nrk.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21211

Nuveen New York AMT-Free Municipal Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: September 30

Date of reporting period: September 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
11
   
Common Share Information
13
   
Risk Considerations
15
   
Performance Overview and Holding Summaries
16
   
Shareholder Meeting Report
22
   
Report of Independent Registered Public Accounting Firm
24
   
Portfolios of Investments
25
   
Statement of Assets and Liabilities
70
   
Statement of Operations
72
   
Statement of Changes in Net Assets
73
   
Statement of Cash Flows
75
   
Financial Highlights
78
   
Notes to Financial Statements
86
   
Board Members and Officers
101
   
Annual Investment Management Agreement Approval Process
106
   
Reinvest Automatically, Easily and Conveniently
115
   
Glossary of Terms Used in this Report
116
   
Additional Fund Information
119
   

Nuveen Investments
 
3

 
 

 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
 
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from their financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
 
On the domestic front, the U.S. economy is experiencing sustainable slow growth. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.
 
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
 
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
William J. Schneider
Chairman of the Nuveen Fund Board
November 22, 2013
 
4
 
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Portfolio Manager’s Comments
 
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
 
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio manager Scott R. Romans, PhD, reviews economic and municipal market conditions at both the national and state levels, key investment strategies and the twelve-month performance of the Nuveen New York Funds. Scott assumed portfolio management responsibility for these six Funds in 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on March 11, 2013, certain New York Funds (the Acquired Funds) were reorganized into one, larger New York Fund included in this report (the Acquiring Fund) as follows:
 
Acquired Funds
Symbol
 
Acquiring Fund
Symbol
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
 
Nuveen New York AMT-Free Municipal Income Fund
NRK
Nuveen New York Premium Income Municipal Fund, Inc.
NNF
     
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
     
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
     
Nuveen New York Dividend Advantage Municipal Income Fund
NKO
     
 
On August 6, 2013, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain New York Funds included in this report. The reorganizations are intended to create one, larger-state New York Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
     
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
     
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
     
 
Increased Fund flexibility in managing the structure and cost of leverage over time.
 
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
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Portfolio Manager’s Comments (continued)
 
The approved reorganizations are as follows:
 
Acquired Funds
Symbol
 
Acquiring Fund
Symbol
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
     
The reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings in early 2014.
 
Upon the closing of a reorganization, the Acquired Fund transfers its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. The Acquired Fund is then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Acquired Fund become shareholders of the Acquiring Fund. Holders of common shares receive newly issued common shares of the Acquiring Fund, the aggregate net asset value of which equal the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders are entitled). Fractional shares are sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Fund receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Acquired Fund held immediately prior to the reorganizations.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended September 30, 2013?
 
During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting (subsequent to the end of this reporting period), the Central Bank reiterated this decision and said that it expected its “highly accommodative stance of monetary policy” to remain for “a considerable time” after the purchase program ends and the economic recovery strengthens.
 
In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, compared with a 2.5% rate for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.2% year-over-year as of September 2013, while the core CPI (which excludes food and energy) increased 1.7% during the period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Labor market conditions continued to improve slowly, with unemployment remaining above the Fed’s target of 6.5%. As of September 2013, the national unemployment rate was 7.2%, the lowest level since November 2008, down from 7.8% in September 2012. The housing market, long a major weak spot in the economic recovery, delivered good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 12.8% for the twelve months ended August 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006. This brought the average U.S. home price back to mid-2004 levels, although prices continued to be down approximately 20% from their mid-2006 peak.
 
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Early in the reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013 (through September 30), the federal budget for fiscal 2014 remained under debate. (On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014.) In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Fed’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and the potential impact on the economy and financial markets, which led to increased market volatility. This was compounded by headline credit stories involving the city of Detroit’s bankruptcy filing in July 2013, the largest municipal bankruptcy in history, and the disappointing news that continued to come out of Puerto Rico, where a struggling economy and years of deficit spending and borrowing resulted in downgrades on the commonwealth’s bonds.
 
While municipal bond prices generally rallied during the first part of this reporting period, as strong demand and tight supply created favorable municipal market conditions, we saw the environment shift during the final months of the reporting period. The Treasury market traded off, the municipal market followed suit and spreads widened as investor concern grew. This unsettled environment prompted increased selling by bondholders across the fixed income markets. For the reporting period as a whole, municipal bond prices generally declined, while interest rates rose. At the same time, fundamentals on municipal bonds remained strong. At the state level, state governments made good progress in dealing with budget issues. On the revenue side, state tax collections have increased for 15 consecutive quarters, while on the expense side, the states made headway in cutting and controlling costs. The current level of municipal issuance reflects the present political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. Over the twelve months ended September 30, 2013, municipal bond issuance nationwide totaled $344.0 billion, a decrease of 9.5% from the issuance for the twelve-month period ended September 30, 2012.
 
How were the economic and market environments in New York during during this reporting period ended September 30, 2013?
 
During this reporting period, New York’s economy continued to make progress toward recovery, despite a recent slowdown due to manufacturing cuts and a slower pace of rebuilding in the aftermath of Hurricane Sandy, the largest Atlantic hurricane on record. As of August 2013 (most recent data available at the time this report was prepared), unemployment in New York was 7.6%, down from 8.6% in August 2012. The jobless rate was slightly higher in the New York City metropolitan area at 7.9% and downstate New York at 7.8% as of August 2013, but lower in upstate New York at 7.1%. The jobs lost in the manufacturing sector, especially among defense contractors, helped to keep the state’s jobless rate higher than the nation’s as a whole. The strongest employment gains statewide during this reporting period were posted by professional and business services, leisure and hospitality, construction, education and health services, which together represented almost half of the jobs in the state. The pickup in the construction sector was due largely to cleanup and rebuilding efforts related to Hurricane Sandy, which hit the East Coast in late October 2012, causing major flooding in New York City and Long Island and a total of $68.0 billion in damages in addition to $13.0 billion in lost output in the New York City area during the fourth quarter of 2012. The majority of
 
Nuveen Investments
 
7

 
 

 
 
Portfolio Manager’s Comments (continued)
 
these damage costs are being covered by $50.5 billion in federal aid as well as payments from private insurers. In the state’s housing market, the inventory of foreclosed homes continued to mount, running counter to the national trend of falling fore closure inventories. For the twelve months ended August 2013 (most recent data available at the time this report was prepared), the average home price in New York City rose 3.6%, the smallest gain among the cities in the S&P/Case-Shiller home price index. This compared with an increase of 12.8% nationally. While the state’s highly skilled workforce is expected to result in wage and output growth that exceeds the national average, the outlook for the New York economy also has been tempered by above average labor costs, slow population growth and a heavy debt burden. According to Moody’s, New York’s debt per capita in 2012 was almost three times the national median.
 
On the fiscal front, New York’s budget picture has improved considerably over the past few years, with more tightly controlled expenditures and increased revenues produced by tax hikes. The state’s $132.6 billion budget for fiscal 2013 held spending at fiscal 2012 levels, closing a $3.5 billion shortfall through $2.0 billion in spending cuts and $1.5 billion in revenues from tax changes. The $135.1 billion budget for fiscal 2014 increased spending by about 2%, but contained no new taxes and continued the state’s movement toward structural budget balance. The state’s pensions traditionally have been well funded, though funding levels declined during the recent stock market downturn. As of March 31, 2012 (most recent data available at the time this report was prepared) the state’s combined pension funding ratio stood at 87.3%. As of September 30, 2013, Moody’s and S&P rated New York general obligation debt at Aa2 and AA, respectively. Both Moody’s and S&P maintained positive outlooks for New York, citing its progress towards structural balance. For the twelve months ended September 30, 2013, municipal issuance in New York totaled $34.8 billion, down 35% from the previous twelve months. This ranked New York third among state issuers for the period, behind California and Texas.
 
What key strategies were used to manage these New York Funds during the twelve-month reporting period ended September 30, 2013?
 
As the municipal market environment shifted during this reporting period, from one characterized by heavy bond calls, tight supply and lower yields to one marked by increased market volatility and rising rates, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. During this reporting period, we primarily focused on three strategies intended to enhance the positioning of the New York Funds and potentially increase income distribution. The first of these strategies involved purchasing bonds that we believed had the best prospects for being advance refunded, that is, bonds with higher coupons or slightly shorter calls. Carrying out this strategy did not involve selling bonds from our portfolios; instead we were reinvesting the proceeds from bonds being called. The addition of these bonds enhanced the credit quality of our portfolios, provided higher levels of liquidity and reduced interest rate sensitivity.
 
Once interest rates started to rise, our focus shifted to bond swaps. Virtually all of the bonds we added to our portfolios in 2012 and early 2013 were purchased at significant premiums. Because tax laws require that these premiums be amortized, this reduces the amount of income available for distribution from the coupon. By executing a bond swap in a rising interest rate environment, the expense of amortization is basically converted into a capital loss, so that more of the income from the coupon can be distributed to shareholders. Most of the bonds we swapped offered similar risk characteristics and often involved the same credit, but with different maturity dates. An additional benefit of this strategy was the generation of tax loss carryforwards that can be used to offset future capital gains.
 
The third strategy involved an approach known as “couponing up.” Couponing up is the process of working to improve the book yields on the Funds’ holdings, which enables us to maintain and potentially improve the dividend stream. During this reporting period, we sold some holdings with 5% coupons in the 20-year maturity range at
 
8
 
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attractive prices into strong retail demand. We then used the proceeds from these sales to purchase more recent issuance from 2010-2011 with higher coupons (e.g., 5.75% to 6.50%). These bonds ultimately provide a more defensive structure and potentially allow us to increase income distributions. Strong retail bids for bonds from general issuers such as Metropolitan Transportation Authority helped us carry out this strategy across the New York Funds.
 
More generally during this reporting period, our purchase activity emphasized bonds offering higher coupons and lower rated credits, primarily in the health care and continuing care retirement communities (CCRC) sectors. Typically our purchases were additions to positions already held in these Funds because, as the market became more volatile, we were already knowledgeable about the fundamentals of these bonds.
 
Activity during this reporting period was driven primarily by the reinvestment of proceeds from called and matured bonds, which was aimed at keeping the Funds fully invested and supporting their income streams. During the first part of this reporting period, we saw an increased number of current bond calls resulting from a growth in refinancings, which provided a meaningful source of liquidity. These calls also had some impact on the Funds’ durations, since the bonds called as part of current refundings were priced to short calls and therefore had negligible durations. In the later months of this period, as interest rates rose, refinancing activity waned. As the supply of new paper associated with the refinancings declined in the New York market, we focused on the secondary market for the majority of our purchases. Despite the decrease in new issuance in New York, we found ample opportunities to purchase bonds that helped achieve our goals for these Funds.
 
As of September 30, 2013, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NYV also used forward interest rate swaps as part of the Fund’s duration management in order to reduce its price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. During this reporting period, these derivatives made a positive contribution to performance as interest rates increased.
 
How did the Funds perform during the twelve-month reporting period ended September 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended September 30, 2013. Each Fund’s returns are compared with the performance of corresponding market indexes and the Lipper classification average.
 
For the twelve months ended September 30, 2013, the total returns on common share net asset value (NAV) for all of these Funds underperformed the returns for the S&P Municipal Bond New York Index and the national S&P Municipal Bond Index. For the same period, NNY and NYV exceeded the average return for the Lipper New York Municipal Debt Funds Classification Average, NNP, NAN and NXK performed in line with the Lipper New York Municipal Debt Funds Classification Average and NRK trailed the Lipper New York average return.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important factor in performance. Among the primary reasons that the returns of NNY and NYV exceeded those of the other Funds for this twelve-month reporting period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits at the shortest end of the municipal yield curve posted the best returns,
 
Nuveen Investments
 
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Portfolio Manager’s Comments (continued)
 
while bonds at the longest end produced the weakest results. All of these Funds were positioned with durations that were longer than that of the market. As a result, duration and yield curve positioning was the major detractor from the Funds’ performance as yields increased. The negative impact was reduced in NAN, which had better placement along the yield curve and a duration that was not as long relative to the market as the other Funds.
 
During this reporting period, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, began to widen and higher quality bonds generally outperformed lower quality bonds. Overall, the impact of credit exposure tended to be negligible in these Funds.
 
After underperforming for many months, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the best performing market segments. The outperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of September 30, 2013, NNP had the heaviest weighting in pre-refunded bonds among these Funds, while NYV held the fewest pre-refunded credits. Housing and health care bonds also tended to outperform the general municipal market, while general obligation credits typically performed in line with the market. In general, these Funds had good exposure to the health care sector. In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that lagged municipal market performance by the widest margins for this period were transportation, water and sewer and utilities.
 
Shareholders also should be aware of issues impacting the Funds’ Puerto Rico holdings. In 2012, Moody’s downgraded Puerto Rico general obligation (GO) bonds to Baa3 from Baa1, Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax revenue bonds to Aa3 from Aa2 and COFINA subordinate sales tax revenue bonds to A3 from A1. (In October 2013, subsequent to the end of this reporting period, Moody’s further downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3.) These downgrades were based on Puerto Rico’s ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds. For the reporting period ended September 30, 2013, Puerto Rico paper generally underperformed the municipal market as a whole.
 
The New York Funds have limited exposure to Puerto Rico bonds, the majority of which are the subordinate sales tax bonds issued by COFINA, which, in our opinion, are the best of the Puerto Rico issuance. In addition, much of the Funds’ COFINA exposure is insured, which we believe adds a measure of value. The Funds also hold small positions in other Puerto Rico credits, including insured highway bonds, tobacco credits and bonds issued by the commonwealth’s Infrastructure Finance Authority. During this reporting period, as part of the advance refunding strategy described earlier, we added COFINA subordinate convertible zero coupon bonds to the Funds on a very selective basis which we thought were likely refunding candidates. We also engaged in bond swaps using Puerto Rico paper. As discussed earlier, this strategy potentially allows more of the income from the coupon to be distributed to shareholders and generates tax loss carryforwards that can be used to offset future capital gains. Overall, the small nature of our exposure helped to limit the impact of the Puerto Rico bonds’ underperformance on the Funds.
 
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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the return of the Funds relative to their benchmarks was the Funds’ use of leverage. As mentioned previously, NNY and NYV do not use regulatory leverage. The Funds use leverage because their manager believes that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage had a negative impact on the performance of the Funds over this reporting period.
 
As of September 30, 2013, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table:
 
 
NNY
NYV
NNP
NAN
NXK
NRK
Effective Leverage*
2.81%
5.31%
38.76%
38.29%
35.97%
38.81%
Regulatory Leverage*
0.00%
0.00%
28.42%
29.43%
29.15%
32.29%
 
*
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
Nuveen Investments
 
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Fund Leverage (continued)
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of September 30, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables. As mentioned previously, NNY and NYV do not use regulatory leverage.

   
MTP Shares
 
VMTP Shares
 
VRDP Shares
       
     
Series
   
Shares
Issued at
Liquidation Value
   
Annual
Interest
Rate
   
NYSE
Ticker
   
Series
   
Shares
Issued at
Liquidation Value
   
Series
   
Shares
Issued at
Liquidation Value
   
Total
 
NNP
 
 
 
 
$
   
   
 
 
 
$
 
 
1
 
$
89,000,000
       
                                             
$
89,000,000
 
$
89,000,000
 
NAN
   
2015
 
$
30,000,000
   
2.70
%
 
NAN PRC
   
 
$
   
 
$
       
     
2016
   
25,360,000
   
2.50
%
 
NAN PRD
   
   
   
   
       
         
$
55,360,000
                                     
$
55,360,000
 
NXK
   
2015
 
$
37,890,000
   
2.55
%
 
NXK PRC
   
 
$
   
 
$
       
         
$
37,890,000
                                     
$
37,890,000
 
                                                         
NRK
   
2015
 
$
27,680,000
   
2.55
%
 
NRK PRC
   
2014
** 
$
50,700,000
   
1
** 
$
112,300,000
       
           
   
   
   
   
   
2
**   
164,800,000
       
           
   
   
   
   
   
3
**   
161,700,000
       
           
   
   
   
   
   
4
**   
50,000,000
       
         
$
27,680,000
             
 
 
 
$
50,700,000
 
 
 
 
$
488,800,000
 
$
567,180,000
 
 
**
Shares issued in connection with reorganizations.
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares.
 
12
 
Nuveen Investments

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended September 30, 2013, the Funds’ monthly dividends to common shareholders were as shown in the accompanying table.

   
Per Common Share Amounts
     
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
October
 
$
0.0345
 
$
0.0560
 
$
0.0735
 
$
0.0655
 
$
0.0665
 
$
0.0585
 
November
   
0.0345
   
0.0560
   
0.0735
   
0.0655
   
0.0665
   
0.0585
 
December
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
January
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
February
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0630
   
0.0570
 
March
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0590
   
0.0540
 
April
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0590
   
0.0540
 
May
   
0.0330
   
0.0560
   
0.0710
   
0.0630
   
0.0590
   
0.0690
 
June
   
0.0310
   
0.0560
   
0.0710
   
0.0630
   
0.0550
   
0.0690
 
July
   
0.0310
   
0.0560
   
0.0710
   
0.0630
   
0.0550
   
0.0690
 
August
   
0.0310
   
0.0560
   
0.0710
   
0.0630
   
0.0550
   
0.0690
 
September
   
0.0310
   
0.0560
   
0.0710
   
0.0630
   
0.0550
   
0.0690
 
                                       
Long-Term Capital Gain***
 
$
0.0145
   
 
$
0.0390
 
$
0.0308
 
$
0.0229
 
$
0.0213
 
Short-Term Capital Gain***
 
$
0.0006
   
   
   
   
   
 
Ordinary Income Distribution***
 
$
0.0010
   
 
$
0.0027
 
$
0.0011
 
$
0.0019
   
 
                                       
Market Yield****
   
4.15
%
 
4.80
%
 
6.23
%
 
5.86
%
 
5.20
%
 
6.76
%
Taxable-Equivalent Yield****
   
6.18
%
 
7.14
%
 
9.27
%
 
8.72
%
 
7.74
%
 
10.06
%
 
***
Distribution paid in December 2012.
****
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of September 30, 2013, all of the Funds in this report had positive UNII balances for tax and financial reporting purposes.

Nuveen Investments
 
13

 
 

 
Common Share Information (continued)
 
COMMON SHARE REPURCHASES
 
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
As of September 30, 2013, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NNY, NYV and NAN have not repurchased any of their outstanding common shares.
 
 
NNY
NYV
NNP
NAN
NXK
NRK
Common Shares Cumulatively Repurchased and Retired
27,800
7,200
6,800
Common Shares Authorized for Repurchase
1,520,000
235,000
1,505,000
925,000
650,000
350,000
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
 
OTHER COMMON SHARE INFORMATION
 
As of September 30, 2013, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                                       
     
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
Common Share NAV
 
$
9.65
 
$
15.16
 
$
14.88
 
$
14.33
 
$
14.19
 
$
13.57
 
Common Share Price
 
$
8.97
 
$
13.99
 
$
13.68
 
$
12.91
 
$
12.69
 
$
12.24
 
Premium/(Discount) to NAV
   
(7.05
)%
 
(7.72
)%
 
(8.06
)%
 
(9.91
)%
 
(10.57
)%
 
(9.80
)%
12-Month Average Premium/(Discount) to NAV
   
(2.11
)%
 
(4.76
)%
 
(2.44
)%
 
(5.06
)%
 
(5.77
)%
 
(3.77
)%
 
14
 
Nuveen Investments

 
 

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

Nuveen Investments
 
15

 
 

 
 
NNY
 
 
Nuveen New York Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NNY at Common Share NAV
(3.51)%
5.48%
4.21%
 
NNY at Common Share Price
(11.41)%
4.66%
4.55%
 
S&P Municipal Bond New York Index
(1.89)%
5.88%
4.46%
 
S&P Municipal Bond Index
(2.25)%
6.00%
4.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
(7.05)%
4.60%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
26.8%
Education and Civic Organizations
14.5%
Transportation
11.0%
Health Care
10.4%
Tax Obligation/General
7.7%
Utilities
7.5%
U.S. Guaranteed
6.1%
Water and Sewer
5.3%
Other
10.7%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
20.5%
AA
34.2%
A
22.3%
BBB
9.2%
BB or Lower
8.3%
N/R
5.5%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
16
 
Nuveen Investments

 
 

 
 
NYV
 
 
Nuveen New York Municipal Value Fund 2
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
 
Average Annual
 
   
Since
 
 
1-Year
Inception5
 
NYV at Common Share NAV
(3.36)%
5.97%
 
NYV at Common Share Price
(10.46)%
3.22%
 
S&P Municipal Bond New York Index
(1.89)%
5.17%
 
S&P Municipal Bond Index
(2.25)%
5.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
7.47%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1,4
 
(as a % of total investments)
 
Tax Obligation/Limited
28.5%
Health Care
21.4%
Housing/Multifamily
13.6%
Transportation
10.5%
Education and Civic Organizations
10.2%
Tax Obligation/General
5.9%
Other
9.9%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
17.0%
AA
34.3%
A
27.6%
BBB
8.1%
BB or Lower
6.4%
N/R
5.0%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
4
Excluding investments in derivatives.
5
Since inception returns are from 4/28/09.
 
Nuveen Investments
 
17
 
 
 

 

NNP
 
 
Nuveen New York Performance Plus Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NNP at Common Share NAV
(6.57)%
7.57%
5.08%
 
NNP at Common Share Price
(15.66)%
10.71%
5.09%
 
S&P Municipal Bond New York Index
(1.89)%
5.88%
4.46%
 
S&P Municipal Bond Index
(2.25)%
6.00%
4.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
(7.05)%
4.60%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
27.5%
Education and Civic Organizations
15.5%
Health Care
10.8%
Tax Obligation/General
9.6%
U.S. Guaranteed
7.8%
Transportation
7.0%
Utilities
6.8%
Water and Sewer
5.5%
Other
9.5%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
22.4%
AA
39.2%
A
15.9%
BBB
7.8%
BB or Lower
6.2%
N/R
6.7%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
18
 
Nuveen Investments

 
 

 
 
NAN
 
 
Nuveen New York Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NAN at Common Share NAV
(6.48)%
7.60%
5.06%
 
NAN at Common Share Price
(14.81)%
8.99%
4.65%
 
S&P Municipal Bond New York Index
(1.89)%
5.88%
4.46%
 
S&P Municipal Bond Index
(2.25)%
6.00%
4.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
(7.05)%
4.60%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
25.7%
Health Care
12.5%
Transportation
12.0%
Education and Civic Organizations
11.4%
Tax Obligation/General
11.2%
Utilities
6.6%
Water and Sewer
4.1%
Long-Term Care
3.3%
Other
13.2%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
18.2%
AA
38.7%
A
19.1%
BBB
7.5%
BB or Lower
8.9%
N/R
7.4%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.

Nuveen Investments
 
19

 
 

 

NXK
 
 
Nuveen New York Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NXK at Common Share NAV
(6.67)%
7.33%
5.11%
 
NXK at Common Share Price
(13.85)%
9.01%
4.90%
 
S&P Municipal Bond New York Index
(1.89)%
5.88%
4.46%
 
S&P Municipal Bond Index
(2.25)%
6.00%
4.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
(7.05)%
4.60%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
31.0%
Education and Civic Organizations
17.4%
Transportation
14.5%
Tax Obligation/General
7.8%
Health Care
7.4%
Utilities
6.5%
Water and Sewer
4.2%
Other
11.2%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
21.6%
AA
27.7%
A
27.1%
BBB
7.9%
BB or Lower
8.8%
N/R
5.3%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
20
 
Nuveen Investments

 
 

 
 
NRK
 
 
Nuveen New York AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of September 30, 2013
 
Average Annual Total Returns as of September 30, 2013
 
 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NRK at Common Share NAV
(7.40)%
5.54%
4.49%
 
NRK at Common Share Price
(15.46)%
6.81%
4.29%
 
S&P Municipal Bond New York Index
(1.89)%
5.88%
4.46%
 
S&P Municipal Bond Index
(2.25)%
6.00%
4.47%
 
Lipper New York Municipal Debt Funds Classification Average
(6.59)%
(7.05)%
4.60%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
38.0%
Education and Civic Organizations
17.9%
Tax Obligation/General
8.0%
Transportation
7.6%
Utilities
7.3%
U.S. Guaranteed
6.6%
Water and Sewer
5.4%
Health Care
5.1%
Other
4.1%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
23.5%
AA
44.9%
A
23.5%
BBB
2.5%
BB or Lower
4.3%
N/R
0.6%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
21

 
 

 
 
NNY
 
NYV
Shareholder Meeting Report
NNP
The annual meeting of shareholders was held in the offices of Nuveen Investments on April 3, 2013 for NNY, NYV, NNP, NAN and NXK. The annual meeting of shareholders was held in the offices of Nuveen Investments on August 7, 2013 for NRK; at these meetings the shareholders were asked to vote on the election of Board Members.

   
NNY
 
NYV
 
NNP
           
Common and
   
           
Preferred
   
           
shares voting
   
   
Common
 
Common
 
together
 
Preferred
   
shares
 
shares
 
as a class
 
shares
Approval of the Board Members was reached as follows:
               
John P. Amboian
               
For
 
 
 
12,685,418
 
Withhold
 
 
 
527,035
 
Total
 
 
 
13,212,453
 
Robert P. Bremner
               
For
 
 
 
12,673,193
 
Withhold
 
 
 
539,260
 
Total
 
 
 
13,212,453
 
Jack B. Evans
               
For
 
 
 
12,679,410
 
Withhold
 
 
 
533,043
 
Total
 
 
 
13,212,453
 
William C. Hunter
               
For
 
13,036,491
 
2,166,771
 
 
890
Withhold
 
204,516
 
69,913
 
 
Total
 
13,241,007
 
2,236,684
 
 
890
David J. Kundert
               
For
 
 
 
12,676,881
 
Withhold
 
 
 
535,572
 
Total
 
 
 
13,212,453
 
William J. Schneider
               
For
 
 
 
 
890
Withhold
 
 
 
 
Total
 
 
 
 
890
Judith M. Stockdale
               
For
 
13,058,389
 
2,166,771
 
12,642,259
 
Withhold
 
182,618
 
69,913
 
570,194
 
Total
 
13,241,007
 
2,236,684
 
13,212,453
 
Carole E. Stone
               
For
 
13,028,854
 
2,166,771
 
12,655,085
 
Withhold
 
212,153
 
69,913
 
557,368
 
Total
 
13,241,007
 
2,236,684
 
13,212,453
 
Virginia L. Stringer
               
For
 
13,063,958
 
2,175,485
 
12,661,549
 
Withhold
 
177,049
 
61,199
 
550,904
 
Total
 
13,241,007
 
2,236,684
 
13,212,453
 
Terence J. Toth
               
For
 
 
 
12,680,629
 
Withhold
 
 
 
531,824
 
Total
 
 
 
13,212,453
 

22
 
Nuveen Investments

 
 

 
 
NAN
NXK
NRK

   
NAN
 
NXK
 
NRK
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
Approval of the Board Members was reached as follows:
                       
John P. Amboian
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
Robert P. Bremner
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
Jack B. Evans
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
William C. Hunter
                       
For
 
 
5,194,052
 
 
3,557,474
 
 
1,623,654
Withhold
 
 
39,028
 
 
77,615
 
 
1,102,770
Total
 
 
5,233,080
 
 
3,635,089
 
 
2,726,424
David J. Kundert
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
William J. Schneider
                       
For
 
 
5,194,552
 
 
3,557,474
 
 
1,610,831
Withhold
 
 
38,528
 
 
77,615
 
 
1,115,593
Total
 
 
5,233,080
 
 
3,635,089
 
 
2,726,424
Judith M. Stockdale
                       
For
 
13,422,142
 
 
9,324,703
 
 
71,993,682
 
Withhold
 
311,716
 
 
375,208
 
 
5,603,028
 
Total
 
13,733,858
 
 
9,699,911
 
 
77,596,710
 
Carole E. Stone
                       
For
 
13,438,493
 
 
9,324,703
 
 
71,952,048
 
Withhold
 
295,365
 
 
375,208
 
 
5,644,662
 
Total
 
13,733,858
 
 
9,699,911
 
 
77,596,710
 
Virginia L. Stringer
                       
For
 
13,452,774
 
 
9,340,423
 
 
72,271,624
 
Withhold
 
281,084
 
 
359,488
 
 
5,325,086
 
Total
 
13,733,858
 
 
9,699,911
 
 
77,596,710
 
Terence J. Toth
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 

Nuveen Investments
 
23

 
 

 
 
Report of Independent Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders of
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Municipal Value Fund 2
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Dividend Advantage Municipal Fund
Nuveen New York Dividend Advantage Municipal Fund 2
Nuveen New York AMT-Free Municipal Income Fund
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund 2, Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, Nuveen New York Dividend Advantage Municipal Fund 2, and Nuveen New York AMT-Free Municipal Income Fund (the “Funds”), as of September 30, 2013, and the related statements of operations and cash flows (Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, Nuveen New York Dividend Advantage Municipal Fund 2, and Nuveen New York AMT-Free Municipal Income Fund only) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received.  We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund 2, Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, Nuveen New York Dividend Advantage Municipal Fund 2, and Nuveen New York AMT-Free Municipal Income Fund at September 30, 2013, and the results of their operations and their cash flows (Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund, Nuveen New York Dividend Advantage Municipal Fund 2, and Nuveen New York AMT-Free Municipal Income Fund only) for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
November 26, 2013
 
24
 
Nuveen Investments

 
 

 
 
NNY
 
 
Nuveen New York Municipal Value Fund, Inc.
 
Portfolio of Investments
 
September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 102.2% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 102.2% (100% of Total Investments)
             
     
Consumer Discretionary – 1.5% (1.5% of Total Investments)
             
$
275
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
262,141
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
BB
   
1,961,876
 
 
2,225
 
Total Consumer Discretionary
         
2,224,017
 
     
Consumer Staples – 1.8% (1.8% of Total Investments)
             
 
125
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
12/13 at 100.00
A3
   
117,053
 
 
1,090
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
11/13 at 100.00
A1
   
1,090,338
 
 
320
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
 
11/13 at 100.00
BBB+
   
305,354
 
 
75
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
11/13 at 100.00
A3
   
71,247
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
780
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
763,682
 
 
345
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
304,845
 
 
2,735
 
Total Consumer Staples
         
2,652,519
 
     
Education and Civic Organizations – 14.8% (14.5% of Total Investments)
             
 
275
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
275,259
 
 
415
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
BB+
   
349,293
 
 
1,350
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
1,416,258
 
 
750
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
BB
   
801,188
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
90,583
 
 
1,175
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,098,907
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
 
No Opt. Call
A
   
1,018,990
 
 
505
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
527,069
 
 
525
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
559,309
 
 
280
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Baa1
   
281,873
 
 
2,170
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Baa1
   
2,087,692
 
 
265
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
 
10/15 at 100.00
A
   
266,182
 

Nuveen Investments
 
25

 
 

 
 
NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
880
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB+
 
$
905,485
 
     
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011:
             
 
1,000
 
6.000%, 6/01/30
 
6/21 at 100.00
BBB+
   
1,062,970
 
 
1,000
 
6.000%, 6/01/34
 
6/21 at 100.00
BBB+
   
1,049,830
 
 
3,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
 
7/21 at 100.00
AA–
   
3,065,520
 
 
245
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
 
10/14 at 100.00
A–
   
246,034
 
 
260
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
239,923
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
1,500
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
1,324,635
 
 
1,175
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
976,872
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,610
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
1,475,324
 
 
800
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
A
   
772,864
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
172,088
 
 
1,345
 
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 – AGM Insured
 
1/21 at 100.00
A2
   
1,404,355
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
303,033
 
 
22,085
 
Total Education and Civic Organizations
         
21,771,536
 
     
Financials – 1.3% (1.2% of Total Investments)
             
 
400
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
424,292
 
 
1,305
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
1,424,525
 
 
1,705
 
Total Financials
         
1,848,817
 
     
Health Care – 10.7% (10.4% of Total Investments)
             
 
990
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.750%, 11/15/27
 
11/17 at 100.00
A–
   
1,057,855
 
 
1,005
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
2/15 at 100.00
A
   
1,017,341
 
 
995
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 2007, 4.650%, 8/15/27
 
2/17 at 100.00
N/R
   
1,004,234
 
 
700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
2/15 at 100.00
A
   
731,479
 
 
1,825
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Luke’s Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
 
8/15 at 100.00
N/R
   
1,832,519
 
 
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A2
   
376,299
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
1,060
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,100,757
 
 
890
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
888,799
 
 
2,350
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35
 
7/16 at 100.00
AA
   
2,359,400
 

26
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,350
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
AA–
 
$
1,405,296
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
2,261,889
 
 
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
11/13 at 100.00
BB
   
288,153
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
280
 
5.250%, 2/01/27
 
2/17 at 100.00
BBB–
   
271,216
 
 
260
 
5.500%, 2/01/32
 
2/17 at 100.00
BBB–
   
246,054
 
 
295
 
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
301,345
 
 
500
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
1/14 at 100.00
B+
   
500,305
 
 
15,240
 
Total Health Care
         
15,642,941
 
     
Housing/Multifamily – 1.8% (1.7% of Total Investments)
             
 
300
 
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
 
4/14 at 100.00
AA+
   
300,762
 
 
1,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009C-1, 5.500%, 11/01/34
 
5/19 at 100.00
AA
   
1,036,380
 
 
1,250
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009M, 5.150%, 11/01/45
 
5/19 at 100.00
AA
   
1,266,275
 
 
2,550
 
Total Housing/Multifamily
         
2,603,417
 
     
Housing/Single Family – 1.1% (1.1% of Total Investments)
             
 
950
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
 
4/15 at 100.00
Aa1
   
953,496
 
 
735
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
 
4/15 at 100.00
Aaa
   
742,754
 
 
1,685
 
Total Housing/Single Family
         
1,696,250
 
     
Long-Term Care – 3.3% (3.2% of Total Investments)
             
 
2,000
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 6.125%, 2/01/36
 
2/14 at 100.00
AAA
   
2,003,000
 
 
435
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
446,597
 
 
270
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
230,081
 
 
135
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
116,069
 
 
510
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
459,454
 
 
100
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
11/13 at 100.00
N/R
   
100,133
 
 
260
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
1/14 at 100.00
N/R
   
260,559
 
 
820
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18
 
7/16 at 101.00
N/R
   
778,467
 
 
235
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
216,073
 
 
225
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
206,879
 
 
4,990
 
Total Long-Term Care
         
4,817,312
 

Nuveen Investments
 
27

 
 

 

NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Materials – 0.2% (0.2% of Total Investments)
             
$
240
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
 
$
240,055
 
     
Tax Obligation/General – 7.9% (7.7% of Total Investments)
             
 
4,760
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/25
 
12/17 at 100.00
AA
   
5,432,826
 
 
1,100
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
 
8/19 at 100.00
AA
   
1,251,305
 
 
1,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
1,124,760
 
 
20
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
 
8/14 at 100.00
AA
   
20,857
 
 
625
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 – AGM Insured
 
No Opt. Call
AA
   
656,625
 
 
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
   
37,919
 
 
2,795
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
 
8/16 at 100.00
AA
   
3,061,336
 
 
10,335
 
Total Tax Obligation/General
         
11,585,628
 
     
Tax Obligation/Limited – 27.4% (26.8% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
 
11/13 at 100.00
AAA
   
1,004,330
 
 
395
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
 
7/15 at 100.00
AA–
   
423,555
 
     
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–
   
1,122,710
 
 
1,400
 
6.000%, 7/01/20
 
No Opt. Call
AA–
   
1,677,074
 
 
6,290
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37
 
No Opt. Call
AAA
   
6,569,580
 
 
15
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
 
3/15 at 100.00
AAA
   
15,897
 
 
1,500
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
 
11/19 at 100.00
AA
   
1,564,965
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
1/15 at 100.00
A–
   
549,226
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
740
 
5.000%, 10/15/25 – NPFG Insured
 
10/14 at 100.00
AAA
   
773,944
 
 
550
 
5.000%, 10/15/26 – NPFG Insured
 
10/14 at 100.00
AAA
   
574,640
 
 
1,890
 
5.000%, 10/15/29 – AMBAC Insured
 
10/14 at 100.00
AAA
   
1,961,669
 
 
1,200
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA–
   
1,279,488
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
 
1/19 at 100.00
AA–
   
1,621,125
 
 
2,000
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2013S-1, 5.000%, 7/15/31
 
No Opt. Call
AA–
   
2,148,440
 
 
25
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23
 
11/13 at 100.00
AAA
   
25,099
 
 
1,530
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
 
11/17 at 100.00
AAA
   
1,686,213
 
 
2,100
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
2,309,664
 
 
840
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
 
9/15 at 100.00
AAA
   
868,014
 
 
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA
   
1,084,120
 

28
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,175
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA
 
$
1,269,975
 
 
2,450
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA
   
2,954,700
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C:
             
 
1,800
 
5.250%, 6/01/20 – AMBAC Insured
 
11/13 at 100.00
AA–
   
1,813,212
 
 
2,000
 
5.250%, 6/01/22 – AMBAC Insured
 
11/13 at 100.00
AA–
   
2,006,020
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
 
11/13 at 100.00
AA–
   
1,004,440
 
 
600
 
New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21
 
No Opt. Call
AA–
   
736,392
 
 
5,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
 
8/29 at 100.00
A+
   
3,107,610
 
 
40,060
 
Total Tax Obligation/Limited
         
40,152,102
 
     
Transportation – 11.2% (11.0% of Total Investments)
             
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
 
11/17 at 100.00
A
   
2,565,375
 
 
3,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
 
11/17 at 100.00
A
   
3,098,520
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
629,850
 
 
1,100
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
12/13 at 100.00
BB
   
962,423
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/14 at 100.00
N/R
   
1,078,100
 
 
700
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
752,556
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006, 5.125%, 5/15/30 (Alternative Minimum Tax)
 
11/13 at 100.00
B
   
858,690
 
 
660
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
664,785
 
 
165
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
 
1/15 at 100.00
A+
   
170,828
 
 
400
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
 
7/15 at 100.00
AA–
   
417,840
 
 
500
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
 
4/14 at 100.00
A
   
503,740
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
1,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
1,058,270
 
 
435
 
5.000%, 12/01/31 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
456,981
 
 
325
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA–
   
411,892
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
225
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
236,365
 
 
1,160
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,253,728
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E:
             
 
780
 
5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
A+
   
943,301
 
 
335
 
5.250%, 11/15/22 – NPFG Insured
 
11/13 at 100.00
A+
   
336,417
 
 
16,785
 
Total Transportation
         
16,399,661
 

Nuveen Investments
 
29

 
 

 

NNY
Nuveen New York Municipal Value Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 6.2% (6.1% of Total Investments) (6)
             
$
1,260
 
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
 
No Opt. Call
Aaa
 
$
1,400,956
 
 
260
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (6)
   
277,833
 
 
25
 
Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)
 
4/14 at 106.27
Baa1 (6)
   
25,725
 
 
200
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
 
5/14 at 100.00
AA– (6)
   
206,496
 
 
960
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
 
11/13 at 100.00
N/R (6)
   
1,002,115
 
 
1,690
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (6)
   
1,825,792
 
 
730
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 (Pre-refunded 8/15/14)
 
8/14 at 100.00
Aa2 (6)
   
762,281
 
 
375
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/19 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
Aa2 (6)
   
394,526
 
 
1,965
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
 
9/15 at 100.00
N/R (6)
   
2,140,082
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 (Pre-refunded 3/15/14)
 
3/14 at 100.00
AA– (6)
   
1,021,980
 
 
8,465
 
Total U.S. Guaranteed
         
9,057,786
 
     
Utilities – 7.6% (7.5% of Total Investments)
             
 
1,000
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
1,014,410
 
 
90
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
86,494
 
     
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
   
1,615,050
 
 
1,500
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
A
   
1,619,115
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
251,173
 
 
1,510
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.700%, 4/01/30
 
4/19 at 100.00
A–
   
1,640,796
 
 
400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
404,768
 
 
1,250
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
 
No Opt. Call
A–
   
1,270,638
 
 
1,000
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
11/13 at 100.00
A–
   
1,002,680
 
 
2,025
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
1,719,245
 
 
25
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa2
   
27,351
 
 
575
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
1/14 at 100.00
N/R
   
541,518
 
 
11,125
 
Total Utilities
         
11,193,238
 

30
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 5.4% (5.3% of Total Investments)
             
$
2,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40
 
No Opt. Call
AAA
 
$
2,220,920
 
 
4,440
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
4,590,649
 
 
1,000
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
 
2/22 at 100.00
AAA
   
1,048,750
 
 
7,440
 
Total Water and Sewer
         
7,860,319
 
$
147,665
 
Total Long-Term Investments (cost $147,989,971)
         
149,745,598
 
     
Floating Rate Obligations – (2.2)%
         
(3,255,000
)
     
Other Assets Less Liabilities – 0.0%
         
31,668
 
     
Net Assets – 100%
       
$
146,522,266
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

 Nuveen Investments
 
31

 
 

 

NYV
 
  Nuveen New York Municipal Value Fund 2
 
Portfolio of Investments
 
September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 98.1% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 98.1% (100% of Total Investments)
             
     
Consumer Staples – 4.0% (4.0% of Total Investments)
             
$
1,350
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
 
No Opt. Call
Baa1
 
$
1,415,138
 
     
Education and Civic Organizations – 10.0% (10.2% of Total Investments)
             
 
1,200
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
BB+
   
1,010,004
 
 
380
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19
 
No Opt. Call
BB
   
398,286
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2007, 5.000%, 7/01/37
 
7/17 at 100.00
Aa2
   
1,037,820
 
 
65
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
59,981
 
 
4,895
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured
 
No Opt. Call
AA–
   
1,060,159
 
 
7,540
 
Total Education and Civic Organizations
         
3,566,250
 
     
Financials – 0.9% (0.9% of Total Investments)
             
 
300
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
318,219
 
     
Health Care – 21.0% (21.4% of Total Investments)
             
 
290
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.000%, 11/15/25
 
11/20 at 100.00
A–
   
326,929
 
 
700
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
 
8/16 at 100.00
A3
   
728,469
 
 
50
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A2
   
53,757
 
 
1,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/27 – RAAI Insured
 
1/14 at 100.00
A3
   
1,000,300
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
285
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
295,958
 
 
210
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
209,717
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34
 
11/16 at 100.00
A3
   
1,510,365
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37
 
5/19 at 100.00
A–
   
1,566,150
 
 
1,010
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
 
7/17 at 100.00
A–
   
1,033,866
 
 
725
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
A
   
749,766
 
 
7,270
 
Total Health Care
         
7,475,277
 

32
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Multifamily – 13.4% (13.6% of Total Investments)
             
$
1,500
 
New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax)
 
11/15 at 100.00
AA+
 
$
1,501,485
 
 
1,800
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax)
 
11/14 at 100.00
AA
   
1,805,706
 
 
1,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41
 
5/19 at 100.00
Aa2
   
1,012,980
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
452,412
 
 
4,750
 
Total Housing/Multifamily
         
4,772,583
 
     
Long-Term Care – 0.3% (0.3% of Total Investments)
             
 
125
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
112,611
 
     
Tax Obligation/General – 5.8% (5.9% of Total Investments)
             
 
1,500
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36
 
5/19 at 100.00
AA
   
1,623,720
 
 
400
 
Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/24 – AGM Insured
 
10/21 at 100.00
AA–
   
437,252
 
 
1,900
 
Total Tax Obligation/General
         
2,060,972
 
     
Tax Obligation/Limited – 28.0% (28.5% of Total Investments)
             
 
1,200
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38
 
3/19 at 100.00
AAA
   
1,241,052
 
 
1,200
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
 
12/19 at 100.00
BBB+
   
1,254,300
 
 
1,710
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
1,715,914
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
750
 
5.000%, 10/15/26 – AGM Insured
 
10/14 at 100.00
AAA
   
780,315
 
 
1,000
 
5.000%, 10/15/32 – AGM Insured
 
10/14 at 100.00
AAA
   
1,034,500
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
 
1/19 at 100.00
AA–
   
1,621,125
 
 
25
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
27,634
 
 
1,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.211%, 3/15/37 (IF) (4)
 
3/17 at 100.00
AAA
   
1,069,670
 
 
1,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
A+
   
1,223,745
 
 
9,885
 
Total Tax Obligation/Limited
         
9,968,255
 
     
Transportation – 10.3% (10.5% of Total Investments)
             
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
             
 
350
 
7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
N/R
   
362,912
 
 
500
 
7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
555,480
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5)
 
10/17 at 100.00
N/R
   
839,800
 
 
155
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
156,124
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
180
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
189,092
 
 
140
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
151,312
 
 
1,325
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33
 
5/18 at 100.00
AA–
   
1,406,514
 
 
4,650
 
Total Transportation
         
3,661,234
 

Nuveen Investments
 
33

 
 

 

NYV
Nuveen New York Municipal Value Fund 2 (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 0.6% (0.7% of Total Investments) (6)
             
$
225
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)
 
2/14 at 100.00
A+ (6)
 
$
230,504
 
     
Utilities – 1.2% (1.3% of Total Investments)
             
 
25
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
24,026
 
 
505
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
428,750
 
 
530
 
Total Utilities
         
452,776
 
     
Water and Sewer – 2.6% (2.7% of Total Investments)
             
 
900
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
930,537
 
$
39,425
 
Total Long-Term Investments (cost $32,756,458)
         
34,964,356
 
     
Other Assets Less Liabilities – 1.9% (7)
         
665,409
 
     
Net Assets – 100%
       
$
35,629,765
 

Investments in Derivatives as of September 30, 2013

Swaps outstanding:
                           
Counterparty
 
Notional
Amount
 
Fund
Pay/Receive
Floating Rate
Floating Rate
Index
 
Fixed Rate
(Annualized
Fixed Rate
Payment
Frequency
Effective
Date (8)
Termination
Date
 
Unrealized
Appreciation
(Depreciation) (7)
 
Barclays Bank PLC
  $ 2,750,000  
Receive
3-Month USD-LIBOR
    3.190 %
Semi-Annually
4/30/14
4/30/34
  $ 182,941  

(1)
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(8)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.
(IF)
Inverse floating rate investment.
USD-LIBOR
United States Dollar-London Inter-Bank Offered Rate.
 
 See accompanying notes to financial statements.

34
 
Nuveen Investments

 
 

 
 
NNP
 
 
Nuveen New York Performance Plus Municipal Fund, Inc.
 
Portfolio of Investments
 
September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 152.3% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 152.3% (100% of Total Investments)
             
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
             
$
685
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
652,969
 
     
Consumer Staples – 2.3% (1.5% of Total Investments)
             
 
260
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
12/13 at 100.00
A3
   
243,469
 
 
725
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
11/13 at 100.00
A1
   
725,225
 
 
180
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
11/13 at 100.00
A3
   
170,993
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
2,055
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
2,012,009
 
 
930
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
821,757
 
 
500
 
5.000%, 6/01/34
 
6/16 at 100.00
B
   
387,030
 
 
1,050
 
5.125%, 6/01/42
 
6/16 at 100.00
B
   
792,204
 
 
5,700
 
Total Consumer Staples
         
5,152,687
 
     
Education and Civic Organizations – 23.6% (15.5% of Total Investments)
             
 
655
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
655,616
 
 
925
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
BB+
   
778,545
 
 
1,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43
 
1/20 at 100.00
BBB–
   
1,055,690
 
 
1,630
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
BB
   
1,741,248
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
90,583
 
 
2,815
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
2,632,701
 
 
2,120
 
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 – AMBAC Insured
 
No Opt. Call
AA–
   
2,552,310
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
 
No Opt. Call
A
   
1,054,940
 
 
1,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
1,268,096
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
1,040,180
 
 
2,615
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
2,893,314
 
 
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
   
2,655,675
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
 
7/19 at 100.00
Baa2
   
2,122,659
 
 
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
932,181
 
 
5,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
AA–
   
5,385,550
 

Nuveen Investments
 
35

 
 

 
 
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
290
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.000%, 7/01/39
 
7/19 at 100.00
AA–
 
$
299,379
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
2,125,960
 
 
640
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Baa1
   
644,282
 
 
925
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36
 
8/17 at 100.00
Baa1
   
837,828
 
 
3,880
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Baa1
   
3,732,832
 
 
635
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
 
10/15 at 100.00
A
   
637,832
 
 
1,885
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB+
   
1,939,590
 
 
1,260
 
Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University Project, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
AA
   
1,314,142
 
 
580
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
 
10/14 at 100.00
A–
   
582,448
 
 
560
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
516,757
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
2,515
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
2,220,971
 
 
2,300
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
1,912,174
 
 
400
 
5.000%, 1/01/46 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
345,988
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
3,855
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
3,532,529
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
A
   
966,080
 
 
420
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
425,158
 
 
1,750
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.000%, 9/01/41
 
3/22 at 100.00
A3
   
1,753,500
 
 
1,425
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
1,439,407
 
 
660
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
 
6/19 at 100.00
BBB
   
696,841
 
 
52,520
 
Total Education and Civic Organizations
         
52,782,986
 
     
Financials – 2.9% (1.9% of Total Investments)
             
 
4,380
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
4,645,997
 
 
1,740
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
1,899,367
 
 
6,120
 
Total Financials
         
6,545,364
 
     
Health Care – 16.4% (10.8% of Total Investments)
             
 
1,000
 
Dormitory Authority of the State of New York , Revenue Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36
 
7/17 at 100.00
A–
   
1,007,920
 
 
1,235
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
2/15 at 100.00
A
   
1,250,166
 
 
1,700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
2/15 at 100.00
A
   
1,776,449
 
 
8,500
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Luke’s Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
 
8/15 at 100.00
N/R
   
8,535,020
 
 
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A2
   
376,299
 

36
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
$
2,210
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
 
$
2,294,975
 
 
1,875
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
1,872,469
 
 
5,590
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
5,612,360
 
 
2,475
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
AA–
   
2,576,376
 
 
1,800
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
 
11/16 at 100.00
A3
   
1,812,438
 
 
3,750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
4,039,088
 
 
500
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/30
 
7/20 at 100.00
A–
   
540,085
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
710
 
5.250%, 2/01/27
 
2/17 at 100.00
BBB–
   
687,727
 
 
625
 
5.500%, 2/01/32
 
2/17 at 100.00
BBB–
   
591,475
 
 
2,730
 
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
2,788,722
 
 
1,100
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
1/14 at 100.00
B+
   
1,100,671
 
 
36,150
 
Total Health Care
         
36,862,240
 
     
Housing/Multifamily – 3.5% (2.2% of Total Investments)
             
 
5
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)
 
11/13 at 100.00
AA
   
5,025
 
 
1,500
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
 
5/14 at 100.00
AA
   
1,532,640
 
 
345
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA
   
346,908
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
2,026,260
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2010A, 5.000%, 11/01/42
 
5/20 at 100.00
Aa2
   
2,017,780
 
 
690
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
694,961
 
 
1,100
 
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
 
2/14 at 100.00
Aa1
   
1,102,057
 
 
7,640
 
Total Housing/Multifamily
         
7,725,631
 
     
Housing/Single Family – 1.7% (1.1% of Total Investments)
             
 
2,295
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
 
4/15 at 100.00
Aa1
   
2,303,446
 
 
1,460
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
 
4/15 at 100.00
Aaa
   
1,475,403
 
 
3,755
 
Total Housing/Single Family
         
3,778,849
 
     
Long-Term Care – 3.7% (2.4% of Total Investments)
             
 
1,070
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
1,098,526
 
 
645
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
549,637
 
     
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
   
45,511
 
 
425
 
5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
365,402
 

Nuveen Investments
 
37

 
 

 

NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care (continued)
             
$
1,615
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
 
$
1,441,194
 
 
1,095
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
986,475
 
 
205
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
11/13 at 100.00
N/R
   
205,273
 
 
655
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
1/14 at 100.00
N/R
   
656,408
 
     
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
   
1,865,473
 
 
755
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
694,192
 
 
340
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
312,616
 
 
8,820
 
Total Long-Term Care
         
8,220,707
 
     
Materials – 0.3% (0.2% of Total Investments)
             
 
575
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
   
575,132
 
     
Tax Obligation/General – 14.6% (9.6% of Total Investments)
             
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/26 (UB)
 
12/17 at 100.00
AA
   
11,332,600
 
 
400
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
 
8/19 at 100.00
AA
   
438,972
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
3,374,280
 
 
50
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
   
54,170
 
 
6,400
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
 
6/16 at 100.00
AA
   
6,962,304
 
 
1,800
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
 
8/14 at 100.00
AA
   
1,877,148
 
 
1,915
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
2,087,905
 
 
2,500
 
New York City, New York, General Obligation Bonds, Series 2004E, 5.000%, 11/01/19 – AGM Insured (UB)
 
11/14 at 100.00
AA
   
2,626,500
 
 
3,125
 
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.305%, 3/01/21 (IF) (4)
 
No Opt. Call
AA
   
4,067,125
 
 
29,190
 
Total Tax Obligation/General
         
32,821,004
 
     
Tax Obligation/Limited – 41.8% (27.5% of Total Investments)
             
 
2,400
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.000%, 11/01/23
 
11/13 at 100.00
AAA
   
2,409,792
 
 
155
 
Dormitory Authority of the State of New York, Consolidated Revenue Bonds, City University System, Series 1993B, 6.000%, 7/01/14 – AGM Insured
 
No Opt. Call
AA–
   
160,789
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 – FGIC Insured
 
2/15 at 100.00
AA–
   
1,054,230
 
 
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 – FGIC Insured
 
No Opt. Call
AA–
   
2,824,800
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
             
 
1,000
 
5.000%, 3/15/34
 
No Opt. Call
AAA
   
1,056,000
 
 
4,500
 
5.000%, 3/15/41
 
3/21 at 100.00
AAA
   
4,670,010
 
 
35
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
 
3/15 at 100.00
AAA
   
37,093
 

38
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,700
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
 
$
2,861,757
 
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
501,730
 
 
2,175
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18
 
No Opt. Call
AA–
   
2,583,248
 
 
1,680
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
1/15 at 100.00
A–
   
1,647,677
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
2,670
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
2,792,473
 
 
2,125
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
2,220,200
 
 
2,475
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
 
10/14 at 100.00
AAA
   
2,568,852
 
 
3,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA–
   
3,305,344
 
 
1,870
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2013S-1, 5.000%, 7/15/31
 
No Opt. Call
AA–
   
2,008,791
 
 
1,915
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
2,007,973
 
 
45
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
 
11/13 at 100.00
AAA
   
45,178
 
 
3,640
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
 
11/17 at 100.00
AAA
   
4,011,644
 
 
1,570
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
1,725,901
 
 
2,400
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3545, 13.883%, 5/01/32 (IF)
 
5/19 at 100.00
AAA
   
2,672,856
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
2,763,400
 
 
2,800
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subseries 2011D-1, 5.000%, 2/01/28
 
No Opt. Call
AAA
   
3,060,064
 
 
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
1,097,590
 
 
5,000
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
5,499,200
 
 
2,030
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
 
9/15 at 100.00
AAA
   
2,097,701
 
 
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA
   
1,084,120
 
 
2,800
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA
   
3,026,324
 
 
5,600
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA
   
6,753,600
 
 
1,600
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
1,730,432
 
 
6,700
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 – AMBAC Insured
 
11/13 at 100.00
AA–
   
6,749,176
 
 
3,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
 
11/13 at 100.00
AA–
   
3,013,320
 
 
1,045
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured
 
3/15 at 100.00
AAA
   
1,088,211
 
 
1,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
 
8/26 at 100.00
A+
   
744,700
 

Nuveen Investments
 
39

 
 

 
 
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
             
$
9,000
 
0.000%, 8/01/33
 
8/29 at 100.00
A+
 
$
5,085,180
 
 
1,950
 
5.500%, 8/01/42
 
2/20 at 100.00
A+
   
1,531,725
 
 
21,400
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
AA–
   
3,997,734
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
   
1,265,200
 
 
118,880
 
Total Tax Obligation/Limited
         
93,754,015
 
     
Transportation – 10.7% (7.0% of Total Investments)
             
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
 
11/20 at 100.00
A
   
2,060,280
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (8)
 
10/17 at 102.00
N/R
   
839,800
 
 
1,985
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
12/13 at 100.00
BB
   
1,736,736
 
 
1,550
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
1,666,374
 
 
1,420
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
1,430,295
 
 
215
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
 
1/15 at 100.00
A+
   
222,594
 
 
1,100
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
 
7/15 at 100.00
AA–
   
1,149,060
 
 
1,000
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
 
4/14 at 100.00
A
   
1,007,480
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
2,300
 
5.000%, 12/01/28 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
2,434,021
 
 
1,080
 
5.000%, 12/01/31 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
1,134,572
 
 
770
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA–
   
975,867
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
   
1,023,850
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
520
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
546,265
 
 
2,500
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
2,702,000
 
 
2,040
 
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (5)
 
12/13 at 100.00
N/R
   
2,162,380
 
 
995
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.250%, 11/15/22 – NPFG Insured
 
11/13 at 100.00
A+
   
999,209
 
 
1,750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.211%, 5/15/16 (IF)
 
No Opt. Call
AA–
   
1,965,880
 
 
24,225
 
Total Transportation
         
24,056,663
 

40
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 11.9% (7.8% of Total Investments) (6)
             
$
655
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (6)
 
$
699,926
 
 
5,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (6)
   
5,414,800
 
 
4,530
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue, Bonds New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured (UB) (4)
 
7/15 at 100.00
AA+ (6)
   
4,893,986
 
 
2,950
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
 
9/15 at 100.00
N/R (6)
   
3,212,845
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 (Pre-refunded 3/15/14)
 
3/14 at 100.00
AA– (6)
   
1,021,980
 
 
255
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (6)
   
272,490
 
 
1,600
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
 
No Opt. Call
AA+ (6)
   
1,888,496
 
 
7,500
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22)
 
1/22 at 100.00
AA+ (6)
   
9,208,950
 
 
23,490
 
Total U.S. Guaranteed
         
26,613,473
 
     
Utilities – 10.3% (6.8% of Total Investments)
             
 
2,200
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
2,231,702
 
 
185
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
177,792
 
     
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
   
3,337,770
 
 
3,100
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
A
   
3,346,171
 
 
3,380
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
3,420,290
 
 
2,300
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
11/13 at 100.00
A–
   
2,306,164
 
 
4,270
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
3,625,273
 
 
820
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa2
   
897,096
 
 
4,000
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
1/14 at 100.00
N/R
   
3,767,080
 
 
23,355
 
Total Utilities
         
23,109,338
 
     
Water and Sewer – 8.3% (5.5% of Total Investments)
             
 
1,995
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
Ba2
   
1,916,257
 
 
3,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
 
6/19 at 100.00
AA+
   
3,342,480
 
 
9,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
9,305,370
 

Nuveen Investments
 
41

 
 

 
 
NNP
Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
3,840
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
 
4/20 at 100.00
AAA
 
$
4,093,171
 
 
17,835
 
Total Water and Sewer
         
18,657,278
 
$
358,940
 
Total Long-Term Investments (cost $338,562,400)
         
341,308,336
 
     
Floating Rate Obligations – (15.5)%
         
(34,645,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.7)% (7)
         
(89,000,000
)
     
Other Assets Less Liabilities – 2.9%
         
6,503,283
 
     
Net Assets Applicable to Common Shares – 100%
       
$
224,166,619
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.1%.
(8)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

42
 
Nuveen Investments

 
 

 

NAN
 
 
Nuveen New York Dividend Advantage Municipal Fund
 
Portfolio of Investments
 
September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 154.4% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 154.4% (100% of Total Investments)
             
     
Consumer Discretionary – 3.2% (2.1% of Total Investments)
             
$
950
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
905,578
 
 
3,350
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
BB
   
3,370,402
 
 
4,300
 
Total Consumer Discretionary
         
4,275,980
 
     
Consumer Staples – 2.9% (1.9% of Total Investments)
             
 
175
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
12/13 at 100.00
A3
   
163,874
 
 
640
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
 
11/13 at 100.00
BBB+
   
610,707
 
 
105
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
11/13 at 100.00
A3
   
99,746
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
690
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
675,565
 
 
2,625
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
2,319,476
 
 
4,235
 
Total Consumer Staples
         
3,869,368
 
     
Education and Civic Organizations – 17.7% (11.4% of Total Investments)
             
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
380,357
 
 
550
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
BB+
   
462,919
 
 
1,725
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
1,809,663
 
 
965
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
BB
   
1,030,861
 
 
120
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
120,778
 
 
1,635
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,529,117
 
 
705
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
735,809
 
 
1,300
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
1,438,359
 
 
700
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
745,745
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
1,062,980
 
 
680
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Baa1
   
684,549
 
 
1,630
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36
 
8/17 at 100.00
Baa1
   
1,476,389
 
 
1,300
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Baa1
   
1,250,691
 

Nuveen Investments
 
43

 
 

 
 
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013

 
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, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
 
10/15 at 100.00
A
 
$
371,650
 
 
250
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39
 
2/19 at 100.00
A
   
257,953
 
 
1,085
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB+
   
1,116,422
 
 
330
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
 
10/14 at 100.00
A–
   
331,393
 
 
335
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
309,131
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
160
 
5.000%, 1/01/36 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
143,640
 
 
1,000
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
883,090
 
 
1,630
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
1,355,149
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
2,240
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
2,052,624
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
A
   
966,080
 
 
1,000
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
 
1/21 at 100.00
A
   
1,031,830
 
 
245
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
248,009
 
 
1,050
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.250%, 9/01/33
 
3/22 at 100.00
A3
   
1,102,395
 
 
535
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
540,409
 
 
23,920
 
Total Education and Civic Organizations
         
23,437,992
 
     
Financials – 3.0% (1.9% of Total Investments)
             
 
1,945
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
2,063,120
 
 
1,740
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
1,899,367
 
 
3,685
 
Total Financials
         
3,962,487
 
     
Health Care – 19.3% (12.5% of Total Investments)
             
 
795
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Memorial Hospital of William F. and Gertrude F. Jones Inc., Series 1999, 5.250%, 8/01/19 – NPFG Insured
 
2/14 at 100.00
A
   
797,846
 
 
625
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
2/15 at 100.00
A
   
632,675
 
 
3,600
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Luke’s Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
 
8/15 at 100.00
N/R
   
3,614,832
 
 
200
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
 
7/20 at 100.00
A2
   
205,772
 
     
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997:
             
 
1,235
 
5.500%, 7/01/17 – RAAI Insured
 
1/14 at 100.00
A3
   
1,237,816
 
 
2,000
 
5.500%, 7/01/27 – RAAI Insured
 
1/14 at 100.00
A3
   
2,000,600
 
 
1,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
 
5/21 at 100.00
A–
   
1,007,170
 

44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
 
11/16 at 100.00
A3
 
$
1,006,910
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
1,480
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,536,906
 
 
650
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
649,123
 
 
3,160
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
3,172,640
 
 
1,195
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
AA–
   
1,243,947
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
 
7/17 at 100.00
A–
   
2,047,260
 
 
750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
807,818
 
 
420
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
11/13 at 100.00
BB
   
417,325
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
410
 
5.250%, 2/01/27
 
2/17 at 100.00
BBB–
   
397,138
 
 
360
 
5.500%, 2/01/32
 
2/17 at 100.00
BBB–
   
340,690
 
 
715
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
 
2/21 at 100.00
Aa2
   
767,738
 
 
470
 
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
480,110
 
 
2,345
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39
 
2/14 at 100.00
N/R
   
2,327,319
 
 
950
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
1/14 at 100.00
B+
   
950,580
 
 
25,360
 
Total Health Care
         
25,642,215
 
     
Housing/Multifamily – 4.9% (3.2% of Total Investments)
             
 
400
 
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40
 
5/20 at 100.00
AA–
   
408,760
 
 
750
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
 
5/14 at 100.00
AA
   
766,320
 
 
4,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36
 
5/19 at 100.00
AA
   
3,987,800
 
 
290
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA
   
291,604
 
 
600
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
603,216
 
 
405
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
407,912
 
 
6,445
 
Total Housing/Multifamily
         
6,465,612
 
     
Housing/Single Family – 2.1% (1.4% of Total Investments)
             
 
645
 
Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
 
No Opt. Call
N/R
   
684,990
 
 
1,350
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
 
4/15 at 100.00
Aa1
   
1,354,968
 
 
740
 
New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)
 
4/15 at 100.00
Aaa
   
747,807
 
 
2,735
 
Total Housing/Single Family
         
2,787,765
 

Nuveen Investments
 
45

 
 

 

NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care – 5.1% (3.3% of Total Investments)
             
$
2,000
 
Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, Gurwin Jewish Geriatric Center of Long Island, Series 2005A, 4.900%, 2/15/41
 
2/15 at 100.00
AA
 
$
1,983,500
 
 
585
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
600,596
 
 
375
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
319,556
 
 
250
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
214,943
 
 
960
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
   
856,685
 
 
655
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
590,083
 
 
100
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
11/13 at 100.00
N/R
   
100,133
 
 
365
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
1/14 at 100.00
N/R
   
365,785
 
     
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
   
1,082,259
 
 
635
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
583,857
 
 
140
 
Yonkers Industrial Development Agency, New York, FHA-Insured Mortgage Revenue Bonds, Michael Malotz Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 – NPFG Insured
 
2/14 at 100.00
A
   
140,155
 
 
7,205
 
Total Long-Term Care
         
6,837,552
 
     
Materials – 0.2% (0.2% of Total Investments)
             
 
330
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
   
330,076
 
     
Tax Obligation/General – 17.3% (11.2% of Total Investments)
             
 
6,590
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
 
12/17 at 100.00
AA
   
7,521,497
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
 
8/19 at 100.00
AA
   
2,275,100
 
 
980
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32
 
8/22 at 100.00
AA
   
1,045,523
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
2,249,520
 
 
3,700
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
 
8/16 at 100.00
AA
   
4,052,573
 
 
1,000
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
 
8/14 at 100.00
AA
   
1,042,860
 
 
1,025
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
1,117,547
 
 
1,525
 
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.305%, 3/01/21 (IF) (4)
 
No Opt. Call
AA
   
1,984,757
 
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
 
720
 
5.250%, 10/01/18 – NPFG Insured
 
No Opt. Call
Aa3
   
840,773
 
 
720
 
5.250%, 10/01/19 – NPFG Insured
 
No Opt. Call
Aa3
   
847,397
 
 
20,260
 
Total Tax Obligation/General
         
22,977,547
 
     
Tax Obligation/Limited – 39.8% (25.7% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
 
11/13 at 100.00
AAA
   
1,004,330
 
 
590
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
 
7/15 at 100.00
AA–
   
632,651
 
 
1,850
 
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
 
2/14 at 100.00
AA–
   
1,857,733
 
 
3,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
 
3/21 at 100.00
AAA
   
3,113,340
 

46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
10
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
 
3/15 at 100.00
AAA
 
$
10,598
 
 
1,130
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
1/15 at 100.00
A–
   
1,108,259
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
1,100
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
1,150,457
 
 
810
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
846,288
 
 
2,375
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
 
10/14 at 100.00
AAA
   
2,465,060
 
 
2,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA–
   
2,239,104
 
 
1,025
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
1,074,764
 
 
30
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
 
11/13 at 100.00
AAA
   
30,119
 
 
2,115
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
 
11/17 at 100.00
AAA
   
2,330,942
 
 
840
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
923,412
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
2,763,400
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subseries 2011D-1:
             
 
1,000
 
5.250%, 2/01/30
 
2/21 at 100.00
AAA
   
1,108,220
 
 
2,000
 
5.000%, 2/01/35
 
2/21 at 100.00
AAA
   
2,105,160
 
 
4,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
4,390,353
 
 
2,920
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
 
12/17 at 100.00
AAA
   
3,252,909
 
 
1,190
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
 
9/15 at 100.00
AAA
   
1,229,687
 
 
1,000
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA
   
1,084,120
 
 
1,625
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA
   
1,756,349
 
 
3,400
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA
   
4,100,400
 
 
510
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
551,575
 
     
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
 
11/13 at 100.00
AA–
   
4,029,360
 
 
2,000
 
5.250%, 6/01/22 – AMBAC Insured
 
11/13 at 100.00
AA–
   
2,006,020
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
 
11/13 at 100.00
AA–
   
1,004,440
 
 
1,330
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.211%, 3/15/37 (IF) (4)
 
3/17 at 100.00
AAA
   
1,422,661
 
 
1,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
 
8/26 at 100.00
A+
   
744,700
 
 
3,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
 
8/29 at 100.00
A+
   
1,695,060
 

Nuveen Investments
 
47

 
 

 
 
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
4,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
AA–
 
$
747,240
 
 
54,450
 
Total Tax Obligation/Limited
         
52,778,711
 
     
Transportation – 18.5% (12.0% of Total Investments)
             
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured
 
11/13 at 100.00
AA–
   
2,010,880
 
 
3,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
 
11/17 at 100.00
A
   
3,078,450
 
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D:
             
 
1,000
 
5.000%, 11/15/34
 
11/20 at 100.00
A
   
1,030,140
 
 
1,560
 
5.250%, 11/15/40
 
11/20 at 100.00
A
   
1,607,549
 
 
1,750
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
1,944,180
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
             
 
200
 
5.750%, 10/01/37 (5)
 
10/17 at 100.00
N/R
   
83,980
 
 
2,000
 
5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
839,800
 
 
975
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
12/13 at 100.00
BB
   
853,057
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/14 at 100.00
N/R
   
1,078,100
 
 
900
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
967,572
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
365
 
5.000%, 5/15/20 (Alternative Minimum Tax)
 
11/13 at 100.00
B
   
354,368
 
 
1,000
 
5.125%, 5/15/30 (Alternative Minimum Tax)
 
11/13 at 100.00
B
   
858,690
 
 
845
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
851,126
 
 
160
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
 
1/15 at 100.00
A+
   
165,651
 
 
700
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
 
7/15 at 100.00
AA–
   
731,220
 
 
500
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
 
4/14 at 100.00
A
   
503,740
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
1,300
 
5.000%, 12/01/28 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
1,375,751
 
 
615
 
5.000%, 12/01/31 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
646,076
 
 
440
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA–
   
557,638
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
   
2,047,700
 

48
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
$
290
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
 
$
304,648
 
 
1,470
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,588,776
 
 
1,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.211%, 5/15/16 (IF)
 
No Opt. Call
AA–
   
1,123,360
 
 
25,070
 
Total Transportation
         
24,602,452
 
     
U.S. Guaranteed – 3.9% (2.5% of Total Investments) (6)
             
 
175
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (6)
   
187,003
 
 
550
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
 
5/14 at 100.00
AA– (6)
   
567,864
 
 
535
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
 
11/13 at 100.00
N/R (6)
   
558,470
 
 
2,585
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue, Bonds New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured (UB) (4)
 
7/15 at 100.00
AA+ (6)
   
2,792,705
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 (Pre-refunded 3/15/14)
 
3/14 at 100.00
AA– (6)
   
1,021,980
 
 
4,845
 
Total U.S. Guaranteed
         
5,128,022
 
     
Utilities – 10.1% (6.6% of Total Investments)
             
 
1,300
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
1,318,733
 
 
110
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
105,714
 
     
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
   
2,691,750
 
 
500
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
A
   
539,705
 
 
3,885
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
3,931,309
 
 
1,250
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
 
No Opt. Call
A–
   
1,270,638
 
 
1,400
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
11/13 at 100.00
A–
   
1,403,752
 
 
2,575
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
2,186,201
 
 
13,520
 
Total Utilities
         
13,447,802
 
     
Water and Sewer – 6.4% (4.1% of Total Investments)
             
 
1,185
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
Ba2
   
1,138,228
 
 
2,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
 
6/19 at 100.00
AA+
   
2,228,320
 

Nuveen Investments
 
49

 
 

 
 
NAN
Nuveen New York Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
 
6/21 at 100.00
AAA
 
$
5,132,546
 
 
8,060
 
Total Water and Sewer
         
8,499,094
 
$
204,420
 
Total Long-Term Investments (cost $203,355,215)
         
205,042,675
 
     
Floating Rate Obligations – (13.2)%
         
(17,465,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (41.7)% (7)
         
(55,360,000
)
     
Other Assets Less Liabilities – 0.5%
         
549,743
 
     
Net Assets Applicable to Common Shares – 100%
       
$
132,767,418
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.0%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

50
 
Nuveen Investments

 
 

 

NXK  
 
Nuveen New York Dividend Advantage Municipal Fund 2
 
Portfolio of Investments
 
September 30, 2013
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 151.9% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 151.9% (100% of Total Investments)
             
     
Consumer Discretionary – 2.9% (1.9% of Total Investments)
             
$
700
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
667,268
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
BB
   
1,961,876
 
 
2,650
 
Total Consumer Discretionary
         
2,629,144
 
     
Consumer Staples – 2.4% (1.6% of Total Investments)
             
 
170
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
12/13 at 100.00
A3
   
159,191
 
 
360
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
11/13 at 100.00
A1
   
360,112
 
 
65
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
11/13 at 100.00
A3
   
61,747
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
520
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
509,122
 
 
835
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
737,814
 
 
500
 
5.000%, 6/01/34
 
6/16 at 100.00
B
   
387,030
 
 
2,450
 
Total Consumer Staples
         
2,215,016
 
     
Education and Civic Organizations – 26.4% (17.4% of Total Investments)
             
 
260
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
260,244
 
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
BB+
   
319,835
 
 
1,225
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
1,285,123
 
 
670
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
BB
   
715,728
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
90,583
 
 
1,125
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,052,145
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
 
No Opt. Call
A
   
1,054,940
 
 
2,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
 
1/14 at 100.00
A
   
2,006,300
 
 
485
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
506,195
 
 
2,500
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
2,600,450
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
   
2,124,540
 
 
175
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
186,436
 

Nuveen Investments
 
51

 
 

 
 
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments September 30, 2013
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
 
$
2,125,960
 
 
280
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Baa1
   
281,873
 
 
1,835
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Baa1
   
1,765,398
 
 
265
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35
 
10/15 at 100.00
A
   
266,182
 
 
1,475
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB+
   
1,517,716
 
 
890
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/30
 
6/21 at 100.00
BBB+
   
946,043
 
 
245
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, St. Francis College, Series 2004, 5.000%, 10/01/34
 
10/14 at 100.00
A–
   
246,034
 
 
230
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
212,239
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
1,000
 
5.000%, 1/01/31 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
932,520
 
 
1,120
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
931,146
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,460
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
1,337,871
 
 
750
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
A
   
724,560
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
172,088
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
303,033
 
 
340
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
 
6/19 at 100.00
BBB
   
358,979
 
 
24,270
 
Total Education and Civic Organizations
         
24,324,161
 
     
Financials – 2.1% (1.4% of Total Investments)
             
 
500
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
530,365
 
 
1,305
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
1,424,525
 
 
1,805
 
Total Financials
         
1,954,890
 
     
Health Care – 11.2% (7.4% of Total Investments)
             
 
1,620
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
2/15 at 100.00
A
   
1,692,851
 
 
150
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
 
7/20 at 100.00
A2
   
154,329
 
 
310
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 – RAAI Insured
 
1/14 at 100.00
A3
   
310,707
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
975
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,012,489
 
 
790
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
788,934
 
 
2,300
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
2,309,200
 

52
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
445
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
AA–
 
$
463,227
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
 
7/17 at 100.00
A–
   
1,535,445
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
1,077,090
 
 
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
11/13 at 100.00
BB
   
288,153
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
275
 
5.250%, 2/01/27
 
2/17 at 100.00
BBB–
   
266,373
 
 
250
 
5.500%, 2/01/32
 
2/17 at 100.00
BBB–
   
236,590
 
 
215
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
1/14 at 100.00
B+
   
215,131
 
 
10,120
 
Total Health Care
         
10,350,519
 
     
Housing/Multifamily – 1.0% (0.6% of Total Investments)
             
 
500
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30
 
5/14 at 100.00
AA
   
510,880
 
 
70
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA
   
70,387
 
 
290
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
292,085
 
 
860
 
Total Housing/Multifamily
         
873,352
 
     
Housing/Single Family – 1.0% (0.7% of Total Investments)
             
 
950
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)
 
4/15 at 100.00
Aa1
   
953,496
 
     
Long-Term Care – 3.7% (2.4% of Total Investments)
             
 
440
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
451,730
 
 
255
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
217,298
 
     
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
   
45,511
 
 
175
 
5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
150,460
 
 
665
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
   
593,433
 
 
455
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
409,905
 
 
255
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
1/14 at 100.00
N/R
   
255,548
 
     
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
   
337,019
 
 
440
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
404,562
 
 
430
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
 
7/16 at 100.00
N/R
   
408,221
 
 
170
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
156,308
 
 
3,690
 
Total Long-Term Care
         
3,429,995
 

Nuveen Investments
 
53

 
 

 
 
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Materials – 0.3% (0.2% of Total Investments)
             
$
230
 
Jefferson County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company Project, Series 2003A, 5.200%, 12/01/20 (Alternative Minimum Tax)
 
12/13 at 100.00
BBB
 
$
230,053
 
     
Tax Obligation/General – 11.8% (7.8% of Total Investments)
             
 
4,540
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
 
12/17 at 100.00
AA
   
5,181,729
 
 
1,000
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
 
No Opt. Call
AA
   
1,076,850
 
 
45
 
New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 – NPFG Insured
 
11/13 at 100.00
AA
   
45,140
 
 
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
   
37,919
 
 
2,600
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
 
6/16 at 100.00
AA
   
2,828,436
 
 
750
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/16 (UB)
 
8/14 at 100.00
AA
   
782,145
 
 
835
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
910,392
 
 
9,805
 
Total Tax Obligation/General
         
10,862,611
 
     
Tax Obligation/Limited – 47.2% (31.0% of Total Investments)
             
 
1,000
 
Battery Park City Authority, New York, Lease Revenue Bonds, Senior Lien Series 2003A, 5.250%, 11/01/21
 
11/13 at 100.00
AAA
   
1,004,330
 
 
140
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Rehabilitation Association Pooled Loan Program 1, Series 2001A, 5.000%, 7/01/23 – AMBAC Insured
 
11/13 at 100.00
A2
   
140,532
 
 
3,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/31
 
2/22 at 100.00
AAA
   
3,229,290
 
 
5
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
 
3/15 at 100.00
AAA
   
5,299
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
             
 
2,000
 
5.750%, 2/15/47
 
2/21 at 100.00
A
   
2,119,820
 
 
2,000
 
5.250%, 2/15/47
 
2/21 at 100.00
A
   
2,044,560
 
 
5,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
5,017,296
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
1/15 at 100.00
A–
   
549,226
 
 
1,425
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/26 – AGM Insured
 
10/14 at 100.00
AAA
   
1,482,599
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
1,140
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
1,192,292
 
 
835
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
872,408
 
 
750
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
 
10/14 at 100.00
AAA
   
778,440
 
 
1,300
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA–
   
1,386,112
 
 
835
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
875,539
 
 
15
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 – FGIC Insured
 
11/13 at 100.00
AAA
   
15,059
 
 
1,200
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
 
5/17 at 100.00
AAA
   
1,294,284
 
 
1,460
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27
 
11/17 at 100.00
AAA
   
1,609,066
 
 
680
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
747,524
 

54
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
3,775
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Refunding Subordinate Lien Series 2010D, 5.000%, 11/01/25
 
5/20 at 100.00
AAA
 
$
4,287,796
 
 
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
1,097,590
 
 
2,020
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
2,221,677
 
 
840
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36
 
9/15 at 100.00
AAA
   
868,014
 
 
1,125
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA
   
1,215,934
 
 
2,300
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA
   
2,773,800
 
 
2,100
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
 
11/13 at 100.00
AA–
   
2,106,321
 
 
1,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
 
11/13 at 100.00
AA–
   
1,004,440
 
 
3,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
 
8/29 at 100.00
A+
   
1,977,570
 
 
8,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
AA–
   
1,494,480
 
 
49,005
 
Total Tax Obligation/Limited
         
43,411,298
 
     
Transportation – 22.0% (14.5% of Total Investments)
             
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2007B, 5.000%, 11/15/33
 
11/17 at 100.00
A
   
2,565,375
 
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
 
11/20 at 100.00
A
   
1,030,140
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
1,388,700
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
629,850
 
 
1,125
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
12/13 at 100.00
BB
   
984,296
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/14 at 100.00
N/R
   
1,078,100
 
 
650
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
698,802
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
40
 
5.000%, 5/15/20 (Alternative Minimum Tax)
 
11/13 at 100.00
B
   
38,835
 
 
750
 
5.125%, 5/15/30 (Alternative Minimum Tax)
 
11/13 at 100.00
B
   
644,018
 
 
585
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
589,241
 
 
300
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured (UB)
 
7/15 at 100.00
AA–
   
313,380
 
 
3,400
 
Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)
 
4/14 at 100.00
A
   
3,425,432
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
1,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
1,058,270
 
 
280
 
5.000%, 12/01/31 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
294,148
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA–
   
392,882
 

Nuveen Investments
 
55

 
 

 
 
NXK
Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments September 30, 2013
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
 
$
2,047,700
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
210
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
220,607
 
 
1,030
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,113,224
 
 
780
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
A+
   
943,301
 
 
750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.211%, 5/15/16 (IF)
 
No Opt. Call
AA–
   
842,520
 
 
20,460
 
Total Transportation
         
20,298,821
 
     
U.S. Guaranteed – 3.6% (2.4% of Total Investments) (6)
             
 
120
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (6)
   
128,231
 
 
1,965
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
 
9/15 at 100.00
N/R (6)
   
2,140,082
 
 
1,000
 
New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21 (Pre-refunded 3/15/14)
 
3/14 at 100.00
AA– (6)
   
1,021,980
 
 
3,085
 
Total U.S. Guaranteed
         
3,290,293
 
     
Utilities – 9.9% (6.5% of Total Investments)
             
 
75
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
72,078
 
     
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
   
1,830,390
 
 
1,700
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
A
   
1,834,997
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
251,173
 
     
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A:
             
 
1,000
 
5.000%, 5/01/36 – AGM Insured
 
5/21 at 100.00
AA–
   
1,022,760
 
 
1,000
 
5.000%, 5/01/38
 
5/21 at 100.00
A–
   
1,011,920
 
 
900
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
11/13 at 100.00
A–
   
902,412
 
 
1,750
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
1,485,768
 
 
750
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
1/14 at 100.00
N/R
   
706,328
 
 
9,125
 
Total Utilities
         
9,117,826
 

56
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 6.4% (4.2% of Total Investments)
             
$
820
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
Ba2
 
$
787,635
 
 
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
 
6/21 at 100.00
AAA
   
5,132,546
 
 
5,695
 
Total Water and Sewer
         
5,920,181
 
$
144,200
 
Total Long-Term Investments (cost $139,323,225)
         
139,861,656
 
     
Floating Rate Obligations – (13.2)%
         
(12,150,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (41.2)% (7)
         
(37,890,000
)
     
Other Assets Less Liabilities – 2.5%
         
2,252,624
 
     
Net Assets Applicable to Common Shares – 100%
       
$
92,074,280
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.1%.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

 Nuveen Investments
 
57

 
 

 
 
NRK
 
 
Nuveen New York AMT-Free Municipal Income Fund
 
Portfolio of Investments
 
September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 157.7% (100% of Total Investments)
             
     
MUNICIPAL BONDS – 157.7% (100% of Total Investments)
             
     
Consumer Staples – 2.7% (1.7% of Total Investments)
             
$
1,015
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
12/13 at 100.00
A3
 
$
950,466
 
 
1,810
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
11/13 at 100.00
A1
   
1,810,561
 
 
860
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
 
11/13 at 100.00
BBB+
   
820,638
 
 
37,120
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
 
6/16 at 100.00
B
   
28,006,298
 
 
40,805
 
Total Consumer Staples
         
31,587,963
 
     
Education and Civic Organizations – 28.2% (17.9% of Total Investments)
             
     
Build NYC Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A:
             
 
250
 
5.000%, 4/01/33
 
4/23 at 100.00
BBB–
   
231,778
 
 
1,275
 
5.500%, 4/01/43
 
4/23 at 100.00
BBB–
   
1,204,110
 
 
1,260
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
 
1/14 at 100.00
N/R
   
1,265,015
 
     
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1:
             
 
1,500
 
5.500%, 7/01/24 – AMBAC Insured
 
No Opt. Call
AA–
   
1,833,915
 
 
4,000
 
5.500%, 7/01/40 – AMBAC Insured
 
No Opt. Call
AA–
   
4,449,400
 
 
9,400
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured
 
7/17 at 100.00
A
   
9,624,002
 
 
4,265
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
 
No Opt. Call
A
   
4,345,992
 
 
6,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
 
No Opt. Call
A
   
6,584,640
 
 
7,780
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
 
1/14 at 100.00
A
   
7,804,507
 
 
6,660
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
6,951,042
 
 
10,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured
 
7/16 at 100.00
Aa2
   
10,402,700
 
 
6,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39
 
7/19 at 100.00
Aa2
   
6,421,462
 
 
4,750
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
Aa2
   
4,872,408
 
 
3,750
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
3,900,675
 
 
14,585
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
16,137,282
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
             
 
2,000
 
5.000%, 7/01/25 – FGIC Insured
 
7/17 at 100.00
A
   
2,140,660
 
 
2,525
 
5.000%, 7/01/37 – FGIC Insured
 
7/17 at 100.00
A
   
2,540,251
 
 
1,150
 
Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 – NPFG Insured
 
7/15 at 100.00
Baa1
   
1,174,311
 

58
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
19,180
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
 
$
20,374,339
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011:
             
 
1,000
 
5.625%, 11/01/35 – AGM Insured
 
5/21 at 100.00
AA–
   
1,073,580
 
 
5,980
 
5.750%, 11/01/40 – AGM Insured
 
5/21 at 100.00
AA–
   
6,427,842
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 – AGC Insured
 
7/18 at 100.00
A2
   
3,063,720
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
 
7/19 at 100.00
Baa2
   
1,010,790
 
 
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
932,181
 
 
3,250
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 1998A, 6.000%, 7/01/18 – NPFG Insured
 
No Opt. Call
AA–
   
3,939,325
 
 
3,415
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
AA–
   
3,678,331
 
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A:
             
 
10,000
 
5.250%, 7/01/34
 
7/19 at 100.00
AA–
   
11,092,700
 
 
3,890
 
5.000%, 7/01/39
 
7/19 at 100.00
AA–
   
4,015,803
 
 
13,500
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39
 
7/19 at 100.00
AA–
   
13,936,590
 
 
3,115
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/32
 
7/22 at 100.00
AA–
   
3,328,689
 
 
2,800
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37
 
7/20 at 100.00
Aa1
   
2,982,504
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A:
             
 
5,000
 
5.000%, 7/01/35
 
7/20 at 100.00
Aa1
   
5,375,100
 
 
14,795
 
5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
15,726,789
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
             
 
2,500
 
5.250%, 7/01/20 – AMBAC Insured
 
No Opt. Call
A1
   
2,934,875
 
 
2,000
 
5.250%, 7/01/21 – AMBAC Insured
 
No Opt. Call
A1
   
2,347,720
 
 
1,250
 
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Refunding Series 2009A, 5.125%, 7/01/39
 
No Opt. Call
AA–
   
1,303,988
 
 
6,435
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
 
7/15 at 100.00
AA–
   
6,864,150
 
 
1,000
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College Project, Series 2013A, 5.000%, 7/01/39
 
7/23 at 100.00
A2
   
1,025,540
 
 
5,520
 
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 12.831%, 1/01/14 – AMBAC Insured (IF)
 
No Opt. Call
AA+
   
5,692,721
 
 
7,250
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Horace Mann School, Series 1998, 5.000%, 7/01/28 – NPFG Insured
 
1/14 at 100.00
A
   
7,267,473
 
 
4,775
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Trinity Episcopal School, Series 1997, 5.250%, 6/15/27 – NPFG Insured
 
12/13 at 100.00
A
   
4,787,511
 
 
3,155
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/28
 
12/16 at 100.00
BB
   
2,911,371
 
     
New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009:
             
 
1,000
 
6.125%, 1/01/29 – AGC Insured
 
1/19 at 100.00
AA–
   
1,095,800
 
 
1,000
 
6.375%, 1/01/39 – AGC Insured
 
1/19 at 100.00
AA–
   
1,088,100
 

Nuveen Investments
 
59

 
 

 
 
NRK
Nuveen New York AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments September 30, 2013
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
$
6,815
 
5.000%, 1/01/31 – AMBAC Insured
 
1/17 at 100.00
Ba1
 
$
6,355,124
 
 
5,000
 
5.000%, 1/01/36 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
4,488,750
 
 
1,030
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
856,321
 
 
14,500
 
5.000%, 1/01/46 – AMBAC Insured
 
1/17 at 100.00
Ba1
   
12,542,065
 
 
4,730
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
 
3/19 at 100.00
AA–
   
5,510,639
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
4,280
 
5.000%, 3/01/31 – FGIC Insured
 
9/16 at 100.00
BBB
   
4,312,143
 
 
31,650
 
5.000%, 3/01/36 – NPFG Insured
 
9/16 at 100.00
A
   
31,733,873
 
 
20,210
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
18,519,434
 
 
6,560
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured
 
7/14 at 100.00
AA
   
6,565,970
 
 
3,400
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
 
1/21 at 100.00
A
   
3,508,222
 
     
Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A:
             
 
600
 
5.000%, 5/01/35
 
5/22 at 100.00
BBB+
   
596,838
 
 
1,000
 
5.000%, 5/01/42
 
5/22 at 100.00
BBB+
   
974,720
 
 
1,750
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
Baa2
   
1,662,920
 
 
1,000
 
Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/36
 
12/21 at 100.00
AA–
   
1,050,550
 
     
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011:
             
 
1,390
 
5.500%, 7/01/33 – AGM Insured
 
1/21 at 100.00
A2
   
1,491,998
 
 
1,000
 
5.250%, 7/01/36 – AGM Insured
 
1/21 at 100.00
A2
   
1,045,900
 
 
4,000
 
5.375%, 7/01/41 – AGM Insured
 
1/21 at 100.00
A2
   
4,176,520
 
 
3,700
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
3,737,407
 
 
326,665
 
Total Education and Civic Organizations
         
335,291,076
 
     
Financials – 2.3% (1.5% of Total Investments)
             
 
26,015
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
27,594,891
 
     
Health Care – 8.1% (5.1% of Total Investments)
             
 
5,315
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30
 
11/20 at 100.00
A–
   
5,832,787
 
 
2,495
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
 
8/19 at 100.00
AA+
   
2,836,516
 
 
7,630
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
 
8/17 at 100.00
AA–
   
8,308,917
 
     
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004:
             
 
9,330
 
5.000%, 8/01/29 – FGIC Insured
 
2/15 at 100.00
A
   
9,444,572
 
 
425
 
5.000%, 8/01/33 – FGIC Insured
 
2/15 at 100.00
A
   
425,434
 
 
8,035
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
2/15 at 100.00
A
   
8,396,334
 
 
950
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Luke’s Roosevelt Hospital, Series 2005, 4.900%, 8/15/31
 
8/15 at 100.00
N/R
   
953,914
 
 
4,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
 
5/21 at 100.00
A–
   
4,028,680
 

60
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
$
3,880
 
6.000%, 12/01/15
 
No Opt. Call
Ba1
 
$
3,931,449
 
 
4,345
 
6.000%, 12/01/16
 
No Opt. Call
Ba1
   
4,417,735
 
 
5,430
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
5,638,784
 
 
8,055
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
8,044,126
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B:
             
 
3,865
 
5.250%, 7/01/27 – AGC Insured
 
7/17 at 100.00
AA–
   
4,221,585
 
 
3,500
 
5.125%, 7/01/37 – AGC Insured
 
7/17 at 100.00
AA–
   
3,515,715
 
 
9,440
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
AA–
   
9,826,662
 
 
900
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/40 – AGM Insured
 
7/20 at 100.00
A–
   
954,333
 
 
1,875
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
 
2/21 at 100.00
Aa2
   
2,013,300
 
 
1,300
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A, 5.000%, 12/01/42
 
12/22 at 100.00
A–
   
1,273,519
 
 
6,540
 
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
6,680,675
 
 
5,050
 
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37
 
11/20 at 100.00
A3
   
5,471,322
 
 
92,360
 
Total Health Care
         
96,216,359
 
     
Housing/Multifamily – 0.7% (0.5% of Total Investments)
             
     
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A:
             
 
1,000
 
5.000%, 5/01/40
 
5/20 at 100.00
AA–
   
1,021,900
 
 
1,000
 
5.000%, 5/01/45 – AGM Insured
 
5/20 at 100.00
AA–
   
1,021,330
 
 
4,600
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A, 5.000%, 7/01/14 – FGIC Insured
 
No Opt. Call
AA+
   
4,764,726
 
 
1,040
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA
   
1,045,751
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
452,412
 
     
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
             
 
50
 
6.100%, 11/01/15 – AGM Insured
 
11/13 at 100.00
AA–
   
50,244
 
 
390
 
6.125%, 11/01/20 – AGM Insured
 
11/13 at 100.00
AA–
   
390,803
 
 
8,530
 
Total Housing/Multifamily
         
8,747,166
 
     
Long-Term Care – 0.7% (0.4% of Total Investments)
             
 
800
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
821,328
 
 
6,155
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
5,544,978
 
 
1,225
 
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 6.000%, 12/01/40
 
12/20 at 100.00
BBB–
   
1,279,574
 
 
8,180
 
Total Long-Term Care
         
7,645,880
 
     
Tax Obligation/General – 12.6% (8.0% of Total Investments)
             
 
3,000
 
Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%,
10/01/33 – NPFG Insured
 
10/15 at 100.00
A+
   
3,093,690
 
 
8,100
 
Erie County Industrial Development Agency, New York, School Facility Refunding Revenue Bonds, Buffalo City School District, Series 2013A, 5.000%, 5/01/28
 
5/23 at 100.00
AA–
   
8,752,860
 

Nuveen Investments
 
61

 
 

 
 
NRK
Nuveen New York AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
1,000
 
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 – AGC Insured
 
10/19 at 100.00
AA–
 
$
1,056,170
 
 
210
 
Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured
 
No Opt. Call
A+
   
235,463
 
 
1,200
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
 
8/19 at 100.00
AA
   
1,316,916
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
 
8/19 at 100.00
AA
   
3,412,650
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
             
 
6,085
 
5.000%, 10/01/31
 
No Opt. Call
AA
   
6,526,954
 
 
1,000
 
5.000%, 10/01/33
 
10/22 at 100.00
AA
   
1,064,860
 
 
1,570
 
5.000%, 10/01/34
 
No Opt. Call
AA
   
1,663,352
 
 
8,665
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
 
No Opt. Call
AA
   
9,330,905
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series C:
             
 
4,610
 
5.000%, 8/01/25
 
8/22 at 100.00
AA
   
5,201,233
 
 
7,190
 
5.000%, 8/01/28
 
8/22 at 100.00
AA
   
7,860,324
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I:
             
 
1,000
 
5.000%, 8/01/30
 
8/22 at 100.00
AA
   
1,076,850
 
 
2,000
 
5.000%, 8/01/31
 
8/22 at 100.00
AA
   
2,142,920
 
     
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1:
             
 
5,000
 
5.000%, 3/01/29
 
3/23 at 100.00
AA
   
5,438,150
 
 
3,400
 
5.000%, 3/01/31
 
3/23 at 100.00
AA
   
3,656,258
 
 
1,000
 
5.000%, 3/01/33
 
3/23 at 100.00
AA
   
1,067,290
 
 
3,735
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
4,200,979
 
 
8,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30 (WI/DD, Settling 10/16/13)
 
8/23 at 100.00
AA
   
8,671,920
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 1998H:
             
 
135
 
5.125%, 8/01/25 – NPFG Insured
 
11/13 at 100.00
AA
   
135,570
 
 
70
 
5.375%, 8/01/27 – NPFG Insured
 
11/13 at 100.00
AA
   
70,217
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
             
 
5
 
5.250%, 8/01/15 – AGM Insured
 
11/13 at 100.00
AA
   
5,020
 
 
5
 
5.000%, 8/01/16 – FGIC Insured
 
11/13 at 100.00
AA
   
5,018
 
 
10,330
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured
 
3/15 at 100.00
AA
   
10,975,832
 
 
750
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured
 
8/15 at 100.00
AA
   
812,708
 
     
New York City, New York, General Obligation Bonds, Series 2011D-I:
             
 
2,785
 
5.000%, 10/01/30
 
10/21 at 100.00
AA
   
2,997,830
 
 
2,880
 
5.000%, 10/01/34
 
No Opt. Call
AA
   
3,051,274
 
 
3,345
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
3,647,020
 
     
New York City, New York, General Obligation Bonds, Series 2004E:
             
 
12,550
 
5.000%, 11/01/19 – AGM Insured (UB)
 
11/14 at 100.00
AA
   
13,185,030
 
 
7,850
 
5.000%, 11/01/20 – AGM Insured (UB)
 
11/14 at 100.00
AA
   
8,245,483
 
     
Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
             
 
1,650
 
5.000%, 6/15/16 – AGM Insured
 
6/15 at 100.00
AA–
   
1,758,092
 
 
1,815
 
5.000%, 6/15/18 – AGM Insured
 
6/15 at 100.00
AA–
   
1,949,201
 
     
Rensselaer County, New York, General Obligation Bonds, Series 1991:
             
 
960
 
6.700%, 2/15/16 – AMBAC Insured
 
No Opt. Call
AA–
   
1,091,837
 
 
960
 
6.700%, 2/15/17 – AMBAC Insured
 
No Opt. Call
AA–
   
1,141,709
 
 
960
 
6.700%, 2/15/18 – AMBAC Insured
 
No Opt. Call
AA–
   
1,172,822
 
 
960
 
6.700%, 2/15/19 – AMBAC Insured
 
No Opt. Call
AA–
   
1,204,858
 
 
960
 
6.700%, 2/15/20 – AMBAC Insured
 
No Opt. Call
AA–
   
1,226,640
 
 
747
 
6.700%, 2/15/21 – AMBAC Insured
 
No Opt. Call
AA–
   
970,771
 

62
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
$
735
 
5.250%, 10/01/20 – NPFG Insured
 
No Opt. Call
Aa3
 
$
870,321
 
 
735
 
5.250%, 10/01/21 – NPFG Insured
 
No Opt. Call
Aa3
   
870,100
 
 
730
 
5.250%, 10/01/22 – NPFG Insured
 
No Opt. Call
Aa3
   
866,503
 
 
730
 
5.250%, 10/01/23 – NPFG Insured
 
No Opt. Call
Aa3
   
857,407
 
 
730
 
5.250%, 10/01/24 – NPFG Insured
 
No Opt. Call
Aa3
   
860,816
 
 
730
 
5.250%, 10/01/25 – NPFG Insured
 
No Opt. Call
Aa3
   
856,874
 
 
725
 
5.250%, 10/01/26 – NPFG Insured
 
No Opt. Call
Aa3
   
846,082
 
 
1,145
 
Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured
 
No Opt. Call
Aa2
   
1,331,120
 
 
1,620
 
West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured
 
10/15 at 100.00
Aa3
   
1,762,025
 
 
7,635
 
Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured
 
8/15 at 100.00
A
   
8,118,296
 
     
Yonkers, New York, General Obligation Bonds, Series 2005B:
             
 
1,650
 
5.000%, 8/01/19
 
8/15 at 100.00
Baa1
   
1,719,366
 
 
1,735
 
5.000%, 8/01/20
 
8/15 at 100.00
Baa1
   
1,801,208
 
 
138,382
 
Total Tax Obligation/General
         
150,176,794
 
     
Tax Obligation/Limited – 59.9% (38.0% of Total Investments)
             
 
1,980
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
 
1/14 at 100.00
N/R
   
1,988,732
 
 
140
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
 
11/13 at 100.00
N/R
   
140,587
 
 
2,265
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
 
7/15 at 100.00
AA–
   
2,428,737
 
 
965
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured
 
1/14 at 100.00
N/R
   
969,439
 
 
9,145
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured
 
1/14 at 100.00
A
   
9,181,580
 
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services, Series 2002:
             
 
1,045
 
5.250%, 8/15/20 – AGM Insured
 
11/13 at 100.00
AA–
   
1,049,295
 
 
1,100
 
5.250%, 8/15/21 – AGM Insured
 
11/13 at 100.00
AA–
   
1,104,488
 
 
365
 
5.250%, 8/15/22 – AGM Insured
 
11/13 at 100.00
AA–
   
366,464
 
 
2,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured
 
8/14 at 100.00
AA–
   
2,079,200
 
 
1,000
 
Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured
 
8/19 at 100.00
AA–
   
1,065,860
 
 
10,840
 
Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured
 
7/14 at 100.00
AA–
   
11,182,978
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
             
 
5,315
 
5.000%, 2/15/15 – FGIC Insured
 
No Opt. Call
AA–
   
5,650,323
 
 
4,715
 
5.000%, 8/15/23 – FGIC Insured
 
2/15 at 100.00
AA–
   
4,970,694
 
 
65
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured
 
10/13 at 100.00
A+
   
65,000
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured
 
10/19 at 100.00
AA–
   
1,094,610
 
 
4,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured
 
No Opt. Call
AA–
   
4,516,240
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured
 
No Opt. Call
Aa3
   
1,146,420
 
 
4,115
 
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured
 
No Opt. Call
AA–
   
4,619,952
 

Nuveen Investments
 
63

 
 

 
 
NRK
Nuveen New York AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
             
$
8,545
 
5.000%, 3/15/34
 
No Opt. Call
AAA
 
$
9,023,520
 
 
40,170
 
5.000%, 3/15/41
 
3/21 at 100.00
AAA
   
41,687,623
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D:
             
 
5,000
 
5.000%, 2/15/31
 
2/22 at 100.00
AAA
   
5,382,150
 
 
10,000
 
5.000%, 2/15/40
 
No Opt. Call
AAA
   
10,423,100
 
 
155
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
 
3/15 at 100.00
AAA
   
164,267
 
 
3,540
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured (UB)
 
5/18 at 100.00
AA–
   
3,999,457
 
 
10,125
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31
 
5/19 at 100.00
AA–
   
10,562,603
 
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A:
             
 
5,980
 
5.750%, 5/01/27 – AGM Insured (UB)
 
5/17 at 100.00
AA–
   
6,622,372
 
 
21,030
 
5.750%, 5/01/28 – AGM Insured (UB)
 
5/17 at 100.00
AA–
   
23,289,043
 
 
5,000
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2008A, 5.750%, 5/01/28 – AGM Insured (UB)
 
5/18 at 100.00
AA–
   
5,635,151
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
             
 
19,730
 
5.750%, 2/15/47
 
2/21 at 100.00
A
   
20,912,024
 
 
6,000
 
5.250%, 2/15/47
 
2/21 at 100.00
A
   
6,133,680
 
 
1,850
 
5.000%, 2/15/47 – AGM Insured
 
2/21 at 100.00
AA–
   
1,868,574
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
             
 
51,590
 
5.000%, 2/15/47 – FGIC Insured
 
2/17 at 100.00
A
   
51,768,484
 
 
4,200
 
5.000%, 2/15/47 – AGM Insured
 
2/17 at 100.00
AA–
   
4,231,416
 
 
4,830
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/29
 
11/22 at 100.00
AA
   
5,273,201
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
             
 
1,000
 
5.750%, 7/01/18 – AGM Insured
 
No Opt. Call
AA–
   
1,187,700
 
 
9,000
 
5.750%, 7/01/18 – AGM Insured (UB)
 
No Opt. Call
AA–
   
10,689,300
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
1/15 at 100.00
A–
   
549,226
 
 
4,820
 
Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 – AMBAC Insured
 
No Opt. Call
AAA
   
4,850,896
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
             
 
3,400
 
5.000%, 10/15/25 – NPFG Insured
 
10/14 at 100.00
AAA
   
3,555,958
 
 
10,090
 
5.000%, 10/15/25 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
10,552,828
 
 
1,040
 
5.000%, 10/15/26 – NPFG Insured
 
10/14 at 100.00
AAA
   
1,086,592
 
 
6,785
 
5.000%, 10/15/26 – NPFG Insured (UB) (4)
 
10/14 at 100.00
AAA
   
7,088,968
 
 
300
 
5.000%, 10/15/29 – AMBAC Insured
 
10/14 at 100.00
AAA
   
311,376
 
 
21,610
 
5.000%, 10/15/29 – AMBAC Insured (UB) (4)
 
10/14 at 100.00
AAA
   
22,429,451
 
 
5,155
 
5.000%, 10/15/32 – AMBAC Insured
 
10/14 at 100.00
AAA
   
5,332,848
 
 
4,500
 
5.000%, 10/15/32 – AMBAC Insured (UB) (4)
 
10/14 at 100.00
AAA
   
4,655,250
 
 
9,000
 
5.000%, 10/15/32 – AGM Insured
 
10/14 at 100.00
AAA
   
9,310,500
 
 
10,440
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA–
   
11,131,546
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1:
             
 
6,225
 
5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
6,527,224
 
 
24,155
 
5.000%, 2/01/42
 
2/22 at 100.00
AAA
   
25,138,592
 
 
32,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series F-1, 5.000%, 5/01/39
 
5/22 at 100.00
AAA
   
34,022,625
 

64
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 – NPFG Insured
 
11/13 at 100.00
AAA
 
$
5,021
 
 
155
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured
 
11/13 at 100.00
AAA
   
155,646
 
 
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 – SYNCORA GTY Insured
 
2/14 at 100.00
AAA
   
5,078
 
 
3,800
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
 
5/17 at 100.00
AAA
   
4,098,566
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Series 2009A-1, 5.000%, 5/01/36
 
5/19 at 100.00
AAA
   
5,374,800
 
 
5,100
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
5,606,430
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
             
 
10,000
 
5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
11,053,600
 
 
1,000
 
5.000%, 11/01/39
 
11/20 at 100.00
AAA
   
1,046,060
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subseries 2011D-1:
             
 
2,000
 
5.250%, 2/01/30
 
2/21 at 100.00
AAA
   
2,216,440
 
 
8,490
 
5.000%, 2/01/35
 
2/21 at 100.00
AAA
   
8,936,404
 
     
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
             
 
18,575
 
5.750%, 4/01/33 – AGM Insured
 
4/21 at 100.00
AA+
   
20,606,919
 
 
4,000
 
5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
4,390,360
 
     
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
             
 
2,890
 
13.493%, 11/15/30 – AMBAC Insured (IF) (4)
 
11/15 at 100.00
AA+
   
3,260,469
 
 
12,940
 
13.479%, 11/15/44 – AMBAC Insured (IF) (4)
 
11/15 at 100.00
AA+
   
13,362,232
 
     
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
             
 
30,795
 
5.500%, 4/01/20 – AMBAC Insured
 
No Opt. Call
AA
   
37,138,770
 
 
6,600
 
5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA
   
7,155,192
 
     
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A:
             
 
1,600
 
5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
1,730,432
 
 
1,945
 
5.000%, 3/15/30
 
9/20 at 100.00
AAA
   
2,081,967
 
     
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
             
 
35,000
 
5.250%, 6/01/20 – AMBAC Insured
 
11/13 at 100.00
AA–
   
35,256,900
 
 
2,000
 
5.250%, 6/01/21 – AMBAC Insured
 
11/13 at 100.00
AA–
   
2,006,020
 
 
14,865
 
5.250%, 6/01/22 – AMBAC Insured
 
11/13 at 100.00
AA–
   
14,909,744
 
 
1,500
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
 
11/13 at 100.00
AA–
   
1,506,660
 
 
665
 
New York State Urban Development Corporation, Revenue Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 – AGM Insured
 
No Opt. Call
AA–
   
673,572
 
 
2,175
 
New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 – NPFG Insured
 
No Opt. Call
AA–
   
2,273,441
 
 
8,600
 
New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)
 
No Opt. Call
AA–
   
9,995,608
 
 
2,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured
 
3/15 at 100.00
AAA
   
2,082,700
 
 
3,325
 
Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured
 
6/15 at 100.00
AA–
   
3,389,372
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E:
             
 
3,000
 
5.500%, 7/01/14 – AGM Insured
 
No Opt. Call
AA–
   
3,042,150
 
 
11,000
 
5.500%, 7/01/18 – AGM Insured
 
No Opt. Call
AA–
   
11,010,670
 

Nuveen Investments
 
65

 
 

 
 
NRK
Nuveen New York AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
             
$
8,500
 
0.000%, 8/01/32
 
8/26 at 100.00
A+
 
$
6,329,950
 
 
12,595
 
6.500%, 8/01/44
 
8/19 at 100.00
A+
   
10,979,817
 
 
2,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
 
8/29 at 100.00
A+
   
1,130,040
 
 
2,985
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
 
8/20 at 100.00
AA–
   
2,528,056
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C:
             
 
22,000
 
0.000%, 8/01/37
 
No Opt. Call
AA–
   
4,679,840
 
 
46,150
 
0.000%, 8/01/39
 
No Opt. Call
AA–
   
8,621,282
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
11,000
 
0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
AA–
   
1,810,490
 
 
13,520
 
0.000%, 8/01/42 – FGIC Insured
 
No Opt. Call
AA–
   
2,082,080
 
 
25,395
 
0.000%, 8/01/44 – NPFG Insured
 
No Opt. Call
AA–
   
3,428,579
 
 
9,250
 
0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
   
1,170,310
 
 
201,690
 
0.000%, 8/01/46 – NPFG Insured
 
No Opt. Call
AA–
   
23,855,893
 
 
99,130
 
0.000%, 8/01/47 – AMBAC Insured
 
No Opt. Call
AA–
   
10,960,804
 
 
960
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
 
4/14 at 100.00
Baa1
   
963,206
 
 
1,053,585
 
Total Tax Obligation/Limited
         
711,929,714
 
     
Transportation – 12.0% (7.6% of Total Investments)
             
 
4,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A, 5.000%, 11/15/25 – AGM Insured
 
11/13 at 100.00
AA–
   
4,021,760
 
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A:
             
 
4,500
 
4.750%, 11/15/27 – NPFG Insured
 
11/15 at 100.00
AA–
   
4,637,835
 
 
10,000
 
4.750%, 11/15/30 – AMBAC Insured
 
11/15 at 100.00
A
   
10,078,900
 
 
8,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
 
11/17 at 100.00
A
   
9,088,992
 
 
27,285
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40
 
11/20 at 100.00
A
   
28,116,647
 
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B:
             
 
16,090
 
5.000%, 11/15/30
 
5/23 at 100.00
A
   
16,995,223
 
 
2,500
 
5.000%, 11/15/32
 
5/23 at 100.00
A
   
2,616,550
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32
 
5/23 at 100.00
A
   
502,378
 
 
8,055
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
8,113,399
 
 
3,420
 
New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured
 
1/18 at 100.00
A+
   
3,754,373
 
 
12,100
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured
 
1/15 at 100.00
A+
   
12,527,372
 
     
New York State Thruway Authority, General Revenue Bonds, Series 2005G:
             
 
5,800
 
5.000%, 1/01/30 – AGM Insured (UB)
 
7/15 at 100.00
AA–
   
6,058,680
 
 
3,000
 
5.000%, 1/01/32 – AGM Insured
 
7/15 at 100.00
AA–
   
3,118,050
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
             
 
2,580
 
5.000%, 12/01/19 – AGM Insured
 
6/15 at 101.00
AA–
   
2,793,959
 
 
4,625
 
5.000%, 12/01/28 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
4,894,499
 
 
5,760
 
5.000%, 12/01/31 – SYNCORA GTY Insured
 
6/15 at 101.00
AA–
   
6,051,053
 
 
4,185
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA–
   
5,303,902
 
 
2,500
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
2,626,275
 

66
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E:
             
$
5,480
 
5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
A+
 
$
6,627,293
 
 
5,070
 
5.250%, 11/15/22 – NPFG Insured
 
11/13 at 100.00
A+
   
5,091,446
 
 
136,230
 
Total Transportation
         
143,018,586
 
     
U.S. Guaranteed – 10.4% (6.6% of Total Investments) (5)
             
     
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986:
             
 
1,180
 
7.375%, 7/01/16 (ETM)
 
No Opt. Call
Aaa
   
1,312,007
 
 
370
 
7.375%, 7/01/16 – BIGI Insured (ETM)
 
No Opt. Call
Aaa
   
412,450
 
 
7,480
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 (Pre-refunded 8/15/14) – AGM Insured
 
8/14 at 100.00
AA– (5)
   
7,786,306
 
 
2,885
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (5)
   
3,082,882
 
 
450
 
Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 (ETM)
 
4/14 at 106.27
Baa1 (5)
   
463,046
 
 
5,200
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured
 
5/14 at 100.00
AA– (5)
   
5,368,896
 
 
2,000
 
Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 (Pre-refunded 12/01/15) – NPFG Insured
 
12/15 at 100.00
A (5)
   
2,200,180
 
 
35
 
Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 – AMBAC Insured (ETM)
 
No Opt. Call
N/R (5)
   
36,356
 
 
945
 
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
 
11/13 at 100.00
N/R (5)
   
986,457
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A:
             
 
5,090
 
5.000%, 4/01/23 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (5)
   
5,563,014
 
 
11,000
 
4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (5)
   
11,967,340
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A:
             
 
8,000
 
5.000%, 4/01/17 (Pre-refunded 10/01/14) – AGM Insured
 
10/14 at 100.00
AA+ (5)
   
8,385,760
 
 
5,750
 
5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured
 
10/14 at 100.00
AA+ (5)
   
6,027,265
 
     
Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B:
             
 
10,000
 
4.875%, 7/01/18 – FGIC Insured (ETM)
 
11/13 at 100.00
A (5)
   
10,150,700
 
 
4,500
 
4.750%, 7/01/26 – FGIC Insured (ETM)
 
11/13 at 100.00
A (5)
   
4,608,585
 
     
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A:
             
 
4,600
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (5)
   
4,969,610
 
 
18,865
 
5.000%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured (UB) (4)
 
7/15 at 100.00
AA+ (5)
   
20,380,803
 
 
3,020
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 (Pre-refunded 6/15/14) – AMBAC Insured
 
6/14 at 100.00
Aa1 (5)
   
3,122,891
 
 
7,340
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 (Pre-refunded 2/01/14) – SYNCORA GTY Insured
 
2/14 at 100.00
AAA
   
7,458,908
 
     
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A:
             
 
2,000
 
5.000%, 4/01/22 (Pre-refunded 4/01/14) – NPFG Insured
 
4/14 at 100.00
AA (5)
   
2,048,220
 
 
1,000
 
5.000%, 4/01/23 (Pre-refunded 4/01/14) – NPFG Insured
 
4/14 at 100.00
AA (5)
   
1,024,110
 
 
4,500
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 (Pre-refunded 9/15/14) – AMBAC Insured
 
9/14 at 100.00
AAA
   
4,706,100
 
 
500
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured
 
3/15 at 100.00
AA– (5)
   
534,295
 
 
9,395
 
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 (Pre-refunded 6/01/15) – NPFG Insured
 
6/15 at 100.00
AAA
   
10,107,799
 

Nuveen Investments
 
67

 
 

 
 
NRK
Nuveen New York AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments September 30, 2013

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
             
     
Yonkers, New York, General Obligation Bonds, Series 2005B:
             
$
540
 
5.000%, 8/01/19 (Pre-refunded 8/01/15)
 
8/15 at 100.00
Baa1 (5)
 
$
586,051
 
 
570
 
5.000%, 8/01/20 (Pre-refunded 8/01/15)
 
8/15 at 100.00
Baa1 (5)
   
618,610
 
 
117,215
 
Total U.S. Guaranteed
         
123,908,641
 
     
Utilities – 11.6% (7.3% of Total Investments)
             
 
2,450
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
2,485,305
 
 
3,000
 
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
 
10/20 at 100.00
AA–
   
3,007,020
 
 
1,045
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
1,004,287
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
             
 
8,000
 
0.000%, 6/01/24 – AGM Insured
 
No Opt. Call
AA–
   
5,482,480
 
 
8,000
 
0.000%, 6/01/25 – AGM Insured
 
No Opt. Call
AA–
   
5,162,480
 
 
20,000
 
0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
AA–
   
12,147,000
 
 
10,000
 
0.000%, 6/01/27 – AGM Insured
 
No Opt. Call
AA–
   
5,709,400
 
 
15,000
 
0.000%, 6/01/28 – AGM Insured
 
No Opt. Call
AA–
   
8,070,900
 
 
10,000
 
0.000%, 6/01/29 – AGM Insured
 
No Opt. Call
AA–
   
5,063,900
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
21,830
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
A
   
23,504,361
 
 
27,015
 
5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
A
   
29,088,942
 
 
11,000
 
5.000%, 12/01/26 – AGC Insured
 
6/16 at 100.00
AA+
   
11,744,040
 
 
2,750
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
2,762,898
 
 
3,310
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured
 
5/19 at 100.00
AA+
   
3,647,223
 
 
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
5,059,600
 
 
5,000
 
New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 – AMBAC Insured
 
11/13 at 100.00
A
   
5,005,950
 
 
6,500
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.000%, 11/01/24
 
No Opt. Call
BB+
   
5,864,105
 
 
2,635
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa2
   
2,882,743
 
 
162,535
 
Total Utilities
         
137,692,634
 
     
Water and Sewer – 8.5% (5.4% of Total Investments)
             
 
800
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40
 
No Opt. Call
AAA
   
888,368
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2010 Series 2009BB, 5.000%, 6/15/27
 
6/19 at 100.00
AA+
   
11,141,600
 
 
14,660
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
15,157,414
 
 
5,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
 
6/17 at 100.00
AA+
   
5,167,150
 
 
12,365
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)
 
6/16 at 100.00
AAA
   
12,748,191
 
 
19,455
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)
 
6/15 at 100.00
AAA
   
20,578,915
 
 
1,485
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/34
 
6/23 at 100.00
AA+
   
1,588,608
 
 
9,285
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 – AMBAC Insured
 
6/14 at 100.00
AAA
   
9,341,824
 

68
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
3,845
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
 
4/20 at 100.00
AAA
 
$
4,098,501
 
 
3,095
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
 
2/22 at 100.00
AAA
   
3,245,881
 
 
14,700
 
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (UB)
 
6/15 at 100.00
AAA
   
15,815,289
 
 
2,230
 
Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured
 
No Opt. Call
A1
   
1,592,867
 
 
96,920
 
Total Water and Sewer
         
101,364,608
 
$
2,207,422
 
Total Long-Term Investments (cost $1,858,937,439)
         
1,875,174,312
 
     
Floating Rate Obligations – (11.2)%
         
(132,720,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (2.3)% (6)
         
(27,680,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (4.3)% (7)
         
(50,700,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.1)% (8)
         
(488,800,000
)
     
Other Assets Less Liabilities – 1.2%
         
13,922,383
 
     
Net Assets Applicable to Common Shares – 100%
       
$
1,189,196,695
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 1.5%.
(7)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 2.7%.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.1%.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

 Nuveen Investments
 
69

 
 

 
 
Statement of
  Assets & Liabilities
 
September 30, 2013
 
                 
New York
 
     
New York
   
New York
   
Performance
 
     
Value
   
Value 2
   
Plus
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
Assets
                   
Investments, at value (cost $147,989,971, $32,756,458 and $338,562,400, respectively)
 
$
149,745,598
 
$
34,964,356
 
$
341,308,336
 
Cash
   
   
15,943
   
1,497,477
 
Unrealized appreciation on swaps
   
   
182,941
   
 
Receivable for:
                   
Interest
   
2,178,312
   
630,877
   
4,864,401
 
Investments sold
   
30,000
   
   
30,000
 
Deferred offering costs
   
   
   
1,194,280
 
Other assets
   
2,459
   
509
   
127,108
 
Total assets
   
151,956,369
   
35,794,626
   
349,021,602
 
Liabilities
                   
Cash overdraft
   
1,638,513
   
   
 
Floating rate obligations
   
3,255,000
   
   
34,645,000
 
Payable for:
                   
Common share dividends
   
419,055
   
120,064
   
902,494
 
Interest
   
   
   
 
Investments purchased
   
   
   
 
Offering costs
   
   
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
   
89,000,000
 
Accrued expenses:
                   
Management fees
   
62,363
   
17,441
   
176,873
 
Directors/Trustees fees
   
897
   
221
   
45,362
 
Reorganization
   
   
   
 
Other
   
58,275
   
27,135
   
85,254
 
Total liabilities
   
5,434,103
   
164,861
   
124,854,983
 
Net assets applicable to common shares
 
$
146,522,266
 
$
35,629,765
 
$
224,166,619
 
Common shares outstanding
   
15,191,165
   
2,349,612
   
15,063,511
 
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
9.65
 
$
15.16
 
$
14.88
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
151,912
 
$
23,496
 
$
150,635
 
Paid-in surplus
   
144,979,430
   
33,599,476
   
220,015,324
 
Undistributed (Over-distribution of) net investment income
   
502,627
   
205,995
   
2,605,453
 
Accumulated net realized gain (loss)
   
(867,330
)
 
(590,041
)
 
(1,350,729
)
Net unrealized appreciation (depreciation)
   
1,755,627
   
2,390,839
   
2,745,936
 
Net assets applicable to common shares
 
$
146,522,266
 
$
35,629,765
 
$
224,166,619
 
Authorized shares:
                   
Common
   
250,000,000
   
Unlimited
   
200,000,000
 
Preferred
   
N/A
   
N/A
   
950,000
 

N/A – Fund is not authorized to issue preferred shares.
 
See accompanying notes to financial statements.
 
70
 
Nuveen Investments

 
 

 
 
     
New York
   
New York
   
New York
 
     
Dividend
   
Dividend
   
AMT-Free
 
     
Advantage
   
Advantage 2
   
Income
 
     
(NAN
)
 
(NXK
)
 
(NRK
)
Assets
                   
Investments, at value (cost $203,355,215, $139,323,225 and $1,858,937,439, respectively)
 
$
205,042,675
 
$
139,861,656
 
$
1,875,174,312
 
Cash
   
   
2,484,938
   
 
Unrealized appreciation on swaps
   
   
   
 
Receivable for:
                   
Interest
   
3,011,771
   
2,089,864
   
25,712,765
 
Investments sold
   
15,000
   
   
9,615,312
 
Deferred offering costs
   
370,495
   
274,205
   
3,212,998
 
Other assets
   
9,948
   
4,312
   
544,161
 
Total assets
   
208,449,889
   
144,714,975
   
1,914,259,548
 
Liabilities
                   
Cash overdraft
   
2,015,109
   
   
2,875,394
 
Floating rate obligations
   
17,465,000
   
12,150,000
   
132,720,000
 
Payable for:
                   
Common share dividends
   
556,316
   
343,263
   
5,627,720
 
Interest
   
120,339
   
80,517
   
46,325
 
Investments purchased
   
   
2,059,200
   
14,826,720
 
Offering costs
   
   
   
58,821
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
55,360,000
   
37,890,000
   
27,680,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
   
50,700,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
   
488,800,000
 
Accrued expenses:
                   
Management fees
   
104,707
   
71,595
   
889,341
 
Directors/Trustees fees
   
1,190
   
822
   
197,424
 
Reorganization
   
   
   
195,311
 
Other
   
59,810
   
45,298
   
445,797
 
Total liabilities
   
75,682,471
   
52,640,695
   
725,062,853
 
Net assets applicable to common shares
 
$
132,767,418
 
$
92,074,280
 
$
1,189,196,695
 
Common shares outstanding
   
9,265,330
   
6,488,516
   
87,618,504
 
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
14.33
 
$
14.19
 
$
13.57
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
92,653
 
$
64,885
 
$
876,185
 
Paid-in surplus
   
130,958,596
   
91,860,265
   
1,191,406,202
 
Undistributed (Over-distribution of) net investment income
   
1,083,630
   
240,029
   
8,167,274
 
Accumulated net realized gain (loss)
   
(1,054,921
)
 
(629,330
)
 
(27,489,839
)
Net unrealized appreciation (depreciation)
   
1,687,460
   
538,431
   
16,236,873
 
Net assets applicable to common shares
 
$
132,767,418
 
$
92,074,280
 
$
1,189,196,695
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
71

 
 

 
 
Statement of
  Operations
 
Year Ended September 30, 2013

                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Investment Income
 
$
7,055,768
 
$
1,973,666
 
$
16,430,120
 
$
9,851,218
 
$
6,561,115
 
$
50,341,238
 
Expenses
                                     
Management fees
   
778,532
   
225,448
   
2,261,727
   
1,338,967
   
925,091
   
6,515,427
 
Shareholder servicing agent fees and expenses
   
24,835
   
190
   
24,262
   
23,318
   
17,599
   
77,211
 
Interest expense and amortization of offering costs
   
13,394
   
   
420,653
   
1,806,449
   
1,197,757
   
2,579,512
 
Liquidity fees
   
   
   
919,055
   
   
   
2,187,976
 
Remarketing fees
   
   
   
90,236
   
   
   
276,987
 
Custodian fees and expenses
   
34,960
   
10,976
   
65,779
   
42,144
   
31,911
   
120,593
 
Directors/Trustees fees and expenses
   
4,182
   
1,165
   
8,843
   
5,343
   
3,749
   
30,001
 
Professional fees
   
25,459
   
20,959
   
57,369
   
36,677
   
31,334
   
79,698
 
Shareholder reporting expenses
   
33,246
   
9,908
   
39,697
   
32,723
   
23,504
   
171,906
 
Stock exchange listing fees
   
8,597
   
326
   
8,547
   
38,525
   
15,890
   
43,629
 
Investor relations expenses
   
8,203
   
2,088
   
14,961
   
10,046
   
6,909
   
107,773
 
Reorganization expenses
   
   
   
   
   
   
391,638
 
Other expenses
   
12,829
   
6,946
   
49,023
   
38,639
   
35,380
   
70,375
 
Total expenses
   
944,237
   
278,006
   
3,960,152
   
3,372,831
   
2,289,124
   
12,652,726
 
Net investment income (loss)
   
6,111,531
   
1,695,660
   
12,469,968
   
6,478,387
   
4,271,991
   
37,688,512
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
(880,642
)
 
11,111
   
(920,503
)
 
(801,059
)
 
(533,765
)
 
(13,911,765
)
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(10,658,504
)
 
(3,355,084
)
 
(27,575,761
)
 
(14,980,656
)
 
(10,364,770
)
 
(127,408,711
)
Swaps
   
   
409,098
   
   
   
   
 
Net realized and unrealized gain (loss)
   
(11,539,146
)
 
(2,934,875
)
 
(28,496,264
)
 
(15,781,715
)
 
(10,898,535
)
 
(141,320,476
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(5,427,615
)
$
(1,239,215
)
$
(16,026,296
)
$
(9,303,328
)
$
(6,626,544
)
$
(103,631,964
)
 
See accompanying notes to financial statements.
 
72
 
Nuveen Investments

 
 

 

Statement of
  Changes in Net Assets

   
New York Value (NNY)
 
New York Value 2 (NYV)
 
New York Performance Plus (NNP)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
 
Operations
                                     
Net investment income (loss)
 
$
6,111,531
 
$
6,383,358
 
$
1,695,660
 
$
1,683,539
 
$
12,469,968
 
$
12,923,555
 
Net realized gain (loss) from:
                                     
Investments
   
(880,642
)
 
176,773
   
11,111
   
107,680
   
(920,503
)
 
715,122
 
Swaps
   
   
   
   
(496,286
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(10,658,504
)
 
7,141,141
   
(3,355,084
)
 
2,341,526
   
(27,575,761
)
 
14,379,139
 
Swaps
   
   
   
409,098
   
306,743
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(5,427,615
)
 
13,701,272
   
(1,239,215
)
 
3,943,202
   
(16,026,296
)
 
28,017,816
 
Distributions to Common Shareholders
                                     
From net investment income
   
(5,954,061
)
 
(6,356,338
)
 
(1,578,939
)
 
(1,577,484
)
 
(12,948,803
)
 
(13,265,348
)
From accumulated net realized gains
   
(229,332
)
 
   
   
   
(587,477
)
 
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(6,183,393
)
 
(6,356,338
)
 
(1,578,939
)
 
(1,577,484
)
 
(13,536,280
)
 
(13,265,348
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations(1)
   
   
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
154,748
   
79,085
   
13,897
   
28,388
   
303,049
   
101,538
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
154,748
   
79,085
   
13,897
   
28,388
   
303,049
   
101,538
 
Net increase (decrease) in net assets applicable to common shares
   
(11,456,260
)
 
7,424,019
   
(2,804,257
)
 
2,394,106
   
(29,259,527
)
 
14,854,006
 
Net assets applicable to common shares at the beginning of period
   
157,978,526
   
150,554,507
   
38,434,022
   
36,039,916
   
253,426,146
   
238,572,140
 
Net assets applicable to common shares at the end of period
 
$
146,522,266
 
$
157,978,526
 
$
35,629,765
 
$
38,434,022
 
$
224,166,619
 
$
253,426,146
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
502,627
 
$
391,069
 
$
205,995
 
$
98,959
 
$
2,605,453
 
$
3,052,887
 
 
(1)  Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73

 
 

 
 
Statement of Changes in Net Assets (continued)

   
New York
Dividend Advantage (NAN)
 
New York
Dividend Advantage 2 (NXK)
 
New York
AMT-Free Income (NRK)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
 
Operations
                                     
Net investment income (loss)
 
$
6,478,387
 
$
6,772,762
 
$
4,271,991
 
$
4,657,528
 
$
37,688,512
 
$
2,325,727
 
Net realized gain (loss) from:
                                     
Investments
   
(801,059
)
 
263,666
   
(533,765
)
 
173,499
   
(13,911,765
)
 
59,743
 
Swaps
   
   
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(14,980,656
)
 
10,658,485
   
(10,364,770
)
 
6,934,212
   
(127,408,711
)
 
1,557,950
 
Swaps
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(9,303,328
)
 
17,694,913
   
(6,626,544
)
 
11,765,239
   
(103,631,964
)
 
3,943,420
 
Distributions to Common Shareholders
                                     
From net investment income
   
(7,061,108
)
 
(7,282,550
)
 
(4,677,571
)
 
(5,177,836
)
 
(31,617,133
)
 
(2,461,605
)
From accumulated net realized gains
   
(285,372
)
 
(54,665
)
 
(148,587
)
 
   
(74,697
)
 
(36,118
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(7,346,480
)
 
(7,337,215
)
 
(4,826,158
)
 
(5,177,836
)
 
(31,691,830
)
 
(2,497,723
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations(1)
   
   
   
   
   
1,270,370,280
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
10,707
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
   
   
1,270,380,987
   
 
Net increase (decrease) in net assets applicable to common shares
   
(16,649,808
)
 
10,357,698
   
(11,452,702
)
 
6,587,403
   
1,135,057,193
   
1,445,697
 
Net assets applicable to common shares at the beginning of period
   
149,417,226
   
139,059,528
   
103,526,982
   
96,939,579
   
54,139,502
   
52,693,805
 
Net assets applicable to common shares at the end of period
 
$
132,767,418
 
$
149,417,226
 
$
92,074,280
 
$
103,526,982
 
$
1,189,196,695
 
$
54,139,502
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,083,630
 
$
1,399,104
 
$
240,029
 
$
476,312
 
$
8,167,274
 
$
173,738
 
 
(1) Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.

74
 
Nuveen Investments

 
 

 
 
Statement of
  Cash Flows
 
Year Ended September 30, 2013

     
New York
   
New York
 
     
Performance
   
Dividend
 
     
Plus
   
Advantage
 
     
(NNP
)
 
(NAN
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(16,026,296
)
$
(9,303,328
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(63,316,502
)
 
(33,708,320
)
Proceeds from sales and maturities of investments
   
58,339,193
   
30,007,744
 
Amortization (Accretion) of premiums and discounts, net
   
645,645
   
545,849
 
Assets and (Liabilities) acquired in the Reorganization, net
   
   
 
(Increase) Decrease in:
             
Receivable for interest
   
278,159
   
142,467
 
Receivable for investments sold
   
1,812,196
   
(15,000
)
Other assets
   
(2,173
)
 
5,642
 
Increase (Decrease) in:
             
Payable for interest
   
   
4
 
Payable for investments purchased
   
   
 
Accrued management fees
   
(10,860
)
 
(6,656
)
Accrued Directors/Trustees fees
   
2,917
   
(92
)
Accrued reorganization expenses
   
   
 
Accrued other expenses
   
(12,096
)
 
(4,227
)
Net realized (gain) loss from investments
   
920,503
   
801,059
 
Change in net unrealized (appreciation) depreciation of investments
   
27,575,761
   
14,980,656
 
Taxes paid on undistributed capital gains
   
(3,019
)
 
(15,150
)
Net cash provided by (used in) operating activities
   
10,203,428
   
3,430,648
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
(72,799
)
 
404,883
 
Increase (Decrease) in:
             
Cash overdraft
   
   
2,015,109
 
Floating rate obligations
   
   
(270,000
)
Payable for offering costs
   
   
(134,692
)
VMTP Shares, at liquidation value
   
   
 
VRDP Shares, at liquidation value
   
   
 
Cash distributions paid to common shareholders
   
(13,261,852
)
 
(7,366,937
)
Net cash provided by (used in) financing activities
   
(13,334,651
)
 
(5,351,637
)
Net Increase (Decrease) in Cash
   
(3,131,223
)
 
(1,920,989
)
Cash at the beginning of period
   
4,628,700
   
1,920,989
 
Cash at the End of Period
 
$
1,497,477
 
$
 
Supplemental Disclosure of Cash Flow Information
             
     
New York
   
New York
 
     
Performance
   
Dividend
 
     
Plus
   
Advantage
 
     
(NNP
)
 
(NAN
)
Cash paid for interest (excluding amortization of offering costs)
 
$
379,777
 
$
1,531,353
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
303,049
   
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
75

 
 

 
 
Statement of Cash Flows (continued)
 
     
New York
   
New York
 
     
Dividend
   
AMT-Free
 
     
Advantage 2
   
Income
 
     
(NXK
)
 
(NRK
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(6,626,544
)
$
(103,631,964
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(26,905,348
)
 
(339,549,872
)
Proceeds from sales and maturities of investments
   
25,473,620
   
313,768,118
 
Amortization (Accretion) of premiums and discounts, net
   
420,467
   
865,055
 
Assets and (Liabilities) acquired in the Reorganization, net
   
   
(502,179,068
)
(Increase) Decrease in:
             
Receivable for interest
   
77,023
   
(24,737,944
)
Receivable for investments sold
   
   
(9,615,312
)
Other assets
   
3,916
   
(537,368
)
Increase (Decrease) in:
             
Payable for interest
   
   
(12,495
)
Payable for investments purchased
   
919,413
   
14,826,720
 
Accrued management fees
   
(6,109
)
 
847,896
 
Accrued Directors/Trustees fees
   
(65
)
 
196,906
 
Accrued reorganization expenses
   
   
195,311
 
Accrued other expenses
   
(8,539
)
 
397,344
 
Net realized (gain) loss from investments
   
533,765
   
13,911,765
 
Change in net unrealized (appreciation) depreciation of investments
   
10,364,770
   
127,408,711
 
Taxes paid on undistributed capital gains
   
(8,721
)
 
(5,965
)
Net cash provided by (used in) operating activities
   
4,237,648
   
(507,852,162
)
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
168,201
   
(2,870,266
)
Increase (Decrease) in:
             
Cash overdraft
   
   
2,875,394
 
Floating rate obligations
   
   
(6,185,000
)
Payable for offering costs
   
   
52,996
 
VMTP Shares, at liquidation value
   
   
50,700,000
 
VRDP Shares, at liquidation value
   
   
488,800,000
 
Cash distributions paid to common shareholders
   
(4,895,717
)
 
(26,250,982
)
Net cash provided by (used in) financing activities
   
(4,727,516
)
 
507,122,142
 
Net Increase (Decrease) in Cash
   
(489,868
)
 
(730,020
)
Cash at the beginning of period
   
2,974,806
   
730,020
 
Cash at the End of Period
 
$
2,484,938
 
$
 
Supplemental Disclosure of Cash Flow Information
             
     
New York
   
New York
 
     
Dividend
   
AMT-Free
 
     
Advantage 2
   
Income
 
     
(NXK
)
 
(NRK
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,026,263
 
$
2,331,454
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
   
10,707
 
 
See accompanying notes to financial statements.
 
76
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments
 
77

 
 

 
 
Financial
 
Highlights
 
Selected data for a common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
                 
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Initial
Offering
Costs
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New York Value (NNY)
Year Ended 9/30:
2013
 
$
10.41
 
$
.40
 
$
(.75
)
$
(.35
)
$
(.39
)
$
(.02
)
$
(.41
)
$
 
$
 
$
9.65
 
$
8.97
 
2012
   
9.93
   
.42
   
.48
   
.90
   
(.42
)
 
   
(.42
)
 
   
   
10.41
   
10.55
 
2011
   
10.02
   
.43
   
(.08
)
 
.35
   
(.43
)
 
(.01
)
 
(.44
)
 
   
   
9.93
   
9.47
 
2010
   
9.91
   
.42
   
.14
   
.56
   
(.43
)
 
(.02
)
 
(.45
)
 
   
   
10.02
   
9.88
 
2009
   
9.28
   
.43
   
.73
   
1.16
   
(.43
)
 
(.10
)
 
(.53
)
 
   
   
9.91
   
9.51
 
                                                                     
New York Value 2 (NYV)
Year Ended 9/30:
2013
   
16.36
   
.72
   
(1.25
)
 
(.53
)
 
(.67
)
 
   
(.67
)
 
   
   
15.16
   
13.99
 
2012
   
15.36
   
.72
   
.95
   
1.67
   
(.67
)
 
   
(.67
)
 
   
   
16.36
   
16.33
 
2011
   
16.10
   
.75
   
(.74
)
 
.01
   
(.75
)
 
   
(.75
)
 
   
   
15.36
   
14.13
 
2010
   
15.91
   
.79
   
.17
   
.96
   
(.77
)
 
   
(.77
)
 
   
   
16.10
   
15.38
 
2009(c)
   
14.33
   
.23
   
1.64
   
1.87
   
(.26
)
 
   
(.26
)
 
   
(.03
)
 
15.91
   
14.84
 
 
(a)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
78
 
Nuveen Investments

 
 

 


       
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
       
   
Based
on
Common
Share Net
Asset
Value
(a)
Based
on
Market
Value
(a)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(b)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(d)
                                       
                                       
     
(3.51
)%
 
(11.41
)%
$
146,522
   
.61
%
 
3.97
%
 
21
%
     
9.23
   
16.11
   
157,979
   
.65
   
4.14
   
10
 
     
3.62
   
.39
   
150,555
   
.65
   
4.40
   
10
 
     
5.82
   
8.78
   
152,031
   
.67
   
4.30
   
5
 
     
13.00
   
11.78
   
150,063
   
.71
   
4.58
   
3
 
                                       
                                       
     
(3.36
)
 
(10.46
)
 
35,630
   
.74
   
4.50
   
3
 
     
11.12
   
20.74
   
38,434
   
.75
   
4.55
   
10
 
     
.27
   
(3.15
)
 
36,040
   
.77
   
4.99
   
18
 
     
6.26
   
9.12
   
37,796
   
.74
   
5.04
   
2
 
     
12.99
   
.73
   
37,347
   
.84
 
3.66
 
4
 
 
(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:
 
New York Value (NNY)
       
Year Ended 9/30:
       
2013
   
.01
%
2012
   
.01
 
2011
   
.01
 
2010
   
.01
 
2009
   
.03
 
         
New York Value 2 (NYV)
       
Year Ended 9/30:
       
2013
   
%
2012
   
 
2011
   
 
2010
   
 
2009(c)
   
 
 
(c)
For the period April 28, 2009 (commencement of operations) through September 30, 2009.
(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

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

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New York Performance Plus (NNP)
Year Ended 9/30:
2013
 
$
16.84
 
$
.83
 
$
(1.89
)
$
 
$
 
$
(1.06
)
$
(.86
)
$
(.04
)
$
(.90
)
$
 
$
14.88
 
$
13.68
 
2012
   
15.86
   
.86
   
1.00
   
   
   
1.86
   
(.88
)
 
   
(.88
)
 
   
16.84
   
17.18
 
2011
   
16.05
   
.88
   
(.18
)
 
   
   
.70
   
(.88
)
 
(.01
)
 
(.89
)
 
   
15.86
   
14.93
 
2010
   
15.63
   
.91
   
.38
   
(.01
)
 
 
1.28
   
(.84
)
 
(.02
)
 
(.86
)
 
   
16.05
   
15.52
 
2009
   
13.74
   
.96
   
1.89
   
(.05
)
 
(.04
)
 
2.76
   
(.74
)
 
(.13
)
 
(.87
)
 
 
15.63
   
14.77
 
                                                                           
New York Dividend Advantage (NAN)
Year Ended 9/30:
2013
   
16.13
   
.70
   
(1.71
)
 
   
   
(1.01
)
 
(.76
)
 
(.03
)
 
(.79
)
 
   
14.33
   
12.91
 
2012
   
15.01
   
.73
   
1.19
   
   
   
1.92
   
(.79
)
 
(.01
)
 
(.80
)
 
   
16.13
   
16.00
 
2011
   
15.17
   
.76
   
(.10
)
 
 
   
.66
   
(.79
)
 
(.03
)
 
(.82
)
 
   
15.01
   
13.70
 
2010
   
14.82
   
.84
   
.34
   
(.01
)
 
 
1.17
   
(.78
)
 
(.04
)
 
(.82
)
 
   
15.17
   
14.43
 
2009
   
13.12
   
.93
   
1.68
   
(.06
)
 
(.03
)
 
2.52
   
(.73
)
 
(.09
)
 
(.82
)
 
   
14.82
   
13.38
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
*
Rounds to less than $.01 per share.
 
80
 
Nuveen Investments

 
 

 

               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
   
Based
on
Common
Share Net
Asset
Value
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(f)
                                                   
                                                   
     
(6.57
)%
 
(15.66
)%
$
224,167
   
1.63
%
 
5.12
%
 
N/A
   
N/A
   
16
%
     
12.05
   
21.58
   
253,426
   
1.64
   
5.27
   
N/A
   
N/A
   
11
 
     
4.78
   
2.30
   
238,572
   
1.77
   
5.77
   
N/A
   
N/A
   
6
 
     
8.46
   
11.39
   
241,450
   
1.53
   
5.84
   
N/A
   
N/A
   
9
 
     
21.05
   
42.29
   
235,108
   
1.39
   
6.91
   
N/A
   
N/A
   
1
 
                                                   
                                                   
     
(6.48
)
 
(14.81
)
 
132,767
   
2.35
   
4.51
   
N/A
   
N/A
   
14
 
     
13.05
   
23.20
   
149,417
   
2.37
   
4.71
   
N/A
   
N/A
   
9
 
     
4.75
   
.98
   
139,060
   
2.42
   
5.26
   
N/A
   
N/A
   
10
 
     
8.28
   
14.63
   
140,525
   
1.74
   
5.74
   
N/A
   
N/A
   
10
 
     
20.29
   
26.58
   
137,268
   
1.37
   
7.07
   
1.31
%
 
7.13
%
 
4
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), MTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of August 1, 2009, the Adviser is no longer reimbursing New York Dividend Advantage (NAN) for any fees and expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 –Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
New York Performance Plus (NNP)
       
Year Ended 9/30:
       
2013
   
.59
%
2012
   
.61
 
2011
   
.70
 
2010
   
.40
 
2009
   
.22
 
         
New York Dividend Advantage (NAN)
       
Year Ended 9/30:
       
2013
   
1.26
%
2012
   
1.27
 
2011
   
1.27
 
2010
   
.63
 
2009
   
.20
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
N/A
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.

Nuveen Investments
 
81

 
 

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

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New York Dividend Advantage 2 (NXK)
Year Ended 9/30:
2013
 
$
15.96
 
$
.66
 
$
(1.69
)
$
 
$
 
$
(1.03
)
$
(.72
)
$
(.02
)
$
(.74
)
$
 
$
14.19
 
$
12.69
 
2012
   
14.94
   
.72
   
1.10
   
   
   
1.82
   
(.80
)
 
   
(.80
)
 
   
15.96
   
15.51
 
2011
   
15.13
   
.74
   
(.13
)
 
   
   
.61
   
(.80
)
 
   
(.80
)
 
   
14.94
   
13.60
 
2010
   
14.76
   
.83
   
.36
   
(.01
)
 
*
 
1.18
   
(.80
)
 
(.01
)
 
(.81
)
 
   
15.13
   
14.37
 
2009
   
13.14
   
.92
   
1.66
   
(.05
)
 
(.04
)
 
2.49
   
(.73
)
 
(.14
)
 
(.87
)
 
 
14.76
   
13.41
 
                                                                           
New York AMT-Free Income (NRK)
Year Ended 9/30:
2013
   
15.44
   
.76
   
(1.87
)
 
   
   
(1.11
)
 
(.74
)
 
(.02
)
 
(.76
)
 
   
13.57
   
12.24
 
2012
   
15.03
   
.66
   
.46
   
   
   
1.12
   
(.70
)
 
(.01
)
 
(.71
)
 
   
15.44
   
15.29
 
2011
   
15.36
   
.65
   
(.24
)
 
   
   
.41
   
(.74
)
 
   
(.74
)
 
   
15.03
   
13.86
 
2010
   
15.18
   
.77
   
.23
   
(.01
)
 
(.01
)
 
.98
   
(.73
)
 
(.07
)
 
(.80
)
 
   
15.36
   
14.75
 
2009
   
13.31
   
.83
   
1.81
   
(.10
)
 
*
 
2.54
   
(.66
)
 
(.01
)
 
(.67
)
 
 
15.18
   
13.70
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
*
Rounds to less than $.01 per share.
 
82
 
Nuveen Investments

 
 

 


               
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
   
Based
on
Common
Share Net
Asset
Value
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(f)
                                                   
                                                   
     
(6.67
)%
 
(13.85
)%
$
92,074
   
2.30
%
 
4.29
%
 
N/A
   
N/A
   
17
%
     
12.47
   
20.38
   
103,527
   
2.32
   
4.66
   
N/A
   
N/A
   
10
 
     
4.38
   
.49
   
96,940
   
2.44
   
5.12
   
2.41
%
 
5.16
%
 
14
 
     
8.27
   
13.65
   
98,156
   
1.74
   
5.54
   
1.63
   
5.65
   
6
 
     
20.06
   
29.95
   
95,751
   
1.36
   
6.83
   
1.18
   
7.01
   
0
 
                                                   
                                                   
     
(7.40
)
 
(15.46
)
 
1,189,197
   
1.77
   
5.26
   
N/A
   
N/A
   
27
 
     
7.63
   
15.78
   
54,140
   
2.82
   
4.35
   
N/A
   
N/A
   
15
 
     
2.91
   
(.81
)
 
52,694
   
2.91
   
4.44
   
2.89
   
4.47
   
6
 
     
6.70
 
13.97
   
53,866
   
1.95
   
5.01
   
1.81
   
5.15
   
4
 
     
19.67
   
25.65
   
53,223
   
1.40
   
5.77
   
1.13
   
6.04
   
4
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP, VMTP and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and November 30, 2010, the Adviser is no longer reimbursing New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares and/or VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
New York Dividend Advantage 2 (NXK)
       
Year Ended 9/30:
       
2013
   
1.20
%
2012
   
1.20
 
2011
   
1.29
 
2010
   
.63
 
2009
   
.20
 
         
New York AMT-Free Income (NRK)
       
Year Ended 9/30:
       
2013
   
.70
%
2012
   
1.59
 
2011
   
1.66
 
2010
   
.77
 
2009
   
.09
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the long-term market value during the period.
*
During the fiscal year ended September 30, 2010, New York AMT-Free Income (NRK) received payments from the Adviser of $35,020 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share Net Asset Value.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
83

 
 

 
 
Financial Highlights (continued)

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (a)
 
VRDP Shares at the End of Period
 
ARPS and
MTP Shares at
the End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$25,000 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$10 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$100,000 Share
 
Asset Coverage
Per $1
Liquidation
Preference
 
New York Performance Plus (NNP)
Year Ended 9/30:
2013
 
$
 
$
 
$
 
$
 
$
89,000
 
$
351,873
 
$
 
2012
   
   
   
   
   
89,000
   
384,748
   
 
2011
   
   
   
   
   
89,000
   
368,059
   
 
2010
   
   
   
   
   
89,000
   
371,292
   
 
2009
   
87,650
   
92,059
   
   
   
   
   
 
                                             
New York Dividend Advantage (NAN)
Year Ended 9/30:
2013
   
   
   
55,360
   
33.98
   
   
   
 
2012
   
   
   
55,360
   
36.99
   
   
   
 
2011
   
   
   
55,360
   
35.12
   
   
   
 
2010
   
21,900
   
92,690
   
30,000
   
37.08
   
   
   
3.71
 
2009
   
51,400
   
91,765
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
   
2012
   
2011
   
2010
(b)
New York Dividend Advantage (NAN)
                         
Series 2015 (NAN PRC)
                         
Ending Market Value per Share
 
$
10.09
 
$
10.08
 
$
10.09
 
$
10.16
 
Average Market Value per Share
   
10.09
   
10.11
   
10.08
   
10.09
Series 2016 (NAN PRD)
                         
Ending Market Value per Share
   
10.02
   
10.09
   
10.06
   
 
Average Market Value per Share
   
10.10
   
10.11
   
9.95
^^   
 
 
(b)
The Fund did not issue MTP Shares prior to the fiscal year ended September 30, 2010.
^
For the period December 21, 2009 (first issuance date of shares) through September 30, 2010.
^^
For the period December 13, 2010 (first issuance date of shares) through September 30, 2011.
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP,
VMTP and
VRDP Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$25,000 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$10 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
New York Dividend Advantage 2 (NXK)
Year Ended 9/30:
2013
 
$
 
$
 
$
37,890
 
$
34.30
 
$
 
$
 
$
 
$
 
$
 
2012
   
   
   
37,890
   
37.32
   
   
   
   
   
 
2011
   
   
   
37,890
   
35.58
   
   
   
   
   
 
2010
   
   
   
37,890
   
35.91
   
   
   
   
   
 
2009
   
34,100
   
95,198
   
   
   
   
   
   
   
 
                                                         
New York AMT-Free Income (NRK)
Year Ended 9/30:
2013
   
   
   
27,680
   
30.97
   
50,700
   
309,668
   
488,800
   
309,668
   
3.10
 
2012
   
   
   
27,680
   
29.56
   
   
   
   
   
 
2011
   
   
   
27,680
   
29.04
   
   
   
   
   
 
2010
   
   
   
27,680
   
29.46
   
   
   
   
   
 
2009
   
27,000
   
74,281
   
   
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
   
2012
   
2011
   
2010
(b)
New York Dividend Advantage 2 (NXK)
                         
Series 2015 (NXK PRC)
                         
Ending Market Value per Share
 
$
10.05
 
$
10.07
 
$
10.11
 
$
10.14
 
Average Market Value per Share
   
10.06
   
10.09
   
10.05
   
10.05
Ω
                           
New York AMT-Free Income (NRK)
                         
Series 2015 (NRK PRC)
                         
Ending Market Value per Share
   
10.01
   
10.14
   
10.10
   
10.33
 
Average Market Value per Share
   
10.07
   
10.10
   
10.06
   
10.09
Ω
 
(b)
The Funds did not issue MTP Shares prior to the fiscal year ended September 30, 2010.
Ω
For the period April 14, 2010 (first issuance date of shares) through September 30, 2010
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 
 
Notes to
 
Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
•           Nuveen New York Municipal Value Fund, Inc. (NNY) (“New York Value (NNY)”)
•           Nuveen New York Municipal Value Fund 2 (NYV) (“New York Value 2 (NYV)”)
•           Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (“New York Performance Plus (NNP)”)
•           Nuveen New York Dividend Advantage Municipal Fund (NAN) (“New York Dividend Advantage (NAN)”)
•           Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (“New York Dividend Advantage 2 (NXK)”)
•           Nuveen New York AMT-Free Municipal Income Fund (NRK) (“New York AMT-Free Income (NRK)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for New York Municipal Value 2 (NYV)), closed-end registered investment companies. Common shares of New York Value (NNY), New York Performance Plus (NNP), New York Dividend Advantage (NAN) New York Dividend Advantage 2 (NKX) and New York AMT-Free Income (NRK) are traded on the NYSE (Common shares of New York Dividend Advantage 2 (NKX) and New York AMT-Free Income (NRK) were formerly traded on the NYSE MKT.) Common shares of New York Value 2 (NYV) are traded on the NYSE MKT. New York Value (NNY) and New York Performance Plus (NNP) were incorporated under the state laws of Minnesota on July 14, 1987 and October 6, 1989, respectively. New York Value 2 (NYV), New York Dividend Advantage (NAN), New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK) were organized as Massachusetts business trusts on January 26, 2009, December 1, 1998, June 1, 1999 and April 9, 2002, respectively.
 
Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories.
 
Investment Adviser
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Fund Reorganizations
Effective before the opening of business on March 11, 2013, certain New York funds (the “Acquired Funds”)  were reorganized into one, larger-state Fund (the “Acquiring Fund”) included in this report (each a “Reorganization” and collectively the “Reorganizations”) as follows:
 
 
Acquired Funds
Acquiring Fund
 
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
New York AMT-Free Income (NRK)
 
(“New York Investment Quality”)
 
 
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
 
 
(“New York Select Quality”)
 
 
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
 
 
(“New York Quality Income”)
 
 
Nuveen New York Premium Income Municipal Fund, Inc. (NNF)
 
 
(“New York Premium Income”)
 
 
Nuveen New York Dividend Advantage Municipal Income Fund (NKO)
 
 
(“New York Dividend Advantage Income”)
 
 
86
 
Nuveen Investments

 
 

 
 
The Reorganizations of the Funds were approved by the shareholders of the Acquired Funds at a special meeting on January 28, 2013.
 
On August 6, 2013, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain New York funds included in this report. The reorganizations are intended to create one, larger-state Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
 
Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:
 
 
Acquired Funds
Acquiring Fund
 
New York Performance Plus (NNP)
New York Dividend Advantage (NAN)
 
New York Dividend Advantage 2 (NXK)
 
 
The reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings in early 2014.
 
Upon the closing of a reorganization, the Acquired Fund transfers its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. The Acquired Fund is then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Acquired Fund become shareholders of the Acquiring Fund. Holders of common shares of the Acquired Fund received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares are sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Fund receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Acquired Fund held immediately prior to the reorganization.
 
Details of the Funds’ effective Reorganizations are further described in the Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares sections of this footnote and Note 8 – Fund Reorganizations.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of September 30, 2013, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
     
New York
 
     
AMT-Free
 
     
Income
 
     
(NRK
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
8,649,120
 
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Nuveen Investments
 
87

 
 

 
 
Notes to Financial Statements (continued)
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund except New York Value (NNY) and New York Value 2 (NYV) is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Each Fund’s MTP Shares are issued in one or more Series and trade on the NYSE. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.
 
                      Shares Outstanding    
Annual
 
           
NYSE
   
Shares
   
at $10 Per Share
   
Interest
 
     
Series
   
Ticker
   
Outstanding
   
Liquidation Value
   
Rate
 
New York Dividend Advantage (NAN)
                               
     
2015
   
NAN PRC
   
3,000,000
 
$
30,000,000
   
2.70
%
     
2016
   
NAN PRD
   
2,536,000
   
25,360,000
   
2.50
 
New York Dividend Advantage 2 (NXK)
                               
     
2015
   
NXK PRC
   
3,789,000
 
$
37,890,000
   
2.55
%
New York AMT-Free Income (NRK)
                               
     
2015
   
NRK PRC
   
2,768,000
 
$
27,680,000
   
2.55
%
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE ticker symbol are as follows:

                 
Term
   
Optional
   
Premium
 
           
NYSE
   
Redemption
   
Redemption
   
Expiration
 
     
Series
   
Ticker
   
Date
   
Date
   
Date
 
New York Dividend Advantage (NAN)
                               
     
2015
   
NAN PRC
   
January 1, 2015
   
January 1, 2011
   
December 31, 2011
 
     
2016
   
NAN PRD
   
January 1, 2016
   
January 1, 2012
   
December 31, 2012
 
New York Dividend Advantage 2 (NXK)
                               
     
2015
   
NXK PRC
   
May 1, 2015
   
May 1, 2011
   
April 30, 2012
 
New York AMT-Free Income (NRK)
                               
     
2015
   
NRK PRC
   
May 1, 2015
   
May 1, 2011
   
April 30, 2012
 
 
The average liquidation value for all series of each Fund’s MTP Shares outstanding during the fiscal year ended September 30, 2013, was as follows:
 
     
New York
   
New York
   
New York
 
     
Dividend
   
Dividend
   
AMT-Free
 
     
Advantage
   
Advantage 2
   
Income
 
     
(NAN
)
 
(NXK
)
 
(NRK
)
Average liquidation value of MTP Shares outstanding
 
$
55,360,000
 
$
37,890,000
 
$
27,680,000
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and
 
88
 
Nuveen Investments

 
 

 
 
amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
In connection with New York AMT-Free Income’s (NRK) Reorganizations, holders of Variable Rate MuniFund Term Preferred (“VMTP”) Shares of the Acquired Fund received on a one-for-one basis newly issued VMTP Shares of the Acquiring Fund, in exchange for VMTP Shares of the Acquired Fund held immediately prior to the Reorganizations. New York AMT-Free Income (NRK) Series 2014 VMTP Shares were issued in conjunction with the Reorganization of New York Premium Income (NNF).
 
As of September 30, 2013, the number of VMTP Shares outstanding, at liquidation value, for the Fund is as follows:
 
                 
Shares
 
                 
Outstanding
 
                 
at $100,000
 
     
 
   
Shares
   
Per Share
 
     
Series
   
Outstanding
  Liquidation Value  
New York AMT-Free Income (NRK)
                   
     
2014
   
507
 
$
50,700,000
 
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:
 
           
Term
   
Optional
   
Premium
 
           
Redemption
   
Redemption
   
Expiration
 
     
Series
   
Date
   
Date
   
Date
 
New York AMT-Free Income (NRK)
                         
     
2014
   
October 1, 2014
   
October 1, 2012
   
September 30, 2012
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for the Fund during the fiscal year ended September 30, 2013, were as follows:

     
New York
 
     
AMT-Free
 
     
Income
 
     
(NRK
)*
Average liquidation value of VMTP Shares outstanding
 
$
50,700,000
 
Annualized dividend rate
   
1.15
%
 
*
For the period March 11, 2013 (effective date of the Reorganizations) through September 30, 2013.
 
Dividends on VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. VMTP shares generally do not trade, and market quotations are generally not available.  VMTP shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP shares is expected to be approximately their liquidation (“par”) value so long as the fixed “spread” on the VMTP shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment.  In present market conditions, the Funds’ Adviser has determined that fair value of VMTP shares is their liquidation value, but their fair value could vary if market conditions change materially.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Nuveen Investments
 
89

 
 

 
 
Notes to Financial Statements (continued)
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. New York Performance Plus (NNP) issued its VRDP Shares in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
In connection with New York AMT-Free Income’s (NRK) Reorganizations, holders of VRDP Shares of the Acquired Funds received on a one-for-one basis newly issued VRDP Shares of the Acquiring Fund, in exchange for VRDP Shares of the Acquired Funds held immediately prior to the Reorganizations. New York AMT-Free Income (NRK) Series 1, Series 2, Series 3 and Series 4 VRDP Shares were issued in conjunction with the Reorganizations of New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and New York Dividend Advantage Income (NKO), respectively.
 
As of September 30, 2013, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
                Shares Outstanding at        
           
Shares
 
 
$100,000 Per Share
       
     
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
New York Performance (NNP)
                         
     
1
   
890
 
$
89,000,000
   
March 1, 2040
 
New York AMT-Free Income (NRK)
                         
     
1
   
1,123
 
$
112,300,000
   
August 1, 2040
 
     
2
   
1,648
 
$
164,800,000
   
August 1, 2040
 
     
3
   
1,617
 
$
161,700,000
   
December 1, 2040
 
     
4
   
500
 
$
50,000,000
   
June 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% of the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended September 30, 2013, were as follows:
 
     
New York
   
New York
 
     
Performance
   
AMT-Free
 
     
Plus
   
Income
 
     
(NNP
)
 
(NRK
)*
Average liquidation value of VRDP Shares outstanding
 
$
89,000,000
 
$
488,800,000
 
Annualized dividend rate
   
0.23
%
 
0.18
%
 
*
For the period March 11, 2013 (effective date of the Reorganization) through September 30, 2013.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (VRDP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
 
90
 
Nuveen Investments

 
 

 
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
 
Investment Valuation
Prices of municipal bonds and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of those securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
   
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
   
Level 3 – 
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
Nuveen Investments
 
91

 
 

 
 
Notes to Financial Statements (continued)
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
New York Value (NNY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
149,745,598
 
$
 
$
149,745,598
 
                           
New York Value 2 (NYV)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
34,964,356
 
$
 
$
34,964,356
 
Derivatives:
                         
Swaps**
   
   
182,941
   
   
182,941
 
Total
 
$
 
$
35,147,297
 
$
 
$
35,147,297
 
                           
New York Performance Plus (NNP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
341,308,336
 
$
 
$
341,308,336
 
                           
New York Dividend Advantage (NAN)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
205,042,675
 
$
 
$
205,042,675
 
                           
New York Dividend Advantage 2 (NXK)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
139,861,656
 
$
 
$
139,861,656
 
                           
New York AMT-Free Income (NRK)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,875,174,312
 
$
 
$
1,875,174,312
 
 
*
Refer to the Fund’s Portfolio of Investments for industry classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
 (i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
 (ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
92
 
Nuveen Investments

 
 

 
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended September 30, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of September 30, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts, was as follows:
 
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Maximum exposure to Recourse Trusts
 
$
 
$
2,000,000
 
$
9,375,000
 
$
7,245,000
 
$
 
$
31,665,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended September 30, 2013, were as follows:
 
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Average floating rate obligations outstanding
 
$
3,255,000
 
$
 
$
34,645,000
 
$
17,488,671
 
$
12,150,000
 
$
143,676,014
 
Average annual interest rate and fees
   
.41%
 
 
%
 
 
.51%
 
 
.50%
 
 
.49%
 
 
.55%
 
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Nuveen Investments
 
93

 
 

 
 
Notes to Financial Statements (continued)
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund will limit its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
 
Swap Contracts
Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying a Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on swaps, net” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.”
 
A Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from swaps.” A Fund intends, but is not obligated, to terminate its forward interest rate swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
 
During the fiscal year ended September 30, 2013, New York Value 2 (NYV) entered into swap transactions to manage the duration of the Fund’s portfolio and to reduce its price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
 
The average notional amount of swap contracts outstanding during the fiscal year ended September 30, 2013 was as follows:
 
     
New York
 
     
Value 2
 
     
(NYV
)
Average notional amount of swap contracts outstanding*
 
$
2,750,000
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
The following table presents the fair value of all swap contracts held by New York Value 2 (NYV) as of September 30, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
 
    Location on the Statement of Assets and Liabilities
Underlying
Derivative
Asset Derivatives     (Liability) Derivatives  
Risk Exposure
Instrument
Location
 
Value
   
   Location
   
Value
 
   
Unrealized appreciation
                 
Interest rate
Swaps
on swaps
  $ 182,941           $  
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts for the fiscal year ended September 30, 2013, and the primary risk exposure.
 
                       
Change in Net
 
                       
Unrealized
 
     
Underlying
   
Derivative
   
Net Realized
   
Appreciation
 
Fund
   
Risk Exposure
   
Instrument
   
Gain (Loss
)
 
(Depreciation
)
New York Value 2 (NYV)
   
Interest rate
   
Swaps
 
$
 
$
409,098
 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
 
94
 
Nuveen Investments

 
 

 
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
4. Fund Shares
 
Common Shares
The Funds have not repurchased any of their outstanding common shares during the fiscal years ended September 30, 2013 or September 30, 2012.
 
Transactions in common shares were as follows:
 
   
New York Value (NNY)
 
New York Value 2 (NYV)
 
New York
Performance Plus (NNP)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
14,833
   
7,655
   
849
   
1,763
   
17,886
   
6,054
 
                                       
   
New York
Dividend Advantage (NAN)
 
New York
Dividend Advantage 2 (NXK)
 
New York
AMT-Free Income (NRK)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
   
9/30/13
   
9/30/12
 
Common shares:
                                     
Issued in the Reorganizations(1)
   
   
   
   
   
84,111,257
   
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
687
   
 
 
(1)   Refer to Note 8 – Fund Reorganizations for further details.
 
Preferred Shares
New York Dividend Advantage (NAN), New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK) did not have any transactions in MTP Shares during the fiscal years ended September 30, 2013 and September 30, 2012.
 
New York AMT-Free Income (NRK) did not have any transactions in VMTP Shares during the year ended September 30, 2012.
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
 
   
Year Ended
September 30, 2013
 
New York AMT-Free Income (NRK)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued in connection with the Reorganizations(1)
   
2014
   
507
 
$
50,700,000
 
 
(1)   Refer to Note 8 – Fund Reorganizations for further details.
 
New York Performance Plus (NNP) did not have any transactions in VRDP Shares during the fiscal years ended September 30, 2013 and September 30, 2012. New York AMT-Free Income (NRK) did not have any transactions in VRDP Shares during the year ended September 30, 2012.
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
                     
   
Year Ended
September 30, 2013
 
New York AMT-Free Income (NRK)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued in connection with the Reorganizations(1)
                   
     
1
   
1,123
 
$
112,300,000
 
     
2
   
1,648
   
164,800,000
 
     
3
   
1,617
   
161,700,000
 
     
4
   
500
   
50,000,000
 
Total
         
4,888
 
$
488,800,000
 
 
(1)   Refer to Note 8 – Fund Reorganizations for further details.
 
Nuveen Investments
 
95

 
 

 
 
Notes to Financial Statements (continued)
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the fiscal year ended September 30, 2013, were as follows:
                                       
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Purchases
 
$
37,185,379
 
$
1,521,424
 
$
63,316,502
 
$
33,708,320
 
$
26,905,348
 
$
339,549,872
 
Sales and maturities
   
32,746,537
   
1,192,708
   
58,339,193
   
30,007,744
   
25,473,620
   
313,768,118
 
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
As of September 30, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
 
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Cost of investments
 
$
144,387,263
 
$
32,543,409
 
$
303,231,028
 
$
185,643,359
 
$
126,991,681
 
$
1,726,472,037
 
Gross unrealized:
                                     
Appreciation
 
$
6,024,296
 
$
3,077,027
 
$
15,099,577
 
$
7,523,863
 
$
5,200,587
 
$
80,028,282
 
Depreciation
   
(3,923,061
)
 
(656,080
)
 
(11,665,883
)
 
(5,589,980
)
 
(4,479,324
)
 
(64,038,856
)
Net unrealized appreciation (depreciation) of investments
 
$
2,101,235
 
$
2,420,947
 
$
3,433,694
 
$
1,933,883
 
$
721,263
 
$
15,989,426
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, distribution reclasses and reorganization adjustments resulted in reclassifications among the Funds’ components of common share net assets as of September 30, 2013, the Funds’ tax year end, as follows:
 
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Paid-in-surplus
 
$
 
$
7,456
 
$
(34,902
)
$
(247,629
)
$
(154,044
)
$
11,157,445
 
Undistributed (Over-distribution of) net investment income
   
(45,912
)
 
(9,685
)
 
31,401
   
267,247
   
169,297
   
1,922,157
 
Accumulated net realized gain (loss)
   
45,912
   
2,229
   
3,501
   
(19,618
)
 
(15,253
)
 
(13,079,602
)
 
96
 
Nuveen Investments

 
 

 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of September 30, 2013, the Funds’ tax year end, were as follows:

                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Undistributed net tax-exempt income1
 
$
611,241
 
$
122,642
 
$
3,015,187
 
$
1,543,739
 
$
534,485
 
$
12,015,027
 
Undistributed net ordinary income2
   
16,703
   
1,884
   
   
3,005
   
16,899
   
 
Undistributed net long-term capital gains
   
   
   
   
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 3, 2013, and paid on October 1, 2013.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended September 30, 2013 and September 30, 2012, was designated for purposes of the dividends paid deduction as follows:
 
                                       
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
2013
   
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Distributions from net tax-exempt income3
 
$
5,991,531
 
$
1,578,892
 
$
13,147,980
 
$
8,518,069
 
$
5,706,057
 
$
27,301,455
 
Distributions from net ordinary income2
   
24,301
   
   
40,530
   
10,192
   
12,328
   
1
 
Distributions from net long-term capital gains4
   
220,219
   
   
587,618
   
285,372
   
148,587
   
74,697
 
                                       
                 
New York
   
New York
   
New York
   
New York
 
     
New York
   
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Value 2
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
2012
   
(NNY
)
 
(NYV
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Distributions from net tax-exempt income
 
$
6,371,242
 
$
1,577,385
 
$
13,524,780
 
$
8,726,540
 
$
6,144,031
 
$
3,167,445
 
Distributions from net ordinary income2
   
   
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
   
54,665
   
   
36,118
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended September 30, 2013, as Exempt Interest Dividends.
4
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended September 30, 2013.
 
As of September 30, 2013, the Funds’ tax year end, the following Fund had unused capital loss carryforwards available for federal tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.
 
     
New York
 
     
Value 2
 
     
(NYV
)
Not subject to expiration:
       
Short-term losses
 
$
63,107
 
Long-term losses
   
526,934
 
 
During the Funds’ tax year ended September 30, 2013, the following Fund utilized capital loss carryforwards as follows:
         
     
New York
 
     
Value 2
 
     
(NYV
)
Utilized capital loss carryforwards
 
$
3,282
 
 
Nuveen Investments
 
97

 
 

 
 
Notes to Financial Statements (continued)
 
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer losses as follows:
 
           
New York
   
New York
   
New York
   
New York
 
     
New York
   
Performance
   
Dividend
   
Dividend
   
AMT-Free
 
     
Value
   
Plus
   
Advantage
   
Advantage 2
   
Income
 
     
(NNY
)
 
(NNP
)
 
(NAN
)
 
(NXK
)
 
(NRK
)
Post-October capital losses5
 
$
867,331
 
$
969,128
 
$
858,827
 
$
539,144
 
$
13,771,873
 
Late-year ordinary losses6
   
   
   
   
   
 
 
5
Capital losses incurred from November 1, 2012 through September 30, 2013, the Funds’ tax year end.
6
Ordinary losses incurred from January 1, 2013 through September 30, 2013, and specified losses incurred from November 1, 2012 through September 30, 2013.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for New York Value (NNY) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
 
The annual fund-level fee for the following Funds, payable monthly, is calculated according to the following schedules:
     
 
New York Performance Plus (NNP)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For the next $3 billion
.3875
 
For managed assets over $5 billion
.3750
 
   
 
New York Value 2 (NYV)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4000
%
For the next $125 million
.3875
 
For the next $250 million
.3750
 
For the next $500 million
.3625
 
For the next $1 billion
.3500
 
For managed assets over $2 billion
.3375
 
     
 
New York Dividend Advantage (NAN)
 
New York Dividend Advantage 2 (NXK)
 
New York AMT-Free Income (NRK)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For managed assets over $2 billion
.3750
 
 
98
 
Nuveen Investments

 
 

 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of September 30, 2013, the complex-level fee rate for each of these Funds was .1686%.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Fund Reorganizations
The following Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
 
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization, were as follows:
 
                             
New York
 
     
New York
   
New York
   
New York
   
New York
   
Dividend
 
     
Investment
   
Select
   
Quality
   
Premium
   
Advantage
 
     
Quality
   
Quality
   
Income
   
Income
   
Income
 
     
(NQN
)
 
(NVN
)
 
(NUN
)
 
(NNF
)
 
(NKO
)
Cost of investments
 
$
345,561,591
 
$
472,750,396
 
$
474,769,314
 
$
162,179,853
 
$
154,397,170
 
Fair value of investments
   
376,348,298
   
521,396,683
   
519,126,736
   
176,673,173
   
167,003,737
 
Net unrealized appreciation (depreciation) of investments
   
30,786,707
   
48,646,287
   
44,357,422
   
14,493,320
   
12,606,567
 
 
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
 
Nuveen Investments
 
99

 
 

 
Notes to Financial Statements (continued)
 
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and net asset value (“NAV”) per common share immediately before and after the Reorganizations are as follows:
 
                             
New York
 
     
New York
   
New York
   
New York
   
New York
   
Dividend
 
     
Investment
   
Select
   
Quality
   
Premium
   
Advantage
 
     
Quality
   
Quality
   
Income
   
Income
   
Income
 
Acquired Funds – Prior to Reorganizations
   
(NQN
)
 
(NVN
)
 
(NUN
)
 
(NNF
)
 
(NKO
)
Common shares outstanding
   
17,542,953
   
23,230,215
   
23,782,336
   
8,264,230
   
7,937,601
 
Net assets applicable to common shares
 
$
271,545,473
 
$
366,948,175
 
$
367,935,364
 
$
129,402,295
 
$
122,538,253
 
NAV per common share outstanding
 
$
15.48
 
$
15.80
 
$
15.47
 
$
15.66
 
$
15.44
 
                                 
                             
New York
 
                             
AMT-Free
 
                             
Income
 
Acquiring Fund – Prior to Reorganizations
                           
(NRK
)
Common shares outstanding
                           
3,507,247
 
Net assets applicable to common shares
                         
$
52,471,137
 
NAV per common share outstanding
                         
$
14.96
 
                                 
                             
New York
 
                             
AMT-Free
 
                             
Income
 
Acquiring Fund – Post Reorganizations
                           
(NRK
)
Common shares outstanding
                           
87,618,504
 
Net assets applicable to common shares
                         
$
1,310,840,698
 
NAV per common share outstanding
                         
$
14.96
 
 
The beginning of the Acquired Funds’ current fiscal period was October 1, 2012. Assuming the Reorganizations had been completed on October 1, 2012, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the fiscal year ended September 30, 2013, are as follows:
         
     
New York
 
     
AMT-Free
 
     
Income
 
     
(NRK
)
Net investment income (loss)
 
$
64,190,318
 
Net realized and unrealized gains (losses)
   
(132,000,423
)
Change in net assets resulting from operations
   
(67,810,105
)
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations for the Acquiring Fund since the Reorganizations were consummated.
 
In connection with the Reorganizations, the Acquiring Fund has incurred certain associated costs and expenses. Such amounts are included as components of “Accrued Reorganization expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
 
9. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
 
100
 
Nuveen Investments

 
 

 
 
Board Members & Officers (Unaudited)
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:
           
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
 
1996
Class III
  Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities ; member, Mid-America Health System; Board Member of Tech Town, Inc., a not-for-profit community development company; Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.  
 
 
206
 
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
206
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
206
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
206
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
206
 
Nuveen Investments
 
101

 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
           
             
JOHN K. NELSON
               
 
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
206
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
206
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
 
 
206
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
206
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
206
 
102
 
Nuveen Investments

 
 

 

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Interested Board Members:
           
             
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
 
 
 
135
                   
THOMAS S. SCHREIER, JR. (2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
135
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
and Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
               
                 
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
206
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
103
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
206
 
Nuveen Investments
 
103

 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
and Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
           
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
206
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
 
 
 
206
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
206
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, LLC; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.
 
 
 
206
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC.
 
 
 
206
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
206
 
104
 
Nuveen Investments

 
 

 
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
and Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
           
               
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
 
Vice President and
Assistant Secretary
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
206
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
206
 
(1)
For New York Municipal Value Fund, Inc. (NNY), New York Municipal Value Fund 2 (NYV), New York Dividend Advantage Municipal Fund (NAN) New York Dividend Advantage 2 (NXK) and New York AMT-Free Municipal Income (NRK), the Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For New York Performance Plus Fund (NNP), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 

Nuveen Investments
 
105
 
 
 

 

Annual Investment Management
 
Agreement Approval Process (Unaudited)
 
The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
 
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.
 
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update
 
106
 
Nuveen Investments

 
 

 
 
the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
 
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members visited certain of the Sub-Adviser’s investment teams in Minneapolis in September 2012, and the Sub-Adviser’s municipal team in November 2012. In addition, the ad hoc Securities Lending Committee of the Board met with certain service providers and the Audit Committee of the Board made a site visit to three pricing service providers.
 
The Board considers the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also are assisted throughout the process by independent legal counsel. Counsel provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
 
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to
 
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107

 
 

 
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
the Funds; the performance record of the applicable Fund (as described in further detail below); and any applicable initiatives Nuveen had taken for the closed-end fund product line.
 
In considering advisory services, the Board recognized that the Adviser provides various oversight, administrative, compliance and other services for the Funds and the Sub-Adviser generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Adviser or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Adviser’s execution of its oversight responsibilities over the Sub-Adviser. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures. Given the Adviser’s emphasis on business risk, the Board also appointed an Independent Board Member as a point person to review and keep the Board apprised of developments in this area during the year.
 
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.
 
In reviewing the services provided, the Board considered the new services and service enhancements that the Adviser has implemented since the various advisory agreements were last reviewed. In reviewing the activities of 2012, the Board recognized the Adviser’s focus on product rationalization for both closed-end and open-end funds during the year, consolidating certain Nuveen funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various Nuveen funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain Nuveen funds. The Board recognized the Adviser’s significant investment in technology initiatives to, among other things, create a central repository for fund and other Nuveen product data, develop a group within the Adviser designed to handle and analyze fund performance data, and implement a data system to support the risk oversight group. The Board also recognized the enhancements in the valuation group within the Adviser, including upgrading the team and process and automating certain basic systems, and in the compliance group with the addition of personnel, particularly within the testing group. With the advent of the Open-End Fund Committee and Closed-End Fund Committee, the Board also noted the enhanced support and comprehensive in-depth presentations provided by the Adviser to these committees.
 
108
 
Nuveen Investments

 
 

 
 
In addition to the foregoing actions, the Board also considered other initiatives related to the Nuveen closed-end funds, including the significant level of oversight and administration necessary to manage leverage that has become increasingly varied and complex and the ongoing redesign of technology systems to manage and track the various forms of leverage; continued capital management services, including developing shelf offering programs for various funds; the implementation of projects designed to enhance data integrity for information published on the web and to increase the use of data received from third parties to gain market intelligence; and the continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program and campaigns designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: developing materials covering the Nuveen closed-end fund product line and educational materials regarding closed-end funds; designing and executing various marketing campaigns; supporting and promoting the alternative minimum tax (AMT)-free funds; sponsoring and participating in conferences; communicating with closed-end fund analysts and financial advisers throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
 
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013 (or for such shorter periods available for the Nuveen New York Municipal Value Fund 2 (the “Municipal Value Fund 2”), which did not exist for part of the foregoing time frame). In addition, with respect to closed-end funds (such as the Funds), the Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. The Board recognized that the performance data reflects a snapshot of time, in this case as of the end of the most recent calendar year or quarter. The Board noted that selecting a different performance period could derive significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance. The Independent
 
Nuveen Investments
 
109

 
 

 
 
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period.
 
With respect to the comparative performance information, the Board recognized that the usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified, in relevant part, the Performance Peer Groups of certain funds as having significant differences from the funds but to still be somewhat relevant while the Performance Peer Groups of other funds (including the Nuveen New York AMT-Free Municipal Income Fund (the “AMT-Free Fund”), the Nuveen New York Municipal Value Fund, Inc. (the “Municipal Value Fund”) and the Municipal Value Fund 2) were classified as having such significant differences as to be irrelevant. Accordingly, while the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the funds with their peers and/or benchmarks result in differences in performance results. In addition, with respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
 
In considering the performance data for the Funds, the Independent Board Members observed that the Nuveen New York Dividend Advantage Municipal Fund (the “Dividend Advantage Fund”) demonstrated generally favorable performance in comparison to peers, and that although such Fund performed in the third quartile for the one-year period, it performed in the second quartile for the three- and five-year periods and outperformed its benchmark for the one-, three- and five-year periods. In addition, the Independent Board Members observed that the Nuveen New York Performance Plus Municipal Fund, Inc. (the “Performance Plus Fund”) and the Nuveen New York Dividend Advantage Municipal Fund 2 (the “Dividend Advantage Fund 2”) had satisfactory performance in comparison to peers. In this regard, although the Performance Plus Fund performed in the third quartile for the one- and three-year periods, such Fund performed in the first quartile for the five-year period and outperformed its benchmark for the one-, three- and five-year periods. With respect to the Dividend Advantage Fund 2, such Fund performed in the second or third quartile over various periods and also outperformed its benchmark for the one-, three- and five-year periods. In considering the performance data for the other Funds, given that, as noted above, the Performance Peer Group for each such Fund was classified as irrelevant, thereby limiting the usefulness of the peer comparison data, the Board also considered such Funds’ performance compared to their respective benchmarks. In this regard, the Independent Board Members noted that the Municipal Value Fund 2 outperformed its benchmark in the one- and three-year periods and that the Municipal Value Fund outperformed its benchmark in the one- and three-year periods and provided generally comparable returns to its benchmark in the five-year period. With respect to the AMT-Free Fund, the Independent Board Members observed that although such Fund underperformed its benchmark in the one-year period, it provided generally comparable performance to its benchmark in the three-year period and outperformed its benchmark in the five-year period. The Board also recognized that such Fund’s prior insurance mandate detracted from performance and that such mandate was recently removed.
 
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Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
 
C. Fees, Expenses and Profitability
 
 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratio in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in the states reflected in the Peer Universe may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets, as applicable), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
 
The Independent Board Members noted that the Funds other than the Dividend Advantage Fund 2 and the AMT-Free Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) that were below or in line with their respective peer averages. The Independent Board Members observed that the Dividend Advantage Fund 2 had a net management fee that was slightly higher than its peer average, but a net expense ratio that was in line with its peer average, while the AMT-Free Fund had a net management fee that was slightly higher than its peer average and a net expense ratio that was higher that its peer average. In the case of the AMT-Free Fund, the higher relative expense ratio was generally due to certain limitations with the peer group. Further, the Board noted that the AMT-Free Fund acquired several Nuveen funds in March 2013 and that it was anticipated that its total management fees and expenses would decline as a result thereof.
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
2. Comparisons with the Fees of Other Clients
The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
 
In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among
 

112
 
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other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.
 
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. With respect to fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Nevertheless, the Sub-Adviser may also engage in soft dollar arrangements on behalf of other clients, and the Funds as well as the Sub-Adviser may benefit from the research or other services received. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
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Reinvest Automatically,
 
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. 

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
Nuveen Investments
 
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Glossary of Terms Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (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: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
 
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Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New York municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
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Notes

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Additional Fund Information
 
Board of Trustees
       
William Adams IV*
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert            John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer         Terence J. Toth
         
* Interested Board Member.
       
         
         
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
Ernst & Young LLP
State Street Bank
Chicago, IL 60606
Boston, MA 02111
 
Chicago, IL 60606
& Trust Company
       
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(800) 257-8787
         
 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Information
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
NNY
NYV
NNP
NAN
NXK
NRK
Common shares repurchased
 
Nuveen Investments
 
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Nuveen Investments:
 
Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
 

Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC  |  333 West Wacker Drive  |  Chicago, IL 60606  |  www.nuveen.com
 
EAN-A-0913D
 
 

 

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen New York AMT-Free Municipal Income Fund

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
September 30, 2013
  $ 22,250     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
September 30, 2012
  $ 21,200     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 
 
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.

   
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
   
Billed to Adviser and
   
Adviser and
   
Billed to Adviser
 
   
Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
Fiscal Year Ended
 
Service Providers
   
Service Providers
   
Service Providers
 
September 30, 2013
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
September 30, 2012
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
 
NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
September 30, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
September 30, 2012
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were
attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
   
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Scott R. Romans
Nuveen New York AMT-Free Municipal Income Fund

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets
Scott R. Romans
Registered Investment Company
21
$6.79 billion
 
Other Pooled Investment Vehicles
  0
$0
 
Other Accounts
  2
$1.46 million
*
Assets are as of September 30, 2013.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of September 30, 2013, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder
of Nuveen funds managed by Nuveen
Asset Management’s municipal
investment team
Scott R. Romans
Nuveen New York AMT-Free Municipal Income Fund
$0
$0

PORTFOLIO MANAGER BIO:

Scott R. Romans, PhD, Senior Vice President of Nuveen Asset Management, joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds.  Currently, he manages investments for 22 Nuveen-sponsored investment companies.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

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

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

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


 
 

 

SIGNATURES


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

(Registrant) Nuveen New York AMT-Free Municipal Income Fund

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

Date: December 5, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: December 5, 2013
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: December 5, 2013