100.00 BBB 672,715 835 5.000%, 6/01/26 6/16 at 100.00 BBB 775,214 - ------------------------------------------------------------------------------------------------------------------------------------ 2,645 Total Consumer Staples 2,504,067 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 19.1% (12.5% OF TOTAL INVESTMENTS) 260 Albany Industrial Development Agency, New York, Revenue 7/17 at 100.00 BBB 231,933 Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31 110 Albany Industrial Development Agency, New York, Revenue 4/17 at 100.00 N/R 88,890 Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 1,975 Amherst Industrial Development Agency, New York, Revenue 8/11 at 102.00 AAA 1,985,784 Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Village Green Project, Series 2001A, 5.250%, 8/01/31 - AMBAC Insured 90 Cattaraugus County Industrial Development Agency, New York, 5/16 at 100.00 BBB- 84,066 Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 1,125 Dormitory Authority of the State of New York, General Revenue 7/17 at 100.00 AA 1,042,695 Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 - RAAI Insured 2,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,025,640 Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 485 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 488,186 Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 1,000,670 Canisius College, Series 2000, 5.250%, 7/01/30 - MBIA Insured 500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 558,290 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 1,265 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AA- 1,282,938 Resolution Consolidated Revenue Bonds, City University System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured 40 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 120 Dutchess County Industrial Development Agency, New York, 8/17 at 100.00 A3 $ 106,636 Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36 265 Hempstead Town Industrial Development Agency, New York, 10/15 at 100.00 A- 258,542 Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 2,190 Monroe County Industrial Development Agency, New York, 6/11 at 102.00 AA 2,189,825 Civic Facility Revenue Bonds, St. John Fisher College, Series 2001, 5.250%, 6/01/26 - RAAI Insured 1,575 New York City Industrial Development Agency, New York, 4/08 at 100.00 AAA 1,277,751 Civic Facility Revenue Bonds, Horace Mann School, Series 2002, 4.644%, 7/01/41 - MBIA Insured (4) 245 New York City Industrial Development Agency, New York, 10/14 at 100.00 A- 231,603 Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34 1,100 New York City Industrial Development Agency, New York, 2/11 at 100.00 A- 1,115,631 Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2002, 5.250%, 8/01/21 1,120 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,049,406 PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 4.750%, 1/01/42 - AMBAC Insured 1,545 New York City Industrial Development Authority, New York, 9/16 at 100.00 A3 1,374,509 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.500%, 3/01/39 - FGIC Insured 170 Seneca County Industrial Development Authority, New York, 10/17 at 100.00 BBB 158,870 Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 18,140 Total Education and Civic Organizations 17,617,045 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 2.0% (1.3% OF TOTAL INVESTMENTS) 500 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 506,575 Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 1,305 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call AA- 1,369,819 Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 1,805 Total Financials 1,876,394 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 23.9% (15.7% OF TOTAL INVESTMENTS) 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 3,025,529 Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 2,505 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 2,589,844 Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 102.00 AAA 1,509,630 Mortgage Revenue Refunding Bonds, United Health Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured 1,620 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,649,921 Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured 1,700 Dormitory Authority of the State of New York, FHA-Insured 8/15 at 100.00 AA 1,664,691 Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AA 511,080 Revenue Bonds, Franciscan Health Partnership Obligated Group - Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 - RAAI Insured 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 466,965 Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30 2,300 Dormitory Authority of the State of New York, Revenue Bonds, 7/16 at 100.00 AA 2,286,269 Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 1,250 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 1,249,925 Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26 520 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 571,334 New York and PresbyterianHospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 BB 1,405,500 NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 41 NXK Nuveen New York Dividend Advantage Municipal Fund 2 (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE (continued) $ 500 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 $ 486,260 Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32 290 Livingston County Industrial Development Agency, New York, 7/10 at 100.00 BB 276,138 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- 253,641 250 5.500%, 2/01/32 No Opt. Call BBB- 230,085 475 Nassau County Industrial Development Agency, New York, No Opt. Call A3 496,290 Revenue Refunding Bonds, North Shore Health System Obligated Group, Series 2001B, 5.875%, 11/01/11 850 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 A1 861,050 Health System Revenue Bonds, Series 1999A, 5.250%, 2/15/17 500 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 519,540 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/22 - AMBAC Insured 490 New York City Industrial Development Agency, New York, 7/12 at 100.00 B2 472,419 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31 495 New York City Industrial Development Agency, New York, 7/12 at 101.00 B2 480,952 Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32 Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C: 425 6.000%, 11/01/22 11/12 at 100.00 Baa1 437,640 610 5.875%, 11/01/32 11/12 at 100.00 Baa1 613,123 - ------------------------------------------------------------------------------------------------------------------------------------ 22,055 Total Health Care 22,057,826 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.0% (2.0% OF TOTAL INVESTMENTS) 1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 963,720 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 455,901 225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 219,467 500 New York City Housing Development Corporation, New York, 5/14 at 100.00 AA 501,525 Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30 440 New York City Housing Development Corporation, New York, 11/15 at 100.00 AA 403,322 Multifamily Housing Revenue Bonds, Series 2005F-1, 4.750%, 11/01/35 290 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 268,439 Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,910 Total Housing/Multifamily 2,812,374 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 3.0% (2.0% OF TOTAL INVESTMENTS) 335 New York State Mortgage Agency, Homeowner Mortgage 4/17 at 100.00 Aa1 307,198 Revenue Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax) 950 New York State Mortgage Agency, Homeowner Mortgage 4/15 at 100.00 Aa1 852,445 Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax) 350 New York State Mortgage Agency, Homeowner Mortgage 10/17 at 100.00 Aa1 334,152 Revenue Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative Minimum Tax) 1,235 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,291,254 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,870 Total Housing/Single Family 2,785,049 - ------------------------------------------------------------------------------------------------------------------------------------ 42 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 6.0% (3.9% OF TOTAL INVESTMENTS) $ 450 Dormitory Authority of the State of New York, GNMA Collateralized 2/17 at 103.00 AA $ 452,745 Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41 2,150 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 2,182,551 Bonds, Rehabilitation Association Pooled Loan Program 1, Series 2001A, 5.000%, 7/01/23 - AMBAC Insured 255 Dormitory Authority of the State of New York, Non-State 11/16 at 100.00 Aa3 255,518 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 41,430 175 5.000%, 7/01/35 - ACA Insured 7/15 at 100.00 N/R 138,590 635 East Rochester Housing Authority, New York, Senior Living 8/16 at 101.00 N/R 551,980 Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33 525 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 545,785 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: 355 5.500%, 7/01/18 7/16 at 101.00 N/R 339,089 440 5.800%, 7/01/23 7/16 at 101.00 N/R 417,969 430 Suffolk County Industrial Development Agency, New York, 7/16 at 100.00 N/R 410,727 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18 170 Yonkers Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 161,488 Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 5,635 Total Long-Term Care 5,497,872 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 0.2% (0.1% OF TOTAL INVESTMENTS) 230 Jefferson County Industrial Development Agency, New York, 12/13 at 100.00 BBB 208,369 Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 17.4% (11.4% OF TOTAL INVESTMENTS) 1,775 Bath Central School District, Steuben County, New York, General 6/12 at 100.00 A 1,776,420 Obligation Bonds, Series 2002, 4.000%, 6/15/18 - FGIC Insured 3,605 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 3,656,947 Series 1998H, 5.375%, 8/01/27 - MBIA Insured 750 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA 816,533 Series 2004C, 5.250%, 8/15/16 2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 2,079,920 Series 2005F-1, 5.000%, 9/01/19 - XLCA Insured 2,600 New York City, New York, General Obligation Bonds, Fiscal 6/16 at 100.00 AA 2,627,612 Series 2006J-1, 5.000%, 6/01/25 4,540 New York City, New York, General Obligation Bonds, Series D, 12/17 at 100.00 AA 4,638,653 5.125%, 12/01/25 United Nations Development Corporation, New York, Senior Lien Revenue Bonds, Series 2004A: 250 5.250%, 7/01/23 5/08 at 100.00 A3 250,335 250 5.250%, 7/01/24 5/08 at 100.00 A3 250,335 - ------------------------------------------------------------------------------------------------------------------------------------ 15,770 Total Tax Obligation/General 16,096,755 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 28.7% (18.8% OF TOTAL INVESTMENTS) 1,000 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA 1,053,270 Series 2003A, 5.250%, 11/01/21 125 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 131,948 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 - FSA Insured 1,750 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 1,809,220 Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured 560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 498,994 Revenue Bonds, Series 2003, 5.500%, 1/01/34 43 NXK Nuveen New York Dividend Advantage Municipal Fund 2 (continued) Portfolio of INVESTMENTS March 31, 2008 (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: $ 1,140 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA $ 1,164,829 835 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 849,888 750 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 755,805 1,300 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,307,254 Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 - FGIC Insured 1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,025,500 Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 1,460 New York City Transitional Finance Authority, New York, 11/17 at 100.00 AAA 1,488,908 Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27 1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,024,320 Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,036,310 Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 2,020 New York State Environmental Facilities Corporation, State 12/17 at 100.00 AAA 2,063,501 Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) 840 New York State Housing Finance Agency, State Personal Income 9/15 at 100.00 AAA 842,050 Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A: 1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 AAA 1,101,330 1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,145,554 2,300 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,581,428 Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured (UB) 1,125 New York State Thruway Authority, Highway and Bridge 10/17 at 100.00 AA 1,145,441 Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 2,100 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,144,562 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 - AMBAC Insured 1,000 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,035,510 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 2,250 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 2,264,063 Refunding Bonds, Matching Fund Loan Note, Series 1998A, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 25,750 Total Tax Obligation/Limited 26,469,685 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 16.6% (10.9% OF TOTAL INVESTMENTS) 895 Albany Parking Authority, New York, Revenue Bonds, 7/11 at 101.00 BBB+ 923,765 Series 2001A, 5.625%, 7/15/20 2,500 Metropolitan Transportation Authority, New York, Transportation 11/17 at 100.00 A 2,474,900 Revenue Bonds, Series 2007B, 5.000%, 11/15/33 460 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 459,972 Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC Insured 1,250 New York City Industrial Development Agency, New York, 8/16 at 101.00 B 1,289,675 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 50 New York City Industrial Development Agency, New York, 12/08 at 102.00 BB+ 38,559 Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B 1,052,770 Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) New York City Industrial Development Authority, New York, JetBlue,: 50 5.000%, 5/15/20 (Alternative Minimum Tax) 5/12 at 100.00 B 42,005 250 5.125%, 5/15/30 (Alternative Minimum Tax) 5/12 at 100.00 B 190,183 44 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 300 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA $ 301,971 Series 2005G, 5.000%, 1/01/30 - FSA Insured 3,400 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 3,415,333 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax) Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005: 1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450 280 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 280,594 410 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 423,514 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516, 10.129%, 8/15/32 - FSA Insured (IF) 2,500 Triborough Bridge and Tunnel Authority, New York, General 11/12 at 100.00 Aa2 2,576,875 Purpose Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/21 780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 870,480 Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 15,125 Total Transportation 15,350,046 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 13.9% (9.1% OF TOTAL INVESTMENTS) (5) 2,750 Albany Industrial Development Agency, New York, Revenue Bonds, 7/11 at 101.00 Aaa 3,015,595 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 Bonds, 7/11 at 101.00 N/R (5) 1,215,467 Series 2001A, 5.625%, 7/15/20 (Pre-refunded 7/15/11) 1,905 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- (5) 2,086,013 Bonds, Child Care Facilities Development Program, Series 2002, 5.375%, 4/01/17 (Pre-refunded 4/01/12) 25 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 25,552 Fiscal Series 1998H, 5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured 3,205 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 3,430,214 Contract Revenue Bonds, Correctional Facilities, Series 2000C, 5.125%, 1/01/21 (Pre-refunded 1/01/11) - FSA Insured 2,000 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 2,131,160 Series 1999-1, 6.250%, 7/15/27 (Mandatory put 7/15/19) (Pre-refunded 7/15/09) 900 Utica Industrial Development Agency, New York, Revenue Bonds, 6/09 at 101.00 N/R (5) 959,652 Utica College, Series 2004A, 6.875%, 12/01/34 (Pre-refunded 6/01/09) - ------------------------------------------------------------------------------------------------------------------------------------ 11,890 Total U.S. Guaranteed 12,863,653 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 12.7% (8.3% 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- 1,724,939 1,700 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 A- 1,715,776 250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured 900 Nassau County Industrial Development Authority, New York, 6/13 at 100.00 A- 867,285 Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) 1,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 914,090 Revenue Bonds, Brooklyn Navy Yard Cogeneration Partners LP, Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 450 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 445,185 Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax) 2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa2 1,963,860 Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15) 2,000 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 2,006,660 Bonds, Series 2000A, 5.250%, 11/15/40 45 NXK Nuveen New York Dividend Advantage Municipal Fund 2 (continued) Portfolio of INVESTMENTS March 31, 2008 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998: $ 1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R $ 1,184,525 750 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 663,645 - ------------------------------------------------------------------------------------------------------------------------------------ 12,000 Total Utilities 11,731,535 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 1.2% (0.8% OF TOTAL INVESTMENTS) 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA+ 1,083,371 Water and Sewerage System Revenue Bonds, Fiscal Series 2001D, 5.500%, 6/15/17 - ------------------------------------------------------------------------------------------------------------------------------------ $ 140,050 Total Investments (cost $141,730,768) - 152.5% 140,908,725 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.5)% (3,240,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 1,714,713 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.9)% (6) (47,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 92,383,438 ====================================================================================================================
(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. The Portfolio of Investments reflects the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at least one rating agency reduced the rating for AMBAC-insured bonds to AA and at least one rating agency further reduced the ratings for CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31, 2008, one or more rating agencies have placed each of these insurers on "negative credit watch", which may presage one or more rating reductions for such insurer or insurers in the future. If one or more insurers' ratings are reduced by these rating agencies, it would likely reduce the effective rating of many of the bonds insured by that insurer or insurers. (4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors/Trustees. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) Preferred Shares, at Liquidation Value as a percentage of total investments is (33.4)%. N/R Not rated. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. See accompanying notes to financial statements. 46 Statement of ASSETS & LIABILITIES March 31, 2008 (Unaudited)
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $147,223,960, $348,837,816, $203,752,511 and $141,730,768, respectively) $147,860,928 $351,113,170 $203,574,309 $140,908,725 Cash 765,889 354,762 -- -- Receivables: Interest 2,140,295 5,258,549 3,043,362 2,117,039 Investments sold -- 415,000 90,000 60,000 Other assets 7,390 43,791 9,960 1,923 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 150,774,502 357,185,272 206,717,631 143,087,687 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- 148,070 6,149 Floating rate obligations 3,412,500 7,950,000 4,740,000 3,240,000 Accrued expenses: Management fees 67,505 184,351 90,583 51,396 Other 56,705 125,369 50,494 38,381 Common share dividends payable 447,180 748,273 496,594 347,536 Preferred share dividends payable N/A 59,682 6,104 20,787 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 3,983,890 9,067,675 5,531,845 3,704,249 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $146,790,612 $223,817,597 $132,185,786 $ 92,383,438 ==================================================================================================================================== Common shares outstanding 15,120,364 15,067,371 9,265,330 6,495,717 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 9.71 $ 14.85 $ 14.27 $ 14.22 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 151,204 $ 150,674 $ 92,653 $ 64,957 Paid-in surplus 144,256,690 219,590,838 131,650,640 92,259,136 Undistributed (Over-distribution of) net investment income 565,038 (284,541) (360,952) (167,667) Accumulated net realized gain (loss) from investments and derivative transactions 1,180,712 2,085,272 981,647 1,049,055 Net unrealized appreciation (depreciation) of investments 636,968 2,275,354 (178,202) (822,043) - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $146,790,612 $223,817,597 $132,185,786 $ 92,383,438 ==================================================================================================================================== Authorized shares: Common 250,000,000 200,000,000 Unlimited Unlimited Preferred N/A 1,000,000 Unlimited Unlimited ====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 47 Statement of OPERATIONS Six Months Ended March 31, 2008 (Unaudited)
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 3,822,996 $ 9,012,219 $ 5,254,991 $ 3,572,098 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 407,182 1,109,550 649,187 451,281 Preferred shares - auction fees N/A 155,374 86,250 58,750 Preferred shares - dividend disbursing agent fees N/A 19,970 4,993 4,989 Shareholders' servicing agent fees and expenses 17,080 16,927 1,863 756 Interest expense on floating rate obligations 17,141 39,223 23,788 16,102 Custodian's fees and expenses 44,074 138,684 76,389 61,149 Directors'/Trustees' fees and expenses 1,303 3,328 2,022 1,399 Professional fees 7,348 12,591 7,268 5,681 Shareholders' reports - printing and mailing expenses 15,866 21,210 12,262 9,304 Stock exchange listing fees 4,721 4,793 4,768 368 Investor relations expense 6,282 14,051 8,200 5,716 Other expenses 5,107 22,018 8,454 6,776 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 526,104 1,557,719 885,444 622,271 Custodian fee credit (3,724) (7,439) (7,087) (1,372) Expense reimbursement -- -- (103,069) (142,531) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 522,380 1,550,280 775,288 478,368 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 3,300,616 7,461,939 4,479,703 3,093,730 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments 537,573 947,579 222,562 480,537 Forward swaps 643,914 1,157,352 790,334 568,424 Change in net unrealized appreciation (depreciation) of: Investments (4,305,083) (10,087,862) (6,109,558) (4,248,663) Forward swaps (323,848) (657,782) (423,860) (284,292) - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (3,447,444) (8,640,713) (5,520,522) (3,483,994) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income N/A (2,131,416) (1,159,038) (805,975) From accumulated net realized gains N/A (158,639) (197,285) (81,611) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders N/A (2,290,055) (1,356,323) (887,586) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ (146,828) $ (3,468,829) $(2,397,142) $(1,277,850) ====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 48 Statement of CHANGES in NET ASSETS (Unaudited)
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP) ---------------------------- ------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 3/31/08 9/30/07 3/31/08 9/30/07 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 3,300,616 $ 6,556,706 $ 7,461,939 $ 14,960,498 Net realized gain (loss) from: Investments 537,573 231,013 947,579 445,302 Forward swaps 643,914 162,384 1,157,352 188,601 Change in net unrealized appreciation (depreciation) of: Investments (4,305,083) (2,823,183) (10,087,862) (6,994,469) Forward swaps (323,848) 62,890 (657,782) 200,123 Distributions to Preferred shareholders: From net investment income N/A N/A (2,131,416) (4,072,186) From accumulated net realized gains N/A N/A (158,639) (206,467) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (146,828) 4,189,810 (3,468,829) 4,521,402 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,220,638) (6,441,277) (5,528,218) (11,569,947) From accumulated net realized gains (163,300) -- (442,981) (874,665) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,383,938) (6,441,277) (5,971,199) (12,444,612) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- -- 562,712 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- 562,712 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (3,530,766) (2,251,467) (9,440,028) (7,360,498) Net assets applicable to Common shares at the beginning of period 150,321,378 152,572,845 233,257,625 240,618,123 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $146,790,612 $150,321,378 $223,817,597 $233,257,625 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 565,038 $ 485,060 $ (284,541) $ (86,846) ====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 49 Statement of CHANGES in NET ASSETS (continued) (Unaudited)
NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) ----------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 3/31/08 9/30/07 3/31/08 9/30/07 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 4,479,703 $ 8,954,429 $ 3,093,730 $ 6,148,652 Net realized gain (loss) from: Investments 222,562 645,062 480,537 250,099 Forward swaps 790,334 138,518 568,424 92,578 Change in net unrealized appreciation (depreciation) of: Investments (6,109,558) (4,543,056) (4,248,663) (2,608,004) Forward swaps (423,860) 129,650 (284,292) 79,076 Distributions to Preferred shareholders: From net investment income (1,159,038) (2,217,934) (805,975) (1,528,636) From accumulated net realized gains (197,285) (199,414) (81,611) (131,824) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (2,397,142) 2,907,255 (1,277,850) 2,301,941 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,289,190) (7,081,173) (2,221,535) (4,916,434) From accumulated net realized gains (631,896) (822,944) (261,128) (545,812) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,921,086) (7,904,117) (2,482,663) (5,462,246) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 353,520 -- 237,308 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- 353,520 -- 237,308 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (6,318,228) (4,643,342) (3,760,513) (2,922,997) Net assets applicable to Common shares at the beginning of period 138,504,014 143,147,356 96,143,951 99,066,948 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $132,185,786 $138,504,014 $92,383,438 $96,143,951 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ (360,952) $ (392,427) $ (167,667) $ (233,887) ====================================================================================================================================
See accompanying notes to financial statements. 50 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 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"). All of the Funds' Common shares trade on the New York Stock Exchange, with the exception of New York Dividend Advantage 2's (NXK) Common shares which trade on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service may establish fair value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. Prices of forward swap contracts are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. If the pricing service is unable to supply a price for a municipal bond or forward swap contract, each Fund may use market quotes provided by major broker/dealers in such investments. If it is determined that the market price for an investment or derivative instrument is unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Directors/Trustees. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2008, 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 which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. 51 Notes to FINANCIAL STATEMENTS (continued) (Unaudited) Effective March 31, 2008, the Funds adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., a greater than 50-percent likelihood) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current year. Implementation of FIN 48 required management of the Funds to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. 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). The Funds have no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds has reviewed all tax positions taken or expected to be taken in the preparation of the Funds' tax returns and concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets or results of operations as of and during the six months ended March 31, 2008. The Funds are 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 declared and distributed to shareholders annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares New York Value (NNY) is not authorized to issue Preferred shares. The Funds below have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in one or more than 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. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows: NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND PLUS ADVANTAGE ADVANTAGE 2 (NNP) (NAN) (NXK) - -------------------------------------------------------------------------------- Number of shares: Series M 1,600 -- -- Series T 800 -- -- Series W 2,000 -- 1,880 Series TH -- -- -- Series F 572 2,760 -- - -------------------------------------------------------------------------------- Total 4,972 2,760 1,880 ================================================================================ 52 Inverse Floating Rate Securities Each Fund may invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). A Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates, as well as any shortfalls in interest cash flows. 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 an "Inverse floating rate investment". An investment in a self-deposited inverse floater, recourse trust or credit recovery swap is accounted for as a financing transaction in accordance with Statement of Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities". In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as an "Underlying bond of an inverse floating rate trust", with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of the underlying bond and accounts for the related interest paid to the holders of the short-term floating rate certificates as "Interest expense on floating rate obligations" in the Statement of Operations. During the six months ended March 31, 2008, each Fund invested in externally deposited inverse floaters and/or self-deposited inverse floaters. The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended March 31, 2008, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND ADVANTAGE 2 VALUE PLUS ADVANTAGE DIVIDEND (NNY) (NNP) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------ Average floating rate obligations $1,217,828 $2,787,705 $1,690,164 $1,144,262 Average annual interest rate and fees 2.82% 2.81% 2.81% 2.81% ==================================================================================================================
Forward Swap Transactions Each Fund is authorized to invest in forward interest rate swap transactions. Each Fund's use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve each Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Fund's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. The Funds may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To reduce such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of 53 Notes to FINANCIAL STATEMENTS (continued) (Unaudited) each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate, either up or down, by at least the predetermined threshold amount. All of the Funds invested in forward interest rate swap transactions during the six months ended March 31, 2008. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. Indemnifications Under the Funds' organizational documents, their Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
NEW YORK NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP) ----------------------- ------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/08 9/30/07 3/31/08 9/30/07 - ---------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- -- 35,433 ====================================================================================================================== NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) ------------------------ -------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/08 9/30/07 3/31/08 9/30/07 - ---------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- 22,835 -- 15,365 ======================================================================================================================
54 3. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended March 31, 2008, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------------------- Purchases $21,383,971 $51,930,493 $33,731,158 $22,242,709 Sales and maturities 15,675,847 40,413,139 24,276,564 17,524,485 =====================================================================================================================
4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At March 31, 2008, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------------------- Cost of investments $143,501,483 $340,481,870 $198,912,723 $138,419,176 =====================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2008, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ---------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 3,671,958 $ 9,298,959 $ 4,243,505 $ 2,072,878 Depreciation (2,735,491) (6,642,606) (4,335,473) (2,833,408) - ---------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 936,467 $ 2,656,353 $ (91,968) $ (760,530) ======================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2007, the Funds' last tax year end, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ---------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $742,063 $529,876 $134,069 $120,739 Undistributed net ordinary income ** -- 17,459 -- -- Undistributed net long-term capital gains 162,525 581,961 797,932 342,833 ======================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 4, 2007, paid on October 1, 2007. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 55 Notes to FINANCIAL STATEMENTS (continued) (Unaudited) The tax character of distributions paid during the Funds' last tax year ended September 30, 2007, was designated for purposes of the dividends paid deduction as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - ---------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $6,441,277 $15,691,798 $9,335,293 $6,464,107 Distributions from net ordinary income ** -- 5,811 33 8,211 Distributions from net long-term capital gains -- 1,081,132 1,022,358 677,636 ======================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components -- a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and a specific fund-level component, based only on the amount of assets within each individual Fund and for New York Value (NNY) a gross interest income component. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund. The annual fund-level fee, payable monthly, for each Fund (excluding New York Value (NNY)) is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS NEW YORK PERFORMANCE PLUS (NNP) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ================================================================================ AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NAN) (INCLUDING NET ASSETS NEW YORK DIVIDEND ADVANTAGE 2 (NXK) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For net assets over $2 billion .3750 ================================================================================ The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of March 31, 2008, the complex-level fee rate was .1870%. 56 The complex-level fee schedule is as follows: COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) 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 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen-sponsored funds in the U.S. 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's (NAN) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING JULY 31, JULY 31, - -------------------------------------------------------------------------------- 1999* .30% 2005 .25% 2000 .30 2006 .20 2001 .30 2007 .15 2002 .30 2008 .10 2003 .30 2009 .05 2004 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for any portion of its fees and expenses beyond July 31, 2009. For the first ten years of New York Dividend Advantage 2's (NXK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, - -------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ================================================================================ * From the commencement of operations. 57 Notes to FINANCIAL STATEMENTS (continued) (Unaudited) The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for any portion of its fees and expenses beyond March 31, 2011. 6. NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standards Board Statement on Financial Accounting Standards No. 157 In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this standard relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of March 31, 2008, management does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements included within the Statement of Operations for the period. Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities." This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund's financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. As of March 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items. 7. SUBSEQUENT EVENTS Auction Rate Preferred Markets Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Preferred shares issued by the Funds (excluding New York Value (NNY)) than there were offers to buy. This meant that these auctions "failed to clear,'' and that many Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Preferred shareholders unable to sell their shares received distributions at the "maximum rate'' calculated in accordance with the pre-established terms of the Preferred shares. These developments generally do not affect the management or investment policies of the Funds. However, one implication of these auction failures for Common shareholders is that the Funds' cost of leverage will be higher than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future Common share earnings may be lower than they otherwise would have been. 58 Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on May 1, 2008, to shareholders of record on April 15, 2008, as follows: NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE DIVIDEND DIVIDEND VALUE PLUS ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NAN) (NXK) - -------------------------------------------------------------------------------- Dividend per share $.0355 $.0610 $.0575 $.0570 ================================================================================ 59 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------------------------------------ --------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== NEW YORK VALUE (NNY) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) $ 9.94 $ .22 $(.23) N/A N/A $ (.01) $ (.21) $(.01) $ (.22) 2007 10.09 .43 (.15) N/A N/A .28 (.43) -- (.43) 2006 10.07 .44 .01 N/A N/A .45 (.43) -- (.43) 2005 10.01 .45 .04 N/A N/A .49 (.43) -- (.43) 2004 9.95 .45 .04 N/A N/A .49 (.43) -- (.43) 2003 10.16 .44 (.19) N/A N/A .25 (.46) -- (.46) NEW YORK PERFORMANCE PLUS (NNP) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) 15.48 .50 (.58) $(.14) $(.01) (.23) (.37) (.03) (.40) 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) 2004 16.57 1.08 .18 (.06) (.01) 1.19 (1.01) (.25) (1.26) 2003 17.11 1.10 (.34) (.06) (.02) .68 (.99) (.23) (1.22) ==================================================================================================================================== Total Returns ---------------------- Offering Based Costs and Ending on Preferred Common Based Common Share Share Ending on Share Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** =========================================================================================== NEW YORK VALUE (NNY) - ------------------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) $ -- $ 9.71 $ 9.44 1.76% (.08)% 2007 -- 9.94 9.50 4.40 2.79 2006 -- 10.09 9.51 7.50 4.56 2005 -- 10.07 9.26 5.88 4.95 2004 -- 10.01 9.15 5.29 5.04 2003 -- 9.95 9.11 1.65 2.59 NEW YORK PERFORMANCE PLUS (NNP) - ------------------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) -- 14.85 13.87 (.26) (1.55) 2007 -- 15.48 14.30 (5.02) 1.90 2006 -- 16.01 15.88 6.69 4.91 2005 -- 16.44 16.01 9.37 6.29 2004 -- 16.50 15.66 8.19 7.55 2003 -- 16.57 15.66 1.88 4.25 =========================================================================================== Ratios/Supplemental Data ---------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets Ratios to Average Net Assets Applicable to Common Shares Applicable to Common Shares Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund*** ------------------------------------------ ------------------------------------------- Ending Net Assets Applicable Expenses Expenses Net Expenses Expenses Net Portfolio to Common Including Excluding Investment Including Excluding Investment Turnover Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate ==================================================================================================================================== NEW YORK VALUE (NNY) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) $146,791 .70%**** .68%**** 4.40%**** .70%**** .67%**** 4.40%**** 11% 2007 150,321 .69 .65 4.32 .68 .63 4.34 15 2006 152,573 .66 .66 4.35 .64 .64 4.37 13 2005 152,236 .66 .66 4.44 .66 .66 4.45 18 2004 151,314 .72 .72 4.52 .72 .72 4.52 9 2003 150,418 .88 .88 4.37 .87 .87 4.38 10 NEW YORK PERFORMANCE PLUS (NNP) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) 223,818 1.34**** 1.31**** 6.43**** 1.34**** 1.30**** 6.43**** 11 2007 233,258 1.29 1.22 6.33 1.28 1.21 6.34 14 2006 240,618 1.22 1.22 6.33 1.20 1.20 6.35 13 2005 246,255 1.20 1.20 6.36 1.20 1.20 6.37 16 2004 247,139 1.21 1.21 6.58 1.21 1.21 6.59 5 2003 247,777 1.22 1.22 6.67 1.21 1.21 6.67 14 ====================================================================================================================================
Floating Rate Obligations Preferred Shares at End of Period at End of Period -------------------------------------- -------------------------- Aggregate Liquidation Aggregate Amount and Market Asset Amount Asset Outstanding Value Coverage Outstanding Coverage (000) Per Share Per Share (000) Per $1,000 ================================================================================ NEW YORK VALUE (NNY) - -------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) N/A N/A N/A $3,413 $44,016 2007 N/A N/A N/A -- -- 2006 N/A N/A N/A -- -- 2005 N/A N/A N/A -- -- 2004 N/A N/A N/A -- -- 2003 N/A N/A N/A -- -- NEW YORK PERFORMANCE PLUS (NNP) - -------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) $124,300 $25,000 $70,016 7,950 44,788 2007 124,300 25,000 71,914 -- -- 2006 124,300 25,000 73,395 -- -- 2005 124,300 25,000 74,528 -- -- 2004 124,300 25,000 74,706 -- -- 2003 124,300 25,000 74,834 -- -- ================================================================================ N/A Fund is not authorized to issue Preferred shares. * Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per share. ** Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. 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 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. *** After custodian fee credit and expense reimbursement, where applicable. **** Annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended March 31, 2008. See accompanying notes to financial statements. 60-61 spread Financial HIGHLIGHTS (continued) (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------------------------------------ --------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) $14.95 $ .48 $(.59) $(.13) $(.02) $ (.26) $(.35) $(.07) $ (.42) 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) 2004 15.66 1.06 .16 (.06) -- 1.16 (.99) -- (.99) 2003 15.85 1.07 (.24) (.07) -- .76 (.95) -- (.95) NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) 14.80 .48 (.55) (.12) (.01) (.20) (.34) (.04) (.38) 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) 2004 15.44 1.02 .20 (.06) -- 1.16 (.95) (.05) (1.00) 2003 15.62 1.04 (.18) (.07) (.01) .78 (.91) (.06) (.97) ==================================================================================================================================== Total Returns ---------------------- Offering Based Costs and Ending on Preferred Common Based Common Share Share Ending on Share Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ======================================================================================= NEW YORK DIVIDEND ADVANTAGE (NAN) - --------------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) $ -- $14.27 $13.32 (4.15)% (1.77)% 2007 -- 14.95 14.33 (2.86) 2.07 2006 -- 15.49 15.60 3.49 4.91 2005 -- 15.83 16.11 14.24 6.38 2004 -- 15.83 15.01 6.13 7.68 2003 -- 15.66 15.09 3.86 5.04 NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - --------------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) -- 14.22 13.04 (5.27) (1.38) 2007 -- 14.80 14.16 (3.20) 2.35 2006 -- 15.29 15.47 7.96 5.37 2005 -- 15.57 15.34 10.61 6.45 2004 -- 15.60 14.82 9.02 7.80 2003 .01 15.44 14.55 5.35 5.39 ======================================================================================= Ratios/Supplemental Data ------------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets Ratios to Average Net Assets Applicable to Common Shares Applicable to Common Shares Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund*** ------------------------------------------- -------------------------------------------- Ending Net Assets Applicable Expenses Expenses Net Expenses Expenses Net Portfolio to Common Including Excluding Investment Including Excluding Investment Turnover Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate ==================================================================================================================================== NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) $132,186 1.29%**** 1.26%**** 6.37%**** 1.13%**** 1.10%**** 6.53%**** 12% 2007 138,504 1.29 1.19 6.15 1.06 .96 6.37 18 2006 143,147 1.18 1.18 6.11 .88 .88 6.41 15 2005 145,701 1.16 1.16 6.13 .80 .80 6.50 20 2004 145,592 1.17 1.17 6.38 .74 .74 6.81 8 2003 143,886 1.19 1.19 6.50 .74 .74 6.95 8 NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2008(b) 92,383 1.30**** 1.27**** 6.18**** 1.00**** .97**** 6.48**** 12 2007 96,144 1.32 1.22 5.98 .98 .88 6.32 17 2006 99,067 1.19 1.19 5.96 .76 .76 6.38 14 2005 100,606 1.18 1.18 6.01 .73 .73 6.46 19 2004 100,706 1.17 1.17 6.19 .72 .72 6.64 7 2003 99,701 1.19 1.19 6.41 .75 .75 6.85 8 ====================================================================================================================================
Floating Rate Obligations Preferred Shares at End of Period at End of Period -------------------------------------- -------------------------- Aggregate Liquidation Aggregate Amount and Market Asset Amount Asset Outstanding Value Coverage Outstanding Coverage (000) Per Share Per Share (000) Per $1,000 ================================================================================ NEW YORK DIVIDEND ADVANTAGE (NAN) - -------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) $69,000 $25,000 $72,893 $4,740 $43,444 2007 69,000 25,000 75,183 -- -- 2006 69,000 25,000 76,865 -- -- 2005 69,000 25,000 77,790 -- -- 2004 69,000 25,000 77,751 -- -- 2003 69,000 25,000 77,133 -- -- NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - -------------------------------------------------------------------------------- Year Ended 9/30: 2008(b) 47,000 25,000 74,140 3,240 44,020 2007 47,000 25,000 76,140 -- -- 2006 47,000 25,000 77,695 -- -- 2005 47,000 25,000 78,514 -- -- 2004 47,000 25,000 78,567 -- -- 2003 47,000 25,000 78,033 -- -- ================================================================================ * Net Realized/Unrealized Gain (Loss) rounds to less than $.01 per share. ** Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. 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 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. *** After custodian fee credit and expense reimbursement, where applicable. **** Annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended March 31, 2008. See accompanying notes to financial statements. 62-63 spread 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 per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. 64 FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 65 Glossary of TERMS USED in this REPORT [] AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction. [] AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. [] AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. [] INVERSE FLOATERS: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. [] LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. [] MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. [] NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any 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. [] TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. [] ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. 66 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, 2007, 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 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. BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Carole E. Stone FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No common or preferred shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semi-annual report. 67 Nuveen Investments: - ------------------- SERVING INVESTORS FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. We offer many different investing solutions for our clients' different needs. Managing $153 billion in assets, as of March 31, 2008, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; Symphony, a leading institutional manager of market-neutral alternative investment portfolios; Santa Barbara, a leader in growth equities; and Tradewinds, a leader in global equities. Find out how we can help you reach your financial goals. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/etf Share prices Fund details Daily financial news Investor education Interactive planning tools ESA-A-0308D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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, Inc. ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: June 6, 2008 ------------------------------------------------------------------- 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 6, 2008 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: June 6, 2008 ------------------------------------------------------------------- EX-99.CERT 2 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen New York Municipal Value Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 6, 2008 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen New York Municipal Value Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 6, 2008 /s/ Stephen D. Foy ------------------------- -------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906CERT 3 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen New York Municipal Value Fund, Inc. (the "Trust"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Trust for the period ended March 31, 2008 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: June 6, 2008 ----------------------- /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----