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A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.
The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.
While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.
And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen 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.
William J. Schneider
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, discusses key investment strategies and the six-month performance of the Nuveen New York Funds. Scott assumed portfolio management responsibility for these six Funds in 2011.
On January 15, 2015, the Funds’ Board of Directors/Trustees approved the following reorganizations for certain New York Funds included in this report (the Target Funds) to create one, larger-state Fund (the Acquiring Fund), and submitted those reorganizations for shareholder approval:
On May 18, 2015 (subsequent to the close of this reporting period), shareholder approval was completed. The reorganization will become effective before the opening of business on June 8, 2015.
See Notes to Financial Statements, Notes 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
What key strategies were used to manage the New York Funds during the six-month reporting period ended March 31, 2015?
A backdrop of supportive technical and fundamental factors helped the municipal market rally in the first half of the reporting period. However, conditions turned more volatile in the second three months. Disappointing economic data, uncertainty about the timeline for the Federal Reserve’s first rate increase, an oversupply of new issuance and seasonal weakness due to tax loss selling led to greater price fluctuations within the municipal market in early 2015. For the period as a whole, municipal bond prices were up modestly, while interest rates were slightly lower. The New York municipal market performed in line with the national market.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) 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.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well and helped us keep our Funds fully invested. Although trading activity overall was relatively restrained in the Funds during this reporting period, the market’s volatility presented chances to make some opportunistic purchases. During episodes of market weakness, we focused on higher quality issues, buying some higher education and sales tax revenue bonds. Other additions to the Funds during the reporting period included lower rated credits issued for real estate projects. These bonds were part of a large volume of issuance for the reconstruction of Lower Manhattan, which contributed, in part, to a 98% increase in New York’s municipal bond supply in the first three months of 2015 from the same period in 2014. Refunding activity in the state also added to the surge in supply, as falling municipal yields and the flattening of the municipal yield curve relative to the Treasury curve made refunding deals more attractive.
Overall, our emphasis in purchase activity was on relative value and credit quality, rather than sector. That is, when considering the purchase of a lower rated bond or a slightly less liquid issue, we looked carefully at the compensation offered by the bond in question relative to its credit quality and to other opportunities available in the market. All of the additional holdings to the Funds during this reporting period consisted of New York paper.
Cash for purchases during this reporting period was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. The call activity was primarily in short term pre-refunded bonds.
As of March 31, 2015, all six 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.
How did the New York Funds perform during the six-month reporting period ended March 31, 2015?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, ten-year and/or since inception periods ended March 31, 2015. Each Fund’s total returns at net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
For the six months ended March 31, 2015, the total return at common share NAV for the six Funds exceeded the return for the S&P Municipal Bond New York Index and the national S&P Municipal Bond Index. For the same period, all six Funds lagged the average return for the Lipper New York Municipal Debt Funds Classification Average. Shareholders should note that the performance of the Lipper New York Municipal Debt Funds Classification Average represents the overall average of returns for funds that are highly levered, making direct comparisons with NNY and NYV less meaningful.
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage had a neutral impact on the performance of NNP, NAN, NXK and NRK during this reporting period; NNY and NYV do not use regulatory leverage. Leverage is discussed in more detail in the Fund leverage section of this report.
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were positive for their performance. Consistent with our long-term strategy, all of these Funds tended to be overweighted in the longer parts of the yield curve that performed best and underweighted in the underperforming shorter end of the curve.
During this reporting period, lower rated bonds generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk. All six Funds tended to be underweight in higher rated segments and overweight in the lower rated segments, which was generally beneficial to performance.
Among the municipal market sectors, those backed by revenues, such as health care, tobacco, industrial development revenue (IDR) and higher education, tended to perform well relative to the overall municipal market. Conversely, the tax supported and pre-refunded segments lagged the overall market. As of March 31, 2015, NYV had the heaviest weighting in health care among these Funds. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement performed well due to these bonds’ longer maturities and lower credit ratings. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. All six Funds had allocations of tobacco bonds issued by various state and territorial agencies, with NYV having the heaviest weighting in these credits.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. As of March 31, 2015, all of these Funds had holdings of pre-refunded bonds, with NNP having the heaviest allocation of these bonds and NXK the smallest allocation.
We also continue to monitor ongoing economic developments in Puerto Rico for any impact on the Funds’ holdings and performance. Shareholders should note that, as of the end of this reporting period, NYV and NXK had no exposure to Puerto Rico debt, while the other four Funds had allocations of 2.5% or less, all of which was insured. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico general obligation debt is rated Caa1/CCC+/B (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
On February 6, 2015 a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.
In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the Commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.37% of assets under management as of March 31, 2015. As of March 31, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NNY and NYV do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of the Funds over this reporting period.
As of March 31, 2015, the Funds’ percentages of leverage are as shown in the accompanying table.
As of March 31, 2015, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NNY and NYV do not use regulatory leverage.
The following information regarding the Funds’ distributions is current as of March 31, 2015. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of March 31, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
During August 2014, the Fund’s Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of March 31, 2015, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.
During the current reporting period, the following Funds repurchased and retired common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
As of March 31, 2015, 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.
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:
| NNY | |
| | Nuveen New York Municipal Value Fund, Inc. |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year | |
| NNY at Common Share NAV | | 2.44% | | 7.33% | | 5.00% | | 4.65% | |
| NNY at Common Share Price | | 2.31% | | 7.34% | | 4.42% | | 4.85% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 4.82% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 4.84% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.33% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 100.1% |
| Other Assets Less Liabilities | 2.0% |
Net Assets Plus Floating Rate Obligations | 102.1% |
| Floating Rate Obligations | (2.1)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 23.8% |
| Education and Civic Organizations | 17.1% |
| Transportation | 14.6% |
| Utilities | 11.2% |
| Health Care | 8.5% |
| Tax Obligation/General | 6.1% |
| U.S. Guaranteed | 5.8% |
| Other | 12.9% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 25.1% |
| AA | 39.6% |
| A | 9.2% |
| BBB | 7.2% |
| BB or Lower | 11.8% |
| N/R (not rated) | 7.1% |
| Total | 100% |
| NYV | |
| | Nuveen New York Municipal Value Fund 2 |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | | | | | | | Since | |
| | | 6-Month | | 1-Year | | 5-Year | | Inception1 | |
| NYV at Common Share NAV | | 3.63% | | 8.49% | | 5.27% | | 6.71% | |
| NYV at Common Share Price | | 5.02% | | 10.90% | | 4.69% | | 4.62% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 5.56% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 5.88% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.97% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Municipal Bonds | 98.6% |
| Other Assets Less Liabilities | 1.4% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 28.1% |
| Education and Civic Organizations | 15.1% |
| Health Care | 13.4% |
| Transportation | 12.2% |
| Housing/Multifamily | 8.2% |
| U.S. Guaranteed | 6.0% |
| Utilities | 5.4% |
| Other | 11.6% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 27.8% |
| AA | 32.5% |
| A | 17.8% |
| BBB | 8.7% |
| BB or Lower | 7.5% |
| N/R (not rated) | 5.7% |
| Total | 100% |
1 Since inception returns are from 4/28/09.
| NNP | |
| | Nuveen New York Performance Plus Municipal Fund, Inc. |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year | |
| NNP at Common Share NAV | | 3.84% | | 10.66% | | 6.62% | | 5.76% | |
| NNP at Common Share Price | | 8.87% | | 11.92% | | 6.74% | | 6.21% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 4.82% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 4.84% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.33% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 142.2% |
| Common Stocks | 1.7% |
| Other Assets Less Liabilities | 2.2% |
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value | 146.1% |
| Floating Rate Obligations | (9.2)% |
| VRDP Shares, at Liquidation Value | (36.9)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 20.0% |
| Education and Civic Organizations | 17.7% |
| U.S. Guaranteed | 12.4% |
| Utilities | 9.8% |
| Health Care | 8.2% |
| Tax Obligation/General | 8.2% |
| Transportation | 6.8% |
| Other | 16.9% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 27.1% |
| AA | 38.2% |
| A | 12.3% |
| BBB | 6.4% |
| BB or Lower | 9.7% |
| N/R (not rated) | 5.2% |
| N/A (not applicable) | 1.1% |
| Total | 100% |
| NAN | |
| | Nuveen New York Dividend Advantage Municipal Fund |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year | |
| NAN at Common Share NAV | | 3.54% | | 10.68% | | 6.75% | | 5.72% | |
| NAN at Common Share Price | | 6.97% | | 10.23% | | 6.41% | | 5.38% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 4.82% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 4.84% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.33% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 144.8% |
| Other Assets Less Liabilities | 2.0% |
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value | 146.8% |
| Floating Rate Obligations | (7.8)% |
| VMTP Shares, at Liquidation Value | (39.0)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 19.4% |
| Transportation | 14.0% |
| Education and Civic Organizations | 12.9% |
| Tax Obligation/General | 11.5% |
| Utilities | 9.0% |
| Health Care | 8.1% |
| U.S. Guaranteed | 4.8% |
| Financials | 4.5% |
| Other | 15.8% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 18.8% |
| AA | 43.0% |
| A | 13.7% |
| BBB | 5.5% |
| BB or Lower | 10.4% |
| N/R (not rated) | 8.6% |
| Total | 100% |
| NXK | |
| | Nuveen New York Dividend Advantage Municipal Fund 2 |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year | |
| NXK at Common Share NAV | | 3.14% | | 9.87% | | 6.12% | | 5.56% | |
| NXK at Common Share Price | | 5.47% | | 8.93% | | 5.38% | | 5.26% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 4.82% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 4.84% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.33% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 146.2% |
| Other Assets Less Liabilities | 1.7% |
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value | 147.9% |
| Floating Rate Obligations | (9.5)% |
| VMTP Shares, at Liquidation Value | (38.4)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 30.2% |
| Education and Civic Organizations | 18.4% |
| Transportation | 11.3% |
| Utilities | 9.9% |
| Health Care | 6.6% |
| Tax Obligation/General | 5.0% |
| Other | 18.6% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 30.3% |
| AA | 29.8% |
| A | 14.2% |
| BBB | 6.3% |
| BB or Lower | 11.3% |
| N/R (not rated) | 8.1% |
| Total | 100% |
| NRK | |
| | Nuveen New York AMT-Free Municipal Income Fund |
| | Performance Overview and Holding Summaries as of March 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of March 31, 2015
| | | Cumulative | | Average Annual | |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year | |
| NRK at Common Share NAV | | 3.67% | | 10.69% | | 4.80% | | 5.01% | |
| NRK at Common Share Price | | 5.06% | | 8.64% | | 4.17% | | 5.23% | |
| S&P Municipal Bond New York Index | | 2.29% | | 6.53% | | 4.94% | | 4.82% | |
| S&P Municipal Bond Index | | 2.29% | | 6.60% | | 5.26% | | 4.84% | |
| Lipper New York Municipal Debt Funds Classification Average | | 3.91% | | 11.98% | | 7.09% | | 5.33% | |
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. 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.
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 148.5% |
| Other Assets Less Liabilities | 1.6% |
| Net Assets Plus Floating Rate Obligations, iMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value | 150.1% |
| Floating Rate Obligations | (5.5)% |
| iMTP Shares, at Liquidation Value | (6.2)% |
| VRDP Shares, at Liquidation Value | (38.4)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 36.2% |
| Education and Civic Organizations | 18.0% |
| Utilities | 9.3% |
| Transportation | 8.6% |
| U.S. Guaranteed | 6.0% |
| Health Care | 5.8% |
| Tax Obligation/General | 5.3% |
| Water and Sewer | 5.3% |
| Other | 5.5% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 27.5% |
| AA | 49.9% |
| A | 10.3% |
| BBB | 3.4% |
| BB or Lower | 6.8% |
| N/R (not rated) | 2.1% |
| Total | 100% |
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on March 26, 2015 for NRK, NYV and NNY; at this meeting the shareholders were asked to elect Board Members.
| | | NRK | | NYV | | NNY | |
| | | Common and | | | | | | | |
| | | Preferred shares | | | | | | | |
| | | voting together | | Preferred | | Common | | Common | |
| | | as a class | | Shares | | Shares | | Shares | |
| Approval of the Board Members was reached as follows: | | | | | | | | | | | | | |
| Jack B. Evans | | | | | | | | | | | | | |
| For | | | 73,601,555 | | | — | | | 2,096,807 | | | 12,887,905 | |
| Withhold | | | 3,708,049 | | | — | | | 110,380 | | | 234,689 | |
| Total | | | 77,309,604 | | | — | | | 2,207,187 | | | 13,122,594 | |
| William C. Hunter | | | | | | | | | | | | | |
| For | | | — | | | 14,548 | | | — | | | — | |
| Withhold | | | — | | | 1,055 | | | — | | | — | |
| Total | | | — | | | 15,603 | | | — | | | — | |
| William J. Schneider | | | | | | | | | | | | | |
| For | | | — | | | 14,548 | | | 2,079,841 | | | 12,893,276 | |
| Withhold | | | — | | | 1,055 | | | 127,346 | | | 229,318 | |
| Total | | | — | | | 15,603 | | | 2,207,187 | | | 13,122,594 | |
| Thomas S. Schreier | | | | | | | | | | | | | |
| For | | | 73,787,407 | | | — | | | 2,122,399 | | | 12,887,735 | |
| Withhold | | | 3,522,197 | | | — | | | 84,788 | | | 234,859 | |
| Total | | | 77,309,604 | | | — | | | 2,207,187 | | | 13,122,594 | |
| NNY | | |
| | Nuveen New York Municipal Value Fund, Inc. | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 100.1% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 100.1% (100.0% 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 | | $ | 279,007 | |
| | 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 | N/R | | | 2,037,828 | |
| | 2,225 | | Total Consumer Discretionary | | | | | | 2,316,835 | |
| | | | Consumer Staples – 2.2% (2.2% of Total Investments) | | | | | | | |
| | 500 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | | 6/16 at 100.00 | B | | | 500,080 | |
| | 875 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | | 6/16 at 100.00 | B | | | 752,570 | |
| | 85 | | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 85,134 | |
| | 705 | | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | | 6/15 at 100.00 | A1 | | | 705,155 | |
| | 35 | | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 34,997 | |
| | | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | | | | | |
| | 705 | | 4.750%, 6/01/22 | | 6/16 at 100.00 | BBB– | | | 711,014 | |
| | 345 | | 5.000%, 6/01/26 | | 6/16 at 100.00 | BB– | | | 347,125 | |
| | 240 | | 5.125%, 6/01/42 | | 6/16 at 100.00 | B | | | 206,878 | |
| | 3,490 | | Total Consumer Staples | | | | | | 3,342,953 | |
| | | | Education and Civic Organizations – 17.1% (17.1% 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 | | | 284,259 | |
| | 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 | B+ | | | 371,188 | |
| | 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– | | | 1,595,821 | |
| | 750 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | | 12/20 at 100.00 | B | | | 778,267 | |
| | | | Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A: | | | | | | | |
| | 1,000 | | 5.000%, 6/01/38 | | 6/24 at 100.00 | Aa2 | | | 1,150,990 | |
| | 1,250 | | 5.000%, 6/01/43 | | 6/24 at 100.00 | Aa2 | | | 1,430,150 | |
| | 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– | | | 92,691 | |
| | 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 | | | 1,212,236 | |
| | 415 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 468,448 | |
| | 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 | AA– | | | 1,175,540 | |
| | 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 | | | 510,510 | |
| | 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– | | | 602,149 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | | |
| $ | 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 | Ba1 | | $ | 301,904 | |
| | 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 | Ba1 | | | 2,188,879 | |
| | 300 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/43 | | 9/23 at 100.00 | A | | | 339,798 | |
| | 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 | | | 991,769 | |
| | | | 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+ | | | 1,136,340 | |
| | 1,000 | | 6.000%, 6/01/34 | | 6/21 at 100.00 | BBB+ | | | 1,127,480 | |
| | 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– | | | 3,330,450 | |
| | | | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006: | | | | | | | |
| | 1,500 | | 5.000%, 1/01/39 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,546,815 | |
| | 1,175 | | 4.750%, 1/01/42 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,204,892 | |
| | | | 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 | | | 1,629,787 | |
| | 800 | | 4.750%, 3/01/46 – NPFG Insured | | 9/16 at 100.00 | AA– | | | 836,408 | |
| | 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 | | | 182,639 | |
| | 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 | | | 1,506,077 | |
| | 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– | | | 334,377 | |
| | 24,280 | | Total Education and Civic Organizations | | | | | | 26,329,864 | |
| | | | Financials – 1.4% (1.4% of Total Investments) | | | | | | | |
| | 1,705 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 2,131,830 | |
| | | | Health Care – 8.5% (8.5% of Total Investments) | | | | | | | |
| | 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 | | 6/15 at 100.00 | AA– | | | 1,008,990 | |
| | 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 | | | 1,053,456 | |
| | 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 | | 6/15 at 100.00 | AA– | | | 702,723 | |
| | 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 | A | | | 395,545 | |
| | | | 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 | | | 1,207,425 | |
| | 565 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 625,952 | |
| | 1,155 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 1,271,909 | |
| | 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 | | | 2,471,589 | |
| | 90 | | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured | | 6/15 at 100.00 | AA | | | 90,572 | |
| | 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– | | | 2,457,168 | |
| NNY | Nuveen New York Municipal Value Fund, Inc. | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 290 | | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | | 6/15 at 100.00 | BB | | $ | 290,310 | |
| | | | 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 | BB+ | | | 287,269 | |
| | 260 | | 5.500%, 2/01/32 | | 2/17 at 100.00 | BB+ | | | 265,912 | |
| | 295 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | | 7/21 at 100.00 | BBB+ | | | 326,347 | |
| | 500 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | | 7/15 at 100.00 | B+ | | | 500,945 | |
| | 155 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | | 6/15 at 100.00 | B+ | | | 155,293 | |
| | 12,150 | | Total Health Care | | | | | | 13,111,405 | |
| | | | Housing/Multifamily – 1.7% (1.7% of Total Investments) | | | | | | | |
| | 255 | | East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 | | 4/15 at 100.00 | AA | | | 255,826 | |
| | 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+ | | | 1,100,790 | |
| | 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+ | | | 1,316,125 | |
| | 2,505 | | Total Housing/Multifamily | | | | | | 2,672,741 | |
| | | | Industrials – 1.7% (1.7% of Total Investments) | | | | | | | |
| | 100 | | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | | 1/25 at 100.00 | N/R | | | 108,422 | |
| | 2,350 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 2,482,751 | |
| | 2,450 | | Total Industrials | | | | | | 2,591,173 | |
| | | | Long-Term Care – 1.8% (1.8% of Total Investments) | | | | | | | |
| | 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+ | | | 476,047 | |
| | 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 | | | 276,429 | |
| | 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 | | | 135,196 | |
| | 610 | | 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 | | | 621,779 | |
| | 50 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | | 7/15 at 100.00 | N/R | | | 50,114 | |
| | 195 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 | | 7/15 at 100.00 | N/R | | | 195,948 | |
| | 640 | | 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 | | | 636,826 | |
| | 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 | | | 176,798 | |
| | 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 | | | 224,118 | |
| | 2,795 | | Total Long-Term Care | | | | | | 2,793,255 | |
| | | | Tax Obligation/General – 6.2% (6.1% 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 | | | 5,311,446 | |
| | 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 | | | 1,197,170 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| $ | 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 | | $ | 35,708 | |
| | 2,765 | | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 | | 8/16 at 100.00 | AA | | | 2,932,725 | |
| | 8,560 | | Total Tax Obligation/General | | | | | | 9,477,049 | |
| | | | Tax Obligation/Limited – 23.8% (23.8% of Total Investments) | | | | | | | |
| | 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 | | | 399,910 | |
| | | | Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A: | | | | | | | |
| | 820 | | 5.750%, 7/01/18 | | No Opt. Call | AA | | | 887,839 | |
| | 1,400 | | 6.000%, 7/01/20 | | No Opt. Call | AA | | | 1,655,262 | |
| | 2,290 | | 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 | | | 2,642,339 | |
| | 6,540 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 7,596,733 | |
| | 1,500 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | | 11/19 at 100.00 | AA | | | 1,721,910 | |
| | 560 | | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | | 7/15 at 100.00 | A– | | | 561,736 | |
| | 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 | | | 1,282,308 | |
| | 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 | | | 1,689,105 | |
| | 1,680 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | 5/23 at 100.00 | AAA | | | 1,927,985 | |
| | 1,225 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | | 2/24 at 100.00 | AAA | | | 1,418,464 | |
| | 2,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series A-1, 5.000%, 8/01/32 | | 8/24 at 100.00 | AAA | | | 2,352,820 | |
| | 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 | | | 2,313,864 | |
| | 865 | | 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+ | | | 885,535 | |
| | 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+ | | | 1,285,591 | |
| | 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+ | | | 2,936,080 | |
| | 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 | | | 726,360 | |
| | 20,000 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured | | No Opt. Call | AA– | | | 3,070,000 | |
| | 1,000 | | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29 | | 10/24 at 100.00 | AAA | | | 1,221,440 | |
| | 49,300 | | Total Tax Obligation/Limited | | | | | | 36,575,281 | |
| | | | Transportation – 14.6% (14.6% of Total Investments) | | | | | | | |
| | 3,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36 | | 11/17 at 100.00 | AA– | | | 3,275,610 | |
| | 3,500 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 | | No Opt. Call | AA– | | | 3,928,050 | |
| | 1,100 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31 | | 11/23 at 100.00 | AA– | | | 1,275,978 | |
| NNY | Nuveen New York Municipal Value Fund, Inc. | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Transportation (continued) | | | | | | | |
| $ | 2,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38 | | 5/24 at 100.00 | AA– | | $ | 2,337,600 | |
| | 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 | | | 536,250 | |
| | 1,600 | | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) | | 6/15 at 100.00 | BB | | | 1,603,616 | |
| | 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) | | 8/15 at 100.50 | N/R | | | 1,027,260 | |
| | 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 | | | 724,920 | |
| | 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) | | 6/15 at 100.00 | B | | | 1,000,380 | |
| | 660 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 736,705 | |
| | 325 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF) | | 8/17 at 100.00 | AA | | | 444,197 | |
| | | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013: | | | | | | | |
| | 1,000 | | 5.000%, 6/01/33 | | 12/23 at 100.00 | AA– | | | 1,168,220 | |
| | 1,575 | | 5.000%, 12/01/43 | | 12/23 at 100.00 | AA– | | | 1,811,171 | |
| | | | 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 | | | 233,599 | |
| | 1,160 | | 6.000%, 12/01/36 | | 12/20 at 100.00 | BBB | | | 1,372,558 | |
| | 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 | AA– | | | 948,667 | |
| | 21,125 | | Total Transportation | | | | | | 22,424,781 | |
| | | | U.S. Guaranteed – 5.8% (5.8% of Total Investments) (6) | | | | | | | |
| | 990 | | Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.750%, 11/15/27 (Pre-refunded 11/15/17) | | 11/17 at 100.00 | A3 (6) | | | 1,118,977 | |
| | 1,825 | | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15) | | 8/15 at 100.00 | N/R (6) | | | 1,857,175 | |
| | 870 | | 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 | | | 913,265 | |
| | 265 | | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) | | 10/15 at 100.00 | A (6) | | | 271,400 | |
| | 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) | | | 1,710,331 | |
| | 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 | Aa2 (6) | | | 2,004,320 | |
| | 30 | | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 (Pre-refunded 8/01/16) | | 8/16 at 100.00 | N/R (6) | | | 31,877 | |
| | | | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A: | | | | | | | |
| | 75 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | N/R (6) | | | 76,652 | |
| | 765 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | AAA | | | 781,845 | |
| | 135 | | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured | | 10/15 at 100.00 | N/R (6) | | | 138,260 | |
| | 8,610 | | Total U.S. Guaranteed | | | | | | 8,904,102 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Utilities – 11.2% (11.2% 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 | | $ | 1,147,270 | |
| | 90 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 100,409 | |
| | | | 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 | AA– | | | 1,571,145 | |
| | 1,500 | | 5.000%, 12/01/24 – FGIC Insured | | 6/16 at 100.00 | AA– | | | 1,569,720 | |
| | 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– | | | 261,640 | |
| | 135 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 151,467 | |
| | 400 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | | 5/21 at 100.00 | A– | | | 443,936 | |
| | 1,250 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37 | | No Opt. Call | A– | | | 1,380,962 | |
| | 1,000 | | Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) | | 6/15 at 100.00 | A– | | | 1,003,950 | |
| | 2,490 | | 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+ | | | 2,592,090 | |
| | 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 | Aa1 | | | 25,755 | |
| | 495 | | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) | | 7/15 at 100.00 | N/R | | | 495,129 | |
| | | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | | | | | | | |
| | 4,440 | | 5.000%, 12/15/34 | | 12/23 at 100.00 | AAA | | | 5,227,390 | |
| | 1,100 | | 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 1,285,768 | |
| | 15,675 | | Total Utilities | | | | | | 17,256,631 | |
| | | | Water and Sewer – 2.6% (2.6% of Total Investments) | | | | | | | |
| | 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 | | | 1,137,640 | |
| | 2,500 | | New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2013B, 5.000%, 5/15/43 | | 5/23 at 100.00 | AAA | | | 2,898,000 | |
| | 3,500 | | Total Water and Sewer | | | | | | 4,035,640 | |
| $ | 158,370 | | Total Long-Term Investments (cost $144,386,537) | | | | | | 153,963,540 | |
| | | | Floating Rate Obligations – (2.1)% | | | | | | (3,255,000 | ) |
| | | | Other Assets Less Liabilities – 2.0% | | | | | | 3,111,934 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 153,820,474 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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.
| NYV | | |
| | Nuveen New York Municipal Value Fund 2 | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 98.6% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 98.6% (100.0% of Total Investments) | | | | | | | |
| | | | Consumer Staples – 4.5% (4.6% 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 | | $ | 1,727,096 | |
| | | | Education and Civic Organizations – 14.9% (15.1% 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 | B+ | | | 1,073,316 | |
| | 330 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19 | | No Opt. Call | B | | | 340,847 | |
| | 100 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 112,879 | |
| | 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 | | | 1,086,430 | |
| | 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 | | | 1,151,480 | |
| | 100 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 | | 9/23 at 100.00 | A | | | 113,740 | |
| | 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 | | | 1,794,409 | |
| | 8,625 | | Total Education and Civic Organizations | | | | | | 5,673,101 | |
| | | | Financials – 1.0% (1.0% of Total Investments) | | | | | | | |
| | 300 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 375,102 | |
| | | | Health Care – 13.2% (13.4% of Total Investments) | | | | | | | |
| | 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 | A | | | 56,507 | |
| | | | 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 | | | 324,638 | |
| | 140 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 155,103 | |
| | 245 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 269,799 | |
| | 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 | | | 1,586,445 | |
| | 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 | | | 1,687,890 | |
| | 725 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 | | 11/17 at 100.00 | A | | | 795,267 | |
| | 160 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | | 6/15 at 100.00 | B+ | | | 160,302 | |
| | 4,605 | | Total Health Care | | | | | | 5,035,951 | |
| | | | Housing/Multifamily – 8.1% (8.2% 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+ | | | 1,539,000 | |
| | 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 | | | 1,058,600 | |
| | 450 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | | 5/19 at 100.00 | Aa2 | | | 471,514 | |
| | 2,950 | | Total Housing/Multifamily | | | | | | 3,069,114 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Industrials – 1.7% (1.7% of Total Investments) | | | | | | | |
| $ | 25 | | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | | 1/25 at 100.00 | N/R | | $ | 27,106 | |
| | 580 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 612,764 | |
| | 605 | | Total Industrials | | | | | | 639,870 | |
| | | | Long-Term Care – 0.4% (0.4% of Total Investments) | | | | | | | |
| | 150 | | 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 | | | 152,897 | |
| | | | Tax Obligation/General – 1.2% (1.2% of Total Investments) | | | | | | | |
| | 400 | | Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/24 – AGM Insured | | 10/21 at 100.00 | AA | | | 460,944 | |
| | | | Tax Obligation/Limited – 27.7% (28.1% 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 | | | 1,353,612 | |
| | 560 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43 | | 2/23 at 100.00 | AAA | | | 636,944 | |
| | 1,800 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 2,090,844 | |
| | 1,200 | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | | 12/19 at 100.00 | BBB+ | | | 1,330,512 | |
| | 1,710 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | | 2/17 at 100.00 | A | | | 1,815,319 | |
| | 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 | | | 1,689,105 | |
| | 300 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | | 2/24 at 100.00 | AAA | | | 347,379 | |
| | 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 | | | 29,995 | |
| | 1,000 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.502%, 3/15/37 (IF) (4) | | 3/17 at 100.00 | AAA | | | 1,225,530 | |
| | 9,295 | | Total Tax Obligation/Limited | | | | | | 10,519,240 | |
| | | | Transportation – 12.0% (12.2% of Total Investments) | | | | | | | |
| | 1,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured | | 1/24 at 100.00 | AA | | | 1,119,020 | |
| | | | New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005: | | | | | | | |
| | 185 | | 7.500%, 8/01/16 (Alternative Minimum Tax) | | No Opt. Call | N/R | | | 194,868 | |
| | 500 | | 7.750%, 8/01/31 (Alternative Minimum Tax) | | 8/16 at 101.00 | N/R | | | 545,460 | |
| | 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 | | | 715,000 | |
| | 155 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 173,014 | |
| | | | 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 | | | 186,880 | |
| | 140 | | 6.000%, 12/01/36 | | 12/20 at 100.00 | BBB | | | 165,654 | |
| | 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– | | | 1,464,721 | |
| | 5,485 | | Total Transportation | | | | | | 4,564,617 | |
| | | | U.S. Guaranteed – 5.9% (6.0% of Total Investments) (6) | | | | | | | |
| | 290 | | Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.000%, 11/15/25 (Pre-refunded 11/15/20) | | 11/20 at 100.00 | A3 (6) | | | 362,616 | |
| | 700 | | Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) | | 8/16 at 100.00 | N/R (6) | | | 743,008 | |
| NYV | Nuveen New York Municipal Value Fund 2 | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | U.S. Guaranteed (6) (continued) | | | | | | | |
| $ | 1,010 | | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17) | | 7/17 at 100.00 | A3 (6) | | $ | 1,121,443 | |
| | 2,000 | | Total U.S. Guaranteed | | | | | | 2,227,067 | |
| | | | Utilities – 5.3% (5.4% of Total Investments) | | | | | | | |
| | 25 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 27,891 | |
| | 285 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 319,764 | |
| | 605 | | 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+ | | | 629,805 | |
| | 905 | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 1,057,836 | |
| | 1,820 | | Total Utilities | | | | | | 2,035,296 | |
| | | | Water and Sewer – 2.7% (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+ | | | 1,022,904 | |
| $ | 38,485 | | Total Long-Term Investments (cost $32,717,245) | | | | | | 37,503,199 | |
| | | | Other Assets Less Liabilities – 1.4% | | | | | | 531,657 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 38,034,856 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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. |
| (IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
| NNP | | |
| | Nuveen New York Performance Plus Municipal Fund, Inc. | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 142.2% (98.8% 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 | | $ | 694,980 | |
| | | | Consumer Staples – 3.2% (2.2% of Total Investments) | | | | | | | |
| | 1,000 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | | 6/16 at 100.00 | B | | | 1,000,160 | |
| | 1,450 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | | 6/16 at 100.00 | B | | | 1,247,116 | |
| | 175 | | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 175,277 | |
| | 470 | | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | | 6/15 at 100.00 | A1 | | | 470,103 | |
| | 90 | | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 89,992 | |
| | | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | | | | | |
| | 1,855 | | 4.750%, 6/01/22 | | 6/16 at 100.00 | BBB– | | | 1,870,823 | |
| | 930 | | 5.000%, 6/01/26 | | 6/16 at 100.00 | BB– | | | 935,729 | |
| | 500 | | 5.000%, 6/01/34 | | 6/16 at 100.00 | B | | | 460,015 | |
| | 1,580 | | 5.125%, 6/01/42 | | 6/16 at 100.00 | B | | | 1,361,944 | |
| | 8,050 | | Total Consumer Staples | | | | | | 7,611,159 | |
| | | | Education and Civic Organizations – 25.5% (17.7% 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 | | | 677,054 | |
| | 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 | B+ | | | 827,348 | |
| | 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– | | | 1,186,240 | |
| | 1,630 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | | 12/20 at 100.00 | B | | | 1,691,435 | |
| | 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– | | | 92,691 | |
| | 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 | | | 2,904,207 | |
| | 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– | | | 2,534,121 | |
| | 870 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 982,047 | |
| | 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 | AA– | | | 1,166,780 | |
| | 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 | | | 1,228,256 | |
| | 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 | | | 1,147,290 | |
| | 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 | | | 3,115,668 | |
| NNP | Nuveen New York Performance Plus Municipal Fund, Inc. | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | | |
| $ | 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 | | $ | 2,877,950 | |
| | 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 | | | 2,291,499 | |
| | 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– | | | 1,003,581 | |
| | 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– | | | 5,448,550 | |
| | 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– | | | 327,738 | |
| | 7,000 | | 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 | | | 8,060,360 | |
| | 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 | Ba1 | | | 690,067 | |
| | 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 | Ba1 | | | 3,913,756 | |
| | 630 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 | | 9/23 at 100.00 | A | | | 716,562 | |
| | 1,885 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 | | 7/19 at 100.00 | BBB | | | 2,124,414 | |
| | 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 | | | 1,435,329 | |
| | | | 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 | BB+ | | | 2,593,493 | |
| | 2,300 | | 4.750%, 1/01/42 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 2,358,512 | |
| | 400 | | 5.000%, 1/01/46 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 412,140 | |
| | | | 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 | | | 3,902,378 | |
| | 1,000 | | 4.750%, 3/01/46 – NPFG Insured | | 9/16 at 100.00 | AA– | | | 1,045,510 | |
| | 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 | | | 451,227 | |
| | 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 | | | 1,946,315 | |
| | 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– | | | 1,588,291 | |
| | 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 | | | 755,086 | |
| | 56,320 | | Total Education and Civic Organizations | | | | | | 61,495,895 | |
| | | | Financials – 4.7% (3.2% of Total Investments) | | | | | | | |
| | 6,495 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | | No Opt. Call | A | | | 7,869,537 | |
| | 2,740 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 3,425,932 | |
| | 9,235 | | Total Financials | | | | | | 11,295,469 | |
| | | | Health Care – 11.9% (8.2% of Total Investments) | | | | | | | |
| | 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 | | 6/15 at 100.00 | AA– | | | 1,239,903 | |
| | 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 | | 6/15 at 100.00 | AA– | | | 1,706,613 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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 | A | | $ | 395,546 | |
| | | | 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 | | | 2,517,367 | |
| | 1,205 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 1,334,995 | |
| | 2,495 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 2,747,544 | |
| | 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 | | | 5,879,227 | |
| | 170 | | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured | | 6/15 at 100.00 | AA | | | 171,081 | |
| | 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 | A | | | 1,903,734 | |
| | 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– | | | 4,387,800 | |
| | 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– | | | 585,370 | |
| | | | 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 | BB+ | | | 728,432 | |
| | 625 | | 5.500%, 2/01/32 | | 2/17 at 100.00 | BB+ | | | 639,213 | |
| | 2,730 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | | 7/21 at 100.00 | BBB+ | | | 3,020,090 | |
| | 1,100 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | | 7/15 at 100.00 | B+ | | | 1,102,079 | |
| | 290 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | | 6/15 at 100.00 | B+ | | | 290,548 | |
| | 26,460 | | Total Health Care | | | | | | 28,649,542 | |
| | | | Housing/Multifamily – 2.5% (1.8% 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) | | 6/15 at 100.00 | AA+ | | | 5,013 | |
| | 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+ | | | 364,617 | |
| | 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 | | | 2,067,860 | |
| | 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 | | | 2,119,420 | |
| | 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 | | | 710,686 | |
| | 830 | | New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax) | | 8/15 at 100.00 | Aa1 | | | 832,158 | |
| | 5,870 | | Total Housing/Multifamily | | | | | | 6,099,754 | |
| | | | Industrials – 2.3% (1.6% of Total Investments) | | | | | | | |
| | 220 | | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | | 1/25 at 100.00 | N/R | | | 238,528 | |
| | 5,020 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 5,303,580 | |
| | 5,240 | | Total Industrials | | | | | | 5,542,108 | |
| NNP | Nuveen New York Performance Plus Municipal Fund, Inc. | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Long-Term Care – 3.5% (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+ | | $ | 1,170,965 | |
| | 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 | | | 660,357 | |
| | | | 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 | | | 50,113 | |
| | 425 | | 5.000%, 7/01/35 – ACA Insured | | 7/15 at 100.00 | N/R | | | 425,616 | |
| | 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 | | | 1,643,747 | |
| | 1,295 | | 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 | | | 1,320,006 | |
| | 65 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | | 7/15 at 100.00 | N/R | | | 65,148 | |
| | 495 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 | | 7/15 at 100.00 | N/R | | | 497,406 | |
| | | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | | | | | | | |
| | 1,525 | | 5.500%, 7/01/18 | | 7/16 at 101.00 | N/R | | | 1,517,436 | |
| | 755 | | 5.800%, 7/01/23 | | 7/16 at 101.00 | N/R | | | 752,040 | |
| | 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 | | | 255,792 | |
| | 8,280 | | Total Long-Term Care | | | | | | 8,358,626 | |
| | | | Tax Obligation/General – 11.7% (8.2% 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 | | | 11,152,800 | |
| | 400 | | New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28 | | 8/19 at 100.00 | AA | | | 459,740 | |
| | 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 | | | 3,591,510 | |
| | 5,000 | | New York City, New York, General Obligation Bonds, Fiscal 2015 Series B, 5.000%, 8/01/30 | | 8/24 at 100.00 | AA | | | 5,888,800 | |
| | 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16 | | 6/15 at 100.00 | AA | | | 5,021 | |
| | 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 | | | 51,012 | |
| | 20 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB) | | 6/16 at 100.00 | AA | | | 21,082 | |
| | 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 | | | 2,228,715 | |
| | 3,125 | | New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.153%, 3/01/21 (IF) (4) | | No Opt. Call | AA | | | 4,979,125 | |
| | 23,515 | | Total Tax Obligation/General | | | | | | 28,377,805 | |
| | | | Tax Obligation/Limited – 28.8% (20.0% of Total Investments) | | | | | | | |
| | 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 | | | 2,692,175 | |
| | 980 | | 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 | | | 1,109,389 | |
| | 1,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/33 | | No Opt. Call | AAA | | | 1,160,700 | |
| | 2,580 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C. Group C, 5.000%, 3/15/44 | | 3/24 at 100.00 | AAA | | | 2,959,647 | |
| | 1,590 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 1,846,912 | |
| | 4,700 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 | | 2/21 at 100.00 | A | | | 5,482,644 | |
| | 500 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | | 2/17 at 100.00 | A | | | 530,795 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 2,175 | | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 | | No Opt. Call | AA | | $ | 2,500,750 | |
| | 1,680 | | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | | 7/15 at 100.00 | A– | | | 1,685,208 | |
| | 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 | | | 3,312,629 | |
| | 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 | | | 2,176,287 | |
| | 1,915 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1, 5.000%, 2/01/37 | | 2/22 at 100.00 | AAA | | | 2,205,506 | |
| | 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 | | | 1,867,892 | |
| | 3,900 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | 5/23 at 100.00 | AAA | | | 4,475,679 | |
| | 2,600 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | | 2/24 at 100.00 | AAA | | | 3,010,618 | |
| | 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 | | | 2,999,475 | |
| | 2,400 | | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 13.741%, 5/01/32 (IF) | | 5/19 at 100.00 | AAA | | | 3,325,824 | |
| | 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– | | | 1,194,960 | |
| | 5,000 | | New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) | | 12/17 at 100.00 | AAA | | | 5,509,200 | |
| | 865 | | 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+ | | | 885,535 | |
| | 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+ | | | 3,063,536 | |
| | 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+ | | | 6,711,040 | |
| | 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 | | | 1,873,424 | |
| | | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | | | | | | | |
| | 16,000 | | 0.000%, 8/01/43 – NPFG Insured | | No Opt. Call | AA– | | | 2,456,000 | |
| | 11,250 | | 0.000%, 8/01/45 – NPFG Insured | | No Opt. Call | AA– | | | 1,512,900 | |
| | 2,505 | | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29 | | 10/24 at 100.00 | AAA | | | 3,059,707 | |
| | 84,180 | | Total Tax Obligation/Limited | | | | | | 69,608,432 | |
| | | | Transportation – 9.8% (6.8% 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 | AA– | | | 2,275,300 | |
| | 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 (5) | | 10/17 at 102.00 | N/R | | | 715,000 | |
| | 2,585 | | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) | | 6/15 at 100.00 | BB | | | 2,590,842 | |
| | 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 | | | 1,605,180 | |
| | 1,420 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 1,585,032 | |
| | 6,000 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/33 | | 9/24 at 100.00 | AA– | | | 7,074,960 | |
| NNP | Nuveen New York Performance Plus Municipal Fund, Inc. | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Transportation (continued) | | | | | | | |
| $ | 770 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF) | | 8/17 at 100.00 | AA | | $ | 1,052,405 | |
| | 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– | | | 1,126,460 | |
| | | | 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 | | | 539,874 | |
| | 2,500 | | 6.000%, 12/01/36 | | 12/20 at 100.00 | BBB | | | 2,958,100 | |
| | 1,750 | | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF) | | No Opt. Call | AA– | | | 2,189,006 | |
| | 22,095 | | Total Transportation | | | | | | 23,712,159 | |
| | | | U.S. Guaranteed – 17.9% (12.4% of Total Investments) (6) | | | | | | | |
| | 1,000 | | Dormitory Authority of the State of New York , Revenue Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36 (Pre-refunded 7/01/17) | | 7/17 at 100.00 | A3 (6) | | | 1,096,410 | |
| | 8,500 | | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15) | | 8/15 at 100.00 | N/R (6) | | | 8,649,855 | |
| | 635 | | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) | | 10/15 at 100.00 | A (6) | | | 650,335 | |
| | 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) | | | 5,108,300 | |
| | 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) – FGIC Insured | | 7/15 at 100.00 | AA+ (6) | | | 4,584,496 | |
| | 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 | Aa2 (6) | | | 3,009,030 | |
| | 6,380 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16) (UB) | | 6/16 at 100.00 | N/R (6) | | | 6,732,814 | |
| | | | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A: | | | | | | | |
| | 175 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | N/R (6) | | | 178,854 | |
| | 1,855 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | AAA | | | 1,895,847 | |
| | 135 | | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured | | 10/15 at 100.00 | N/R (6) | | | 138,260 | |
| | 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) | | | 1,810,608 | |
| | 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) | | | 9,388,726 | |
| | 40,260 | | Total U.S. Guaranteed | | | | | | 43,243,535 | |
| | | | Utilities – 14.0% (9.8% 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 | | | 2,523,994 | |
| | 185 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 206,395 | |
| | | | 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 | AA– | | | 3,247,033 | |
| | 3,100 | | 5.000%, 12/01/24 – FGIC Insured | | 6/16 at 100.00 | AA– | | | 3,244,088 | |
| | 290 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 325,374 | |
| | 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– | | | 3,751,259 | |
| | 2,300 | | Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) | | 6/15 at 100.00 | A– | | | 2,309,085 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Utilities (continued) | | | | | | | |
| $ | 5,325 | | 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+ | | $ | 5,543,325 | |
| | 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 | Aa1 | | | 844,756 | |
| | 3,435 | | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) | | 7/15 at 100.00 | N/R | | | 3,435,893 | |
| | | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | | | | | | | |
| | 3,800 | | 5.000%, 12/15/33 | | 12/23 at 100.00 | AAA | | | 4,483,582 | |
| | 1,060 | | 5.000%, 12/15/34 | | 12/23 at 100.00 | AAA | | | 1,247,980 | |
| | 2,335 | | 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 2,729,335 | |
| | 31,330 | | Total Utilities | | | | | | 33,892,099 | |
| | | | Water and Sewer – 6.1% (4.3% 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 | A– | | | 2,228,016 | |
| | 4,140 | | 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+ | | | 4,705,358 | |
| | 3,000 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35 | | 6/24 at 100.00 | AA+ | | | 3,485,940 | |
| | 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 | | | 4,394,611 | |
| | 12,975 | | Total Water and Sewer | | | | | | 14,813,925 | |
| $ | 334,495 | | Total Municipal Bonds (cost $318,753,031) | | | | | | 343,395,488 | |
| | Shares | | Description (1) | | | | | | Value | |
| | | | COMMON STOCKS – 1.7% (1.2% of Total Investments) | | | | | | | |
| | | | Airlines – 1.7% (1.2% of Total Investments) | | | | | | | |
| | 78,264 | | American Airlines Group Inc., (7) | | | | | $ | 4,130,774 | |
| | | | Total Common Stocks (cost $2,431,776) | | | | | | 4,130,774 | |
| | | | Total Long-Term Investments (cost $321,184,807) | | | | | | 347,526,262 | |
| | | | Floating Rate Obligations – (9.2)% | | | | | | (22,230,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at Liquidation Value – (36.9)% (8) | | | | | | (89,000,000 | ) |
| | | | Other Assets Less Liabilities – 2.2% | | | | | | 5,222,608 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 241,518,870 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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) | On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. |
| (8) | Variable Rate Demand Preferred Shares, at Liquidation Value, as a percentage of Total Investments is 25.6%. |
| (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.
| NAN | | |
| | Nuveen New York Dividend Advantage Municipal Fund | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 144.8% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 144.8% (100.0% of Total Investments) | | | | | | | |
| | | | Consumer Discretionary – 3.1% (2.2% 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 | | $ | 963,842 | |
| | 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 | N/R | | | 3,500,884 | |
| | 4,300 | | Total Consumer Discretionary | | | | | | 4,464,726 | |
| | | | Consumer Staples – 3.0% (2.1% of Total Investments) | | | | | | | |
| | 700 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | | 6/16 at 100.00 | B | | | 602,056 | |
| | 120 | | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 120,190 | |
| | 50 | | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 49,995 | |
| | | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | | | | | |
| | 625 | | 4.750%, 6/01/22 | | 6/16 at 100.00 | BBB– | | | 630,331 | |
| | 2,625 | | 5.000%, 6/01/26 | | 6/16 at 100.00 | BB– | | | 2,641,170 | |
| | 315 | | 5.125%, 6/01/42 | | 6/16 at 100.00 | B | | | 271,527 | |
| | 4,435 | | Total Consumer Staples | | | | | | 4,315,269 | |
| | | | Education and Civic Organizations – 18.7% (12.9% 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 | | | 392,795 | |
| | 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 | B+ | | | 491,937 | |
| | 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– | | | 2,039,105 | |
| | 965 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | | 12/20 at 100.00 | B | | | 1,001,371 | |
| | 1,025 | | Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 5.000%, 6/01/32 | | 6/24 at 100.00 | Aa2 | | | 1,200,285 | |
| | 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– | | | 123,588 | |
| | 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 | | | 1,686,813 | |
| | 525 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 592,615 | |
| | 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 | | | 712,692 | |
| | 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 | | | 1,548,898 | |
| | 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– | | | 802,865 | |
| | 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 | | | 1,151,480 | |
| | 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 | Ba1 | | | 733,196 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | | |
| $ | 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 | Ba1 | | $ | 1,311,310 | |
| | 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 | | | 279,773 | |
| | 375 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 | | 9/23 at 100.00 | A | | | 426,525 | |
| | 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 | | | 1,222,806 | |
| | | | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006: | | | | | | | |
| | 160 | | 5.000%, 1/01/36 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 165,050 | |
| | 1,000 | | 5.000%, 1/01/39 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,031,210 | |
| | 1,630 | | 4.750%, 1/01/42 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,671,467 | |
| | | | 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 | | | 2,267,530 | |
| | 1,000 | | 4.750%, 3/01/46 – NPFG Insured | | 9/16 at 100.00 | AA– | | | 1,045,510 | |
| | 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 | | | 1,120,560 | |
| | 1,500 | | New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33 | | 8/23 at 100.00 | AA– | | | 1,739,475 | |
| | 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 | | | 263,216 | |
| | 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 | | | 1,199,373 | |
| | 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– | | | 596,306 | |
| | 24,680 | | Total Education and Civic Organizations | | | | | | 26,817,751 | |
| | | | Financials – 6.4% (4.5% of Total Investments) | | | | | | | |
| | 5,230 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | | No Opt. Call | A | | | 6,336,825 | |
| | 2,340 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 2,925,796 | |
| | 7,570 | | Total Financials | | | | | | 9,262,621 | |
| | | | Health Care – 11.7% (8.1% of Total Investments) | | | | | | | |
| | 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 | | 6/15 at 100.00 | AA– | | | 627,481 | |
| | 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 | A | | | 225,944 | |
| | 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 | | | 1,113,080 | |
| | | | 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 | | | 1,685,838 | |
| | 710 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 786,595 | |
| | 1,320 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 1,453,610 | |
| | 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 | | | 3,323,498 | |
| | 80 | | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured | | 5/15 at 100.00 | AA | | | 80,509 | |
| | 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 | A | | | 1,057,630 | |
| NAN | Nuveen New York Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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– | | $ | 877,560 | |
| | 420 | | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | | 6/15 at 100.00 | BB | | | 420,449 | |
| | | | 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 | BB+ | | | 420,644 | |
| | 360 | | 5.500%, 2/01/32 | | 2/17 at 100.00 | BB+ | | | 368,186 | |
| | 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 | AA | | | 856,763 | |
| | 470 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | | 7/21 at 100.00 | BBB+ | | | 519,942 | |
| | 1,995 | | Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39 | | 8/15 at 100.00 | N/R | | | 1,999,289 | |
| | 950 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | | 7/15 at 100.00 | B+ | | | 951,795 | |
| | 15,645 | | Total Health Care | | | | | | 16,768,813 | |
| | | | Housing/Multifamily – 4.2% (2.9% of Total Investments) | | | | | | | |
| | 400 | | Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40 | | 5/20 at 100.00 | AA | | | 444,420 | |
| | 4,000 | | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36 | | 5/19 at 100.00 | AA+ | | | 4,224,240 | |
| | 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+ | | | 306,489 | |
| | 600 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | | 5/19 at 100.00 | Aa2 | | | 628,686 | |
| | 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 | | | 417,142 | |
| | 5,695 | | Total Housing/Multifamily | | | | | | 6,020,977 | |
| | | | Housing/Single Family – 0.5% (0.3% 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 | | | 711,242 | |
| | | | Industrials – 2.3% (1.6% of Total Investments) | | | | | | | |
| | 135 | | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | | 1/25 at 100.00 | N/R | | | 146,370 | |
| | 3,030 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 3,201,165 | |
| | 3,165 | | Total Industrials | | | | | | 3,347,535 | |
| | | | Long-Term Care – 3.4% (2.3% of Total Investments) | | | | | | | |
| | 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+ | | | 640,201 | |
| | 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 | | | 383,929 | |
| | 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 | | | 250,362 | |
| | 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 | | | 977,088 | |
| | 770 | | 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 | | | 784,869 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Long-Term Care (continued) | | | | | | | |
| $ | 50 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 | | 7/15 at 100.00 | N/R | | $ | 50,113 | |
| | 275 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 | | 7/15 at 100.00 | N/R | | | 276,336 | |
| | | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | | | | | | | |
| | 885 | | 5.500%, 7/01/18 | | 7/16 at 101.00 | N/R | | | 880,610 | |
| | 635 | | 5.800%, 7/01/23 | | 7/16 at 101.00 | N/R | | | 632,511 | |
| | 4,785 | | Total Long-Term Care | | | | | | 4,876,019 | |
| | | | Tax Obligation/General – 16.7% (11.5% 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 | | | 7,353,452 | |
| | 980 | | New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32 | | 8/22 at 100.00 | AA | | | 1,130,420 | |
| | 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 | | | 2,394,340 | |
| | 3,365 | | New York City, New York, General Obligation Bonds, Fiscal 2015 Series B, 5.000%, 8/01/30 | | 8/24 at 100.00 | AA | | | 3,963,162 | |
| | 3,665 | | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 | | 8/16 at 100.00 | AA | | | 3,887,319 | |
| | 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 | | | 1,192,916 | |
| | 1,525 | | New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.153%, 3/01/21 (IF) (4) | | 3/23 at 100.00 | AA | | | 2,429,813 | |
| | | | Rochester, New York, General Obligation Bonds, Series 1999: | | | | | | | |
| | 720 | | 5.250%, 10/01/18 – NPFG Insured | | No Opt. Call | AA– | | | 818,978 | |
| | 720 | | 5.250%, 10/01/19 – NPFG Insured | | No Opt. Call | AA– | | | 838,591 | |
| | 20,590 | | Total Tax Obligation/General | | | | | | 24,008,991 | |
| | | | Tax Obligation/Limited – 28.1% (19.4% of Total Investments) | | | | | | | |
| | 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 | | | 597,334 | |
| | 1,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43 | | 2/23 at 100.00 | AAA | | | 1,137,400 | |
| | 1,000 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 1,161,580 | |
| | | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A: | | | | | | | |
| | 1,815 | | 5.000%, 11/15/27 | | No Opt. Call | AA | | | 2,177,909 | |
| | 2,250 | | 5.000%, 11/15/29 | | 11/22 at 100.00 | AA | | | 2,659,680 | |
| | 1,130 | | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | | 7/15 at 100.00 | A– | | | 1,133,503 | |
| | 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 | | | 2,244,039 | |
| | 1,025 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1, 5.000%, 2/01/37 | | 2/22 at 100.00 | AAA | | | 1,180,493 | |
| | 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 | | | 999,382 | |
| | 2,350 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | 5/23 at 100.00 | AAA | | | 2,696,883 | |
| | 1,570 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | | 2/24 at 100.00 | AAA | | | 1,817,950 | |
| | 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 | | | 2,999,475 | |
| | 2,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 | | 2/21 at 100.00 | AAA | | | 2,271,280 | |
| NAN | Nuveen New York Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 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– | | $ | 4,779,840 | |
| | 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 | | | 3,217,373 | |
| | 865 | | 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+ | | | 885,535 | |
| | 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+ | | | 1,777,945 | |
| | 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+ | | | 4,074,560 | |
| | 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 | | | 597,154 | |
| | 1,330 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.502%, 3/15/37 (IF) (4) | | 3/17 at 100.00 | AAA | | | 1,629,955 | |
| | 1,250 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured | | No Opt. Call | AA– | | | 168,100 | |
| | 170 | | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29 | | 10/24 at 100.00 | AAA | | | 207,645 | |
| | 36,240 | | Total Tax Obligation/Limited | | | | | | 40,415,015 | |
| | | | Transportation – 20.3% (14.0% of Total Investments) | | | | | | | |
| | | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D: | | | | | | | |
| | 1,000 | | 5.000%, 11/15/34 | | 11/20 at 100.00 | AA– | | | 1,137,650 | |
| | 1,560 | | 5.250%, 11/15/40 | | 11/20 at 100.00 | AA– | | | 1,774,625 | |
| | 4,140 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 | | No Opt. Call | AA– | | | 4,646,322 | |
| | 2,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31 | | 11/23 at 100.00 | AA– | | | 2,319,960 | |
| | 1,750 | | New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) | | 8/16 at 101.00 | N/R | | | 1,909,110 | |
| | | | 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 | | | 71,500 | |
| | 2,000 | | 5.875%, 10/01/46 (6) | | 10/17 at 102.00 | N/R | | | 715,000 | |
| | 1,575 | | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) | | 6/15 at 100.00 | BB | | | 1,578,560 | |
| | 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) | | 8/15 at 100.50 | N/R | | | 1,027,260 | |
| | 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 | | | 932,040 | |
| | | | New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006: | | | | | | | |
| | 320 | | 5.000%, 5/15/20 (Alternative Minimum Tax) | | 6/15 at 100.00 | B | | | 320,182 | |
| | 1,000 | | 5.125%, 5/15/30 (Alternative Minimum Tax) | | 6/15 at 100.00 | B | | | 1,000,380 | |
| | 845 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 943,206 | |
| | 4,000 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/34 | | 9/24 at 100.00 | AA– | | | 4,705,800 | |
| | 440 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF) | | 8/17 at 100.00 | AA | | | 601,374 | |
| | 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– | | | 2,252,920 | |
| | 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 | | $ | 301,084 | |
| | 1,470 | | 6.000%, 12/01/36 | | 12/20 at 100.00 | BBB | | | 1,739,363 | |
| | 1,000 | | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF) | | No Opt. Call | AA– | | | 1,250,860 | |
| | 27,490 | | Total Transportation | | | | | | 29,227,196 | |
| | | | U.S. Guaranteed – 7.0% (4.8% of Total Investments) (7) | | | | | | | |
| | 3,350 | | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15) | | 8/15 at 100.00 | N/R (7) | | | 3,409,061 | |
| | 2,000 | | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17) | | 7/17 at 100.00 | A3 (7) | | | 2,220,680 | |
| | 370 | | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) | | 10/15 at 100.00 | A (7) | | | 378,935 | |
| | 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) – FGIC Insured | | 7/15 at 100.00 | AA+ (7) | | | 2,616,097 | |
| | 35 | | New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 (Pre-refunded 8/01/16) | | 8/16 at 100.00 | N/R (7) | | | 37,189 | |
| | | | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A: | | | | | | | |
| | 100 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | N/R (7) | | | 102,202 | |
| | 1,090 | | 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | AAA | | | 1,114,002 | |
| | 135 | | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured | | 10/15 at 100.00 | N/R (7) | | | 138,260 | |
| | 9,665 | | Total U.S. Guaranteed | | | | | | 10,016,426 | |
| | | | Utilities – 13.0% (9.0% 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 | | | 1,491,451 | |
| | 110 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 122,721 | |
| | | | 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 | AA– | | | 2,618,575 | |
| | 500 | | 5.000%, 12/01/24 – FGIC Insured | | 6/16 at 100.00 | AA– | | | 523,240 | |
| | 675 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 757,337 | �� |
| | 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– | | | 4,311,728 | |
| | 1,250 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37 | | No Opt. Call | A– | | | 1,380,963 | |
| | 1,400 | | Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) | | 6/15 at 100.00 | A– | | | 1,405,530 | |
| | 3,210 | | 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+ | | | 3,341,610 | |
| | 2,410 | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 2,817,001 | |
| | 17,240 | | Total Utilities | | | | | | 18,770,156 | |
| NAN | Nuveen New York Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Water and Sewer – 6.4% (4.4% 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 | A– | | $ | 1,323,408 | |
| | 2,000 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35 | | 6/24 at 100.00 | AA+ | | | 2,323,960 | |
| | 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 | | | 5,521,911 | |
| | 8,060 | | Total Water and Sewer | | | | | | 9,169,279 | |
| $ | 190,205 | | Total Long-Term Investments (cost $193,411,801) | | | | | | 208,192,016 | |
| | | | Floating Rate Obligations – (7.8)% | | | | | | (11,215,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (39.0)% (8) | | | | | | (56,000,000 | ) |
| | | | Other Assets Less Liabilities – 2.0% | | | | | | 2,792,905 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 143,769,921 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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) | 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%. |
| (7) | 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. |
| (8) | Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.9%. |
| (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.
| NXK | | |
| | Nuveen New York Dividend Advantage Municipal Fund 2 | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 146.2% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 146.2% (100.0% of Total Investments) | | | | | | | |
| | | | Consumer Discretionary – 2.8% (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 | | $ | 710,199 | |
| | 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 | N/R | | | 2,037,828 | |
| | 2,650 | | Total Consumer Discretionary | | | | | | 2,748,027 | |
| | | | Consumer Staples – 3.2% (2.2% of Total Investments) | | | | | | | |
| | 350 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | | 6/16 at 100.00 | B | | | 350,056 | |
| | 500 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | | 6/16 at 100.00 | B | | | 430,040 | |
| | 115 | | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 115,182 | |
| | 230 | | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | | 6/15 at 100.00 | A1 | | | 230,051 | |
| | 35 | | Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 34,997 | |
| | | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | | | | | |
| | 470 | | 4.750%, 6/01/22 | | 6/16 at 100.00 | BBB– | | | 474,009 | |
| | 835 | | 5.000%, 6/01/26 | | 6/16 at 100.00 | BB– | | | 840,144 | |
| | 500 | | 5.000%, 6/01/34 | | 6/16 at 100.00 | B | | | 460,015 | |
| | 215 | | 5.125%, 6/01/42 | | 6/16 at 100.00 | B | | | 185,328 | |
| | 3,250 | | Total Consumer Staples | | | | | | 3,119,822 | |
| | | | Education and Civic Organizations – 26.9% (18.4% 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 | | | 268,754 | |
| | 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 | B+ | | | 339,883 | |
| | 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– | | | 1,448,060 | |
| | 670 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | | 12/20 at 100.00 | B | | | 695,252 | |
| | 2,070 | | Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 5.000%, 6/01/43 | | 6/24 at 100.00 | Aa2 | | | 2,368,329 | |
| | 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– | | | 92,691 | |
| | 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 | | | 1,160,651 | |
| | 365 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 412,008 | |
| | 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 | AA– | | | 1,166,780 | |
| | 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 | | | 490,291 | |
| | 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 | | | 2,868,225 | |
| NXK | Nuveen New York Dividend Advantage Municipal Fund 2 | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | 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, Columbia University, Series 2011A, 5.000%, 10/01/41 | | 4/21 at 100.00 | AAA | | $ | 2,302,360 | |
| | 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– | | | 200,716 | |
| | 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 | | | 2,302,960 | |
| | 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 | Ba1 | | | 301,904 | |
| | 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 | Ba1 | | | 1,850,965 | |
| | 265 | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/43 | | 9/23 at 100.00 | A | | | 300,155 | |
| | 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 | | | 1,662,340 | |
| | 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+ | | | 1,011,343 | |
| | | | 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 | BB+ | | | 1,033,800 | |
| | 1,120 | | 4.750%, 1/01/42 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,148,493 | |
| | | | 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 | | | 1,477,943 | |
| | 750 | | 4.750%, 3/01/46 – NPFG Insured | | 9/16 at 100.00 | AA– | | | 784,133 | |
| | 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 | | | 182,640 | |
| | 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– | | | 334,377 | |
| | 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 | | | 388,984 | |
| | 24,230 | | Total Education and Civic Organizations | | | | | | 26,594,037 | |
| | | | Financials – 2.3% (1.6% of Total Investments) | | | | | | | |
| | 1,805 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 2,256,864 | |
| | | | Health Care – 9.7% (6.6% 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 | | 6/15 at 100.00 | AA– | | | 1,626,302 | |
| | 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 | A | | | 169,458 | |
| | | | 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 | | | 1,110,603 | |
| | 505 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 559,479 | |
| | 985 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 1,084,702 | |
| | 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 | | | 2,419,002 | |
| | 30 | | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured | | 5/15 at 100.00 | AA | | | 30,191 | |
| | 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– | | | 1,170,080 | |
| | 290 | | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | | 6/15 at 100.00 | BB | | | 290,310 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| | | | Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A: | | | | | | | |
| $ | 275 | | 5.250%, 2/01/27 | | 2/17 at 100.00 | BB+ | | $ | 282,139 | |
| | 250 | | 5.500%, 2/01/32 | | 2/17 at 100.00 | BB+ | | | 255,685 | |
| | 215 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | | 7/15 at 100.00 | B+ | | | 215,406 | |
| | 360 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | | 6/15 at 100.00 | B+ | | | 360,680 | |
| | 8,955 | | Total Health Care | | | | | | 9,574,037 | |
| | | | Housing/Multifamily – 0.4% (0.3% of Total Investments) | | | | | | | |
| | 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+ | | | 73,980 | |
| | 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 | | | 298,694 | |
| | 360 | | Total Housing/Multifamily | | | | | | 372,674 | |
| | | | Industrials – 2.3% (1.6% of Total Investments) | | | | | | | |
| | 90 | | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | | 1/25 at 100.00 | N/R | | | 97,580 | |
| | 2,095 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 2,213,347 | |
| | 2,185 | | Total Industrials | | | | | | 2,310,927 | |
| | | | Long-Term Care – 3.4% (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+ | | | 481,518 | |
| | 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 | | | 261,072 | |
| | | | 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 | | | 50,113 | |
| | 175 | | 5.000%, 7/01/35 – ACA Insured | | 7/15 at 100.00 | N/R | | | 175,254 | |
| | 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 | | | 676,837 | |
| | 530 | | 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 | | | 540,234 | |
| | 190 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16 | | 7/15 at 100.00 | N/R | | | 190,923 | |
| | | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | | | | | | | |
| | 275 | | 5.500%, 7/01/18 | | 7/16 at 101.00 | N/R | | | 273,636 | |
| | 440 | | 5.800%, 7/01/23 | | 7/16 at 101.00 | N/R | | | 438,275 | |
| | 340 | | 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 | | | 255,377 | |
| | 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 | | | 169,334 | |
| | 3,530 | | Total Long-Term Care | | | | | | 3,512,573 | |
| | | | Tax Obligation/General – 7.3% (5.0% 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 | | | 5,065,959 | |
| | 1,000 | | New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 | | No Opt. Call | AA | | | 1,161,440 | |
| | 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 | | | 35,708 | |
| NXK | Nuveen New York Dividend Advantage Municipal Fund 2 | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| $ | 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB) | | 6/16 at 100.00 | AA | | $ | 5,271 | |
| | 835 | | New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28 | | No Opt. Call | AA | | | 971,790 | |
| | 6,415 | | Total Tax Obligation/General | | | | | | 7,240,168 | |
| | | | Tax Obligation/Limited – 44.2% (30.2% of Total Investments) | | | | | | | |
| | 4,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43 | | 2/23 at 100.00 | AAA | | | 4,549,600 | |
| | 1,000 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 5.000%, 3/15/43 | | 3/23 at 100.00 | AAA | | | 1,150,910 | |
| | | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A: | | | | | | | |
| | 1,000 | | 5.000%, 3/15/38 | | 3/24 at 100.00 | AAA | | | 1,166,720 | |
| | 6,190 | | 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 7,190,180 | |
| | | | 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 | | | 2,333,040 | |
| | 2,000 | | 5.250%, 2/15/47 | | 2/21 at 100.00 | A | | | 2,231,940 | |
| | 5,000 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 | | 2/17 at 100.00 | A | | | 5,307,950 | |
| | 560 | | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | | 7/15 at 100.00 | A– | | | 561,736 | |
| | 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 | | | 1,389,167 | |
| | 465 | | 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 | | | 501,651 | |
| | | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1: | | | | | | | |
| | 835 | | 5.000%, 2/01/37 | | 2/22 at 100.00 | AAA | | | 961,670 | |
| | 3,950 | | 5.000%, 2/01/42 | | 2/22 at 100.00 | AAA | | | 4,527,885 | |
| | 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 | | | 809,023 | |
| | 1,610 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | 5/23 at 100.00 | AAA | | | 1,847,652 | |
| | 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– | | | 1,194,960 | |
| | 2,020 | | New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB) | | 12/17 at 100.00 | AAA | | | 2,225,717 | |
| | 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+ | | | 1,230,885 | |
| | 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+ | | | 2,756,320 | |
| | 1,435 | | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29 | | 10/24 at 100.00 | AAA | | | 1,752,766 | |
| | 38,470 | | Total Tax Obligation/Limited | | | | | | 43,689,772 | |
| | | | Transportation – 16.6% (11.3% of Total Investments) | | | | | | | |
| | 1,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34 | | 11/20 at 100.00 | AA– | | | 1,137,650 | |
| | 2,500 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 | | No Opt. Call | AA– | | | 2,805,750 | |
| | 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 | | | 1,363,650 | |
| | 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 | | | 536,250 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Transportation (continued) | | | | | | | |
| $ | 1,425 | | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) | | 6/15 at 100.00 | BB | | $ | 1,428,221 | |
| | 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) | | 8/15 at 100.50 | N/R | | | 1,027,260 | |
| | 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 | | | 673,140 | |
| | | | New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006: | | | | | | | |
| | 35 | | 5.000%, 5/15/20 (Alternative Minimum Tax) | | 6/15 at 100.00 | B | | | 35,020 | |
| | 750 | | 5.125%, 5/15/30 (Alternative Minimum Tax) | | 6/15 at 100.00 | B | | | 750,285 | |
| | 585 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 652,989 | |
| | 310 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF) | | 8/17 at 100.00 | AA | | | 423,696 | |
| | 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– | | | 2,252,920 | |
| | | | 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 | | | 218,026 | |
| | 1,030 | | 6.000%, 12/01/36 | | 12/20 at 100.00 | BBB | | | 1,218,737 | |
| | 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 | AA– | | | 948,667 | |
| | 750 | | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF) | | 11/18 at 100.00 | AA– | | | 938,145 | |
| | 15,775 | | Total Transportation | | | | | | 16,410,406 | |
| | | | U.S. Guaranteed – 6.1% (4.1% of Total Investments) (6) | | | | | | | |
| | 1,500 | | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17) | | 7/17 at 100.00 | A3 (6) | | | 1,665,510 | |
| | 735 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17) | | 5/17 at 100.00 | N/R (6) | | | 802,150 | |
| | 2,595 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16) (UB) | | 6/16 at 100.00 | N/R (6) | | | 2,738,504 | |
| | 770 | | New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 (Pre-refunded 9/15/15) | | 9/15 at 100.00 | AAA | | | 786,955 | |
| | 5,600 | | Total U.S. Guaranteed | | | | | | 5,993,119 | |
| | | | Utilities – 14.5% (9.9% of Total Investments) | | | | | | | |
| | 75 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 83,674 | |
| | | | 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 | AA– | | | 1,780,631 | |
| | 1,700 | | 5.000%, 12/01/24 – FGIC Insured | | 6/16 at 100.00 | AA– | | | 1,779,016 | |
| | 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– | | | 261,640 | |
| | 495 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 555,380 | |
| | | | 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 | | | 1,123,440 | |
| | 1,000 | | 5.000%, 5/01/38 | | 5/21 at 100.00 | A– | | | 1,109,840 | |
| | 900 | | Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax) | | 6/15 at 100.00 | A– | | | 903,555 | |
| | 2,225 | | 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+ | | | 2,316,225 | |
| NXK | Nuveen New York Dividend Advantage Municipal Fund 2 | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Utilities (continued) | | | | | | | |
| $ | 640 | | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) | | 7/15 at 100.00 | N/R | | $ | 640,166 | |
| | 3,285 | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 3,839,771 | |
| | 13,270 | | Total Utilities | | | | | | 14,393,338 | |
| | | | Water and Sewer – 6.5% (4.5% 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 | A– | | | 915,776 | |
| | 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 | | | 5,521,913 | |
| | 5,695 | | Total Water and Sewer | | | | | | 6,437,689 | |
| $ | 132,190 | | Total Long-Term Investments (cost $135,128,240) | | | | | | 144,653,453 | |
| | | | Floating Rate Obligations – (9.5)% | | | | | | (9,405,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (38.4)% (7) | | | | | | (38,000,000 | ) |
| | | | Other Assets Less Liabilities – 1.7% | | | | | | 1,702,028 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 98,950,481 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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) | Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.3%. |
| (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.
| NRK | | |
| | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 148.5% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 148.5% (100.0% of Total Investments) | | | | | | | |
| | | | Consumer Staples – 3.3% (2.2% of Total Investments) | | | | | | | |
| $ | 6,350 | | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | | 6/16 at 100.00 | B | | $ | 5,461,508 | |
| | 680 | | New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 | | 6/15 at 100.00 | A1 | | | 681,074 | |
| | 1,165 | | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 | | 6/15 at 100.00 | A1 | | | 1,165,256 | |
| | 40,120 | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42 | | 6/16 at 100.00 | B | | | 34,583,039 | |
| | 48,315 | | Total Consumer Staples | | | | | | 41,890,877 | |
| | | | Education and Civic Organizations – 26.7% (18.0% of Total Investments) | | | | | | | |
| | | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | | | | | | | |
| | 9,995 | | 0.000%, 7/15/45 | | No Opt. Call | BBB– | | | 2,397,101 | |
| | 29,145 | | 0.000%, 7/15/47 | | No Opt. Call | BBB– | | | 6,360,896 | |
| | | | Build New York City 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– | | | 269,028 | |
| | 2,535 | | 5.500%, 4/01/43 | | 4/23 at 100.00 | BBB– | | | 2,810,707 | |
| | 1,030 | | 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 | | 7/15 at 100.00 | N/R | | | 1,034,151 | |
| | | | 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– | | | 1,919,430 | |
| | 4,000 | | 5.500%, 7/01/40 – AMBAC Insured | | No Opt. Call | AA– | | | 5,382,720 | |
| | 4,990 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | | 7/23 at 100.00 | A– | | | 5,632,662 | |
| | 1,655 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2015A, 5.000%, 7/01/37 (WI/DD, Settling 4/15/15) | | 7/25 at 100.00 | A– | | | 1,907,239 | |
| | 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 | AA– | | | 5,013,678 | |
| | 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 | AA– | | | 7,039,740 | |
| | | | Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A: | | | | | | | |
| | 1,685 | | 5.250%, 1/01/34 | | 7/24 at 100.00 | BBB– | | | 1,901,994 | |
| | 2,185 | | 5.500%, 1/01/39 | | 7/24 at 100.00 | BBB– | | | 2,479,582 | |
| | 2,820 | | 5.500%, 1/01/44 | | 7/24 at 100.00 | BBB– | | | 3,190,774 | |
| | 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 | | | 6,732,661 | |
| | 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 | | | 10,509,700 | |
| | 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 | | | 6,974,970 | |
| | 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 | | | 5,397,377 | |
| | 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 | | | 4,302,338 | |
| | 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 | | | 17,377,444 | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | | |
| | | | Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A: | | | | | | | |
| $ | 2,000 | | 5.000%, 7/01/25 – FGIC Insured | | 7/17 at 100.00 | AA– | | $ | 2,183,060 | |
| | 6,525 | | 5.000%, 7/01/37 – FGIC Insured | | 7/17 at 100.00 | AA– | | | 7,023,771 | |
| | 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 | A3 | | | 1,155,612 | |
| | 9,180 | | 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 | | | 10,567,832 | |
| | | | 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 | | | 1,168,920 | |
| | 5,980 | | 5.750%, 11/01/40 – AGM Insured | | 5/21 at 100.00 | AA | | | 6,985,059 | |
| | 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 | | | 3,321,240 | |
| | 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 | | | 1,091,190 | |
| | 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– | | | 1,003,581 | |
| | 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– | | | 3,756,415 | |
| | 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– | | | 3,721,360 | |
| | | | 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– | | | 11,464,900 | |
| | 3,890 | | 5.000%, 7/01/39 | | 7/19 at 100.00 | AA– | | | 4,396,206 | |
| | 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– | | | 15,209,505 | |
| | 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– | | | 3,567,205 | |
| | 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 | | | 3,233,216 | |
| | | | 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 | | | 5,765,500 | |
| | 11,560 | | 5.000%, 7/01/40 | | 7/20 at 100.00 | Aa1 | | | 13,311,109 | |
| | | | Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 2015A: | | | | | | | |
| | 800 | | 5.000%, 7/01/39 | | 7/24 at 100.00 | A3 | | | 911,032 | |
| | 1,500 | | 5.000%, 7/01/44 | | 7/24 at 100.00 | A3 | | | 1,704,345 | |
| | | | 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 | | | 2,935,675 | |
| | 2,000 | | 5.250%, 7/01/21 – AMBAC Insured | | No Opt. Call | A1 | | | 2,380,740 | |
| | 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– | | | 1,420,663 | |
| | 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 | | | 1,122,620 | |
| | | | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013: | | | | | | | |
| | 1,785 | | 5.000%, 9/01/38 | | 9/23 at 100.00 | A | | | 2,030,259 | |
| | 1,785 | | 5.000%, 9/01/43 | | 9/23 at 100.00 | A | | | 2,021,798 | |
| | 12,650 | | Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured | | 7/15 at 100.00 | AA+ | | | 12,802,812 | |
| | 1,400 | | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John Fisher College, Series 2014A, 5.500%, 6/01/39 | | 6/24 at 100.00 | BBB+ | | | 1,587,334 | |
| | 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, 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 | | $ | 1,150,230 | |
| | 1,000 | | 6.375%, 1/01/39 – AGC Insured | | 1/19 at 100.00 | AA | | | 1,158,840 | |
| | | | 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 | BB+ | | | 7,045,347 | |
| | 5,000 | | 5.000%, 1/01/36 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 5,157,800 | |
| | 1,030 | | 4.750%, 1/01/42 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 1,056,203 | |
| | 14,500 | | 5.000%, 1/01/46 – AMBAC Insured | | 1/17 at 100.00 | BB+ | | | 14,940,075 | |
| | 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 | | | 5,645,870 | |
| | | | 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 | | | 4,402,579 | |
| | 31,650 | | 5.000%, 3/01/36 – NPFG Insured | | 9/16 at 100.00 | AA– | | | 33,263,517 | |
| | 20,210 | | 4.500%, 3/01/39 – FGIC Insured | | 9/16 at 100.00 | BBB | | | 20,458,381 | |
| | 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 | | | 3,809,904 | |
| | | | Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A: | | | | | | | |
| | 600 | | 5.000%, 5/01/35 | | 5/22 at 100.00 | BBB+ | | | 648,198 | |
| | 1,000 | | 5.000%, 5/01/42 | | 5/22 at 100.00 | BBB+ | | | 1,077,100 | |
| | 1,450 | | 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 | | | 1,559,287 | |
| | 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– | | | 1,122,560 | |
| | | | 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 | | | 1,576,913 | |
| | 1,000 | | 5.250%, 7/01/36 – AGM Insured | | 1/21 at 100.00 | A2 | | | 1,116,850 | |
| | 4,000 | | 5.375%, 7/01/41 – AGM Insured | | 1/21 at 100.00 | A2 | | | 4,479,040 | |
| | 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– | | | 4,123,983 | |
| | 339,680 | | Total Education and Civic Organizations | | | | | | 340,269,828 | |
| | | | Financials – 1.5% (1.0% of Total Investments) | | | | | | | |
| | 1,615 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | | No Opt. Call | A | | | 1,956,782 | |
| | 13,835 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | | No Opt. Call | A | | | 17,298,454 | |
| | 15,450 | | Total Financials | | | | | | 19,255,236 | |
| | | | Health Care – 8.7% (5.8% of Total Investments) | | | | | | | |
| | 1,250 | | Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist Hospital Project, Series 2014, 5.000%, 7/01/27 | | 7/24 at 100.00 | A– | | | 1,444,575 | |
| | 2,490 | | 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+ | | | 2,985,933 | |
| | 7,615 | | 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 | | | 8,299,969 | |
| | | | 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 | | 6/15 at 100.00 | AA– | | | 9,367,040 | |
| | 425 | | 5.000%, 8/01/33 – FGIC Insured | | 6/15 at 100.00 | AA– | | | 426,581 | |
| | 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 | | 6/15 at 100.00 | AA– | | | 8,066,256 | |
| | 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 | | | 4,452,320 | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | 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 | | $ | 4,007,458 | |
| | 4,345 | | 6.000%, 12/01/16 | | No Opt. Call | Ba1 | | | 4,677,523 | |
| | 5,430 | | 6.500%, 12/01/21 | | 12/18 at 100.00 | Ba1 | | | 6,185,204 | |
| | 6,780 | | 6.125%, 12/01/29 | | 12/18 at 100.00 | Ba1 | | | 7,511,426 | |
| | 14,770 | | 6.250%, 12/01/37 | | 12/18 at 100.00 | Ba1 | | | 16,265,019 | |
| | | | 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 | | | 4,211,188 | |
| | 3,500 | | 5.125%, 7/01/37 – AGC Insured | | 7/17 at 100.00 | AA | | | 3,777,200 | |
| | 645 | | Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured | | 5/15 at 100.00 | AA | | | 649,102 | |
| | 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– | | | 1,036,818 | |
| | 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 | AA | | | 2,246,756 | |
| | 3,900 | | 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– | | | 4,250,493 | |
| | 6,540 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | | 7/21 at 100.00 | BBB+ | | | 7,234,940 | |
| | 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 | | | 5,845,728 | |
| | 5,740 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | | 7/15 at 100.00 | B+ | | | 5,750,849 | |
| | 2,035 | | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | | 6/15 at 100.00 | B+ | | | 2,038,846 | |
| | 102,400 | | Total Health Care | | | | | | 110,731,224 | |
| | | | Housing/Multifamily – 0.3% (0.2% 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 | | | 1,111,050 | |
| | 1,000 | | 5.000%, 5/01/45 – AGM Insured | | 5/20 at 100.00 | AA | | | 1,111,250 | |
| | 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+ | | | 1,099,134 | |
| | 450 | | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | | 5/19 at 100.00 | Aa2 | | | 471,515 | |
| | | | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A: | | | | | | | |
| | 5 | | 6.100%, 11/01/15 – AGM Insured | | 6/15 at 100.00 | AA | | | 5,025 | |
| | 295 | | 6.125%, 11/01/20 – AGM Insured | | 5/15 at 100.00 | AA | | | 295,797 | |
| | 3,790 | | Total Housing/Multifamily | | | | | | 4,093,771 | |
| | | | Industrials – 2.3% (1.6% of Total Investments) | | | | | | | |
| | 28,030 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | | 11/24 at 100.00 | N/R | | | 29,613,415 | |
| | | | Long-Term Care – 0.8% (0.5% 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+ | | | 875,488 | |
| | 7,310 | | 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 | | | 7,451,156 | |
| | 1,225 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40 | | 12/20 at 100.00 | BBB– | | | 1,362,813 | |
| | 9,335 | | Total Long-Term Care | | | | | | 9,689,457 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/General – 7.9% (5.3% of Total Investments) | | | | | | | |
| $ | 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 | | $ | 1,126,420 | |
| | 210 | | Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured | | No Opt. Call | AA– | | | 222,497 | |
| | 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 | | | 1,379,220 | |
| | | | New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1: | | | | | | | |
| | 6,085 | | 5.000%, 10/01/31 | | No Opt. Call | AA | | | 7,056,349 | |
| | 1,000 | | 5.000%, 10/01/33 | | 10/22 at 100.00 | AA | | | 1,154,480 | |
| | 1,570 | | 5.000%, 10/01/34 | | No Opt. Call | AA | | | 1,807,934 | |
| | 8,665 | | New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 | | No Opt. Call | AA | | | 10,063,878 | |
| | | | 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 | | | 1,161,440 | |
| | 2,000 | | 5.000%, 8/01/31 | | 8/22 at 100.00 | AA | | | 2,312,740 | |
| | | | 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 | | | 5,806,900 | |
| | 3,400 | | 5.000%, 3/01/31 | | 3/23 at 100.00 | AA | | | 3,904,322 | |
| | 2,190 | | 5.000%, 3/01/32 | | 3/23 at 100.00 | AA | | | 2,508,185 | |
| | 1,000 | | 5.000%, 3/01/33 | | 3/23 at 100.00 | AA | | | 1,143,010 | |
| | 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 | | | 4,471,430 | |
| | 8,000 | | New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30 | | 8/23 at 100.00 | AA | | | 9,306,240 | |
| | 7,665 | | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/33 | | 8/24 at 100.00 | AA | | | 8,931,718 | |
| | | | New York City, New York, General Obligation Bonds, Fiscal Series 2001D: | | | | | | | |
| | 5 | | 5.250%, 8/01/15 – AGM Insured | | 6/15 at 100.00 | AA | | | 5,022 | |
| | 5 | | 5.000%, 8/01/16 – FGIC Insured | | 6/15 at 100.00 | AA | | | 5,020 | |
| | 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 – AGM Insured | | 6/15 at 100.00 | AA | | | 5,020 | |
| | 715 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured | | No Opt. Call | AA | | | 726,683 | |
| | | | New York City, New York, General Obligation Bonds, Series 2011D-I: | | | | | | | |
| | 2,785 | | 5.000%, 10/01/30 | | 10/21 at 100.00 | AA | | | 3,263,185 | |
| | 2,880 | | 5.000%, 10/01/34 | | No Opt. Call | AA | | | 3,305,030 | |
| | 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 | | | 3,892,978 | |
| | | | Rensselaer County, New York, General Obligation Bonds, Series 1991: | | | | | | | |
| | 960 | | 6.700%, 2/15/16 – AMBAC Insured | | No Opt. Call | AA | | | 1,012,742 | |
| | 960 | | 6.700%, 2/15/17 – AMBAC Insured | | No Opt. Call | AA | | | 1,065,120 | |
| | 960 | | 6.700%, 2/15/18 – AMBAC Insured | | No Opt. Call | AA | | | 1,109,856 | |
| | 960 | | 6.700%, 2/15/19 – AMBAC Insured | | No Opt. Call | AA | | | 1,156,349 | |
| | 960 | | 6.700%, 2/15/20 – AMBAC Insured | | No Opt. Call | AA | | | 1,203,840 | |
| | 747 | | 6.700%, 2/15/21 – AMBAC Insured | | No Opt. Call | AA | | | 970,233 | |
| | | | Rochester, New York, General Obligation Bonds, Series 1999: | | | | | | | |
| | 735 | | 5.250%, 10/01/20 – NPFG Insured | | No Opt. Call | AA– | | | 872,930 | |
| | 735 | | 5.250%, 10/01/21 – NPFG Insured | | No Opt. Call | AA– | | | 886,388 | |
| | 730 | | 5.250%, 10/01/22 – NPFG Insured | | No Opt. Call | AA– | | | 891,914 | |
| | 730 | | 5.250%, 10/01/23 – NPFG Insured | | No Opt. Call | AA– | | | 902,068 | |
| | 730 | | 5.250%, 10/01/24 – NPFG Insured | | No Opt. Call | AA– | | | 906,492 | |
| | 730 | | 5.250%, 10/01/25 – NPFG Insured | | No Opt. Call | AA– | | | 917,457 | |
| | 725 | | 5.250%, 10/01/26 – NPFG Insured | | No Opt. Call | AA– | | | 918,010 | |
| | 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 | | | 1,282,503 | |
| | 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 | | | 1,658,086 | |
| | 7,635 | | Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured | | 8/15 at 100.00 | AA– | | | 7,754,411 | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| | | | Yonkers, New York, General Obligation Bonds, Series 2005B: | | | | | | | |
| $ | 1,650 | | 5.000%, 8/01/19 | | 8/15 at 100.00 | A3 | | $ | 1,675,575 | |
| | 1,735 | | 5.000%, 8/01/20 | | 8/15 at 100.00 | A3 | | | 1,761,493 | |
| | 87,907 | | Total Tax Obligation/General | | | | | | 100,505,168 | |
| | | | Tax Obligation/Limited – 53.7% (36.2% of Total Investments) | | | | | | | |
| | 1,615 | | 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 | | 7/15 at 100.00 | N/R | | | 1,622,187 | |
| | 115 | | 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 | | 6/15 at 100.00 | N/R | | | 115,488 | |
| | 825 | | 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 | | 7/15 at 100.00 | N/R | | | 828,836 | |
| | 7,825 | | 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 | | 7/15 at 100.00 | AA– | | | 7,859,821 | |
| | 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 | | | 1,125,330 | |
| | 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 | | 6/15 at 100.00 | AA | | | 10,883,035 | |
| | 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 | | | 1,162,980 | |
| | 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 | | | 4,245,120 | |
| | 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 | Aa2 | | | 1,144,030 | |
| | 3,375 | | 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 | | | 3,668,929 | |
| | 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 | | | 6,511,319 | |
| | | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C: | | | | | | | |
| | 995 | | 5.000%, 3/15/34 | | No Opt. Call | AAA | | | 1,150,608 | |
| | 25,100 | | 5.000%, 3/15/41 | | 3/21 at 100.00 | AAA | | | 28,413,953 | |
| | | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D: | | | | | | | |
| | 7,550 | | 5.000%, 2/15/33 | | No Opt. Call | AAA | | | 8,763,285 | |
| | 10,000 | | 5.000%, 2/15/40 | | No Opt. Call | AAA | | | 11,511,400 | |
| | | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A: | | | | | | | |
| | 2,500 | | 5.000%, 2/15/26 | | 2/24 at 100.00 | AAA | | | 3,044,500 | |
| | 5,000 | | 5.000%, 2/15/29 | | 2/24 at 100.00 | AAA | | | 5,929,950 | |
| | 10,000 | | 5.000%, 2/15/30 | | 2/24 at 100.00 | AAA | | | 11,799,200 | |
| | 7,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C. Group C, 5.000%, 3/15/44 | | 3/24 at 100.00 | AAA | | | 8,030,050 | |
| | 1,500 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A, 5.000%, 3/15/31 | | 3/25 at 100.00 | AAA | | | 1,781,385 | |
| | 28,280 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 5.000%, 3/15/43 | | 3/23 at 100.00 | AAA | | | 32,547,735 | |
| | 10,780 | | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44 | | No Opt. Call | AAA | | | 12,521,832 | |
| | 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 | | | 9,543,420 | |
| | 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 | | | 11,355,390 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| | | | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2007A: | | | | | | | |
| $ | 5,980 | | 5.750%, 5/01/27 – AGM Insured (UB) | | 5/17 at 100.00 | AA | | $ | 6,569,209 | |
| | 21,030 | | 5.750%, 5/01/28 – AGM Insured (UB) | | 5/17 at 100.00 | AA | | | 23,074,537 | |
| | | | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A: | | | | | | | |
| | 3,540 | | 5.750%, 5/01/27 – AGM Insured (UB) | | 5/18 at 100.00 | AA | | | 4,015,068 | |
| | 5,000 | | 5.750%, 5/01/28 – AGM Insured (UB) | | 5/18 at 100.00 | AA | | | 5,688,299 | |
| | | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | | | | | | | |
| | 23,030 | | 5.750%, 2/15/47 | | 2/21 at 100.00 | A | | | 26,864,956 | |
| | 6,000 | | 5.250%, 2/15/47 | | 2/21 at 100.00 | A | | | 6,695,820 | |
| | 1,850 | | 5.000%, 2/15/47 – AGM Insured | | 2/21 at 100.00 | AA | | | 2,029,450 | |
| | | | 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 | | | 54,767,428 | |
| | 4,200 | | 5.000%, 2/15/47 – AGM Insured | | 2/17 at 100.00 | AA | | | 4,471,530 | |
| | | | 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 | | | 1,151,500 | |
| | 9,000 | | 5.750%, 7/01/18 – AGM Insured (UB) | | No Opt. Call | AA | | | 10,363,500 | |
| | 3,675 | | Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28 | | 5/23 at 100.00 | AA | | | 4,288,946 | |
| | 560 | | Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34 | | 7/15 at 100.00 | A– | | | 561,736 | |
| | 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 | | | 11,156,080 | |
| | | | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-1: | | | | | | | |
| | 5,120 | | 5.000%, 7/15/34 | | 1/25 at 100.00 | AA | | | 5,985,178 | |
| | 5,360 | | 5.000%, 7/15/43 | | 1/25 at 100.00 | AA | | | 6,177,239 | |
| | 5 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 – NPFG Insured | | 6/15 at 100.00 | AAA | | | 5,021 | |
| | 1,470 | | 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 | | | 1,585,865 | |
| | | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1: | | | | | | | |
| | 6,225 | | 5.000%, 2/01/37 | | 2/22 at 100.00 | AAA | | | 7,169,332 | |
| | 24,155 | | 5.000%, 2/01/42 | | 2/22 at 100.00 | AAA | | | 27,688,876 | |
| | 32,500 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series F-1, 5.000%, 5/01/39 | | 5/22 at 100.00 | AAA | | | 37,527,100 | |
| | 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 | | | 6,067,674 | |
| | 13,530 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/37 | | 2/24 at 100.00 | AAA | | | 15,655,428 | |
| | 3,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series A-1, 5.000%, 8/01/32 | | 8/24 at 100.00 | AAA | | | 3,529,230 | |
| | | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series B-1: | | | | | | | |
| | 10,000 | | 5.000%, 8/01/33 | | 8/24 at 100.00 | AAA | | | 11,710,500 | |
| | 3,960 | | 5.000%, 8/01/35 | | 8/24 at 100.00 | AAA | | | 4,616,212 | |
| | | | 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 | | | 11,997,900 | |
| | 1,000 | | 5.000%, 11/01/39 | | 11/20 at 100.00 | AAA | | | 1,157,710 | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 8,490 | | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 | | 2/21 at 100.00 | AAA | | $ | 9,641,584 | |
| | | | 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 | Aa3 | | | 22,219,415 | |
| | 4,000 | | 5.750%, 4/01/41 | | 4/21 at 100.00 | AA– | | | 4,779,840 | |
| | | | New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095: | | | | | | | |
| | 2,890 | | 13.819%, 11/15/30 – BHAC Insured (IF) (4) | | 11/15 at 100.00 | AA+ | | | 3,133,164 | |
| | 12,940 | | 13.805%, 11/15/44 – BHAC Insured (IF) (4) | | 11/15 at 100.00 | AA+ | | | 14,021,396 | |
| | | | 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+ | | | 36,904,728 | |
| | 5,725 | | 5.000%, 4/01/21 – AMBAC Insured | | 10/15 at 100.00 | AA+ | | | 5,860,911 | |
| | | | 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 | | | 1,873,424 | |
| | 1,945 | | 5.000%, 3/15/30 | | 9/20 at 100.00 | AAA | | | 2,277,381 | |
| | 8,600 | | New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB) | | No Opt. Call | AA | | | 9,746,724 | |
| | 12,070 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose Series 2013C, 5.000%, 3/15/32 | | 3/23 at 100.00 | AAA | | | 13,919,365 | |
| | | | 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– | | | 1,927,310 | |
| | 13,520 | | 0.000%, 8/01/42 – FGIC Insured | | No Opt. Call | AA– | | | 2,217,145 | |
| | 10,000 | | 0.000%, 8/01/44 – NPFG Insured | | No Opt. Call | AA– | | | 1,436,700 | |
| | 19,900 | | 0.000%, 8/01/45 – NPFG Insured | | No Opt. Call | AA– | | | 2,676,152 | |
| | 201,690 | | 0.000%, 8/01/46 – NPFG Insured | | No Opt. Call | AA– | | | 25,386,720 | |
| | 89,130 | | 0.000%, 8/01/47 – AMBAC Insured | | No Opt. Call | B | | | 10,337,297 | |
| | | | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A: | | | | | | | |
| | 4,830 | | 5.000%, 10/15/28 | | 10/24 at 100.00 | AAA | | | 5,913,659 | |
| | 2,775 | | 5.000%, 10/15/29 | | 10/24 at 100.00 | AAA | | | 3,389,496 | |
| | 5,000 | | 5.000%, 10/15/30 | | 10/24 at 100.00 | AAA | | | 6,073,900 | |
| | 10,000 | | 5.000%, 10/15/31 | | 10/24 at 100.00 | AAA | | | 12,072,200 | |
| | 825 | | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured | | 4/15 at 100.00 | A3 | | | 828,028 | |
| | 909,580 | | Total Tax Obligation/Limited | | | | | | 684,767,646 | |
| | | | Transportation – 12.8% (8.6% of Total Investments) | | | | | | | |
| | 13,950 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/30 | | No Opt. Call | AA– | | | 16,215,480 | |
| | 8,800 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36 | | 11/17 at 100.00 | AA– | | | 9,608,456 | |
| | 27,285 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40 | | 11/20 at 100.00 | AA– | | | 31,038,870 | |
| | 6,090 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5.000%, 11/15/30 | | 5/23 at 100.00 | AA– | | | 7,047,531 | |
| | 480 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32 | | 5/23 at 100.00 | AA– | | | 549,475 | |
| | 1,900 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 5.250%, 11/15/30 | | 11/23 at 100.00 | AA– | | | 2,260,753 | |
| | | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E: | | | | | | | |
| | 14,000 | | 5.000%, 11/15/31 | | 11/23 at 100.00 | AA– | | | 16,239,720 | |
| | 1,785 | | 5.000%, 11/15/32 | | 11/23 at 100.00 | AA– | | | 2,057,320 | |
| | 10,000 | | 5.000%, 11/15/38 | | 11/23 at 100.00 | AA– | | | 11,387,000 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Transportation (continued) | | | | | | | |
| $ | 9,370 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/35 | | 5/24 at 100.00 | AA– | | $ | 10,992,228 | |
| | 8,055 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | | 11/21 at 100.00 | A+ | | | 8,991,152 | |
| | 3,400 | | New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured | | 1/18 at 100.00 | AA– | | | 3,746,460 | |
| | | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014: | | | | | | | |
| | 2,100 | | 5.000%, 9/01/33 | | 9/24 at 100.00 | AA– | | | 2,476,236 | |
| | 3,950 | | 5.000%, 9/01/34 | | 9/24 at 100.00 | AA– | | | 4,646,978 | |
| | 1,000 | | 5.000%, 9/01/35 | | 9/24 at 100.00 | AA– | | | 1,172,840 | |
| | 5,155 | | 5.000%, 9/01/36 | | 9/24 at 100.00 | AA– | | | 6,032,072 | |
| | 9,755 | | 5.000%, 9/01/39 | | 9/24 at 100.00 | AA– | | | 11,362,331 | |
| | 4,185 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF) | | 8/17 at 100.00 | AA | | | 5,719,891 | |
| | 2,000 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | | 12/23 at 100.00 | AA– | | | 2,299,900 | |
| | 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 | | | 2,595,550 | |
| | 5,480 | | 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 | AA– | | | 6,664,995 | |
| | 141,240 | | Total Transportation | | | | | | 163,105,238 | |
| | | | U.S. Guaranteed – 8.9% (6.0% of Total Investments) (5) | | | | | | | |
| | 5,315 | | Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20) | | 11/20 at 100.00 | A3 (5) | | | 6,681,699 | |
| | 5,935 | | Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17) | | 11/17 at 100.00 | A3 (5) | | | 6,636,220 | |
| | 4,205 | | Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.375%, 11/15/32 (Pre-refunded 11/15/17) | | 11/17 at 100.00 | A3 (5) | | | 4,711,955 | |
| | 1,000 | | Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008E, 5.250%, 11/15/32 (Pre-refunded 11/15/17) | | 11/17 at 100.00 | A3 (5) | | | 1,117,320 | |
| | 950 | | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15) | | 8/15 at 100.00 | N/R (5) | | | 966,749 | |
| | 9,400 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) – NPFG Insured | | 7/17 at 100.00 | AA– (5) | | | 10,122,578 | |
| | | | Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986: | | | | | | | |
| | 815 | | 7.375%, 7/01/16 (ETM) | | No Opt. Call | Aaa | | | 855,530 | |
| | 245 | | 7.375%, 7/01/16 – BIGI Insured (ETM) | | No Opt. Call | Aaa | | | 257,184 | |
| | 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 (Pre-refunded 10/01/15) – NPFG Insured | | 10/15 at 100.00 | AA– (5) | | | 3,072,450 | |
| | 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 | AA– (5) | | | 2,064,300 | |
| | | | 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) | | | 5,212,923 | |
| | 11,000 | | 4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured | | 10/15 at 100.00 | AA+ (5) | | | 11,252,010 | |
| | | | 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) | | | 4,655,338 | |
| | 18,865 | | 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured | | 7/15 at 100.00 | AA+ (5) | | | 19,091,946 | |
| | 2,330 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17) | | 5/17 at 100.00 | N/R (5) | | | 2,542,869 | |
| NRK | Nuveen New York AMT-Free Municipal Income Fund | |
| | Portfolio of Investments (continued) | March 31, 2015 (Unaudited) |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | U.S. Guaranteed (5) (continued) | | | | | | | |
| $ | 7,370 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2005C, 5.000%, 6/15/27 – NPFG Insured (Pre-refunded 6/15/15) (UB) | | 6/15 at 100.00 | AA– (5) | | $ | 7,442,889 | |
| | 6,045 | | New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 (Pre-refunded 4/30/15) – FGIC Insured | | 4/15 at 100.00 | AA (5) | | | 6,069,361 | |
| | 35 | | New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 (Pre-refunded 8/01/15) – AGM Insured | | 8/15 at 100.00 | AA (5) | | | 35,559 | |
| | 875 | | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured | | 10/15 at 100.00 | N/R (5) | | | 896,131 | |
| | 14,700 | | Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (Pre-refunded 6/01/15) (UB) | | 6/15 at 100.00 | AA+ (5) | | | 14,816,718 | |
| | | | Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005: | | | | | | | |
| | 1,650 | | 5.000%, 6/15/16 (Pre-refunded 6/15/15) – AGM Insured | | 6/15 at 100.00 | AA (5) | | | 1,666,434 | |
| | 1,815 | | 5.000%, 6/15/18 (Pre-refunded 6/15/15) – AGM Insured | | 6/15 at 100.00 | AA (5) | | | 1,833,077 | |
| | | | Yonkers, New York, General Obligation Bonds, Series 2005B: | | | | | | | |
| | 540 | | 5.000%, 8/01/19 (Pre-refunded 8/01/15) | | 8/15 at 100.00 | A3 (5) | | | 548,710 | |
| | 570 | | 5.000%, 8/01/20 (Pre-refunded 8/01/15) | | 8/15 at 100.00 | A3 (5) | | | 579,194 | |
| | 108,350 | | Total U.S. Guaranteed | | | | | | 113,129,144 | |
| | | | Utilities – 13.8% (9.3% 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 | | | 2,810,812 | |
| | 3,000 | | Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured | | 10/20 at 100.00 | AA | | | 3,319,770 | |
| | 1,045 | | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | | 10/22 at 100.00 | BBB | | | 1,165,854 | |
| | | | 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 | | | 6,367,280 | |
| | 8,000 | | 0.000%, 6/01/25 – AGM Insured | | No Opt. Call | AA | | | 6,141,440 | |
| | 20,000 | | 0.000%, 6/01/26 – AGM Insured | | No Opt. Call | AA | | | 14,717,000 | |
| | 10,000 | | 0.000%, 6/01/27 – AGM Insured | | No Opt. Call | AA | | | 7,060,300 | |
| | 15,000 | | 0.000%, 6/01/28 – AGM Insured | | No Opt. Call | AA | | | 10,180,950 | |
| | 10,000 | | 0.000%, 6/01/29 – AGM Insured | | No Opt. Call | AA | | | 6,499,100 | |
| | | | 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 | AA– | | | 22,865,397 | |
| | 27,015 | | 5.000%, 12/01/25 – FGIC Insured | | 6/16 at 100.00 | AA– | | | 28,244,723 | |
| | 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– | | | 2,878,040 | |
| | 2,590 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | | 9/24 at 100.00 | A– | | | 2,905,928 | |
| | 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+ | | | 3,853,469 | |
| | 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– | | | 5,549,200 | |
| | 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 | | 6/15 at 100.00 | A | | | 5,010,300 | |
| | 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+ | | | 6,631,885 | |
| | 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 | Aa1 | | | 2,714,551 | |
| | | | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | | | | | | | |
| | 9,500 | | 5.000%, 12/15/32 | | 12/23 at 100.00 | AAA | | | 11,249,425 | |
| | 22,290 | | 5.000%, 12/15/41 | | 12/23 at 100.00 | AAA | | | 26,054,335 | |
| | 185,915 | | Total Utilities | | | | | | 176,219,759 | |
| | Principal | | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | | Provisions (2) | Ratings (3) | | | Value | |
| | | | Water and Sewer – 7.8% (5.3% of Total Investments) | | | | | | | |
| $ | 7,500 | | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds Fiscal 2015 Series CC, 4.000%, 6/15/45 | | No Opt. Call | AA+ | | $ | 7,837,725 | |
| | 5,160 | | 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+ | | | 5,864,650 | |
| | 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+ | | | 5,400,350 | |
| | 12,085 | | 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 | | | 12,206,696 | |
| | 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 | | | 13,023,313 | |
| | 4,085 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35 | | 6/23 at 100.00 | AA+ | | | 4,721,770 | |
| | 10,000 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35 | | 6/24 at 100.00 | AA+ | | | 11,619,800 | |
| | 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 | | | 4,400,333 | |
| | 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 | | | 3,520,996 | |
| | 2,580 | | 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 Subordinated Series 2014A, 5.000%, 6/15/30 | | 6/24 at 100.00 | AAA | | | 3,106,191 | |
| | 22,340 | | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, Master Financing Program, Green Bonds Series 2014B, 5.000%, 5/15/44 | | 5/24 at 100.00 | AAA | | | 26,066,312 | |
| | 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 | | | 1,825,879 | |
| | 90,285 | | Total Water and Sewer | | | | | | 99,594,015 | |
| $ | 2,070,277 | | Total Long-Term Investments (cost $1,767,046,920) | | | | | | 1,892,864,778 | |
| | | | Floating Rate Obligations – (5.5)% | | | | | | (69,835,000 | ) |
| | | | Institutional MuniFund Term Preferred Shares, at Liquidation Value – (6.2)% (6) | | | | | | (79,000,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at Liquidation Value – (38.4)% (7) | | | | | | (488,800,000 | ) |
| | | | Other Assets Less Liabilities – 1.6% | | | | | | 19,149,096 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 1,274,378,874 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (6) | Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 4.2%. |
| (7) | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.8%. |
| (ETM) | Escrowed to maturity. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (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.
| Statement of | | |
| | Assets and Liabilities | March 31, 2015 (Unaudited) |
| | | | | | | New York | |
| | | New York | | New York | | Performance | |
| | | Value | | Value 2 | | Plus | |
| | | (NNY | ) | (NYV | ) | (NNP | ) |
| Assets | | | | | | | | | | |
| Long-term investments, at value (cost $144,386,537, $32,717,245, and $321,184,807, respectively) | | $ | 153,963,540 | | $ | 37,503,199 | | $ | 347,526,262 | |
| Cash | | | 693,265 | | | 187,004 | | | — | |
| Receivable for: | | | | | | | | | | |
| Interest | | | 2,039,131 | | | 501,643 | | | 4,678,112 | |
| Investments sold | | | 940,000 | | | — | | | 2,230,000 | |
| Deferred offering costs | | | — | | | — | | | 1,132,145 | |
| Other assets | | | 562 | | | 261 | | | 114,286 | |
| Total assets | | | 157,636,498 | | | 38,192,107 | | | 355,680,805 | |
| Liabilities | | | | | | | | | | |
| Cash overdraft | | | — | | | — | | | 1,672,636 | |
| Floating rate obligations | | | 3,255,000 | | | — | | | 22,230,000 | |
| Payable for: | | | | | | | | | | |
| Common share dividends | | | 446,388 | | | 117,257 | | | 882,094 | |
| Investments purchased | | | — | | | — | | | — | |
| Offering costs | | | — | | | — | | | — | |
| Institutional MuniFund Term Preferred (“iMTP”) 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 | | | 65,037 | | | 19,115 | | | 189,496 | |
| Directors/Trustees fees | | | 899 | | | 221 | | | 40,378 | |
| Reorganization | | | — | | | — | | | 64,981 | |
| Other | | | 48,700 | | | 20,658 | | | 82,350 | |
| Total liabilities | | | 3,816,024 | | | 157,251 | | | 114,161,935 | |
| Net assets applicable to common shares | | $ | 153,820,474 | | $ | 38,034,856 | | $ | 241,518,870 | |
| Common shares outstanding | | | 15,191,165 | | | 2,349,612 | | | 15,063,511 | |
| Net asset value (“NAV”) per common share outstanding | | $ | 10.13 | | $ | 16.19 | | $ | 16.03 | |
| Net assets applicable to common shares consist of: | | | | | | | | | | |
| Common shares, $0.01 par value per share | | $ | 151,912 | | $ | 23,496 | | $ | 150,635 | |
| Paid-in surplus | | | 144,979,430 | | | 33,599,476 | | | 219,945,013 | |
| Undistributed (Over-distribution of) net investment income | | | 848,431 | | | 277,825 | | | 1,889,215 | |
| Accumulated net realized gain (loss) | | | (1,736,302 | ) | | (651,895 | ) | | (6,807,448 | ) |
| Net unrealized appreciation (depreciation) | | | 9,577,003 | | | 4,785,954 | | | 26,341,455 | |
| Net assets applicable to common shares | | $ | 153,820,474 | | $ | 38,034,856 | | $ | 241,518,870 | |
| 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.
| | | New York | | New York | | New York | |
| | | Dividend | | Dividend | | AMT-Free | |
| | | Advantage | | Advantage 2 | | Income | |
| | | (NAN | ) | (NXK | ) | (NRK | ) |
| Assets | | | | | | | | | | |
| Long-term investments, at value (cost $193,411,801, $135,128,240 and $1,767,046,920, respectively) | | $ | 208,192,016 | | $ | 144,653,453 | | $ | 1,892,864,778 | |
| Cash | | | — | | | 271,112 | | | 255,602 | |
| Receivable for: | | | | | | | | | | |
| Interest | | | 2,920,762 | | | 1,869,091 | | | 23,588,775 | |
| Investments sold | | | 1,310,000 | | | 925,000 | | | 10,000 | |
| Deferred offering costs | | | 71,955 | | | 67,302 | | | 3,238,239 | |
| Other assets | | | 201,237 | | | 465 | | | 508,742 | |
| Total assets | | | 212,695,970 | | | 147,786,423 | | | 1,920,466,136 | |
| Liabilities | | | | | | | | | | |
| Cash overdraft | | | 962,272 | | | — | | | — | |
| Floating rate obligations | | | 11,215,000 | | | 9,405,000 | | | 69,835,000 | |
| Payable for: | | | | | | | | | | |
| Common share dividends | | | 573,806 | | | 361,723 | | | 4,988,629 | |
| Investments purchased | | | — | | | — | | | 1,904,872 | |
| Offering costs | | | — | | | 2,463 | | | — | |
| Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value | | | — | | | — | | | 79,000,000 | |
| Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value | | | 56,000,000 | | | 38,000,000 | | | — | |
| Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value | | | — | | | — | | | 488,800,000 | |
| Accrued expenses: | | | | | | | | | | |
| Management fees | | | 113,862 | | | 76,714 | | | 955,603 | |
| Directors/Trustees fees | | | 1,166 | | | 800 | | | 182,069 | |
| Reorganization | | | — | | | 949,992 | | | 18,351 | |
| Other | | | 59,943 | | | 39,250 | | | 402,738 | |
| Total liabilities | | | 68,926,049 | | | 48,835,942 | | | 646,087,262 | |
| Net assets applicable to common shares | | $ | 143,769,921 | | $ | 98,950,481 | | $ | 1,274,378,874 | |
| Common shares outstanding | | | 9,262,830 | | | 6,483,116 | | | 87,618,504 | |
| Net asset value (“NAV”) per common share outstanding | | $ | 15.52 | | $ | 15.26 | | $ | 14.54 | |
| Net assets applicable to common shares consist of: | | | | | | | | | | |
| Common shares, $0.01 par value per share | | $ | 92,628 | | $ | 64,831 | | $ | 876,185 | |
| Paid-in surplus | | | 130,274,614 | | | 91,182,441 | | | 1,192,153,304 | |
| Undistributed (Over-distribution of) net investment income | | | 784,684 | | | 111,992 | | | 1,656,995 | |
| Accumulated net realized gain (loss) | | | (2,162,220 | ) | | (1,933,996 | ) | | (46,125,468 | ) |
| Net unrealized appreciation (depreciation) | | | 14,780,215 | | | 9,525,213 | | | 125,817,858 | |
| Net assets applicable to common shares | | $ | 143,769,921 | | $ | 98,950,481 | | $ | 1,274,378,874 | |
| Authorized shares: | | | | | | | | | | |
| Common | | | Unlimited | | | Unlimited | | | Unlimited | |
| Preferred | | | Unlimited | | | Unlimited | | | Unlimited | |
See accompanying notes to financial statements.
| Statement of | | |
| | Operations | Six Months Ended March 31, 2015 (Unaudited) |
| | | | | | | 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 | | $ | 3,544,539 | | $ | 935,614 | | $ | 8,000,979 | | $ | 4,825,209 | | $ | 3,182,280 | | $ | 41,554,146 | |
| Expenses | | | | | | | | | | | | | | | | | | | |
| Management fees | | | 384,114 | | | 112,124 | | | 1,120,753 | | | 672,771 | | | 452,136 | | | 5,647,351 | |
| Interest expense and amortization of offering costs | | | 7,841 | | | — | | | 148,128 | | | 325,702 | | | 226,752 | | | 810,699 | |
| Liquidity fees | | | — | | | — | | | 457,261 | | | — | | | — | | | 1,939,145 | |
| Remarketing fees | | | — | | | — | | | 44,994 | | | — | | | — | | | 247,116 | |
| Custodian fees | | | 18,071 | | | 8,184 | | | 30,949 | | | 22,993 | | | 16,935 | | | 145,588 | |
| Directors/Trustees fees | | | 2,439 | | | 786 | | | 4,961 | | | 3,099 | | | 2,205 | | | 26,456 | |
| Professional fees | | | 12,769 | | | 10,937 | | | 19,112 | | | 16,352 | | | 15,015 | | | 58,880 | |
| Shareholder reporting expenses | | | 15,428 | | | 6,143 | | | 34,336 | | | 23,158 | | | 17,402 | | | 55,596 | |
| Shareholder servicing agent fees | | | 11,560 | | | 113 | | | 11,533 | | | 8,547 | | | 7,754 | | | 31,016 | |
| Stock exchange listing fees | | | 4,188 | | | 188 | | | 4,184 | | | 11,745 | | | 4,301 | | | 12,925 | |
| Investor relations expenses | | | 3,720 | | | 1,257 | | | 8,928 | | | 7,711 | | | 7,712 | | | 94,717 | |
| Reorganization expenses | | | — | | | — | | | 40,000 | | | 285,000 | | | 620,000 | | | — | |
| Other | | | 6,008 | | | 2,911 | | | 18,322 | | | 12,018 | | | 7,970 | | | 70,382 | |
| Total expenses | | | 466,138 | | | 142,643 | | | 1,943,461 | | | 1,389,096 | | | 1,378,182 | | | 9,139,871 | |
| Net investment income (loss) | | | 3,078,401 | | | 792,971 | | | 6,057,518 | | | 3,436,113 | | | 1,804,098 | | | 32,414,275 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from investments | | | 606,566 | | | 155,210 | | | 129,890 | | | 162,936 | | | 287,811 | | | 572,351 | |
| Change in net unrealized appreciation (depreciation) of Investments | | | 12,483 | | | 395,932 | | | 3,009,845 | | | 1,445,112 | | | 1,008,703 | | | 13,725,395 | |
| Net realized and unrealized gain (loss) | | | 619,049 | | | 551,142 | | | 3,139,735 | | | 1,608,048 | | | 1,296,514 | | | 14,297,746 | |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | 3,697,450 | | $ | 1,344,113 | | $ | 9,197,253 | | $ | 5,044,161 | | $ | 3,100,612 | | $ | 46,712,021 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Changes in Net Assets | (Unaudited) |
| | | New York Value (NNY) | | New York Value 2 (NYV) | | New York Performance Plus (NNP) | |
| | | Six Months | | | | Six Months | | | | Six Months | | | |
| | | Ended | | Year Ended | | Ended | | Year Ended | | Ended | | Year Ended | |
| | | 3/31/15 | | 9/30/14 | | 3/31/15 | | 9/30/14 | | 3/31/15 | | 9/30/14 | |
| Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 3,078,401 | | $ | 6,163,800 | | $ | 792,971 | | $ | 1,595,209 | | $ | 6,057,518 | | $ | 12,402,862 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 606,566 | | | (1,535,232 | ) | | 155,210 | | | (281,701 | ) | | 129,890 | | | (5,598,937 | ) |
| Swaps | | | — | | | — | | | — | | | 64,300 | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 12,483 | | | 7,808,893 | | | 395,932 | | | 2,182,124 | | | 3,009,845 | | | 20,585,674 | |
| Swaps | | | — | | | — | | | — | | | (182,941 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | 3,697,450 | | | 12,437,461 | | | 1,344,113 | | | 3,376,991 | | | 9,197,253 | | | 27,389,599 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (2,963,797 | ) | | (5,872,906 | ) | | (764,564 | ) | | (1,551,449 | ) | | (6,400,487 | ) | | (12,834,114 | ) |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (2,963,797 | ) | | (5,872,906 | ) | | (764,564 | ) | | (1,551,449 | ) | | (6,400,487 | ) | | (12,834,114 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Cost of common shares repurchased and retired | | | — | | | — | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | — | | | — | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares | | | 733,653 | | | 6,564,555 | | | 579,549 | | | 1,825,542 | | | 2,796,766 | | | 14,555,485 | |
| Net assets applicable to common shares at the beginning of period | | | 153,086,821 | | | 146,522,266 | | | 37,455,307 | | | 35,629,765 | | | 238,722,104 | | | 224,166,619 | |
| Net assets applicable to common shares at the end of period | | $ | 153,820,474 | | $ | 153,086,821 | | $ | 38,034,856 | | $ | 37,455,307 | | $ | 241,518,870 | | $ | 238,722,104 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 848,431 | | $ | 733,827 | | $ | 277,825 | | $ | 249,418 | | $ | 1,889,215 | | $ | 2,232,184 | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
| | | New York | | New York | | New York | |
| | | Dividend Advantage (NAN) | | Dividend Advantage 2 (NXK) | | AMT-Free Income (NRK) | |
| | | Six Months | | | | Six Months | | | | Six Months | | | |
| | | Ended | | Year Ended | | Ended | | Year Ended | | Ended | | Year Ended | |
| | | 3/31/15 | | 9/30/14 | | 3/31/15 | | 9/30/14 | | 3/31/15 | | 9/30/14 | |
| Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 3,436,113 | | $ | 6,210,179 | | $ | 1,804,098 | | $ | 3,911,718 | | $ | 32,414,275 | | $ | 66,899,020 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 162,936 | | | (1,338,553 | ) | | 287,811 | | | (1,593,407 | ) | | 572,351 | | | (19,256,151 | ) |
| Swaps | | | — | | | — | | | — | | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 1,445,112 | | | 11,647,643 | | | 1,008,703 | | | 7,978,079 | | | 13,725,395 | | | 95,855,590 | |
| Swaps | | | — | | | — | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | 5,044,161 | | | 16,519,269 | | | 3,100,612 | | | 10,296,390 | | | 46,712,021 | | | 143,498,459 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (3,520,033 | ) | | (7,007,369 | ) | | (2,160,828 | ) | | (4,293,769 | ) | | (32,830,653 | ) | | (72,197,648 | ) |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (3,520,033 | ) | | (7,007,369 | ) | | (2,160,828 | ) | | (4,293,769 | ) | | (32,830,653 | ) | | (72,197,648 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Cost of common shares repurchased and retired | | | (33,525 | ) | | — | | | (1,317 | ) | | (64,887 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | (33,525 | ) | | — | | | (1,317 | ) | | (64,887 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares | | | 1,490,603 | | | 9,511,900 | | | 938,467 | | | 5,937,734 | | | 13,881,368 | | | 71,300,811 | |
| Net assets applicable to common shares at the beginning of period | | | 142,279,318 | | | 132,767,418 | | | 98,012,014 | | | 92,074,280 | | | 1,260,497,506 | | | 1,189,196,695 | |
| Net assets applicable to common shares at the end of period | | $ | 143,769,921 | | $ | 142,279,318 | | $ | 98,950,481 | | $ | 98,012,014 | | $ | 1,274,378,874 | | $ | 1,260,497,506 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 784,684 | | $ | 868,604 | | $ | 111,992 | | $ | 468,722 | | $ | 1,656,995 | | $ | 2,073,373 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Cash Flows | Six Months Ended March 31, 2015 (Unaudited) |
| | | 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 | | $ | 9,197,253 | | $ | 5,044,161 | |
| 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 | | | (11,559,493 | ) | | (11,148,326 | ) |
| Proceeds from sales and maturities of investments | | | 19,033,364 | | | 13,575,152 | |
| Investment transaction adjustments, net | | | (9,246 | ) | | (4,837 | ) |
| Taxes paid on undistributed capital gains | | | (20 | ) | | — | |
| Amortization (Accretion) of premiums and discounts, net | | | 456,818 | | | 342,522 | |
| (Amortization of) deferred offering costs | | | 22,637 | | | 10,231 | |
| (Increase) Decrease in: | | | | | | | |
| Receivable for interest | | | 96,000 | | | (42,847 | ) |
| Receivable for investments sold | | | (2,230,000 | ) | | (1,310,000 | ) |
| Other assets | | | 12,714 | | | 250,332 | |
| Increase (Decrease) in: | | | | | | | |
| Payable for interest | | | — | | | (45,613 | ) |
| Payable for investments purchased | | | (2,999,687 | ) | | (203,572 | ) |
| Accrued management fees | | | 5,919 | | | 3,781 | |
| Accrued Directors/Trustees fees | | | (3,105 | ) | | (39 | ) |
| Accrued reorganization expenses | | | 39,981 | | | — | |
| Accrued other expenses | | | (12,534 | ) | | (6,172 | ) |
| Net realized (gain) loss from investments | | | (129,890 | ) | | (162,936 | ) |
| Change in net unrealized (appreciation) depreciation of investments | | | (3,009,845 | ) | | (1,445,112 | ) |
| Net cash provided by (used in) operating activities | | | 8,910,866 | | | 4,856,725 | |
| Cash Flows from Financing Activities: | | | | | | | |
| Increase (Decrease) in: | | | | | | | |
| Cash overdraft | | | 918,135 | | | 644,614 | |
| Floating rate obligations | | | (3,395,000 | ) | | (1,940,000 | ) |
| Payable for offering costs | | | — | | | (25,728 | ) |
| Cash distributions paid to common shareholders | | | (6,434,001 | ) | | (3,502,086 | ) |
| Cost of common shares repurchased and retired | | | — | | | (33,525 | ) |
| Net cash provided by (used in) financing activities | | | (8,910,866 | ) | | (4,856,725 | ) |
| Net Increase (Decrease) in Cash | | | — | | | — | |
| Cash at the beginning of period | | | — | | | — | |
| Cash at the end of period | | $ | — | | $ | — | |
| | | New York | | New York | |
| | | Performance | | Dividend | |
| | | Plus | | Advantage | |
| Supplemental Disclosure of Cash Flow Information | | (NNP | ) | (NAN | ) |
| Cash paid for interest (excluding amortization of offering costs) | | $ | 125,490 | | $ | 356,392 | |
See accompanying notes to financial statements.
Statement of Cash Flows (Unaudited) (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 | | $ | 3,100,612 | | $ | 46,712,021 | |
| 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 | | | (15,387,804 | ) | | (109,702,089 | ) |
| Proceeds from sales and maturities of investments | | | 15,925,930 | | | 128,601,610 | |
| Investment transaction adjustments, net | | | (3,078 | ) | | (3,755 | ) |
| Taxes paid on undistributed capital gains | | | (49 | ) | | (127 | ) |
| Amortization (Accretion) of premiums and discounts, net | | | 307,425 | | | 1,303,849 | |
| (Amortization of) deferred offering costs | | | 14,884 | | | 61,019 | |
| (Increase) Decrease in: | | | | | | | |
| Receivable for interest | | | 66,503 | | | 982,157 | |
| Receivable for investments sold | | | (925,000 | ) | | 19,614,503 | |
| Other assets | | | 4,888 | | | 40,066 | |
| Increase (Decrease) in: | | | | | | | |
| Payable for interest | | | (30,952 | ) | | — | |
| Payable for investments purchased | | | (1,718,384 | ) | | (26,525,169 | ) |
| Accrued management fees | | | 2,828 | | | 31,212 | |
| Accrued Directors/Trustees fees | | | (28 | ) | | (11,817 | ) |
| Accrued reorganization expenses | | | 619,992 | | | (95,556 | ) |
| Accrued other expenses | | | (12,809 | ) | | (30,333 | ) |
| Net realized (gain) loss from investments | | | (287,811 | ) | | (572,351 | ) |
| Change in net unrealized (appreciation) depreciation of investments | | | (1,008,703 | ) | | (13,725,395 | ) |
| Net cash provided by (used in) operating activities | | | 668,444 | | | 46,679,845 | |
| Cash Flows from Financing Activities: | | | | | | | |
| Increase (Decrease) in: | | | | | | | |
| Cash overdraft | | | — | | | — | |
| Floating rate obligations | | | 5,000 | | | (14,150,000 | ) |
| Payable for offering costs | | | (29,548 | ) | | (92,248 | ) |
| Cash distributions paid to common shareholders | | | (2,141,911 | ) | | (33,155,618 | ) |
| Cost of common shares repurchased and retired | | | (1,317 | ) | | — | |
| Net cash provided by (used in) financing activities | | | (2,167,776 | ) | | (47,397,866 | ) |
| Net Increase (Decrease) in Cash | | | (1,499,332 | ) | | (718,021 | ) |
| Cash at the beginning of period | | | 1,770,444 | | | 973,623 | |
| Cash at the end of period | | $ | 271,112 | | $ | 255,602 | |
| | | New York | | New York | |
| | | Dividend | | AMT-Free | |
| | | Advantage 2 | | Income | |
| Supplemental Disclosure of Cash Flow Information | | (NXK | ) | (NRK | ) |
| Cash paid for interest (excluding amortization of offering costs) | | $ | 242,820 | | $ | 672,459 | |
See accompanying notes to financial statements.
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| Financial | |
| | Highlights (Unaudited) |
Selected data for a common share outstanding throughout each period:
| | | | | Investment Operations | | Less Distributions to Common Shareholders | | Common Share | |
| | | Beginning Common Share NAV | | Net Investment Income (Loss | ) | Net Realized/ Unrealized Gain (Loss | ) | Total | | From Net Investment Income | | From Accumu- lated Net Realized Gains | | Total | | Ending NAV | | Ending Share Price | |
| New York Value (NNY) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(d) | | $ | 10.08 | | $ | 0.20 | | $ | 0.05 | | $ | 0.25 | | $ | (0.20 | ) | $ | — | | $ | (0.20 | ) | $ | 10.13 | | $ | 9.74 | |
| 2014 | | | 9.65 | | | 0.41 | | | 0.41 | | | 0.82 | | | (0.39 | ) | | — | | | (0.39 | ) | | 10.08 | | | 9.71 | |
| 2013 | | | 10.41 | | | 0.40 | | | (0.75 | ) | | (0.35 | ) | | (0.39 | ) | | (0.02 | ) | | (0.41 | ) | | 9.65 | | | 8.97 | |
| 2012 | | | 9.93 | | | 0.42 | | | 0.48 | | | 0.90 | | | (0.42 | ) | | — | | | (0.42 | ) | | 10.41 | | | 10.55 | |
| 2011 | | | 10.02 | | | 0.43 | | | (0.08 | ) | | 0.35 | | | (0.43 | ) | | (0.01 | ) | | (0.44 | ) | | 9.93 | | | 9.47 | |
| 2010 | | | 9.91 | | | 0.42 | | | 0.14 | | | 0.56 | | | (0.43 | ) | | (0.02 | ) | | (0.45 | ) | | 10.02 | | | 9.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New York Value 2 (NYV) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(d) | | | 15.94 | | | 0.34 | | | 0.24 | | | 0.58 | | | (0.33 | ) | | — | | | (0.33 | ) | | 16.19 | | | 14.84 | |
| 2014 | | | 15.16 | | | 0.68 | | | 0.76 | | | 1.44 | | | (0.66 | ) | | — | | | (0.66 | ) | | 15.94 | | | 14.44 | |
| 2013 | | | 16.36 | | | 0.72 | | | (1.25 | ) | | (0.53 | ) | | (0.67 | ) | | — | | | (0.67 | ) | | 15.16 | | | 13.99 | |
| 2012 | | | 15.36 | | | 0.72 | | | 0.95 | | | 1.67 | | | (0.67 | ) | | — | | | (0.67 | ) | | 16.36 | | | 16.33 | |
| 2011 | | | 16.10 | | | 0.75 | | | (0.74 | ) | | 0.01 | | | (0.75 | ) | | — | | | (0.75 | ) | | 15.36 | | | 14.13 | |
| 2010 | | | 15.91 | | | 0.79 | | | 0.17 | | | 0.96 | | | (0.77 | ) | | — | | | (0.77 | ) | | 16.10 | | | 15.38 | |
| (a) | Total Return Based on Common share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | |
| | Total Return Based on Common Share Price 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. |
| | | | Common Share Supplemental Data/ Ratios Applicable to Common Shares |
| | Common Share Total Returns | | | | Ratios to Average Net Assets | | | |
| | | | | | | | | | | | | |
| | Based on NAV | (a) | Based on Share Price | (a) | Ending Net Assets (000) | | Expenses | (b) | Net Investment Income (Loss) | | Portfolio Turnover Rate | (c) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | 2.44 | % | | 2.31 | % | $ | 153,820 | | | 0.61 | %* | | 4.01 | %* | | 14 | % |
| | | 8.63 | | | 12.76 | | | 153,087 | | | 0.63 | | | 4.13 | | | 23 | |
| | | (3.51 | ) | | (11.41 | ) | | 146,522 | | | 0.61 | | | 3.97 | | | 21 | |
| | | 9.23 | | | 16.11 | | | 157,979 | | | 0.65 | | | 4.14 | | | 10 | |
| | | 3.62 | | | 0.39 | | | 150,555 | | | 0.65 | | | 4.40 | | | 10 | |
| | | 5.82 | | | 8.78 | | | 152,031 | | | 0.67 | | | 4.30 | | | 5 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | 3.63 | | | 5.02 | | | 38,035 | | | 0.76 | * | | 4.20 | * | | 8 | |
| | | 9.69 | | | 8.12 | | | 37,455 | | | 0.76 | | | 4.37 | | | 19 | |
| | | (3.36 | ) | | (10.46 | ) | | 35,630 | | | 0.74 | | | 4.50 | | | 3 | |
| | | 11.12 | | | 20.74 | | | 38,434 | | | 0.75 | | | 4.55 | | | 10 | |
| | | 0.27 | | | (3.15 | ) | | 36,040 | | | 0.77 | | | 4.99 | | | 18 | |
| | | 6.26 | | | 9.12 | | | 37,796 | | | 0.74 | | | 5.04 | | | 2 | |
| (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: | | |
| 2015(d) | 0.01 | %* |
| 2014 | 0.01 | |
| 2013 | 0.01 | |
| 2012 | 0.01 | |
| 2011 | 0.01 | |
| 2010 | 0.01 | |
| New York Value 2 (NYV) | | |
| Year Ended 9/30: | | |
| 2015(d) | — | % |
| 2014 | — | |
| 2013 | — | |
| 2012 | — | |
| 2011 | — | |
| 2010 | — | |
| (c) | 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. |
| (d) | For the six months ended March 31, 2015. |
| * | Annualized. |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
| | | | | Investment Operations | | Less Distributions to Common Shareholders | | Common Share | |
| | | Beginning Common Share NAV | | Net Investment Income (Loss | ) | Net Realized/ Unrealized Gain (Loss | ) | Distributions from Net Investment Income to ARPS Share- holders | (a) | Distributions from Accumu- lated Net Realized Gains to ARPS Share- holders | (a) | Total | | From Net Investment Income | | From Accumu- lated Net Realized Gains | | Total | | Discount Per Share Repur- chased and Retired | | Ending NAV | | Ending Share Price | |
| New York Performance Plus (NNP) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(f) | | $ | 15.85 | | $ | 0.40 | | $ | 0.20 | | $ | — | | $ | — | | $ | 0.60 | | $ | (0.42 | ) | $ | — | | $ | (0.42 | ) | $ | — | | $ | 16.03 | | $ | 14.73 | |
| 2014 | | | 14.88 | | | 0.82 | | | 1.00 | | | — | | | — | | | 1.82 | | | (0.85 | ) | | — | | | (0.85 | ) | | — | | | 15.85 | | | 13.93 | |
| 2013 | | | 16.84 | | | 0.83 | | | (1.89 | ) | | — | | | — | | | (1.06 | ) | | (0.86 | ) | | (0.04 | ) | | (0.90 | ) | | — | | | 14.88 | | | 13.68 | |
| 2012 | | | 15.86 | | | 0.86 | | | 1.00 | | | — | | | — | | | 1.86 | | | (0.88 | ) | | — | | | (0.88 | ) | | — | | | 16.84 | | | 17.18 | |
| 2011 | | | 16.05 | | | 0.88 | | | (0.18 | ) | | — | | | — | | | 0.70 | | | (0.88 | ) | | (0.01 | ) | | (0.89 | ) | | — | | | 15.86 | | | 14.93 | |
| 2010 | | | 15.63 | | | 0.91 | | | 0.38 | | | (0.01 | ) | | — | * | | 1.28 | | | (0.84 | ) | | (0.02 | ) | | (0.86 | ) | | — | | | 16.05 | | | 15.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New York Dividend Advantage (NAN) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(f) | | | 15.36 | | | 0.37 | | | 0.17 | | | — | | | — | | | 0.54 | | | (0.38 | ) | | — | | | (0.38 | ) | | — | * | | 15.52 | | | 13.87 | |
| 2014 | | | 14.33 | | | 0.67 | | | 1.12 | | | — | | | — | | | 1.79 | | | (0.76 | ) | | — | | | (0.76 | ) | | — | | | 15.36 | | | 13.33 | |
| 2013 | | | 16.13 | | | 0.70 | | | (1.71 | ) | | — | | | — | | | (1.01 | ) | | (0.76 | ) | | (0.03 | ) | | (0.79 | ) | | — | | | 14.33 | | | 12.91 | |
| 2012 | | | 15.01 | | | 0.73 | | | 1.19 | | | — | | | — | | | 1.92 | | | (0.79 | ) | | (0.01 | ) | | (0.80 | ) | | — | | | 16.13 | | | 16.00 | |
| 2011 | | | 15.17 | | | 0.76 | | | (0.10 | ) | | — | * | | — | | | 0.66 | | | (0.79 | ) | | (0.03 | ) | | (0.82 | ) | | — | | | 15.01 | | | 13.70 | |
| 2010 | | | 14.82 | | | 0.84 | | | 0.34 | | | (0.01 | ) | | — | * | | 1.17 | | | (0.78 | ) | | (0.04 | ) | | (0.82 | ) | | — | | | 15.17 | | | 14.43 | |
| (a) | The amounts shown for Auction Rate Preferred Shares (“ARPS”) are based on common share equivalents. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | |
| | Total Return Based on Common Share Price 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. |
| * | Rounds to less than $0.01 per share. |
| | | | Common Share Supplemental Data/ Ratios Applicable to Common Shares |
| | Common Share Total Returns | | | | Ratios to Average Net Assets(c) | | | |
| | | | | | | | | | | | | |
| | Based on NAV | (b) | Based on Share Price | (b) | Ending Net Assets (000) | | Expenses | (d) | Net Investment Income (Loss) | | Portfolio Turnover Rate | (e) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | 3.84 | % | | 8.87 | % | $ | 241,519 | | | 1.60 | %** | | 5.05 | %** | | 3 | % |
| | | 12.57 | | | 8.22 | | | 238,722 | | | 1.67 | | | 5.38 | | | 19 | |
| | | (6.57 | ) | | (15.66 | ) | | 224,167 | | | 1.63 | | | 5.12 | | | 16 | |
| | | 12.05 | | | 21.58 | | | 253,426 | | | 1.64 | | | 5.27 | | | 11 | |
| | | 4.78 | | | 2.30 | | | 238,572 | | | 1.77 | | | 5.77 | | | 6 | |
| | | 8.46 | | | 11.39 | | | 241,450 | | | 1.53 | | | 5.84 | | | 9 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | 3.54 | | | 6.97 | | | 143,770 | | | 1.74 | ** | | 4.99 | ** | | 5 | |
| | | 12.79 | | | 9.29 | | | 142,279 | | | 2.55 | | | 4.54 | | | 20 | |
| | | (6.48 | ) | | (14.81 | ) | | 132,767 | | | 2.35 | | | 4.51 | | | 14 | |
| | | 13.05 | | | 23.20 | | | 149,417 | | | 2.37 | | | 4.71 | | | 9 | |
| | | 4.75 | | | 0.98 | | | 139,060 | | | 2.42 | | | 5.26 | | | 10 | |
| | | 8.28 | | | 14.63 | | | 140,525 | | | 1.74 | | | 5.74 | | | 10 | |
| (c) | Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, and other subsequent forms of preferred shares issued by the Fund, where applicable. |
| (d) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| New York Performance Plus (NNP) | | |
| Year Ended 9/30: | | |
| 2015(f) | 0.54 | %** |
| 2014 | 0.58 | |
| 2013 | 0.59 | |
| 2012 | 0.61 | |
| 2011 | 0.70 | |
| 2010 | 0.40 | |
| New York Dividend Advantage (NAN) | | |
| Year Ended 9/30: | | |
| 2015(f) | 0.45 | %** |
| 2014 | 1.20 | |
| 2013 | 1.26 | |
| 2012 | 1.27 | |
| 2011 | 1.27 | |
| 2010 | 0.63 | |
| (e) | 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. |
| (f) | For the six months ended March 31, 2015. |
| ** | Annualized. |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
| | | | | Investment Operations | | Less Distributions to Common Shareholders | | Common Share | |
| | | Beginning Common Share NAV | | Net Investment Income (Loss | ) | Net Realized/ Unrealized Gain (Loss | ) | Distributions from Net Investment Income to ARPS Share- holders | (a) | Distributions from Accumu- lated Net Realized Gains to ARPS Share- holders | (a) | Total | | From Net Investment Income | | From Accumu- lated Net Realized Gains | | Total | | Discount per Share Repur- chased and Retired | | Ending NAV | | Ending Share Price | |
| New York Dividend Advantage 2 (NXK) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(g) | | $ | 15.12 | | $ | 0.28 | | $ | 0.19 | | $ | — | | $ | — | | $ | 0.47 | | $ | (0.33 | ) | $ | — | | $ | (0.33 | ) | $ | — | * | $ | 15.26 | | $ | 13.55 | |
| 2014 | | | 14.19 | | | 0.60 | | | 0.99 | | | — | | | — | | | 1.59 | | | (0.66 | ) | | — | | | (0.66 | ) | | — | * | | 15.12 | | | 13.17 | |
| 2013 | | | 15.96 | | | 0.66 | | | (1.69 | ) | | — | | | — | | | (1.03 | ) | | (0.72 | ) | | (0.02 | ) | | (0.74 | ) | | — | | | 14.19 | | | 12.69 | |
| 2012 | | | 14.94 | | | 0.72 | | | 1.10 | | | — | | | — | | | 1.82 | | | (0.80 | ) | | — | | | (0.80 | ) | | — | | | 15.96 | | | 15.51 | |
| 2011 | | | 15.13 | | | 0.74 | | | (0.13 | ) | | — | | | — | | | 0.61 | | | (0.80 | ) | | — | | | (0.80 | ) | | — | | | 14.94 | | | 13.60 | |
| 2010 | | | 14.76 | | | 0.83 | | | 0.36 | | | (0.01 | ) | | — | * | | 1.18 | | | (0.80 | ) | | (0.01 | ) | | (0.81 | ) | | — | | | 15.13 | | | 14.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New York AMT-Free Income (NRK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(g) | | | 14.39 | | | 0.37 | | | 0.15 | | | — | | | — | | | 0.52 | | | (0.37 | ) | | — | | | (0.37 | ) | | — | | | 14.54 | | | 13.07 | |
| 2014 | | | 13.57 | | | 0.76 | | | 0.88 | | | — | | | — | | | 1.64 | | | (0.82 | ) | | — | | | (0.82 | ) | | — | | | 14.39 | | | 12.80 | |
| 2013 | | | 15.44 | | | 0.76 | | | (1.87 | ) | | — | | | — | | | (1.11 | ) | | (0.74 | ) | | (0.02 | ) | | (0.76 | ) | | — | | | 13.57 | | | 12.24 | |
| 2012 | | | 15.03 | | | 0.66 | | | 0.46 | | | — | | | — | | | 1.12 | | | (0.70 | ) | | (0.01 | ) | | (0.71 | ) | | — | | | 15.44 | | | 15.29 | |
| 2011 | | | 15.36 | | | 0.65 | | | (0.24 | ) | | — | | | — | | | 0.41 | | | (0.74 | ) | | — | | | (0.74 | ) | | — | | | 15.03 | | | 13.86 | |
| 2010 | | | 15.18 | | | 0.77 | | | 0.23 | | | (0.01 | ) | | (0.01 | ) | | 0.98 | | | (0.73 | ) | | (0.07 | ) | | (0.80 | ) | | — | | | 15.36 | | | 14.75 | |
| (a) | The amounts shown for ARPS are based on common share equivalents. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | |
| | Total Return Based on Common Share Price 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. |
| * | Rounds to less than $0.01 per share. |
| | | | Common Share Supplemental Data/ Ratios Applicable to Common Shares |
| | Common Share Total Returns | | | | Ratios to Average Net Assets Before Reimbursement(c) | | Ratios to Average Net Assets After Reimbursement(c)(d) | | | |
| | | | | | | | | | | | | | | | | |
| | Based on NAV | (b) | Based on Share Price | (b) | Ending Net Assets (000) | | Expenses | (e) | Net Investment Income (Loss) | | Expenses | (e) | Net Investment Income (Loss) | | Portfolio Turnover Rate | (f) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3.14 | % | | 5.47 | % | $ | 98,950 | | | 2.16 | %*** | | 4.28 | %*** | | N/A | | | N/A | | | 11 | % |
| | | 11.49 | | | 9.18 | | | 98,012 | | | 2.70 | | | 4.15 | | | N/A | | | N/A | | | 23 | |
| | | (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 | | | 0.49 | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3.67 | | | 5.06 | | | 1,274,379 | | | 1.44 | *** | | 5.11 | *** | | N/A | | | N/A | | | 6 | |
| | | 12.48 | | | 11.53 | | | 1,260,498 | | | 1.57 | | | 5.50 | | | N/A | | | N/A | | | 25 | |
| | | (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 | | | (0.81 | ) | | 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 | |
| (c) | Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, and other subsequent forms of preferred shares issued by the Fund, 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 preferred shares (as described in Note 4 – Fund Shares, Preferred 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| New York Dividend Advantage 2 (NXK) | | |
| Year Ended 9/30: | | |
| 2015(g) | 0.46 | %*** |
| 2014 | 1.20 | |
| 2013 | 1.20 | |
| 2012 | 1.20 | |
| 2011 | 1.29 | |
| 2010 | 0.63 | |
| New York AMT-Free Income (NRK) | | |
| Year Ended 9/30: | | |
| 2015(g) | 0.47 | %*** |
| 2014 | 0.58 | |
| 2013 | 0.70 | |
| 2012 | 1.59 | |
| 2011 | 1.66 | |
| 2010 | 0.77 | |
| (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. |
| (g) | For the six months ended March 31, 2015. |
| ** | 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 NAV. |
| *** | Annualized. |
| N/A | Fund no longer has a contractual reimbursement agreement with the Adviser. |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
| | | ARPS at the End of Period | | MTP Shares at the End of Period(a) | | VMTP Shares at the End of Period | | 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 | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(b) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 89,000 | | $ | 371,370 | | $ | — | |
| 2014 | | | — | | | — | | | — | | | — | | | — | | | — | | | 89,000 | | | 368,227 | | | — | |
| 2013 | | | — | | | — | | | — | | | — | | | — | | | — | | | 89,000 | | | 351,873 | | | — | |
| 2012 | | | — | | | — | | | — | | | — | | | — | | | — | | | 89,000 | | | 384,748 | | | — | |
| 2011 | | | — | | | — | | | — | | | — | | | — | | | — | | | 89,000 | | | 368,059 | | | — | |
| 2010 | | | — | | | — | | | — | | | — | | | — | | | — | | | 89,000 | | | 371,292 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New York Dividend Advantage (NAN) | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(b) | | | — | | | — | | | — | | | — | | | 56,000 | | | 356,732 | | | — | | | — | | | — | |
| 2014 | | | — | | | — | | | — | | | — | | | 56,000 | | | 354,070 | | | — | | | — | | | — | |
| 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 | |
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: |
| | | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| 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 | | | 10.04 | ^^^ | | 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 | | | 10.05 | ^^^ | | 10.10 | | | 10.11 | | | 9.95 | ^^ | | — | |
| (b) | For the six months ended March 31, 2015. |
| ^ | 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. |
| ^^^ | For the period October 1, 2013 through June 13, 2014. |
| | | iMTP Shares 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 | | iMTP, MTP, VMTP and/or VRDP Shares at the End of Period | |
| | | Aggregate Amount Outstanding (000 | ) | Asset Coverage Per $5,000 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: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(b) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 38,000 | | $ | 360,396 | | $ | — | | $ | — | | $ | — | |
| 2014 | | | — | | | — | | | — | | | — | | | 38,000 | | | 357,926 | | | — | | | — | | | — | |
| 2013 | | | — | | | — | | | 37,890 | | | 34.30 | | | — | | | — | | | — | | | — | | | — | |
| 2012 | | | — | | | — | | | 37,890 | | | 37.32 | | | — | | | — | | | — | | | — | | | — | |
| 2011 | | | — | | | — | | | 37,890 | | | 35.58 | | | — | | | — | | | — | | | — | | | — | |
| 2010 | | | — | | | — | | | 37,890 | | | 35.91 | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New York AMT-Free Income (NRK) | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 9/30: | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015(b) | | | 79,000 | | | 16,222 | | | — | | | — | | | — | | | — | | | 488,800 | | | 324,442 | | | 3.24 | |
| 2014 | | | 79,000 | | | 16,100 | | | — | | | — | | | — | | | — | | | 488,800 | | | 321,997 | | | 3.22 | |
| 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 | | | — | | | — | | | — | | | — | | | — | |
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: |
| | | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| 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 | | | 10.03 | | | 10.06 | | | 10.09 | | | 10.05 | | | 10.05 | |
| | | | | | | | | | | | | | | | | |
| 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 | | | 10.04 | ΩΩ | | 10.07 | | | 10.10 | | | 10.06 | | | 10.09 | |
| (b) | For the six months ended March 31, 2015. |
| Ω | For the period April 14, 2010 (first issuance date of shares) through September 30, 2010. |
| ΩΩ | For the period October 1, 2013 through June 13, 2014. |
See accompanying notes to financial statements.
Notes to Financial Statements (Unaudited)
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 management investment companies. Common shares of New York Value (NNY), New York Performance Plus (NNP), New York Dividend Advantage (NAN), and New York AMT-Free Income (NRK) are traded on the NYSE. Common shares of New York Value 2 (NYV) and New York Dividend Advantage 2 (NKX) 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.
The end of the reporting period for the Funds is March 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended March 31, 2015 (“the current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). 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.
Investment Objectives and Principal Investment Strategies
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.
Fund Reorganizations
On January 15, 2015, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain New York funds included in this report (the “Reorganizations). 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:
| Target 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.
Upon the closing of the Reorganizations, the Target Funds will transfer their 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 Target Funds. The Target Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds will become shareholders of the Acquiring Fund. Holders of common shares of the Target Funds will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds will receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Funds held immediately prior to the Reorganizations.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” 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 the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments 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 | ) |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,904,872 | |
Investment Income
Investment income, which reflects the amortization of premiums and 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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
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 corporate income tax regulations, which may differ from U.S. GAAP.
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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
Notes to Financial Statements (Unaudited) (continued)
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
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
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received 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). |
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). 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. These securities are generally classified as Level 2. 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.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
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 Board and/or its appointee 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
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 | | $ | — | | $ | 153,963,540 | | $ | — | | $ | 153,963,540 | |
| | | | | | | | | | | | | | |
| New York Value 2 (NYV) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 37,503,199 | | $ | — | | $ | 37,503,199 | |
| | | | | | | | | | | | | | |
| New York Performance Plus (NNP) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 343,395,488 | | $ | — | | $ | 343,395,488 | |
| Common Stocks | | | 4,130,774 | | | — | | | — | | | 4,130,774 | |
| Total | | $ | 4,130,774 | | $ | 343,395,488 | | $ | — | | $ | 347,526,262 | |
| | | | | | | | | | | | | | |
| New York Dividend Advantage (NAN) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 208,192,016 | | $ | — | | $ | 208,192,016 | |
| | | | | | | | | | | | | | |
| New York Dividend Advantage 2 (NXK) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 144,653,453 | | $ | — | | $ | 144,653,453 | |
| | | | | | | | | | | | | | |
| New York AMT-Free Income (NRK) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 1,892,864,778 | | $ | — | | $ | 1,892,864,778 | |
* Refer to the Fund’s Portfolio of Investments for industry classifications.
The Board is responsible for the valuation process and has appointed 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 is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. 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, 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.
Notes to Financial Statements (Unaudited) (continued)
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 (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater essentially bears the risk of loss of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters and the expenses of the Trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters during the current fiscal period 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 | |
| Self-Deposited Inverse Floaters | | (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | (NRK | ) |
| Average floating rate obligations outstanding | | $ | 3,255,000 | | $ | — | | $ | 25,270,577 | | $ | 12,952,473 | | $ | 9,405,000 | | $ | 82,507,802 | |
| Average annual interest rate and fees | | | 0.48 | % | | — | % | | 0.54 | % | | 0.57 | % | | 0.55 | % | | 0.46 | % |
As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters 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 | |
| Floating Rate Obligations Outstanding | | (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | (NRK | ) |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | 3,255,000 | | $ | — | | $ | 22,230,000 | | $ | 11,215,000 | | $ | 9,405,000 | | $ | 69,835,000 | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | 975,000 | | | 2,000,000 | | | 18,235,000 | | | 9,565,000 | | | 1,680,000 | | | 44,220,000 | |
| Total | | $ | 4,230,000 | | $ | 2,000,000 | | $ | 40,465,000 | | $ | 20,780,000 | | $ | 11,085,000 | | $ | 114,055,000 | |
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters 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 an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, 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 | |
| Floating Rate Obligations- | | Value | | Value 2 | | Plus | | Advantage | | Advantage 2 | | Income | |
| Externally-Deposited Recourse Trusts | | (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | (NRK | ) |
| Maximum exposure to Recourse Trusts | | $ | — | | $ | 2,000,000 | | $ | 9,375,000 | | $ | 7,245,000 | | $ | — | | $ | 31,665,000 | |
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.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits 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.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
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.
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 Share Transactions
Transactions in common shares during the Funds’ current and prior fiscal period were as follows:
| | | | | | | New York | |
| | | New York Value (NNY) | | New York Value 2 (NYV) | | Performance Plus (NNP) | |
| | | Six Months | | Year | | Six Months | | Year | | Six Months | | Year | |
| | | Ended | | Ended | | Ended | | Ended | | Ended | | Ended | |
| | | 3/31/15 | | 9/30/13 | | 3/31/15 | | 9/30/13 | | 3/31/15 | | 9/30/13 | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued to shareholders due to reinvestment of distributions | | | — | | | 14,833 | | | — | | | 849 | | | — | | | 17,886 | |
Notes to Financial Statements (Unaudited) (continued)
| | | New York | | New York | | New York | |
| | | Dividend Advantage (NAN) | | Dividend Advantage 2 (NXK) | | AMT-Free Income (NRK) | |
| | | Six Months | | Year | | Six Months | | Year | | Six Months | | Year | |
| | | Ended | | Ended | | Ended | | Ended | | Ended | | Ended | |
| | | 3/31/15 | | 9/30/13 | | 3/31/15 | | 9/30/13 | | 3/31/15 | | 9/30/13 | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued in reorganizations | | | — | | | — | | | — | | | — | | | — | | | 84,111,257 | |
| Issued to shareholders due to reinvestment of distributions | | | — | | | — | | | — | | | — | | | — | | | 687 | |
| Repurchased and retired | | | (2,500 | ) | | — | | | (100 | ) | | — | | | — | | | — | |
| Total | | | (2,500 | ) | | — | | | (100 | ) | | — | | | — | | | 84,111,944 | |
| Weighted average common share: | | | | | | | | | | | | | | | | | | | |
| Price per share repurchased and retired | | $ | 13.39 | | | — | | $ | 13.15 | | | — | | | — | | | — | |
| Discount per share repurchased and retired | | | 14.44 | % | | — | | | 14.16 | % | | — | | | — | | | — | |
Preferred Shares
Institutional MuniFund Term Preferred Shares
The following Fund has issued and outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation value per share. iMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:
| | | | | | | | | | Shares | |
| | | | | | | | | | Outstanding | |
| | | | | | | | | | at $5,000 | |
| | | | | | | Shares | | | Per Share | |
| Fund | | | Series | | | Outstanding | | Liquidation Value | |
| New York AMT-Free Income (NRK) | | | 2017 | | | 15,800 | | $ | 79,000,000 | |
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for one year following the date of issuance (“Non-Call Expiration Date”), at which point the Fund may begin to redeem at its option (“Optional Redemption Date”). The Fund may be obligated to redeem certain of the iMTP 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 iMTP Shares are as follows:
| | | | | Term | | Optional | | Non-Call | |
| Fund | | Series | | Redemption Date | | Redemption Date | | Expiration Date | |
| New York AMT-Free Income (NRK) | | | 2017 | | | October 1, 2017 | | | April 1, 2015 | | | March 31, 2015 | |
The average liquidation value of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| | | | New York | |
| | | | AMT-Free | |
| | | | Income | |
| | | | (NRK | ) |
| Average liquidation value of iMTP Shares outstanding | | $ | 79,000,000 | |
| Annualized dividend rate | | | 0.65 | % |
iMTP Shares generally do not trade, and market quotations are generally not available. iMTP 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 iMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the iMTP 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 Fund’s Adviser has determined that the fair value of iMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of iMTP Shares is recorded as a liability and recognized as “Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP 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 iMTP 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
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for each Fund were as follows:
| | | | | | | | | | Shares | |
| | | | | | | | | | Outstanding | |
| | | | | | | | | | at $100,000 | |
| | | | | | | Shares | | | Per Share | |
| Fund | | | Series | | | Outstanding | | Liquidation Value | |
| New York Dividend Advantage (NAN) | | | 2017 | | | 560 | | $ | 56,000,000 | |
| New York Dividend Advantage 2 (NXK) | | | 2017 | | | 380 | | $ | 38,000,000 | |
Each 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 date of issuance (“Premium Expiration Date”), and at par thereafter. Each 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 each Fund’s VMTP Shares are as follows:
| | | | | Term | | Optional | | Premium | |
| Fund | | Series | | Redemption Date | | Redemption Date | | Expiration Date | |
| New York Dividend Advantage (NAN) | | | 2017 | | | July 1, 2017 | | | July 1, 2015 | | | June 30, 2015 | |
| New York Dividend Advantage 2 (NXK) | | | 2017 | | | July 1, 2017 | | | July 1, 2015 | | | June 30, 2015 | |
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | New York | | | New York | |
| | | | Dividend | | | Dividend | |
| | | | Advantage | | | Advantage 2 | |
| | | | (NAN | ) | | (NXK | ) |
| Average liquidation value of VMTP Shares outstanding | | $ | 56,000,000 | | $ | 38,000,000 | |
| Annualized dividend rate | | | 0.98 | % | | 0.98 | % |
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, the liquidation value of VMTP Shares is a liability and is recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued 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 Funds in connection with each Fund’s 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.
Notes to Financial Statements (Unaudited) (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. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, the details of the Funds’ VRDP Shares outstanding were as follows:
| | | | | | | Shares Outstanding at | | | |
| | | | | Shares | | $100,000 Per Share | | | |
| Fund | | | Series | | | Outstanding | | | Liquidation Value | | | Maturity | |
| New York Performance Plus (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 0.10% 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 current fiscal period 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 | | | 0.13 | % | | 0.09 | % |
For financial reporting purposes, 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 accrued 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 being 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.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in iMTP Shares for the Funds, where applicable, were as follows:
| | | Year Ended | |
| | | September 30, 2014 | |
| | | Series | | Shares | | Amount | |
| New York AMT-Free Income (NRK) | | | | | | | | | | |
| iMTP Shares issued | | | 2017 | | | 15,800 | | $ | 79,000,000 | |
Transactions in MTP Shares for the Funds, where applicable, were as follows:
| | | Year Ended | |
| | | September 30, 2014 | |
| | | Series | | NYSE Ticker | | Shares | | Amount | |
| New York Dividend Advantage (NAN) | | | | | | | | | | | | | |
| MTP Shares redeemed | | | 2015 | | | NAN PRC | | | (3,000,000 | ) | $ | (30,000,000 | ) |
| | | | 2016 | | | NAN PRD | | | (2,536,000 | ) | | (25,360,000 | ) |
| Total | | | | | | | | | (5,536,000 | ) | $ | (55,360,000 | ) |
| New York Dividend Advantage 2 (NXK) | | | | | | | | | | | | | |
| MTP Shares redeemed | | | 2015 | | | NXK PRC | | | (3,789,000 | ) | $ | (37,890,000 | ) |
| New York AMT-Free Income (NRK) | | | | | | | | | | | | | |
| MTP Shares redeemed | | | 2015 | | | NRK PRC | | | (2,768,000 | ) | $ | (27,680,000 | ) |
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
| | | Year Ended | |
| | | September 30, 2014 | |
| | | | Series | | | Shares | | | Amount | |
| New York Dividend Advantage (NAN) | | | | | | | | | | |
| VMTP Shares issued | | | 2017 | | | 560 | | $ | 56,000,000 | |
| New York Dividend Advantage 2 (NXK) | | | | | | | | | | |
| VMTP Shares issued | | | 2017 | | | 380 | | $ | 38,000,000 | |
| New York AMT-Free Income (NRK) | | | | | | | | | | |
| VMTP Shares redeemed | | | 2014 | | | (507 | ) | $ | (50,700,000 | ) |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period 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 | | $ | 21,878,794 | | $ | 3,082,067 | | $ | 11,559,493 | | $ | 11,148,326 | | $ | 15,387,804 | | $ | 109,702,089 | |
| Sales and maturities | | | 21,484,556 | | | 3,823,431 | | | 19,033,364 | | | 13,575,152 | | | 15,925,930 | | | 128,601,610 | |
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 NAVs of the Funds.
Notes to Financial Statements (Unaudited) (continued)
As of March 31, 2015, the cost and unrealized appreciation (depreciation) of investments, 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 | | $ | 140,707,412 | | $ | 32,449,479 | | $ | 297,743,574 | | $ | 181,963,532 | | $ | 125,368,759 | | $ | 1,695,856,992 | |
| Gross unrealized: | | | | | | | | | | | | | | | | | | | |
| Appreciation | | $ | 10,815,886 | | $ | 5,480,731 | | $ | 29,208,660 | | $ | 16,238,552 | | $ | 10,672,057 | | $ | 157,499,739 | |
| Depreciation | | | (816,783 | ) | | (427,011 | ) | | (1,658,781 | ) | | (1,227,082 | ) | | (787,547 | ) | | (30,325,739 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 9,999,103 | | $ | 5,053,720 | | $ | 27,549,879 | | $ | 15,011,470 | | $ | 9,884,510 | | $ | 127,174,000 | |
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments resulted in reclassifications among the Funds’ components of common share net assets as of September 30, 2014, the Funds’ last 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 | | $ | — | | $ | — | | $ | (70,291 | ) | $ | (650,482 | ) | $ | (611,625 | ) | $ | 747,229 | |
| Undistributed (Over-distribution of) net investment income | | | (59,694 | ) | | (337 | ) | | 57,983 | | | 582,164 | | | 610,744 | | | (795,273 | ) |
| Accumulated net realized gain (loss) | | | 59,694 | | | 337 | | | 12,308 | | | 68,318 | | | 881 | | | 48,044 | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of September 30, 2014, the Funds’ last 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 | | $ | 867,960 | | $ | 105,598 | | $ | 2,514,605 | | $ | 1,272,941 | | $ | 695,125 | | $ | 6,087,222 | |
Undistributed net ordinary income2 | | | 1,596 | | | 11,119 | | | 15,032 | | | 203 | | | 1,961 | | | 54,691 | |
| 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 2, 2014, and paid on October 1, 2014. |
| 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’ last tax year ended September 30, 2014 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 | |
| | | (NNY | ) | (NYV | ) | (NNP | ) | (NAN | ) | (NXK | ) | (NRK | ) |
| Distributions from net tax-exempt income | | $ | 5,833,409 | | $ | 1,557,788 | | $ | 12,968,491 | | $ | 8,274,258 | | $ | 5,130,661 | | $ | 74,135,766 | |
Distributions from net ordinary income2 | | | 16,710 | | | 1,884 | | | — | | | 2,780 | | | 14,263 | | | — | |
| Distributions from net long-term capital gains | | | — | | | — | | | — | | | — | | | — | | | — | |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of September 30, 2014, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | | | | | | 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 | ) |
| Capital losses to be carried forward – not subject to expiration | | $ | 955,802 | | $ | 590,041 | | $ | 1,366,806 | | $ | 1,152,216 | | $ | 468,386 | | $ | 16,049,781 | |
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 current fiscal year. The Funds have elected to defer losses 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 | ) |
Post-October capital losses3 | | $ | 1,387,067 | | $ | 217,064 | | $ | 5,515,444 | | $ | 964,636 | | $ | 1,790,115 | | $ | 17,517,224 | |
Late-year ordinary losses4 | | | — | | | — | | | — | | | — | | | — | | | — | |
| 3 | Capital losses incurred from November 1, 2013 through September 30, 2014, the Funds’ last tax year end. |
| 4 | Ordinary losses incurred from January 1, 2014 through September 30, 2014, and specified losses incurred from November 1, 2013 through September 30, 2014. |
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 each individual 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 0.15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| | New York Performance Plus (NNP) |
| Average Daily Managed Assets* | Fund-Level Fee |
| For the first $125 million | 0.4500 | % |
| For the next $125 million | 0.4375 | |
| For the next $250 million | 0.4250 | |
| For the next $500 million | 0.4125 | |
| For the next $1 billion | 0.4000 | |
| For the next $3 billion | 0.3875 | |
| For managed assets over $5 billion | 0.3750 | |
| | New York Value 2 (NYV) |
| Average Daily Managed Assets* | Fund-Level Fee |
| For the first $125 million | 0.4000 | % |
| For the next $125 million | 0.3875 | |
| For the next $250 million | 0.3750 | |
| For the next $500 million | 0.3625 | |
| For the next $1 billion | 0.3500 | |
| For managed assets over $2 billion | 0.3375 | |
| | New York Dividend Advantage (NAN) |
| | New York Dividend Advantage 2 (NXK) |
| | New York AMT-Free Income (NRK) |
| Average Daily Managed Assets* | Fund-Level Fee |
| For the first $125 million | 0.4500 | % |
| For the next $125 million | 0.4375 | |
| For the next $250 million | 0.4250 | |
| For the next $500 million | 0.4125 | |
| For the next $1 billion | 0.4000 | |
| For managed assets over $2 billion | 0.3750 | |
Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Complex-Level Managed Asset Breakpoint Level* | Effective Rate at Breakpoint Level |
| $55 billion | 0.2000 | % |
| $56 billion | 0.1996 | |
| $57 billion | 0.1989 | |
| $60 billion | 0.1961 | |
| $63 billion | 0.1931 | |
| $66 billion | 0.1900 | |
| $71 billion | 0.1851 | |
| $76 billion | 0.1806 | |
| $80 billion | 0.1773 | |
| $91 billion | 0.1691 | |
| $125 billion | 0.1599 | |
| $200 billion | 0.1505 | |
| $250 billion | 0.1469 | |
| $300 billion | 0.1445 | |
| * | 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 March 31, 2015, the complex-level fee for each of each Fund was 0.1635%. |
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 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. Subsequent Events
Fund Reorganizations
On May 18, 2015, the Reorganizations were approved by shareholders. Subject to the satisfaction of certain customary closing conditions, the Reorganizations are expected to close prior to the opening of the NYSE on June 8, 2015.
Additional Fund Information (Unaudited)
| Board of Directors/Trustees | | | | | | | | |
| William Adams IV* | | 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 | | KPMG LLP | | State Street Bank |
| Chicago, IL 60606 | | Boston, MA 02111 | | | | Chicago, IL 60601 | | & 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 (CEO) 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 CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase programs, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each 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 | — | — | — | 2,500 | 100 | — | |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
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| ■ | 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. |
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| ■ | 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. 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. |
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| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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.
Notes
Notes
Notes
| 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 $233 billion as of March 31, 2015.
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 | |
ESA-A-0315D 8089-INV-B-05/16
