UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5238
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Nuveen New York Municipal Value Fund, Inc.
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30
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Date of reporting period: March 31, 2004
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT March 31, 2004
NUVEEN NEW YORK MUNICIPAL VALUE FUND
NNY
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND
NNP
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NAN
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NXK
Photo of: Man holding up small boy.
Photo of: 2 women with 2 girls looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
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If you decide you do not like receiving your reports electronically, it's a
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- --------------------------------------------------------------------------------
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COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
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the address sheet that accompanied this report as a guide.
2 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen and follow the simple instructions.
3 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
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5 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
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2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
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5 Use this same process if you need to change your registration information
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Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK THAT MUNICIPAL BOND INVESTMENTS LIKE YOUR NUVEEN FUND CAN
BE IMPORTANT BUILDING BLOCKS IN A WELL-BALANCED PORTFOLIO.
Dear
SHAREHOLDER
I am very pleased to report that for the period ended March 31, 2004, your
Nuveen Fund continued to provide you with attractive monthly tax-free income.
While tax-free income always is welcome, many of you may have begun to wonder
whether interest rates will rise, and whether that possibility should cause you
to adjust your holdings of tax-free municipal bond investments. We believe that
these are questions that should be thought through with a clear focus on your
long-term financial goals and not on day-to-day market movements. By maintaining
a carefully balanced portfolio with the help of a trusted investment
professional, you may be able to reduce your overall investment risk over the
long-term, and give yourself a better chance to meet your ultimate financial
goals.
As you read through this report, please don't skip the inside front cover. I
urge you to consider receiving future Fund reports and other Fund information by
e-mail and the Internet. Not only will you be able to receive the information
faster, but this also may help lower your Fund's expenses. Sign up is quick and
easy.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 15, 2004
1
Nuveen New York Municipal Closed-End Exchange-Traded Funds
(NNY, NNP, NAN, NXK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews national and state economic and market
conditions, key investment strategies, and the six-month performance of these
four Nuveen New York Funds. With thirteen years of investment experience,
including seven at Nuveen, Paul has managed NNY, NNP, and NAN since 1999, adding
NXK at its inception in 2001.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
SEMIANNUAL REPORTING PERIOD ENDED MARCH 31, 2004?
During this reporting period, the greatest influences on the national economy
and the municipal market continued to be historically low interest rates, little
movement in the reported rate of inflation, and growing evidence of economic
improvement. Since its last credit easing in June 2003, the Federal Reserve has
maintained the fed funds rate at 1.0%, the lowest level since 1958. This
accommodative monetary policy helped to spur gross domestic product (GDP) growth
of 4.2% (annualized) in the first quarter of 2004, following a 3.1% rise in
2003. Over the six-month reporting period, inflation remained under control with
the core CPI averaging 1.2%.
In this generally favorable environment, many municipal bonds performed well
during the six months ended March 31, 2004. Although, municipal supply
nationally in 2003 reached $382.7 billion, issuance slowed somewhat during the
latter part of the year. Tighter supply continued into the first two months of
2004 before issuance picked up significantly in March. Over the entire six-month
reporting period ended March 2004, the supply of new bonds was down 10%, or $19
billion, compared with the preceding six months.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
New York continued to recover from financial problems triggered by the national
economic downturn and deepened by the terrorist attacks of 2001. Although
increased Wall Street activity and a rebounding tourism industry had positive
implications for the state's economy and future tax revenues, New York continued
to slightly lag the national pace of recovery during this reporting period.
New York was the largest issuer in the nation during the first three months of
2004, with $11 billion in new paper. Over the six-month reporting period ended
March 31, 2004, state issuance totaled $23 billion, up 10% over the preceding
six months. In February 2004, Standard & Poor's (S&P) reconfirmed its rating of
New York's general obligation debt at AA with a negative outlook, while Moody's
and Fitch maintained their ratings of A2 with a stable outlook and AA-,
respectively. As of March 31, 2004, New York City was rated A2/A/A+ by Moody's,
S&P and Fitch, respectively, with all three rating agencies returning their
outlooks for the city to stable from negative over the past year.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING
THE SIX MONTHS ENDED MARCH 31, 2004?
Over this reporting period, our major focus continued to be careful management
of the Funds' durations1 as a way to mitigate some of the interest rate risk
inherent in each Fund's portfolio and better position each Fund to produce more
consistent returns over time. Interest rate risk is the risk that the value of a
Fund's portfolio will decline if market interest rates rise (since bond prices
move in the opposite direction of interest rates). The longer the duration of a
Fund's portfolio, the greater its interest rate risk. Overall, we were able to
shorten the durations of all of these Funds over the course of the six-month
period.
1 Duration is a measure of a fund's net asset value (NAV) volatility in
reaction to interest rate movements. Fund duration, also known as
leverage-adjusted duration, takes into account the leveraging process for a
fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the fund. With the exception of
NNY, which is unleveraged, references to duration in this commentary are
intended to indicate fund duration unless otherwise noted.
2
As mentioned earlier, municipal supply in New York remained strong. We
participated in some of the larger deals that came to market during this time.
However, because we believed that the Funds were fairly well positioned as they
entered this period, turnover was relatively low over the six months.
In keeping with our duration strategy and the steepness of the municipal bond
yield curve over this period, the core of our purchase activity focused on
securities in the long-intermediate part of the yield curve (i.e., bonds that
mature in 15 to 20 years). In many cases, bonds in this part of the curve
offered yields similar to those of longer-term bonds with less inherent interest
rate risk.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 3/31/04
(6-month returns cumulative, all others annualized)
6-MONTH 1-YEAR 5-YEAR 10-YEAR
===================================================================
NNY 3.52% 5.92% 4.99% 5.40%
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NNP 5.42% 9.25% 8.03% 7.35%
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NAN 5.27% 9.94% NA NA
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NXK 5.75% 10.96% NA NA
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Lehman Brothers NY
Tax-Exempt
Bond Index2 2.94% 5.73% 6.00% 6.91%
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Lipper NY Municipal
Debt Funds average3 5.57% 9.00% 6.25% 6.92%
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Data represents past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended March 31, 2004, the cumulative returns of all four of
the Funds in this report outperformed the return on their Lehman Brothers New
York benchmark. The primary factor in the six-month performance of NNP, NAN, and
NXK versus that of the unmanaged, unleveraged Lehman index was those Funds' use
of leverage. This factor also influenced those six-month returns of these three
Funds relative to that of NNY, the only unleveraged Fund covered in this report.
While leveraging can add volatility to the Funds' net asset values (NAVs) and
share prices, this strategy can also provide opportunities for additional income
and total return for common shareholders during periods of low or falling
interest rates, as was the case during this reporting period.
The Funds' cumulative return performances relative to one another during this
period were also influenced by their durations. In general, the longer a Fund's
duration, the more its value will be impacted by changes in prevailing interest
rates. Over this reporting period, interest rates generally declined, which
caused bond prices to rise and helped to enhance the Funds' returns. Among the
Funds in this report, the best performers over this period were the ones with
the longest durations as of March 31, 2004.
In addition to leverage and duration, NNY, NNP, NAN, and NXK all benefited from
their holdings of lower-rated bonds, as these securities outperformed the
municipal bond market as a whole over this period. At 18%, NXK had the largest
allocation to BBB and non-rated bonds as of March 31, 2004. Among the
lower-rated holdings making a strong contribution to these Funds' returns during
this reporting period were un-enhanced tobacco bonds issued by various New York
municipal entities as well as Puerto Rico and backed by revenues from the 1998
master tobacco settlement agreement. During this time, we maintained our
exposure to tobacco-backed bonds at approximately 4% across these four Funds.
It is important to note that, following this reporting period, Moody's
downgraded all municipal-issued tobacco securities that were not enhanced or
additionally secured. As of April 2004, the New York City and Puerto Rico
tobacco bonds were rated Baa3 by Moody's, while all New York county tobacco
bonds were rated Ba1 (below investment-grade). Insured tobacco bonds maintained
their Aaa ratings by Moody's. However, the other two major credit rating
agencies -- S&P and Fitch -- did not change their ratings.
Looking at other factors that affected each Fund's performance over the
reporting period, NNY, NNP, NAN and NXK benefited from their holdings of airline
bonds which performed well as a whole.
2 The Lehman Brothers New York Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of investment-grade New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper New York Municipal Debt Funds category average is calculated
using the returns of all closed-end exchange-traded funds in this category
for each period as follows: 6 months, 23 funds; 1 year, 22; 5 years, 11;
and 10 years, 10. Fund and Lipper returns assume reinvestment of dividends.
3
Some of the additional factors that impacted the Funds' performances over this
semiannual reporting period included:
o Low levels of call exposure, which benefited the Funds by enabling them to
avoid reinvesting proceeds from called bonds in the current low interest
rate environment.
o The advance refunding of several holdings in NNY, NNP, and NAN, which
enhanced prices and contributed to total returns.
o Modest weightings in both single family and multifamily housing bonds,
which lessened the impact of the poor performance of the housing sector, as
measured by the housing bonds in the Lehman Brothers Municipal Bond Index,
over this six-month period.
o Keeping the Funds' assets fully invested in the municipal market at all
times, which enabled the Funds to receive the full benefit of market gains
during this period.
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels, the
dividend capabilities of NNP, NAN, and NXK benefited from their leveraged
structures over the six-months ended March 31, 2004. During this reporting
period, continued low short-term rates enabled us to maintain the dividends of
the three leveraged Funds: NNP, NAN, and NXK. NNP's common shareholders also
received substantial capital gains and net ordinary income distribution ($0.2543
per share) at the end of December 2003. Unlike the other three Funds in this
report, NNY is unleveraged, and its inability to benefit from the leveraging
strategy led to a dividend cut in December 2003.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay dividends at a rate that may be more or less than the amount
of net investment income actually earned by the Fund during the period. If a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of
its earnings, the excess constitutes negative UNII that is likewise reflected in
the Fund's NAV. Each Fund will, over time, pay all of its net investment income
as dividends to shareholders. As of March 31, 2004, all of the Funds in this
report had positive UNII, except NNY which had negative UNII.
At the end of this reporting period on March 31, 2004, NNP, NAN, and NXK were
trading at premiums to their common share NAVs, while NNY was trading at a
discount (see charts on individual Performance Overview pages).
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2004?
Given the current geopolitical and economic climate, we continued to believe
that maintaining strong credit quality was important. As of the end of March
2004, all four of these Funds continued to offer excellent credit quality, with
allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 77% in NNY
and NNP, 78% in NXK and 82% in NAN.
As of March 31, 2004, potential call exposure for these Funds during 2004-2005
ranged from 1% in NXK and 2% in NAN to 7% in both NNY and NNP. The number of
actual bond calls in all of the Funds will depend largely on market interest
rates.
4
Nuveen New York Municipal Value Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NNY
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 48%
AA 29%
A 5%
BBB 12%
NR 4%
BB or lower 2%
FUND SNAPSHOT
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Share Price $9.42
- --------------------------------------------------
Common Share Net Asset Value $10.08
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Premium/(Discount) to NAV -6.55%
- --------------------------------------------------
Market Yield 4.52%
- --------------------------------------------------
Taxable-Equivalent Yield1 6.80%
- --------------------------------------------------
Net Assets ($000) $152,407
- --------------------------------------------------
Average Effective Maturity (Years) 20.17
- --------------------------------------------------
Duration 5.41
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 10/07/87)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
6-Month (Cumulative) 5.84% 3.52%
- --------------------------------------------------
1-Year 5.10% 5.92%
- --------------------------------------------------
5-Year 4.11% 4.99%
- --------------------------------------------------
10-Year 5.27% 5.40%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 21%
- --------------------------------------------------
Long-Term Care 15%
- --------------------------------------------------
Healthcare 13%
- --------------------------------------------------
Utilities 9%
- --------------------------------------------------
U.S. Guaranteed 8%
- --------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.039
May 0.039
Jun 0.0375
Jul 0.0375
Aug 0.0375
Sep 0.0375
Oct 0.0375
Nov 0.0375
Dec 0.0355
Jan 0.0355
Feb 0.0355
Mar 0.0355
Line Chart:
SHARE PRICE PERFORMANCE
4/1/03 9.17
9.16
9.26
9.35
9.38
9.41
9.65
9.72
9.88
9.45
9.6
9.8
9.7
9.31
9.15
9.17
9
8.99
8.95
9.09
9.09
9.13
9.14
9.13
9.13
9.08
9.11
9.12
9.11
9.17
9.17
9.16
9.19
9.23
9.28
9.29
9.42
9.37
9.42
9.41
9.33
9.4
9.42
9.42
9.5
3/31/04 9.42
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
5
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NNP
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 48%
AA 29%
A 7%
BBB 12%
NR 2%
BB or lower 2%
FUND SNAPSHOT
- --------------------------------------------------
Share Price $16.86
- --------------------------------------------------
Common Share Net Asset Value $16.69
- --------------------------------------------------
Premium/(Discount) to NAV 1.02%
- --------------------------------------------------
Market Yield 6.01%
- --------------------------------------------------
Taxable-Equivalent Yield1 9.04%
- --------------------------------------------------
Net Assets ($000) $249,874
- --------------------------------------------------
Average Effective Maturity (Years) 18.79
- --------------------------------------------------
Leverage-Adjusted Duration 8.72
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/89)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
6-Month (Cumulative) 12.63% 5.42%
- --------------------------------------------------
1-Year 16.79% 9.25%
- --------------------------------------------------
5-Year 6.67% 8.03%
- --------------------------------------------------
10-Year 7.48% 7.35%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 23%
- --------------------------------------------------
U.S. Guaranteed 14%
- --------------------------------------------------
Education and Civic Organizations 14%
- --------------------------------------------------
Healthcare 11%
- --------------------------------------------------
Utilities 9%
- --------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0825
May 0.0825
Jun 0.0835
Jul 0.0835
Aug 0.0835
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0845
Jan 0.0845
Feb 0.0845
Mar 0.0845
Line Chart:
SHARE PRICE PERFORMANCE
4/1/03 15.58
15.61
15.57
15.74
15.96
16.3
16.7
16.61
16.73
16.62
16.81
16.84
16.93
16.54
15.45
15.69
15.35
15.36
15.32
15.37
15.46
15.64
15.58
15.73
15.72
15.79
15.71
15.85
15.85
15.93
16.17
16.35
16.13
16.85
17.1
17.04
16.97
16.67
16.8
16.62
16.76
16.9
17.02
17.04
17.04
3/31/04 17
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2543 per share.
6
Nuveen New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of March 31, 2004
NAN
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 50%
AA 32%
A 6%
BBB 8%
NR 3%
BB or lower 1%
FUND SNAPSHOT
- --------------------------------------------------
Share Price $16.21
- --------------------------------------------------
Common Share Net Asset Value $15.98
- --------------------------------------------------
Premium/(Discount) to NAV 1.44%
- --------------------------------------------------
Market Yield 6.11%
- --------------------------------------------------
Taxable-Equivalent Yield1 9.19%
- --------------------------------------------------
Net Assets ($000) $146,900
- --------------------------------------------------
Average Effective Maturity (Years) 19.20
- --------------------------------------------------
Leverage-Adjusted Duration 7.82
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/26/99)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
6-Month (Cumulative) 10.81% 5.27%
- --------------------------------------------------
1-Year 16.21% 9.94%
- --------------------------------------------------
Since Inception 7.83% 8.45%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Healthcare 23%
- --------------------------------------------------
Tax Obligation/Limited 15%
- --------------------------------------------------
Education and Civic Organizations 14%
- --------------------------------------------------
U.S. Guaranteed 9%
- --------------------------------------------------
Tax Obligation/General 9%
- --------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.08
May 0.08
Jun 0.081
Jul 0.081
Aug 0.081
Sep 0.0825
Oct 0.0825
Nov 0.0825
Dec 0.0825
Jan 0.0825
Feb 0.0825
Mar 0.0825
Line Chart:
SHARE PRICE PERFORMANCE
4/1/03 14.93
14.82
14.9
14.89
15.07
15.45
15.81
15.9
16.21
16.3
16.25
16.29
16.18
15.66
14.86
14.8
14.86
14.75
14.76
15
14.79
14.97
15.09
15.24
15.14
15.06
15.19
15.25
15.21
15.46
15.53
15.6
15.85
16.01
15.95
15.92
16.09
16.05
16.15
16.1
16.49
16.55
16.5
16.44
16.37
3/31/04 16.42
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
7
Nuveen New York Dividend Advantage Municipal Fund 2
Performance
OVERVIEW As of March 31, 2004
NXK
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 54%
AA 24%
A 3%
BBB 15%
NR 3%
BB or lower 1%
FUND SNAPSHOT
- --------------------------------------------------
Share Price $15.81
- --------------------------------------------------
Common Share Net Asset Value $15.79
- --------------------------------------------------
Premium/(Discount) to NAV 0.13%
- --------------------------------------------------
Market Yield 6.03%
- --------------------------------------------------
Taxable-Equivalent Yield1 9.07%
- --------------------------------------------------
Net Assets ($000) $101,958
- --------------------------------------------------
Average Effective Maturity (Years) 19.76
- --------------------------------------------------
Leverage-Adjusted Duration 8.94
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/27/01)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
6-Month (Cumulative) 12.46% 5.75%
- --------------------------------------------------
1-Year 18.60% 10.96%
- --------------------------------------------------
Since Inception 8.22% 9.61%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 15%
- --------------------------------------------------
U.S. Guaranteed 15%
- --------------------------------------------------
Utilities 13%
- --------------------------------------------------
Transportation 10%
- --------------------------------------------------
Healthcare 10%
- --------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.077
May 0.077
Jun 0.078
Jul 0.078
Aug 0.078
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
4/1/03 14.16
14.06
14.24
14.34
14.6
14.95
14.97
15.28
15.57
15.35
15.5
15.45
15.46
14.78
14.3
14.3
14.08
14.16
14.36
14.5
14.44
14.59
14.52
14.46
14.45
14.64
14.78
14.96
14.7
14.97
14.93
14.99
14.95
15.12
15.11
15.38
15.24
15.08
15.42
15.51
15.68
15.62
15.66
15.76
15.73
3/31/04 15.69
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0486 per share.
8
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois on December 17, 2003.
NNY NNP NAN NXK
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
Common shares as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett*
For 13,091,914 13,081,423 -- 8,843,477 -- 6,298,181 --
Withhold 228,446 204,955 -- 99,223 -- 68,533 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Robert P. Bremner
For 13,095,081 13,107,858 -- 8,848,073 -- 6,301,418 --
Withhold 225,279 178,520 -- 94,627 -- 65,296 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Lawrence H. Brown
For -- 13,098,862 -- 8,847,407 -- 6,302,894 --
Withhold -- 187,516 -- 95,293 -- 63,820 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Jack B. Evans
For 13,094,113 13,107,610 -- 8,848,073 -- 6,298,448 --
Withhold 226,247 178,768 -- 94,627 -- 68,266 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Anne E. Impellizzeri
For -- 13,104,921 -- 8,843,528 -- 6,302,894 --
Withhold -- 181,457 -- 99,172 -- 63,820 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
William L. Kissick
For 13,094,583 13,090,354 -- 8,843,528 -- 6,302,894 --
Withhold 225,777 196,024 -- 99,172 -- 63,820 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Thomas E. Leafstrand
For 13,093,368 13,097,807 -- 8,843,528 -- 6,300,994 --
Withhold 226,992 188,571 -- 99,172 -- 65,720 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Peter R. Sawers
For -- 13,098,862 -- 8,843,528 -- 6,302,894 --
Withhold -- 187,516 -- 99,172 -- 63,820 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
9
Shareholder
MEETING REPORT (continued)
NNY NNP NAN NXK
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
Common shares as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For 13,097,081 -- 4,318 -- 2,683 -- 1,863
Withhold 223,279 -- 30 -- 3 -- 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 -- 4,348 -- 2,686 -- 1,866
====================================================================================================================================
Timothy R. Schwertfeger
For -- -- 4,318 -- 2,683 -- 1,863
Withhold -- -- 30 -- 3 -- 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 4,348 -- 2,686 -- 1,866
====================================================================================================================================
Judith M. Stockdale
For 13,100,068 13,094,101 -- 8,847,663 -- 6,301,418 --
Withhold 220,292 192,277 -- 95,037 -- 65,296 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
Sheila W. Wellington
For 13,091,914 13,072,103 -- 8,843,118 -- 6,302,194 --
Withhold 228,446 214,275 -- 99,582 -- 64,520 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,320,360 13,286,378 -- 8,942,700 -- 6,366,714 --
====================================================================================================================================
* Mr. Bennett resigned as a member of the Board of the Nuveen Funds effective
May 1, 2004.
10
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.7%
$ 480 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 473,707
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
375 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 379,924
New York, Senior Tobacco Settlement Asset-Backed
Bonds, Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
150 6.000%, 6/01/15 6/10 at 101.00 BBB 155,592
750 6.150%, 6/01/25 6/10 at 101.00 BBB 757,748
995 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 1,004,363
Pass-Through Bonds, Series 2000, 5.800%,6/01/23
420 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 400,520
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 Nassau County Tobacco Settlement Corporation, 7/09 at 101.00 Baa2 1,025,490
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999A, 6.500%, 7/15/27
325 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 313,105
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
1,250 TSASC, Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 1,276,850
Bonds, Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,303,425
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.2%
Albany Industrial Development Agency, New York, Revenue Bonds,
Albany Law School Project, Series 2000A:
600 5.700%, 10/01/20 - RAAI Insured 10/10 at 100.00 AA 657,120
750 5.750%, 10/01/30 - RAAI Insured 10/10 at 100.00 AA 810,443
2,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 2,176,800
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
575 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 640,297
Revenue Bonds, Museum of American Folk Art,
Series 2000, 6.000%, 7/01/22 - ACA Insured
1,100 New York City Industrial Development Agency, New York, 1/12 at 100.00 A- 1,147,674
Civic Facility Revenue Bonds, YMCA of Greater
New York Project, Series 2002, 5.250%, 8/01/21
Dormitory Authority of the State of New York, Second General
Resolution Consolidated Revenue Bonds, City University System,
Series 1993A:
1,000 5.750%, 7/01/18 No Opt. Call AA- 1,180,710
1,400 6.000%, 7/01/20 No Opt. Call AA- 1,675,226
1,000 Dormitory Authority of the State of New York, Insured 9/06 at 102.00 AA 1,048,460
Revenue Bonds, Long Island University, Series 1996,
5.500%, 9/01/20 - RAAI Insured
750 Dormitory Authority of the State of New York, Revenue 7/09 at 102.00 AA 839,168
Bonds, Pratt Institute, Series 1999, 6.000%, 7/01/24 -
RAAI Insured
1,250 Dormitory Authority of the State of New York, 7/09 at 101.00 AA 1,384,238
Revenue Bonds, Marymount Manhattan College,
Series 1999, 6.250%, 7/01/29 - RAAI Insured
800 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AA 866,704
Revenue Bonds, D'Youville College, Series 2001,
5.250%, 7/01/20 - RAAI Insured
11
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.4%
$ 490 Cattaraugus County Industrial Development Agency, 8/08 at 102.00 AA- $ 508,248
New York, Revenue Bonds, Olean General Hospital
Project, Series 1998A, 5.250%, 8/01/23
845 Nassau County Industrial Development Agency, No Opt. Call N/R 947,313
New York, Civic Facility Revenue Refunding Bonds,
North Shore Health System Obligated Group Projects,
Series 2001B, 5.875%, 11/01/11
500 New York City Health and Hospitals Corporation, 2/09 at 101.00 AAA 537,630
New York, Health System Revenue Bonds, Series 1999A,
5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,175 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,272,325
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210
250 New York City Industrial Development Agency, New York, 7/12 at 101.00 Baa3 259,383
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2002C, 6.450%, 7/01/32
500 New York City Industrial Development Agency, New York, 7/12 at 100.00 Baa3 521,915
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2001B, 6.375%, 7/01/31
2,250 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 102.00 AAA 2,468,745
Mortgage Nursing Home Revenue Bonds, Rosalind and
Joseph Gurwin Jewish Geriatric Center of Long Island,
Series 1997, 5.700%, 2/01/37 - AMBAC Insured
500 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 521,680
Bonds, Winthrop-South Nassau University Hospital
Association, Series 2003A, 5.500%, 7/01/32
500 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 523,765
Bonds, South Nassau Communities Hospital,
Series 2003B, 5.500%, 7/01/23
1,000 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Ba1 1,023,980
Bonds, Mount Sinai NYU Health Obligated Group,
Series 2000A, 6.500%, 7/01/25
1,250 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Baa1 1,393,888
Bonds, Catholic Health Services of Long Island Obligated
Group, St. Catherine of Siena Medical Center,
Series 2000A, 6.500%, 7/01/20
3,000 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 3,068,070
FHA-Insured Hospital Mortgage Revenue Refunding Bonds,
New York and Presbyterian Hospital, Series 1994A,
5.500%, 8/15/24 - MBIA Insured
2,060 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 2,216,622
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
1,000 Dormitory Authority of the State of New York, Revenue 2/05 at 100.00 BBB- 1,009,280
Bonds, Mount Sinai NYU Health Obligated Group,
Series 2002C, 6.000%, 7/01/26
1,095 Newark-Wayne Community Hospital, Inc., New York, 9/04 at 101.00 N/R 1,073,363
Hospital Revenue Improvement and Refunding Bonds,
Series 1993A, 7.600%, 9/01/15
500 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 BB 512,055
Civic Facility Revenue Bonds, St. John's Riverside Hospital
Project, Series 2001A, 7.125%, 7/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.6%
400 East Syracuse Housing Authority, New York, FHA-Insured 4/10 at 102.00 AAA 444,548
Section 8 Revenue Refunding Bonds, Bennet Project,
Series 2001A, 6.700%, 4/01/21
1,500 New York City Housing Development Corporation, 4/04 at 101.00 AAA 1,554,750
New York, Multifamily Mortgage Revenue Bonds,
FHA-Insured Mortgage Loan, Series 1993A,
6.550%, 10/01/15
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,059,340
1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,044,700
1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,044,180
440 New York State Housing Finance Agency, Multifamily 8/11 at 100.00 Aa1 475,152
Housing Revenue Bonds, Secured Mortgage Program,
Series 2001E, 5.600%, 8/15/20 (Alternative Minimum Tax)
1,275 Industrial Development Agency, Westchester County, 8/11 at 102.00 Aaa 1,369,172
New York, Civic Facility Revenue Bonds, GNMA-Collateralized
Mortgage Loan, Living Independently for the Elderly, Inc.
Project, Series 2001A, 5.375%, 8/20/21
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.2%
$ 3,750 State of New York Mortgage Agency, Homeowner 9/08 at 101.00 Aa1 $ 3,960,038
Mortgage Revenue Bonds, Series 73A, 5.250%, 10/01/17
(Alternative Minimum Tax)
840 State of New York Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 867,644
Bonds, Series 33A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 14.4%
1,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 1,138,770
Revenue Bonds, WSNCHS East, Inc. Project, Series 2000B,
6.000%, 8/01/24 - MBIA Insured
2,015 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 2,242,453
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
3,125 East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101.00 AAA 3,219,000
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1998A, 5.250%, 8/01/38
650 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 684,119
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
530 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 530,938
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
3,000 Dormitory Authority of the State of New York, 2/07 at 102.00 AA 3,328,080
FHA-Insured Mortgage Nursing Home Revenue Bonds,
Hebrew Home for the Aged at Riverdale, Series 1997,
6.125%, 2/01/37
2,000 Dormitory Authority of the State of New York, FHA-Insured 8/06 at 102.00 AA- 2,116,360
Mortgage Revenue Bonds, German Masonic Home
Corporation, Series 1996, 5.950%, 8/01/26
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/06 at 102.00 AAA 3,317,550
Mortgage Revenue Bonds, W.K. Nursing Home Corporation,
Series 1996, 6.125%, 2/01/36
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,034,360
Mortgage Nursing Home Revenue Bonds, Eger Healthcare
Center of Staten Island, Series 1998, 5.100%, 2/01/28
1,000 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Aa3 1,101,330
Bonds, Concord Nursing Home, Inc., Series 2000,
6.500%, 7/01/29
3,000 Syracuse Housing Authority, New York, FHA-Insured 2/08 at 102.00 AAA 3,244,170
Mortgage Revenue Bonds, Loretto Rest Residential
Health Care Facility Project, Series 1997A,
5.600%, 8/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.2%
1,000 Niagara Falls, Niagara County, New York, General No Opt. Call AAA 1,244,140
Obligation Water Treatment Plant Bonds, Series 1994,
7.250%, 11/01/11 (Alternative Minimum Tax) -
MBIA Insured
550 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 588,913
Series 2000A, 6.000%, 6/01/20 - ACA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 20.2%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,094,080
Bonds, Series 2003A, 5.250%, 11/01/21
1,000 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 1,041,560
State Service Contract Refunding Bonds, Series 2002A,
5.125%, 1/01/29
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,140,780
1,000 5.000%, 11/15/30 11/12 at 100.00 AA- 1,036,440
560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB+ 584,679
Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
1,330 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 1,398,242
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
2,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 2,260,840
New York City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
105 Dormitory Authority of the State of New York, 2/06 at 102.00 AAA 111,830
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1996B, 5.375%, 2/15/26 - FSA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,054,120
Environmental Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
535 New York State Housing Finance Agency, Suffolk County, 5/04 at 100.00 Baa1 548,108
H.E.L.P. Secured Loan Rental Housing Revenue
Bonds, Series 1989A, 8.100%, 11/01/05
13
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,810 Dormitory Authority of the State of New York, Service 4/12 at 100.00 AA- $ 1,987,398
Contract Bonds, Child Care Facilities Development
Program, Series 2002, 5.375%, 4/01/16
600 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AA 654,732
Bonds, State Personal Income Tax, Series 2003A,
5.375%, 3/15/22
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,073,650
Trust Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 - MBIA Insured
1,620 New York State Thruway Authority, State Personal Income 3/12 at 100.00 AA 1,727,762
Tax Revenue Bonds, Series 2002A, 5.125%, 3/15/21
600 New York State Urban Development Corporation, No Opt. Call AA- 709,182
Project Revenue Bonds, University Facilities Grants,
Series 1995, 5.875%, 1/01/21
1,750 New York State Urban Development Corporation, No Opt. Call AA- 1,983,993
Service Contract Revenue Bonds, Correctional and
Youth Facilities, Series 2002A, 5.500%, 1/01/17
(Mandatory put 1/01/11)
3,000 Niagara Falls City School District, Niagara County, 6/08 at 101.00 AAA 3,220,680
New York, Certificates of Participation, High School
Facility, Series 1998, 5.375%, 6/15/28 - MBIA Insured
750 Niagara Falls City School District, Niagara County, 6/09 at 101.00 BBB- 817,380
New York, Certificates of Participation, High School
Facility, Series 2000, 6.625%, 6/15/28
1,230 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,331,979
Service Agreement Revenue Bonds, John P. Colahan
Court Complex, Series 1999, 5.000%, 4/15/16 -
AMBAC Insured
2,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,165,260
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,103,210
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
1,500 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 1,706,385
Tax Loan Notes, Series 1999A, 6.500%, 10/01/24
1,120 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 BBB- 1,217,742
Civic Facility Revenue Bonds, Community Development
Properties, Yonkers, Inc. Project, Series 2001A,
6.625%, 2/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.4%
1,000 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 1,037,360
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA Insured
500 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 560,605
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
1,100 New York City Industrial Development Agency, 12/08 at 102.00 Ba2 811,888
New York, Special Facilities Revenue Bonds,
British Airways PLC, Series 1998, 5.250%, 12/01/32
(Alternative Minimum Tax)
1,000 New York City Industrial Development Agency, 8/12 at 101.00 CCC 800,000
New York, Special Facilities Revenue Bonds, JFK Airport -
American Airlines, Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 538,075
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
2,500 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AA- 2,642,375
General Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
Triborough Bridge and Tunnel Authority, New York, General
Revenue Refunding Bonds, Subordinate Lien, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 911,157
800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 865,912
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.2%
2,250 Metropolitan Transportation Authority, New York, 7/07 at 102.00 AAA 2,432,452
Commuter Facilities Revenue Bonds, Series 1997B,
5.000%, 7/01/20 - AMBAC Insured
1,000 County of Nassau, New York, General Obligation 3/10 at 100.00 AAA 1,162,210
Improvement Bonds, Series 2000E, 6.000%, 3/01/19
(Pre-refunded to 3/01/10) - FSA Insured
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 1,000 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA $ 1,154,020
Sales Tax Secured Revenue Bonds, Series 2000A,
5.750%, 11/15/16 (Pre-refunded to 11/15/10) -
MBIA Insured
20 New York City, New York, General Obligation Bonds, 10/07 at 101.00 Aaa 23,040
Fiscal Series 1997G, 6.000%, 10/15/26
(Pre-refunded to 10/15/07)
85 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 101,986
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
3,635 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 4,616,886
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16
25 Dormitory Authority of the State of New York, 4/04 at 114.14 Baa1*** 30,551
Judicial Facilities Lease Revenue Bonds, Suffolk
County Issue, Series 1991A, 9.500%, 4/15/14
10 New York State Housing Finance Agency, Service 9/04 at 102.00 AAA 10,443
Contract Obligation Revenue Bonds, Series 1994A,
6.375%, 9/15/14 (Pre-refunded to 9/15/04)
2,600 Triborough Bridge and Tunnel Authority, New York, 1/22 at 100.00 AAA 2,997,436
General Purpose Revenue Bonds, Series 1999B,
5.500%, 1/01/30 (Pre-refunded to 1/01/22)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.3%
1,945 Cattaraugus County Industrial Development Agency, No Opt. Call N/R 1,177,347
New York, Revenue Bonds, Laidlaw Energy and
Environmental, Inc. Project, Series 1999A,
8.500%, 7/01/21 (Alternative Minimum Tax)#
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
1,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 1,581,660
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,581,975
2,330 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 2,456,519
General Revenue Bonds, Series 2001A, 5.375%, 9/01/21
750 Long Island Power Authority, New York, Electric System 5/11 at 100.00 A- 784,538
General Revenue Bonds, Series 2000L, 5.375%, 5/01/33
New York City Industrial Development Agency, New York,
Industrial Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners, L.P. Project, Series 1997:
1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 1,025,550
1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102.00 BBB- 932,130
1,500 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 1,571,430
Revenue Bonds, Series 2000A, 5.250%, 11/15/40
500 Niagara County, New York, Industrial Development Agency, 11/11 at 101.00 Baa1 544,775
Solid Waste Disposal Facility Revenue Bonds,
American REF-FUEL Company of Niagara LP, Series 2001A,
5.450%, 11/15/26 (Alternative Minimum Tax)
(Mandatory put 11/15/12)
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 981,070
575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 554,110
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3%
300 Monroe County Water Authority, New York, Water 8/11 at 101.00 AA 319,608
Revenue Bonds, Series 2001, 5.150%, 8/01/22
500 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 543,820
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,092,130
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,250 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 1,365,150
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
1,500 New York City Municipal Water Finance Authority, 6/11 at 101.00 AA 1,671,270
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
415 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 489,588
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
15
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 740 New York City Municipal Water Finance Authority, 6/12 at 100.00 AA $ 814,067
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2003A, 5.375%, 6/15/19
3,065 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 3,313,414
System Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 139,895 Total Long-Term Investments (cost $139,676,022) - 98.1% 149,530,322
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5%
500 New York City Municipal Water Finance Authority, A-1+ 500,000
New York, Water and Sewer System Variable Rate
Demand Revenue Bonds, Fiscal Series 1994C,
1.100%, 6/15/23 - FGIC Insured+
250 Puerto Rico Government Development Bank, Adjustable A-1 250,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 0.920%, 12/01/15 - MBIA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 750 Total Short-Term Investments (cost $750,000) 750,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $140,426,022) - 98.6% 150,280,322
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 2,126,546
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 152,406,868
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
# Non-income producing security. In August 2002,
Cattaraugus Acquisition Corp. (an entity formed by
several Nuveen Funds owning various interests in the
Laidlaw Energy and Environmental Inc. project) took
possession of 80% of the Laidlaw Energy assets on
behalf of the various Nuveen Funds. Cattaraugus
Acquisition Corp. has determined that a sale of the
facility is in the best interests of shareholders and
is proceeding accordingly.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
16
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.5%
$ 935 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB $ 947,277
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
400 6.000%, 6/01/15 6/10 at 101.00 BBB 414,912
835 6.150%, 6/01/25 6/10 at 101.00 BBB 843,626
1,770 New York Counties Tobacco Trust I, Tobacco 6/10 at 101.00 BBB 1,786,656
Settlement Pass-Through Bonds, Series 2000,
5.800%, 6/01/23
875 New York Counties Tobacco Trust II, Tobacco 6/11 at 101.00 BBB 834,418
Settlement Pass-Through Bonds, Series 2001,
5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 995,010
Settlement Pass-Through Bonds, Series 2003,
5.750%, 6/01/33
2,500 Nassau County Tobacco Settlement Corporation, 7/09 at 101.00 Baa2 2,563,725
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999A, 6.500%, 7/15/27
825 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 794,805
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
3,750 TSASC, Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 3,830,550
Bonds, Series 1999-1, 6.250%, 7/15/27
3,000 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 3,128,220
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.5%
1,500 Albany Industrial Development Agency, New York, 12/09 at 101.00 AA 1,782,900
Revenue Bonds, Albany Law School Project, Series 1999A,
6.750%, 12/01/29 - RAAI Insured
2,700 Brookhaven Industrial Development Agency, New York, 12/07 at 101.00 A3 2,854,008
Revenue Bonds, St. Joseph's College, Series 2000,
6.000%, 12/01/20
1,285 Cattaraugus County Industrial Development Agency, 9/08 at 101.00 BBB 1,318,808
New York, Revenue Bonds, St. Bonaventure University
Construction Project, Series 1998B, 5.000%, 9/15/13
Monroe County Industrial Development Agency, New York,
Civic Facility Revenue Bonds, St. John Fisher College
Project, Series 1999:
1,000 5.375%, 6/01/17 - RAAI Insured 6/09 at 102.00 AA 1,080,090
2,365 5.375%, 6/01/24 - RAAI Insured 6/09 at 102.00 AA 2,504,535
3,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 3,265,200
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
1,000 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,128,000
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 - AMBAC Insured
750 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 835,170
Revenue Bonds, Museum of American Folk Art,
Series 2000, 6.000%, 7/01/22 - ACA Insured
2,500 Dormitory Authority of the State of New York, Revenue No Opt. Call AA- 2,956,550
Bonds, State University Educational Facilities,
Series 1993A, 5.875%, 5/15/17
1,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 1,183,210
Revenue Bonds, City University System, Series 1993B,
6.000%, 7/01/14 - FSA Insured
2,850 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 3,219,845
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
580 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 637,971
Bonds, Fashion Institute of Technology, Series 2000,
5.375%, 7/01/20 - FSA Insured
5,590 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 A+ 6,079,796
Bonds, University of Rochester, Series 1999A,
5.500%, 7/01/16
17
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
$ 1,250 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA $ 1,424,888
1,000 6.000%, 7/01/24 - RAAI Insured 7/09 at 102.00 AA 1,118,890
3,810 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 4,258,132
8,345 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AA 9,241,170
Bonds, Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
Dormitory Authority of the State of New York, Third General
Resolution Consolidated Revenue Bonds, City University System,
Series 1998-2:
1,490 5.000%, 7/01/17 - FSA Insured 7/08 at 101.00 AAA 1,603,434
1,055 5.000%, 7/01/18 - FSA Insured 7/08 at 101.00 AAA 1,125,738
2,120 Dormitory Authority of the State of New York, General No Opt. Call AAA 2,470,796
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/20 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Revenue 7/12 at 100.00 AAA 1,113,210
Bonds, Columbia University, Series 2002B, 5.375%, 7/01/19
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.0%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,082,830
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210
750 New York City Industrial Development Agency, New York, 7/12 at 101.00 Baa3 778,148
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2002C, 6.450%, 7/01/32
750 New York City Industrial Development Agency, New York, 7/12 at 100.00 Baa3 782,873
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2001B, 6.375%, 7/01/31
2,000 Dormitory Authority of the State of New York, St. Vincent's 8/04 at 100.00 AAA 2,074,200
Hospital and Medical Center of New York, FHA-Insured
Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AA 1,063,540
Mortgage Hospital Revenue Bonds, St. James Mercy
Hospital, Series 1998, 5.250%, 2/01/18
900 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 939,024
Bonds, Winthrop-South Nassau University Hospital
Association, Series 2003A, 5.500%, 7/01/32
1,250 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 1,309,413
Bonds, South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
8,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AAA 8,754,960
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Charles Hospital and Rehabilitation Center,
Series 1999A, 5.500%, 7/01/22 - MBIA Insured
3,400 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Ba1 3,481,532
Bonds, Mount Sinai NYU Health Obligated Group,
Series 2000A, 6.500%, 7/01/25
3,750 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Baa1 4,181,663
Bonds, Catholic Health Services of Long Island Obligated
Group, St. Catherine of Siena Medical Center,
Series 2000A, 6.500%, 7/01/20
1,200 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 A3 1,252,836
Bonds, Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
2,040 New York State Medical Care Facilities Finance Agency, 8/04 at 100.00 AAA 2,133,024
FHA-Insured Mortgage Revenue Bonds, Hospital and
Nursing Home Projects, Series 1992B, 6.200%, 8/15/22
5,500 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 5,624,795
FHA-Insured Hospital Mortgage Revenue Refunding Bonds,
New York and Presbyterian Hospital, Series 1994A,
5.500%, 8/15/24 - MBIA Insured
1,770 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 1,904,573
FHA-Insured Hospital and Nursing Home Revenue Bonds,
Series 1995B, 6.250%, 2/15/15
325 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 Aa2 336,996
FHA-Insured Mortgage Revenue Bonds, Our Lady of
Mercy Medical Center, Series 1995C, 6.250%, 8/15/15
2,000 Dormitory Authority of the State of New York, Revenue 2/05 at 100.00 BBB- 2,018,560
Bonds, Mount Sinai NYU Health Obligated Group,
Series 2002C, 6.000%, 7/01/26
1,100 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 BB 1,126,521
Civic Facility Revenue Bonds, St. John's Riverside
Hospital Project, Series 2001A, 7.125%, 7/01/31
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8%
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2001A:
$ 1,610 5.500%, 11/01/31 5/11 at 101.00 AA $ 1,681,967
2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,088,360
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
910 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 969,132
450 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 475,821
1,140 New York State Housing Finance Agency, Multifamily 5/04 at 100.00 AAA 1,145,882
Housing Revenue Bonds, Series 1989B,
7.550%, 11/01/29 (Alternative Minimum Tax) -
AMBAC Insured
1,585 New York State Housing Finance Agency, Secured 8/04 at 100.00 Aa1 1,631,758
Mortgage Multifamily Housing Revenue Bonds,
Series 1992A, 7.000%, 8/15/12 (Alternative
Minimum Tax)
1,100 New York State Housing Finance Agency, Multifamily 8/09 at 101.00 Aa1 1,177,594
Housing Revenue Bonds, Secured Mortgage Program,
Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
2,770 Puerto Rico Housing Finance Corporation, Multifamily 4/04 at 100.00 A 2,851,715
Mortgage Revenue Bonds, Portfolio A, Series I,
7.500%, 4/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.4%
650 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 695,845
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
1,250 New York State Mortgage Agency, Homeowner 9/08 at 101.00 Aa1 1,320,013
Mortgage Revenue Bonds, Series 73A,
5.250%, 10/01/17 (Alternative Minimum Tax)
6,985 New York State Mortgage Agency, Homeowner 4/11 at 100.00 Aa1 7,340,537
Mortgage Revenue Bonds, Series 97, 5.500%, 4/01/31
(Alternative Minimum Tax)
1,660 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 1,714,631
Bonds, Series 33A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.7%
1,650 New York City Industrial Development Agency, New York, 7/10 at 102.00 N/R 1,736,609
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2000, 8.125%, 7/01/19
1,350 New York City Industrial Development Agency, 7/11 at 101.00 N/R 1,352,390
New York, Civic Facility Revenue Bonds, Special Needs
Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
3,000 Dormitory Authority of the State of New York, 2/07 at 102.00 AA 3,328,080
FHA-Insured Mortgage Nursing Home Revenue Bonds,
Hebrew Home for the Aged at Riverdale, Series 1997,
6.125%, 2/01/37
1,375 Dormitory Authority of the State of New York, Revenue 7/10 at 102.00 A 1,521,699
Bonds, Miriam Osborn Memorial Home Association,
Series 2000B, 6.375%, 7/01/29 - ACA Insured
2,240 New York State Medical Care Facilities Finance Agency, 2/06 at 102.00 AA+ 2,440,256
FHA-Insured Mortgage Hospital and Nursing Home
Revenue Bonds, Series 1995C, 6.100%, 8/15/15
1,520 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,595,301
Mortgage Nursing Home Revenue Bonds, Shorefront
Jewish Geriatric Center, Inc., Series 2002,
5.200%, 2/01/32
2,755 Oswego County Industrial Development Agency, New York, 2/09 at 101.00 AAA 2,926,223
Civic Facility Revenue Bonds, FHA-Insured Mortgage,
Bishop Commons, Inc. Project, Series 1999A,
5.375%, 2/01/49
4,000 Syracuse Housing Authority, New York, FHA-Insured 2/08 at 102.00 AAA 4,325,560
Mortgage Revenue Bonds, Loretto Rest Residential
Health Care Facility Project, Series 1997A,
5.600%, 8/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.8%
2,095 Niagara Falls, Niagara County, New York, General No Opt. Call AAA 2,630,712
Obligation Water Treatment Plant Bonds, Series 1994,
8.000%, 11/01/09 (Alternative Minimum Tax) -
MBIA Insured
1,350 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 1,445,513
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Oneida County, New York, General Obligations Public
Improvement Bonds, Series 2000:
200 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 222,450
200 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 221,710
19
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.9%
$ 2,400 Battery Park City Authority, New York, Senior Revenue Bonds, 11/13 at 100.00 AAA $ 2,537,496
Series 2003A, 5.000%, 11/01/23
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
2,175 5.750%, 7/01/18 No Opt. Call AA- 2,542,532
2,000 5.125%, 1/01/29 7/12 at 100.00 AA- 2,083,120
1,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,040,720
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
5,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 5,351,950
2,500 5.000%, 11/15/30 11/12 at 100.00 AA- 2,591,100
1,680 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB+ 1,754,038
Revenue Bonds, Series 2003, 5.500%, 1/01/34
2,000 Nassau Health Care Corporation, New York, County 8/09 at 102.00 AAA 2,240,860
Guaranteed Health System Revenue Bonds, Series 1999,
5.750%, 8/01/29 - FSA Insured
4,575 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,235,401
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 - AMBAC Insured
2,665 New York City Transitional Finance Authority, 2/13 at 100.00 AA+ 2,801,741
New York, Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
3,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 3,391,260
New York City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Nassau County,
Revenue Bonds, Board of Cooperative Educational Services, Series
2001A:
1,265 5.250%, 8/15/17 - FSA Insured 8/11 at 100.00 AAA 1,396,029
1,385 5.250%, 8/15/18 - FSA Insured 8/11 at 100.00 AAA 1,517,392
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
190 5.875%, 2/15/18 - FSA Insured 8/10 at 100.00 AAA 218,667
225 5.875%, 8/15/19 - FSA Insured 8/10 at 100.00 AAA 259,326
185 5.875%, 10/01/19 - FSA Insured 8/10 at 100.00 AAA 212,580
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,054,120
Environmental Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
1,200 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AA 1,309,464
Bonds, State Personal Income Tax, Series 2003A,
5.375%, 3/15/22
1,000 New York State Thruway Authority, Highway and Bridge 4/10 at 101.00 AAA 1,151,090
Trust Fund Bonds, Series 2000B, 5.750%, 4/01/16 -
FGIC Insured
1,500 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,628,145
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
6,500 New York State Thruway Authority, State Personal 3/12 at 100.00 AA 6,932,380
Income Tax Revenue Bonds, Series 2002A,
5.125%, 3/15/21
2,950 New York State Urban Development Corporation, 3/13 at 100.00 AA 3,109,949
State Personal Income Tax, Revenue Bonds, Series 2003B,
5.000%, 3/15/22
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002A:
2,860 5.375%, 3/15/19 3/12 at 100.00 AA 3,136,877
2,000 5.375%, 3/15/20 3/12 at 100.00 AA 2,183,640
4,000 New York State Urban Development Corporation, No Opt. Call AA- 4,534,840
Service Contract Revenue Bonds, Correctional and
Youth Facilities, Series 2002A, 5.500%, 1/01/17
(Mandatory put 1/01/11)
5,000 Niagara Falls City School District, Niagara County, 6/08 at 101.00 AAA 5,367,800
New York, Certificates of Participation, High School
Facility, Series 1998, 5.375%, 6/15/28 - MBIA Insured
1,785 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 2,076,901
Highway Revenue Bonds, Series 2000B,
5.875%, 7/01/35 - MBIA Insured
5,600 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 6,152,776
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1,
5.250%, 6/01/20 - AMBAC Insured
2,500 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 2,758,025
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C,
5.500%, 6/01/21
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
United Nations Development Corporation, New York,
Revenue Bonds, Senior Lien, Series 2004A:
$ 750 5.250%, 7/01/23 1/08 at 100.00 A3 $ 769,028
500 5.250%, 7/01/24 1/08 at 100.00 A3 511,990
3,480 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 3,958,813
Tax Loan Notes, Series 1999A, 6.500%, 10/01/24
2,520 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 BBB- 2,739,920
Civic Facility Revenue Bonds, Community Development
Properties, Yonkers, Inc. Project, Series 2001A,
6.625%, 2/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.6%
1,470 Albany Parking Authority, New York, Revenue Bonds, 10/11 at 101.00 BBB+ 1,593,260
Series 2001B, 5.250%, 10/15/12
1,500 Metropolitan Transportation Authority, New York, No Opt. Call AAA 1,686,555
Transportation Revenue Bonds, Series 2003A,
5.000%, 11/15/15 - FGIC Insured
1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 Ba2 1,402,352
Special Facilities Revenue Bonds, British Airways PLC,
Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
1,455 New York State Thruway Authority, General Revenue 7/04 at 102.00 AAA 1,487,301
Bonds, Series B, 5.000%, 1/01/20 - MBIA Insured
1,000 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 1,076,150
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
1,925 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 2,090,088
Consolidated Bonds, One Hundred Twentieth
Series 2000, 5.750%, 10/15/26 (Alternative
Minimum Tax) - MBIA Insured
2,040 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 CCC 1,453,561
Bonds, American Airlines, Inc. Project, Series 1996A,
6.250%, 6/01/26 (Alternative Minimum Tax)
2,000 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AA- 2,123,120
General Purpose Revenue Bonds, Series 2001A,
5.000%, 1/01/19
5,750 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AA- 6,077,462
General Purpose Revenue Refunding Bonds,
Series 2002B, 5.000%, 11/15/21
2,400 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AAA 2,597,736
General Revenue Refunding Bonds, Subordinate Lien,
Series 2002E, 5.250%, 11/15/22 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.6%
745 Freeport, New York, General Obligation Bonds, 4/10 at 101.00 Aaa 887,370
Series 2000A, 6.000%, 4/01/18 (Pre-refunded to
4/01/10) - FGIC Insured
Longwood Central School District, Suffolk County,
New York, Series 2000:
1,500 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,777,545
1,500 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,777,545
4,525 Metropolitan Transportation Authority, New York, 7/11 at 100.00 AAA 5,188,501
Commuter Facilities Revenue Bonds, Series 1998A,
5.250%, 7/01/28 (Pre-refunded to 7/01/11)
5,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,413,350
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
(Pre-refunded to 10/01/15) - FGIC Insured
1,275 County of Nassau, New York, General Obligation Serial 3/10 at 100.00 AAA 1,516,154
General Improvement Bonds, Series F, 6.500%, 3/01/18
(Pre-refunded to 3/01/10) - FSA Insured
1,350 New York City, New York, General Obligation Bonds, 4/04 at 100.00 AAA 1,388,624
Fiscal Series 1990B, 7.250%, 10/01/06 - FGIC Insured
505 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 605,914
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
1,250 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 1,450,050
Revenue Bonds, State University Dormitory Facilities,
Series 1999C, 5.500%, 7/01/29 (Pre-refunded to
7/01/09) - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease 7/10 at 101.00 AA-*** 2,389,600
Revenue Bonds, State University Dormitory Facilities,
Series 2001A, 6.000%, 7/01/30 (Pre-refunded to 7/01/10)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
1,565 5.875%, 2/15/18 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,844,118
1,505 5.875%, 2/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 1,773,417
1,855 5.875%, 8/15/19 (Pre-refunded to 8/15/10) - FSA Insured 8/10 at 100.00 AAA 2,185,839
295 New York State Environmental Facilities Corporation, 11/04 at 102.00 AAA 311,644
State Water Pollution Control Revolving Fund Revenue
Bonds, Pooled Loan Issue, Series 1994D, 6.900%, 5/15/15
(Pre-refunded to 11/15/04)
21
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 5,535 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA $ 6,289,919
Bonds, State University Educational Facilities,
Series 2002A, 5.000%, 5/15/17 (Pre-refunded to
5/15/12) - FGIC Insured
355 Dormitory Authority of the State of New York, 5/08 at 101.00 AAA 394,632
Revenue Bonds, State University Educational Facilities,
Series 1998B, 4.750%, 5/15/28 (Pre-refunded to
5/15/08) - FSA Insured
4,200 New York State Thruway Authority, Local Highway 4/11 at 100.00 AA-*** 4,786,992
and Bridge Service Contract Bonds, Series 2001,
5.250%, 4/01/17 (Pre-refunded to 4/01/11)
965 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 1,152,229
Highway Revenue Bonds, Series 2000B,
5.875%, 7/01/35 (Pre-refunded to 7/01/10) -
MBIA Insured
1,600 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 1,759,520
General Purpose Revenue Bonds, Series 1993B,
5.000%, 1/01/20
7,500 Triborough Bridge and Tunnel Authority, New York, 1/22 at 100.00 AAA 8,646,450
General Purpose Revenue Bonds, Series 1999B,
5.500%, 1/01/30 (Pre-refunded to 1/01/22)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.6%
1,000 Islip Resource Recovery Agency, New York, Revenue 7/04 at 102.00 AAA 1,031,500
Bonds, Series 1994B, 6.125%, 7/01/13 (Alternative
Minimum Tax) (Pre-refunded to 7/01/04) -
AMBAC Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
3,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 3,690,540
2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,581,975
5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 5,265,050
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
3,650 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 4,013,613
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
5,000 New York City Industrial Development Agency, 10/08 at 102.00 BBB- 4,660,650
New York, Industrial Revenue Bonds, Brooklyn Navy Yard
Cogeneration Partners, L.P. Project, Series 1997,
5.750%, 10/01/36 (Alternative Minimum Tax)
4,000 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 4,190,480
Revenue Bonds, Series 2000A, 5.250%, 11/15/40
2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa1 2,144,900
New York, Solid Waste Disposal Facility Revenue
Refunding Bonds, American REF-FUEL Company of
Niagara LP, Series 2001D, 5.550%, 11/15/24
(Mandatory put 11/15/15)
4,000 Suffolk County Industrial Development Agency, 1/09 at 101.00 N/R 3,854,680
New York, Revenue Bonds, Nissequogue Cogeneration
Partners Facility, Series 1998, 5.500%, 1/01/23
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.1%
700 Monroe County Water Authority, New York, Water 8/11 at 101.00 AA 745,752
Revenue Bonds, Series 2001, 5.150%, 8/01/22
1,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,365,162
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 5,460,600
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
2,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AA 2,228,360
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
2,495 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 2,943,426
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,225 New York City Municipal Water Finance Authority, 6/12 at 100.00 AA 2,447,700
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2003A, 5.375%, 6/15/19
715 New York State Environmental Facilities Corporation, 6/04 at 100.00 AAA 738,345
State Water Pollution Control Revolving Fund Revenue
Bonds, New York City Municipal Water Finance
Authority Project, Series 1990A, 7.500%, 6/15/12
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 160 New York State Environmental Facilities Corporation, 11/04 at 102.00 AAA $ 168,726
State Water Pollution Control Revolving Fund
Revenue Bonds, Pooled Loan Issue, Series 1994D,
6.900%, 5/15/15
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Fund Revenue Bonds, Pooled
Loan Issue, Series 2002F:
1,000 5.250%, 11/15/17 11/12 at 100.00 AAA 1,110,760
3,345 5.250%, 11/15/19 11/12 at 100.00 AAA 3,679,230
4,060 5.250%, 11/15/20 11/12 at 100.00 AAA 4,440,780
- ------------------------------------------------------------------------------------------------------------------------------------
$ 341,115 Total Long-Term Investments (cost $340,656,560) - 147.5% 368,544,193
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 5,629,616
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.7)% (124,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 249,873,809
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
23
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.5%
$ 965 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 952,349
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
560 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 567,353
New York, Senior Tobacco Settlement Asset-Backed
Bonds, Series 2000, 6.000%, 7/15/20
Monroe Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2000:
265 6.000%, 6/01/15 6/10 at 101.00 BBB 274,879
1,915 6.150%, 6/01/25 6/10 at 101.00 BBB 1,934,782
1,160 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 BBB 1,170,916
Pass-Through Bonds, Series 2000, 5.800%, 6/01/23
570 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 543,563
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
475 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 457,615
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
2,250 TSASC, Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 2,298,330
Bonds, Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101.00 BBB 1,303,425
New York, Tobacco Settlement Asset-Backed Bonds,
Series 1999, 6.750%, 7/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.0%
Kenmore Housing Authority, New York, Revenue Bonds, State
University of New York at Buffalo Student Apartment Project,
Series 1999A:
3,050 5.500%, 8/01/19 - RAAI Insured 8/09 at 102.00 AA 3,300,862
2,750 5.500%, 8/01/24 - RAAI Insured 8/09 at 102.00 AA 2,941,950
3,070 Monroe County Industrial Development Agency, 6/09 at 102.00 AA 3,251,130
New York, Civic Facility Revenue Bonds, St. John
Fisher College Project, Series 1999, 5.375%, 6/01/24 -
RAAI Insured
500 New York City Trust for Cultural Resources, New York, 7/10 at 101.00 A 556,780
Revenue Bonds, Museum of American Folk Art,
Series 2000, 6.000%, 7/01/22 - ACA Insured
1,800 New York City Industrial Development Agency, 1/12 at 100.00 A- 1,878,012
New York, Civic Facility Revenue Bonds, YMCA of
Greater New York Project, Series 2002,
5.250%, 8/01/21
3,500 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AA- 3,751,475
Revenue Bonds, State University Dormitory Facilities,
Series 1999B, 5.375%, 7/01/19
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) -
XLCA Insured
2,500 Dormitory Authority of the State of New York, Insured 7/07 at 101.00 AAA 2,684,575
Revenue Bonds, Rochester Institute of Technology,
Series 1997, 5.250%, 7/01/22 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 1,121,550
Revenue Bonds, Siena College, Series 1997,
5.700%, 7/01/17 - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 549,975
Bonds, Fashion Institute of Technology, Series 2000,
5.375%, 7/01/20 - FSA Insured
3,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 A+ 3,262,860
Bonds, University of Rochester, Series 1999A,
5.500%, 7/01/16
500 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 582,160
Revenue Bonds, Pace University, Series 2000,
6.000%, 7/01/29 - MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Pratt Institute, Series 1999:
1,750 6.000%, 7/01/20 - RAAI Insured 7/09 at 102.00 AA 1,994,843
750 6.000%, 7/01/28 - RAAI Insured 7/09 at 102.00 AA 838,215
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,250 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AA $ 1,384,238
Bonds, Marymount Manhattan College, Series 1999,
6.250%, 7/01/29 - RAAI Insured
1,500 Niagara County Industrial Development Agency, 11/11 at 101.00 AA 1,597,920
New York, Civic Facility Revenue Bonds, Niagara
University Project, Series 2001A, 5.350%, 11/01/23 -
RAAI Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 33.6%
Albany Industrial Development Agency, New York, Revenue Bonds,
Albany Medical Center Project, Series 1999:
1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 1,127,627
1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,410,754
1,500 New York City Health and Hospitals Corporation, 2/13 at 100.00 AAA 1,617,315
New York, Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/22 - AMBAC Insured
Dormitory Authority of the State of New York, Insured Revenue
Bonds, Franciscan Health Partnership Obligated Group - Frances
Shervier Home and Hospital, Series 1997:
2,000 5.500%, 7/01/17 - RAAI Insured 7/07 at 102.00 AA 2,188,700
2,000 5.500%, 7/01/27 - RAAI Insured 7/07 at 102.00 AA 2,126,240
600 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 626,016
Bonds, Winthrop-South Nassau University Hospital
Association, Series 2003A, 5.500%, 7/01/32
500 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 523,765
Bonds, South Nassau Communities Hospital,
Series 2003B, 5.500%, 7/01/23
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Victory Memorial Hospital,
Series 1999:
2,315 5.250%, 8/01/15 - MBIA Insured 8/09 at 101.00 AAA 2,500,895
2,000 5.375%, 8/01/25 - MBIA Insured 8/09 at 101.00 AAA 2,137,740
4,850 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 5,232,277
Hospital Revenue Refunding Bonds, Wyckoff Heights
Medical Center, Series 1998H, 5.300%, 8/15/21 -
MBIA Insured
2,580 Dormitory Authority of the State of New York, 2/09 at 101.00 AAA 2,739,857
FHA-Insured Mortgage Hospital Revenue Bonds,
Memorial Hospital of William F. and Gertrude F. Jones,
Inc., Series 1999, 5.250%, 8/01/19 - MBIA Insured
4,825 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 5,200,433
FHA-Insured Mortgage Hospital Revenue Bonds,
Montefiore Medical Center, Series 1999,
5.450%, 8/01/29 - AMBAC Insured
1,575 Dormitory Authority of the State of New York, 7/10 at 101.00 Ba1 1,612,769
Revenue Bonds, Mount Sinai NYU Health Obligated
Group, Series 2000A, 6.500%, 7/01/25
2,000 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Baa1 2,230,220
Bonds, Catholic Health Services of Long Island
Obligated Group, St. Catherine of Siena Medical
Center, Series 2000A, 6.500%, 7/01/20
5,000 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 Aa2 5,086,850
Hospital Insured Mortgage Revenue Bonds, Series 1994A,
5.250%, 8/15/14
1,000 Dormitory Authority of the State of New York, 2/05 at 100.00 BBB- 1,009,280
Revenue Bonds, Mount Sinai NYU Health Obligated
Group, Series 2002C, 6.000%, 7/01/26
4,000 Ulster County Industrial Development Agency, New York, 11/09 at 101.00 A2 4,169,880
Civic Facility Revenue Bonds, The Kingston Hospital
Project - Letter of Credit Secured, Series 1999,
5.650%, 11/15/24
3,825 Yates County Industrial Development Agency, New York, 8/09 at 101.00 AA+ 4,182,370
FHA-Insured Civic Facility Revenue Bonds, Soldiers and
Sailors Memorial Hospital of Yates County Project,
Series 1999A, 5.650%, 2/01/39
650 Yonkers Industrial Development Agency, New York, 7/11 at 101.00 BB 665,672
Civic Facility Revenue Bonds, St. John's Riverside
Hospital Project, Series 2001A, 7.125%, 7/01/31
2,915 Yonkers Industrial Development Agency, New York, 2/09 at 101.00 AAA 3,072,089
FHA-Insured Mortgage Revenue Bonds, Michael
Malotz Skilled Nursing Pavilion Project, Series 1999,
5.450%, 2/01/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8%
975 New York City Housing Development Corporation, 11/10 at 101.00 AA 1,051,420
New York, Multifamily Housing Revenue Bonds,
Series 2000A, 5.850%, 11/01/20 (Alternative
Minimum Tax)
3,000 New York City Housing Development Corporation, 5/11 at 101.00 AA 3,134,100
Multifamily Housing Revenue Bonds, Series 2001A,
5.500%, 11/01/31
25
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.8%
$ 645 Guam Housing Corporation, Single Family Mortgage No Opt. Call AAA $ 741,099
Revenue Bonds, Mortgage-Backed Securities Program,
Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
3,685 New York State Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 3,944,903
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
840 New York State Mortgage Agency, Mortgage Revenue 4/13 at 101.00 Aaa 867,644
Bonds, Series 33A, 4.750%, 4/01/23 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.9%
Appleridge Retirement Community, Inc., New York,
GNMA Collateralized Mortgage Loan Revenue
Bonds, Series 1999:
1,150 5.700%, 9/01/31 9/09 at 102.00 Aaa 1,273,936
1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,399,188
820 New York City Industrial Development Agency, 7/10 at 102.00 N/R 863,042
New York, Civic Facility Revenue Bonds, Special Needs
Facilities Pooled Program, Series 2000,
8.125%, 7/01/19
750 New York City Industrial Development Agency, New York, 7/11 at 101.00 N/R 751,328
Civic Facility Revenue Bonds, Special Needs Facilities
Pooled Program, Series 2001A-1, 7.250%, 7/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.1%
Monticello Central School District, Sullivan County,
New York, General Obligation Bonds, Series 2000:
300 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 349,656
335 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 390,449
300 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 349,656
5,000 New York City, New York, General Obligation Bonds, 5/09 at 101.00 AAA 5,210,250
Fiscal Series 1999J, 5.125%, 5/15/29 - MBIA Insured
800 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 856,600
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Orange County, New York, General Obligation Bonds,
Series 1997:
3,040 5.125%, 9/01/22 9/07 at 101.00 Aa1 3,211,000
1,195 5.125%, 9/01/23 9/07 at 101.00 Aa1 1,255,085
The City of Rochester, New York, General Obligation Serial
Bonds, Series 1999:
720 5.250%, 10/01/18 - MBIA Insured No Opt. Call AAA 824,724
720 5.250%, 10/01/19 - MBIA Insured No Opt. Call AAA 824,566
2,280 Rockland County, New York, General Obligation Bonds, 10/09 at 101.00 AA- 2,605,151
Series 1999, 5.600%, 10/15/16
Rye City School District, Westchester County, New York,
General Obligation Bonds, Series 1999:
650 5.600%, 8/15/17 8/08 at 101.00 Aaa 735,247
675 5.600%, 8/15/18 8/08 at 101.00 Aaa 763,526
675 5.600%, 8/15/19 8/08 at 101.00 Aaa 763,526
1,000 Yonkers, New York, General Obligation Bonds, 6/09 at 101.00 AAA 1,067,930
School Issue, Series 1999C, 5.000%, 6/01/19 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.0%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,094,080
Bonds, Series 2003A, 5.250%, 11/01/21
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,700 5.750%, 1/01/17 No Opt. Call AA- 1,977,168
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,041,560
1,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 1,040,720
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
2,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,140,780
2,000 5.000%, 11/15/30 11/12 at 100.00 AA- 2,072,880
1,130 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB+ 1,179,799
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
1,670 New York City Transitional Finance Authority, 2/13 at 100.00 AA+ 1,755,688
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.000%, 2/01/23
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Dormitory Authority of the State of New York, New York 5/10 at 101.00 AAA $ 2,260,840
City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
210 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 242,495
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.875%, 8/15/18 - FSA Insured
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,054,120
Environmental Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
1,000 Dormitory Authority of the State of New York, Service 4/12 at 100.00 AA- 1,085,150
Contract Bonds, Child Care Facilities Development
Program, Series 2002, 5.375%, 4/01/19
600 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AA 654,732
Bonds, State Personal Income Tax, Series 2003A,
5.375%, 3/15/22
1,000 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,082,310
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 2,147,300
Trust Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 - MBIA Insured
1,000 New York State Urban Development Corporation, 3/12 at 100.00 AA 1,047,180
State Personal Income Tax Revenue Bonds, State
Facilities and Equipment, Series 2002A,
5.125%, 3/15/27
3,345 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 3,718,904
Service Agreement Revenue Bonds, John P. Colahan
Court Complex, Series 1999, 5.250%, 10/15/15 -
AMBAC Insured
2,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,165,260
Tobacco Settlement Asset-Backed and State
Contingency Contract-Backed Bonds, Series 2003A-1,
5.250%, 6/01/22 - AMBAC Insured
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,103,210
Tobacco Settlement Asset-Backed and State
Contingency Contract-Backed Bonds, Series 2003B-1C,
5.500%, 6/01/21
United Nations Development Corporation, New York,
Revenue Bonds, Senior Lien, Series 2004A:
500 5.250%, 7/01/23 1/08 at 100.00 A3 512,685
500 5.250%, 7/01/24 1/08 at 100.00 A3 511,990
750 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 853,193
Tax Loan Notes, Series 1999A, 6.500%, 10/01/24
1,400 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 BBB- 1,522,178
Civic Facility Revenue Bonds, Community Development
Properties, Yonkers, Inc. Project, Series 2001A,
6.625%, 2/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.4%
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,068,150
Transportation Revenue Refunding Bonds, Series 2002A,
5.125%, 11/15/22 - FGIC Insured
1,000 New York City Industrial Development Agency, 8/12 at 101.00 CCC 800,000
New York, Special Facilities Revenue Bonds, JFK Airport -
American Airlines, Inc., Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 538,075
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
3,000 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 3,257,280
Consolidated Bonds, One Hundred Twentieth
Series 2000, 5.750%, 10/15/26 (Alternative Minimum
Tax) - MBIA Insured
1,000 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AA- 1,099,660
General Purpose Revenue Bonds, Series 2001A,
5.250%, 1/01/16
2,500 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AA- 2,642,375
General Purpose Revenue Refunding Bonds, Series 2002B,
5.000%, 11/15/21
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 13.4%
1,250 Metropolitan Transportation Authority, New York, 7/07 at 102.00 AAA 1,351,362
Commuter Facilities Revenue Bonds, Series 1997B,
5.000%, 7/01/20 - AMBAC Insured
5,520 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 6,386,364
Dedicated Tax Fund Bonds, Series 1999A,
5.250%, 4/01/23 (Pre-refunded to 10/01/14) -
FSA Insured
County of Nassau, New York, General Obligation
Improvement Bonds, Series 2000E:
1,400 6.000%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,627,094
740 6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 860,035
27
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 2,500 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA $ 2,885,050
Sales Tax Secured Revenue Bonds, Series 2000A,
5.750%, 11/15/16 (Pre-refunded to 11/15/10) -
MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 1,160,040
Revenue Bonds, State University Dormitory Facilities,
Series 1999C, 5.500%, 7/01/29 (Pre-refunded to
7/01/09) - MBIA Insured
1,750 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 2,062,112
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000D, 5.875%, 8/15/18
(Pre-refunded to 8/15/10) - FSA Insured
3,000 Triborough Bridge and Tunnel Authority, New York, 1/22 at 100.00 AA-*** 3,337,230
General Purpose Revenue Bonds, Series 1997A,
5.250%, 1/01/28 (Pre-refunded to 1/01/22)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.2%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
4,800 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 5,061,312
5,575 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 5,891,604
2,000 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,199,240
General Revenue Bonds, Series 2003C,
5.000%, 9/01/15 - CIFG Insured
2,000 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 2,105,440
Revenue Bonds, Series 2000A, 5.250%, 11/15/30
1,175 Suffolk County Industrial Development Agency, No Opt. Call N/R 1,221,318
New York, Revenue Bonds, Nissequogue Cogeneration
Partners Facility, Series 1998, 4.875%, 1/01/08
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.3%
6,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 6,525,840
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 2,184,240
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
1,130 New York City Municipal Water Finance Authority, 6/12 at 100.00 AA 1,243,102
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2003A, 5.375%, 6/15/19
1,955 New York State Environmental Facilities Corporation, 11/12 at 100.00 AAA 2,171,535
State Clean Water and Drinking Water Revolving
Funds Revenue Bonds, Pooled Loan Issue,
Series 2002F, 5.250%, 11/15/17
- ------------------------------------------------------------------------------------------------------------------------------------
$ 197,950 Total Long-Term Investments (cost $196,772,564) - 145.0% 212,961,972
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 2,938,114
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.0)% (69,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 146,900,086
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
28
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.3%
$ 565 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 538,795
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 497,505
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
285 Rensselaer Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 274,569
New York, Tobacco Settlement Asset-Backed Bonds,
Series 2001A, 5.200%, 6/01/25
5,000 TSASC, Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 5,107,400
Bonds, Series 1999-1, 6.250%, 7/15/27
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 13.9%
2,750 Albany Industrial Development Agency, New York, Revenue 7/11 at 101.00 Aaa 2,958,698
Bonds, St. Rose College Project, Series 2001A,
5.375%, 7/01/31 - AMBAC Insured
1,975 Amherst Industrial Development Agency, New York, 8/11 at 102.00 AAA 2,107,700
Revenue Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Village Green Project, Series 2001A,
5.250%, 8/01/31 - AMBAC Insured
2,190 Monroe County Industrial Development Agency, 6/11 at 102.00 AA 2,316,341
New York, Civic Facility Revenue Bonds, St. John
Fisher College Project, Series 2001, 5.250%, 6/01/26 -
RAAI Insured
1,100 New York City Industrial Development Agency, New York, 1/12 at 100.00 A- 1,147,674
Civic Facility Revenue Bonds, YMCA of Greater New York
Project, Series 2002, 5.250%, 8/01/21
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) -
XLCA Insured
2,000 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,093,600
Revenue Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
1,265 Dormitory Authority of the State of New York, Third 7/08 at 102.00 AAA 1,341,242
General Resolution Consolidated Revenue Bonds,
City University System, Series 1998-1, 5.250%, 7/01/25 -
FGIC Insured
1,000 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 1,064,970
Bonds, Canisius College, Series 2000, 5.250%, 7/01/30 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 14.5%
845 Nassau County Industrial Development Agency, No Opt. Call N/R 947,313
New York, Civic Facility Revenue Refunding Bonds,
North Shore Health System Obligated Group Projects,
Series 2001B, 5.875%, 11/01/11
850 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 A3 883,201
Health System Revenue Bonds, Series 1999A,
5.250%, 2/15/17
500 New York City Industrial Development Agency, New York, 7/12 at 101.00 Baa3 518,765
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2002C, 6.450%, 7/01/32
500 New York City Industrial Development Agency, New York, 7/12 at 100.00 Baa3 521,915
Civic Facility Revenue Bonds, Staten Island University
Hospital Project, Series 2001B, 6.375%, 7/01/31
320 Dormitory Authority of the State of New York, Revenue 7/06 at 102.00 Ba3 310,762
Bonds, Nyack Hospital, Series 1996, 6.000%, 7/01/06
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,601,580
Mortgage Revenue Refunding Bonds, United Health
Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured
500 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AA 547,175
Revenue Bonds, Franciscan Health Partnership Obligated
Group - Frances Shervier Home and Hospital,
Series 1997, 5.500%, 7/01/17 - RAAI Insured
500 Dormitory Authority of the State of New York, 7/13 at 100.00 Baa1 521,680
Revenue Bonds, Winthrop-South Nassau University
Hospital Association, Series 2003A, 5.500%, 7/01/32
3,000 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 3,249,900
FHA-Insured Mortgage Hospital Revenue Bonds,
Montefiore Medical Center, Series 1999,
5.500%, 8/01/38 - AMBAC Insured
29
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 2,505 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA $ 2,809,984
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.550%, 8/15/29 -
AMBAC Insured
500 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 A3 522,015
Bonds, Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,250 Dormitory Authority of the State of New York, Revenue 2/05 at 100.00 BBB- 1,261,600
Bonds, Mount Sinai NYU Health Obligated Group,
Series 2002C, 6.000%, 7/01/26
Suffolk County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Huntington Hospital Project, Series
2002C:
425 6.000%, 11/01/22 11/12 at 100.00 Baa1 458,809
610 5.875%, 11/01/32 11/12 at 100.00 Baa1 640,207
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.8%
3,930 New York City Housing Development Corporation, 5/11 at 101.00 AA 4,178,376
New York, Multifamily Housing Revenue Bonds,
Series 2001B, 5.250%, 11/01/16
1,000 New York City Housing Development Corporation, 11/11 at 100.00 AA 1,041,720
New York, Multifamily Housing Revenue Bonds,
Series 2001C-2, 5.400%, 11/01/33 (Alternative
Minimum Tax)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
455 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 484,566
225 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 237,911
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7%
2,580 New York Mortgage Agency, Homowner Mortgage 10/09 at 100.00 Aa1 2,761,967
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7%
525 New York City Industrial Development Agency, 7/11 at 101.00 N/R 525,929
New York, Civic Facility Revenue Bonds, Special Needs
Facilities Pooled Program, Series 2001A-1,
7.250%, 7/01/16
2,150 Dormitory Authority of the State of New York, 7/11 at 102.00 AAA 2,266,251
Insured Revenue Bonds, Rehabilitation Association
Pooled Loan Program 1, Series 2001A,
5.000%, 7/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.4%
1,775 Bath Central School District, Steuben County, 6/12 at 100.00 AAA 1,770,154
New York, General Obligation Bonds, Series 2002,
4.000%, 6/15/18 - FGIC Insured
5,000 County of Nassau, New York, General Obligation 6/09 at 102.00 AAA 5,539,100
Serial General Improvement Bonds, Series B,
5.250%, 6/01/22 - AMBAC Insured
4,000 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 4,277,000
Fiscal Series 1998H, 5.375%, 8/01/27 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.2%
1,000 Battery Park City Authority, New York, Senior Revenue 11/13 at 100.00 AAA 1,094,080
Bonds, Series 2003A, 5.250%, 11/01/21
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,000 5.750%, 1/01/17 No Opt. Call AA- 1,163,040
1,000 5.125%, 1/01/29 7/12 at 100.00 AA- 1,041,560
1,750 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,873,183
Dedicated Tax Fund Bonds, Series 2002A,
5.250%, 11/15/25 - FSA Insured
560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB+ 584,679
Facilities Revenue Bonds, Series 2003,
5.500%, 1/01/34
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AA+ 1,051,310
Future Tax Secured Bonds, Fiscal Series 2003E,
5.000%, 2/01/23
1,000 New York State Environmental Facilities Corporation, 3/14 at 100.00 AA- 1,054,120
Environmental Infrastructure Revenue Bonds,
Series 2003A, 5.000%, 3/15/21
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
State of New York Municipal Bond Bank Agency, Special Program
Revenue Bonds, City of Buffalo, Series 2001A:
$ 1,070 5.250%, 5/15/23 - AMBAC Insured 5/11 at 100.00 AAA $ 1,136,661
1,125 5.250%, 5/15/24 - AMBAC Insured 5/11 at 100.00 AAA 1,189,699
Dormitory Authority of the State of New York, Service Contract
Bonds, Child Care Facilities Development Program, Series 2002:
1,905 5.375%, 4/01/17 4/12 at 100.00 AA- 2,083,499
1,000 5.375%, 4/01/19 4/12 at 100.00 AA- 1,085,150
400 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AA 436,488
Bonds, State Personal Income Tax, Series 2003A,
5.375%, 3/15/22
2,500 New York State Urban Development Corporation, 3/12 at 100.00 AA 2,617,950
State Personal Income Tax Revenue Bonds, State
Facilities and Equipment, Series 2002A,
5.125%, 3/15/27
2,100 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 2,273,523
Tobacco Settlement Asset-Backed and State
Contingency Contract-Backed Bonds, Series 2003A-1,
5.250%, 6/01/22 - AMBAC Insured
1,000 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 1,103,210
Tobacco Settlement Asset-Backed and State
Contingency Contract-Backed Bonds, Series 2003B-1C,
5.500%, 6/01/21
United Nations Development Corporation, New York,
Revenue Bonds, Senior Lien, Series 2004A:
250 5.250%, 7/01/23 1/08 at 100.00 A3 256,343
250 5.250%, 7/01/24 1/08 at 100.00 A3 255,995
2,250 Virgin Islands Public Finance Authority, Revenue 10/08 at 101.00 BBB- 2,313,675
Refunding Bonds, Matching Fund Loan Notes,
Senior Lien, Series 1998A, 5.500%, 10/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.8%
Albany Parking Authority, New York, Revenue Bonds,
Series 2001A:
2,000 5.625%, 7/15/20 7/11 at 101.00 BBB+ 2,149,580
1,500 5.625%, 7/15/25 7/11 at 101.00 BBB+ 1,590,525
1,000 New York City Industrial Development Agency, 12/12 at 101.00 Ba2 987,800
New York, Special Facilities Revenue Bonds, British
Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative
Minimum Tax)
1,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 800,000
Special Facilities Revenue Bonds, JFK Airport - American
Airlines, Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
3,400 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 3,658,910
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured
2,195 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 2,315,593
Consolidated Bonds, One Hundred Twentieth
Series 2000, 5.500%, 10/15/35 (Alternative
Minimum Tax) - MBIA Insured
2,500 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 AA- 2,642,375
General Purpose Revenue Refunding Bonds,
Series 2002B, 5.000%, 11/15/21
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 911,157
General Revenue Refunding Bonds, Subordinate
Lien, Series 2002E, 5.500%, 11/15/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.8%
2,750 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 3,121,498
Dedicated Tax Fund Bonds, Series 1999A,
5.000%, 4/01/29 (Pre-refunded to 10/01/14) -
FSA Insured
1,670 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA 1,864,772
Sales Tax Secured Revenue Bonds, Series 2000A,
5.375%, 11/15/17 (Pre-refunded to 11/15/10) -
MBIA Insured
5,000 Dormitory Authority of the State of New York, Third 1/08 at 102.00 AAA 5,686,650
General Resolution Consolidated Revenue Bonds,
City University System, Series 1997-1, 5.375%, 7/01/24
(Pre-refunded to 1/01/08) - FSA Insured
4,205 New York State Urban Development Corporation, 1/11 at 100.00 AAA 4,759,513
Correctional Facilities Service Contract Revenue
Bonds, Series 2000C, 5.125%, 1/01/21 (Pre-refunded
to 1/01/11) - FSA Insured
3,000 Triborough Bridge and Tunnel Authority, New York, 1/11 at 100.00 AAA 3,413,220
General Purpose Revenue Bonds, Series 1996B,
5.200%, 1/01/22 (Pre-refunded to 1/01/11)
3,000 Triborough Bridge and Tunnel Authority, New York, 1/22 at 100.00 AA-*** 3,337,230
General Purpose Revenue Bonds, Series 1997A,
5.250%, 1/01/28 (Pre-refunded to 1/01/22)
31
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.9%
$ 5,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA $ 5,298,200
General Revenue Bonds, Series 1998A, 5.250%, 12/01/26 -
AMBAC Insured
1,500 Long Island Power Authority, New York, Electric System 5/11 at 100.00 A- 1,569,075
General Revenue Bonds, Series 2000L, 5.375%, 5/01/33
1,500 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 1,649,430
General Revenue Bonds, Series 2003C, 5.000%, 9/01/15 -
CIFG Insured
New York City Industrial Development Agency, New York,
Industrial Revenue Bonds, Brooklyn Navy Yard Cogeneration
Partners, L.P. Project, Series 1997:
1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 1,025,550
2,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102.00 BBB- 1,864,260
2,000 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 2,095,240
Revenue Bonds, Series 2000A, 5.250%, 11/15/40
450 Niagara County, New York, Industrial Development 11/11 at 101.00 Baa1 490,298
Agency, Solid Waste Disposal Facility Revenue Bonds,
American REF-FUEL Company of Niagara LP,
Series 2001A, 5.450%, 11/15/26 (Alternative
Minimum Tax) (Mandatory put 11/15/12)
2,000 Niagara County Industrial Development Agency, 11/11 at 101.00 Baa1 2,144,900
New York, Solid Waste Disposal Facility Revenue
Refunding Bonds, American REF-FUEL Company of
Niagara LP, Series 2001D, 5.550%, 11/15/24
(Mandatory put 11/15/15)
Suffolk County Industrial Development Agency, New York, Revenue
Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,226,334
2,000 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,927,340
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.6%
6,000 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 6,552,720
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
1,000 New York City Municipal Water Finance Authority, 6/11 at 101.00 AA 1,114,180
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001D, 5.500%, 6/15/17
1,000 New York State Environmental Facilities Corporation, 11/12 at 100.00 AAA 1,110,760
State Clean Water and Drinking Water Revolving
Fund Revenue Bonds, Pooled Loan Issue,
Series 2002F, 5.250%, 11/15/17
- ------------------------------------------------------------------------------------------------------------------------------------
$ 136,935 Total Long-Term Investments (cost $137,421,492) - 143.6% 146,372,409
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 2,585,784
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (46.1)% (47,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 101,958,193
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
32
Statement of
ASSETS AND LIABILITIES March 31, 2004 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $140,426,022,
$340,656,560, $196,772,564
and $137,421,492, respectively) $150,280,322 $368,544,193 $212,961,972 $146,372,409
Cash 311,954 284,960 -- 216,335
Receivables:
Interest 2,229,508 5,577,430 3,066,237 2,299,750
Investments sold -- 40,000 200,000 140,000
Other assets 672 14,791 3,217 2,239
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 152,822,456 374,461,374 216,231,426 149,030,733
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 193,272 --
Payable for investments purchased 299,092 -- -- --
Accrued expenses:
Management fees 72,626 204,265 63,747 44,441
Other 43,870 72,191 68,939 19,809
Preferred share dividends payable N/A 11,109 5,382 8,290
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 415,588 287,565 331,340 72,540
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value N/A 124,300,000 69,000,000 47,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $152,406,868 $249,873,809 $146,900,086 $101,958,193
====================================================================================================================================
Common shares outstanding 15,120,364 14,967,408 9,192,802 6,457,000
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 10.08 $ 16.69 $ 15.98 $ 15.79
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 151,204 $ 149,674 $ 91,928 $ 64,570
Paid-in surplus 144,257,104 217,961,844 130,490,883 91,654,244
Undistributed (Over-distribution of) net investment income (247,163) 3,085,914 1,866,596 1,154,927
Accumulated net realized gain (loss) from investments (1,608,577) 788,744 (1,738,729) 133,535
Net unrealized appreciation of investments 9,854,300 27,887,633 16,189,408 8,950,917
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $152,406,868 $249,873,809 $146,900,086 $101,958,193
====================================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 Unlimited Unlimited
Preferred N/A 1,000,000 Unlimited Unlimited
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
33
Statement of
OPERATIONS Six Months Ended March 31, 2004 (Unaudited)
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $3,973,507 $ 9,601,708 $5,435,594 $3,668,188
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 428,515 1,190,483 692,197 480,183
Preferred shares - auction fees N/A 155,801 86,486 58,911
Preferred shares - dividend disbursing agent fees N/A 20,055 5,014 5,014
Shareholders' servicing agent fees and expenses 23,944 23,675 1,589 618
Custodian's fees and expenses 19,210 41,664 23,895 17,223
Directors'/Trustees' fees and expenses 2,007 4,695 2,701 1,864
Professional fees 57,925 10,713 10,364 7,974
Shareholders' reports - printing and mailing expenses 16,955 17,882 5,874 654
Stock exchange listing fees 7,762 7,762 5,545 286
Investor relations expense 9,008 18,175 10,242 7,211
Other expenses 5,505 16,049 7,800 7,080
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 570,831 1,506,954 851,707 587,018
Custodian fee credit (2,376) (5,512) (3,595) (6,061)
Expense reimbursement -- -- (322,064) (222,292)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 568,455 1,501,442 526,048 358,665
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,405,052 8,100,266 4,909,546 3,309,523
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 600,724 1,370,839 423,269 153,603
Change in net unrealized appreciation (depreciation)
of investments 1,264,536 4,398,773 2,391,073 2,385,153
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 1,865,260 5,769,612 2,814,342 2,538,756
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income N/A (363,789) (264,069) (179,180)
From accumulated net realized gains from investments N/A (186,069) -- (19,972)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders N/A (549,858) (264,069) (199,152)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $5,270,312 $13,320,020 $7,459,819 $5,649,127
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
34
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP)
---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/04 9/30/03 3/31/04 9/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,405,052 $ 6,582,970 $ 8,100,266 $ 16,469,393
Net realized gain (loss) from investments 600,724 (1,469,045) 1,370,839 4,720,522
Change in net unrealized appreciation
(depreciation) of investments 1,264,536 (1,291,042) 4,398,773 (9,861,815)
Distributions to Preferred Shareholders:
From net investment income N/A N/A (363,789) (848,395)
From accumulated net realized gains from investments N/A N/A (186,069) (366,125)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 5,270,312 3,822,883 13,320,020 10,113,580
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,281,121) (6,985,610) (7,595,805) (14,769,213)
From accumulated net realized gains from investments -- -- (3,791,706) (3,458,002)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (3,281,121) (6,985,610) (11,387,511) (18,227,215)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to
shareholders due to reinvestment of distributions -- -- 164,760 --
Net proceeds from sale of Preferred shares N/A N/A -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions -- -- 164,760 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,989,191 (3,162,727) 2,097,269 (8,113,635)
Net assets applicable to Common
shares at the beginning of year 150,417,677 153,580,404 247,776,540 255,890,175
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $152,406,868 $150,417,677 $249,873,809 $247,776,540
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of year $ (247,163) $ (371,094) $ 3,085,914 $ 2,945,242
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
35
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/04 9/30/03 3/31/04 9/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,909,546 $ 9,858,314 $ 3,309,523 $ 6,717,037
Net realized gain (loss) from investments 423,269 91,826 153,603 332,133
Change in net unrealized appreciation
(depreciation) of investments 2,391,073 (2,353,756) 2,385,153 (1,502,389)
Distributions to Preferred Shareholders:
From net investment income (264,069) (666,154) (179,180) (423,000)
From accumulated net realized gains from investments -- -- (19,972) (47,699)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 7,459,819 6,930,230 5,649,127 5,076,082
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (4,548,118) (8,692,896) (3,081,579) (5,883,129)
From accumulated net realized gains from investments -- -- (312,224) (413,137)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (4,548,118) (8,692,896) (3,393,803) (6,296,266)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- 1,664 --
Net proceeds from shares issued to
shareholders due to reinvestment of distributions 102,541 49,603 -- --
Net proceeds from sale of Preferred shares -- -- -- 35,208
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common Shares
from capital share transactions 102,541 49,603 1,664 35,208
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 3,014,242 (1,713,063) 2,256,988 (1,184,976)
Net assets applicable to Common
shares at the beginning of year 143,885,844 145,598,907 99,701,205 100,886,181
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $146,900,086 $143,885,844 $101,958,193 $ 99,701,205
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of year $ 1,866,596 $ 1,769,237 $ 1,154,927 $ 1,106,163
====================================================================================================================================
See accompanying notes to financial statements.
36
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York Funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Municipal Value Fund,
Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen
New York Dividend Advantage Municipal Fund (NAN) and Nuveen New York Dividend
Advantage Municipal Fund 2 (NXK). All of the Funds' Common shares trade on the
New York Stock Exchange, with the exception of New York Dividend Advantage 2's
(NXK) Common shares which trade on the American Stock Exchange. The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end
management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes by investing primarily in a diversified portfolio of
municipal obligations issued by state and local government authorities within
the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors/Trustees of the Funds, or its designee, may establish a
fair value for the security. Temporary investments in securities that have
variable rate and demand features qualifying them as short-term securities are
valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At March 31, 2004, there
were no such outstanding purchase commitments in any of the funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Professional Fees
Professional fees presented in 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 the Fund's shareholders.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and New
York state income taxes, to retain such tax-exempt status when distributed to
shareholders of the Funds.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
37
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States.
Preferred Shares
New York Value (NNY) is not authorized to issue Preferred shares. The Funds
below have issued and outstanding $25,000 stated value Preferred shares. Each
Fund's Preferred shares are issued in one or more Series. The dividend rate on
each Series may change every seven days, as set pursuant to a dutch auction
process by the auction agent, and is payable at or near the end of each rate
period. The number of Preferred shares outstanding, by Series and in total, for
each Fund is as follows:
NEW YORK NEW YORK NEW YORK
PERFORMANCE DIVIDEND DIVIDEND
PLUS ADVANTAGE ADVANTAGE 2
(NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Number of shares:
Series M 1,600 -- --
Series T 800 -- --
Series W 2,000 -- 1,880
Series TH -- -- --
Series F 572 2,760 --
- --------------------------------------------------------------------------------
Total 4,972 2,760 1,880
================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended March 31, 2004.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, its 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.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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.
38
2. FUND SHARES
Transactions in Common shares were as follows:
NEW YORK
NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP)
----------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/04 9/30/03 3/31/04 9/30/03
- ---------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of distributions -- -- 9,801 --
=============================================================================================
NEW YORK NEW YORK
DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK)
------------------------ --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/04 9/30/03 3/31/04 9/30/03
- -------------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of distributions 6,282 3,056 -- --
=================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended March 31, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Purchases $7,893,773 $ 9,162,802 $9,621,017 $5,787,280
Sales and maturities 8,306,416 14,587,428 7,880,597 4,367,112
================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At March 31, 2004, the cost of investments were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Cost of investments $140,212,922 $340,393,522 $196,675,568 $137,378,248
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $11,336,884 $29,549,838 $16,558,518 $9,210,768
Depreciation (1,269,484) (1,399,167) (272,114) (216,607)
- --------------------------------------------------------------------------------
Net unrealized appreciation
of investments $10,067,400 $28,150,671 $16,286,404 $8,994,161
================================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2003, the Funds' last fiscal year end, were as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Undistributed net
tax-exempt income $-- $3,953,186 $2,441,122 $1,586,515
Undistributed net
ordinary income * -- 11,164 3,242 5,285
Undistributed net
long-term capital gains -- 3,395,680 -- 308,536
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
39
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the fiscal year ended September
30, 2003, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Distributions from
net tax-exempt income $7,004,717 $15,549,877 $9,286,554 $6,256,867
Distributions from
net ordinary income * 3,573 31,448 -- 55,261
Distributions from net
long-term capital gains -- 3,824,127 -- 410,071
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2003, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
NEW YORK
NEW YORK DIVIDEND
VALUE ADVANTAGE
(NNY) (NAN)
- --------------------------------------------------------------------------------
Expiration year:
2008 $379,371 $ 453,530
2009 120,870 1,678,473
- --------------------------------------------------------------------------------
Total $500,241 $2,132,003
================================================================================
The following Funds elected to defer net realized losses from investments
incurred from November 1, 2002 through September 30, 2003 ("post-October
losses") in accordance with Federal income tax regulations. The following
post-October losses are treated as having arisen on the first day of the current
fiscal year.
NEW YORK
NEW YORK DIVIDEND
VALUE ADVANTAGE
(NNY) (NAN)
- --------------------------------------------------------------------------------
$1,709,060 $30,481
================================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Value's (NNY) investment management agreement with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments,
Inc., the Fund pays an annual management fee, payable monthly, of .35% of the
average daily net assets of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under New York Performance Plus's (NNP) investment management agreement with the
Adviser, the Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets (including
net assets attributable to Preferred shares) of the Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
40
Under New York Dividend Advantage's (NAN) and New York Dividend Advantage 2's
(NXK) investment management agreements with the Adviser, each Fund pays an
annual management fee, payable monthly, at the rates set forth below, which are
based upon the average daily net assets (including net assets attributable to
Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JULY 31, JULY 31,
- --------------------------------------------------------------------------------
1999* .30% 2005 .25%
2000 .30 2006 .20
2001 .30 2007 .15
2002 .30 2008 .10
2003 .30 2009 .05
2004 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.
For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
- --------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 3, 2004, to shareholders of record on
April 15, 2004, as follows:
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE DIVIDEND DIVIDEND
VALUE PLUS ADVANTAGE ADVANTAGE 2
(NNY) (NNP) (NAN) (NXK)
- --------------------------------------------------------------------------------
Dividend per share $.0355 $.0845 $.0825 $.0795
================================================================================
41
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK VALUE (NNY)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $ 9.95 $ .23 $ .12 $ N/A $ N/A $ .35 $ (.22) $ -- $ (.22)
2003 10.16 .44 (.19) N/A N/A .25 (.46) -- (.46)
2002 9.86 .47 .32 N/A N/A .79 (.49) -- (.49)
2001 9.51 .50 .36 N/A N/A .86 (.51) -- (.51)
2000 9.53 .52 (.03) N/A N/A .49 (.51) -- (.51)
1999 10.39 .51 (.76) N/A N/A (.25) (.51) (.10) (.61)
NEW YORK
PERFORMANCE PLUS (NNP)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 16.57 .54 .37 (.02) (.01) .88 (.51) (.25) (.76)
2003 17.11 1.10 (.34) (.06) (.02) .68 (.99) (.23) (1.22)
2002 15.95 1.13 1.07 (.11) -- 2.09 (.93) -- (.93)
2001 14.67 1.16 1.26 (.26) -- 2.16 (.88) -- (.88)
2000 14.65 1.23 .12 (.30) (.02) 1.03 (.95) (.06) (1.01)
1999 16.24 1.24 (1.56) (.22) -- (.54) (1.03) -- (1.03)
NEW YORK DIVIDEND
ADVANTAGE (NAN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 15.66 .53 .32 (.03) -- .82 (.50) -- (.50)
2003 15.85 1.07 (.24) (.07) -- .76 (.95) -- (.95)
2002 14.86 1.07 .89 (.11) -- 1.85 (.86) -- (.86)
2001 13.42 1.08 1.40 (.24) -- 2.24 (.80) -- (.80)
2000 13.27 1.08 .18 (.29) -- .97 (.82) -- (.82)
1999(a) 14.33 .27 (.95) (.05) -- (.73) (.21) -- (.21)
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 15.44 .51 .40 (.03) -- .88 (.48) (.05) (.53)
2003 15.62 1.04 (.18) (.07) (.01) .78 (.91) (.06) (.97)
2002 14.55 1.04 .99 (.11) -- 1.92 (.85) -- (.85)
2001(b) 14.33 .44 .33 (.07) -- .70 (.35) -- (.35)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
===================================================================================
NEW YORK VALUE (NNY)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $ -- $10.08 $ 9.4200 5.84% 3.52%
2003 -- 9.95 9.1100 1.65 2.59
2002 -- 10.16 9.4200 4.55 8.26
2001 -- 9.86 9.4900 14.66 9.23
2000 -- 9.51 8.7500 6.17 5.29
1999 -- 9.53 8.7500 (8.04) (2.58)
NEW YORK
PERFORMANCE PLUS (NNP)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) -- 16.69 16.8600 12.63 5.42
2003 -- 16.57 15.6600 1.88 4.25
2002 -- 17.11 16.6000 14.44 13.65
2001 -- 15.95 15.3900 15.56 15.01
2000 -- 14.67 14.1250 (.71) 7.45
1999 (.02) 14.65 15.3125 (8.25) (3.65)
NEW YORK DIVIDEND
ADVANTAGE (NAN)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) -- 15.98 16.2100 10.81 5.27
2003 -- 15.66 15.0900 3.86 5.04
2002 -- 15.85 15.4700 13.57 12.95
2001 -- 14.86 14.4400 24.06 16.98
2000 -- 13.42 12.3125 (8.62) 7.82
1999(a) (.12) 13.27 14.3750 (2.76) (5.93)
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) -- 15.79 15.8100 12.46 5.75
2003 .01 15.44 14.5500 5.35 5.39
2002 -- 15.62 14.7800 8.48 13.67
2001(b) (.13) 14.55 14.4600 (1.29) 4.02
===================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================
NEW YORK VALUE (NNY)
- --------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $152,407 .75%* 4.48%* .75%* 4.48%* 5%
2003 150,418 .88 4.37 .87 4.38 10
2002 153,580 .79 4.76 .78 4.76 11
2001 149,138 .76 5.13 .74 5.15 23
2000 143,843 .74 5.52 .73 5.53 33
1999 144,079 .74 5.10 .74 5.10 19
NEW YORK
PERFORMANCE
PLUS (NNP)
- --------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 249,874 1.21* 6.48* 1.20* 6.48* 2
2003 247,777 1.22 6.67 1.21 6.67 14
2002 255,890 1.24 7.08 1.23 7.09 19
2001 238,599 1.29 7.47 1.28 7.49 19
2000 219,427 1.29 8.61 1.27 8.63 44
1999 218,751 1.20 7.89 1.19 7.90 22
NEW YORK DIVIDEND
ADVANTAGE (NAN)
- --------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 146,900 1.17* 6.27* .72* 6.72* 4
2003 143,886 1.19 6.50 .74 6.95 8
2002 145,599 1.21 6.76 .75 7.22 11
2001 136,441 1.25 7.01 .78 7.49 18
2000 123,171 1.31 7.89 .79 8.42 19
1999(a) 121,801 1.10* 5.36* .65* 5.81* 25
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
- --------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 101,958 1.16* 6.07* .71* 6.52* 3
2003 99,701 1.19 6.41 .75 6.85 8
2002 100,886 1.21 6.69 .74 7.16 16
2001(b) 93,965 1.12* 5.63* .69* 6.06* 11
====================================================================================================================
Preferred Shares at End of Period
-------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
======================================================================
NEW YORK VALUE (NNY)
- ----------------------------------------------------------------------
Year Ended 9/30:
2004(c) $ N/A $ N/A $ N/A
2003 N/A N/A N/A
2002 N/A N/A N/A
2001 N/A N/A N/A
2000 N/A N/A N/A
1999 N/A N/A N/A
NEW YORK
PERFORMANCE
PLUS (NNP)
- ----------------------------------------------------------------------
Year Ended 9/30:
2004(c) 124,300 25,000 75,256
2003 124,300 25,000 74,834
2002 124,300 25,000 76,466
2001 124,300 25,000 72,988
2000 124,300 25,000 69,132
1999 124,300 25,000 68,997
NEW YORK DIVIDEND
ADVANTAGE (NAN)
- ----------------------------------------------------------------------
Year Ended 9/30:
2004(c) 69,000 25,000 78,225
2003 69,000 25,000 77,133
2002 69,000 25,000 77,753
2001 69,000 25,000 74,435
2000 69,000 25,000 69,627
1999(a) 69,000 25,000 69,131
NEW YORK DIVIDEND
ADVANTAGE 2 (NXK)
- ----------------------------------------------------------------------
Year Ended 9/30:
2004(c) 47,000 25,000 79,233
2003 47,000 25,000 78,033
2002 47,000 25,000 78,663
2001(b) 47,000 25,000 74,981
======================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. Total returns are not
annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the period May 26, 1999 (commencement of operations) through September
30,1999.
(b) For the period March 27, 2001 (commencement of operations) through
September 30, 2001.
(c) For the six months ended March 31, 2004.
See accompanying notes to financial statements.
42-43 SPREAD
Build Your Wealth
AUTOMATICALLY
SIDEBAR TEXT: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
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. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
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.
44
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Sheila W. Wellington
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On February 25, 2004, the Board approved policies that would allow NXK at the
discretion of the Adviser, to engage in certain types of derivative transactions
for the purpose of hedging interest rate risk. There is no guarantee that the
Adviser will cause a Fund to enter into such transactions. If a Fund were to
engage in hedging, there is no guarantee that such hedging will be successful.
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
GLOSSARY OF TERMS USED IN THIS REPORT
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 (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
- ---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period ended March 31, 2004. Any future repurchases
will be reported to shareholders in the next annual or semiannual report.
45
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $90 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
ESA-A-0304D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable at this time.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable at this time.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources as to suitable candidates. Suggestions
should be sent in writing to Lorna Ferguson, Vice President for Board Relations,
Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606. The nominating and
governance committee sets appropriate standards and requirements for nominations
for new directors and reserves the right to interview all candidates and to
make the final selection of any new directors.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
at this time.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Municipal Value Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: June 9, 2004
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: June 9, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: June 9, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.