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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21211

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

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

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

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2015

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents

Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
8
   
Common Share Information
10
   
Risk Considerations
12
   
Performance Overview and Holding Summaries
13
   
Shareholder Meeting Report
19
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
60
   
Statement of Operations
62
   
Statement of Changes in Net Assets
63
   
Statement of Cash Flows
65
   
Financial Highlights
68
   
Notes to Financial Statements
76
   
Additional Fund Information
89
   
Glossary of Terms Used in this Report
90
   
Reinvest Automatically, Easily and Conveniently
92

 
Nuveen Investments
 
3

 
 

 

Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.

The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
May 22, 2015
 
4
 
Nuveen Investments

 
 

 

Portfolio Manager’s Comments

Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, discusses key investment strategies and the six-month performance of the Nuveen New York Funds. Scott assumed portfolio management responsibility for these six Funds in 2011.
 
FUND REORGANIZATIONS
 
On January 15, 2015, the Funds’ Board of Directors/Trustees approved the following reorganizations for certain New York Funds included in this report (the Target Funds) to create one, larger-state Fund (the Acquiring Fund), and submitted those reorganizations for shareholder approval:

Target Funds
Symbol
 
Acquiring Fund
Symbol
Nuveen New York Performance Plus Municipal Fund, Inc.
NNP
 
Nuveen New York Dividend Advantage Municipal Fund
NAN
Nuveen New York Dividend Advantage Municipal Fund 2
NXK
     
 
On May 18, 2015 (subsequent to the close of this reporting period), shareholder approval was completed. The reorganization will become effective before the opening of business on June 8, 2015.
 
See Notes to Financial Statements, Notes 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
 
What key strategies were used to manage the New York Funds during the six-month reporting period ended March 31, 2015?
 
A backdrop of supportive technical and fundamental factors helped the municipal market rally in the first half of the reporting period. However, conditions turned more volatile in the second three months. Disappointing economic data, uncertainty about the timeline for the Federal Reserve’s first rate increase, an oversupply of new issuance and seasonal weakness due to tax loss selling led to greater price fluctuations within the municipal market in early 2015. For the period as a whole, municipal bond prices were up modestly, while interest rates were slightly lower. The New York municipal market performed in line with the national market.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Nuveen Investments
 
5

 
 

 

Portfolio Manager’s Comments (continued)
 
During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well and helped us keep our Funds fully invested. Although trading activity overall was relatively restrained in the Funds during this reporting period, the market’s volatility presented chances to make some opportunistic purchases. During episodes of market weakness, we focused on higher quality issues, buying some higher education and sales tax revenue bonds. Other additions to the Funds during the reporting period included lower rated credits issued for real estate projects. These bonds were part of a large volume of issuance for the reconstruction of Lower Manhattan, which contributed, in part, to a 98% increase in New York’s municipal bond supply in the first three months of 2015 from the same period in 2014. Refunding activity in the state also added to the surge in supply, as falling municipal yields and the flattening of the municipal yield curve relative to the Treasury curve made refunding deals more attractive.
 
Overall, our emphasis in purchase activity was on relative value and credit quality, rather than sector. That is, when considering the purchase of a lower rated bond or a slightly less liquid issue, we looked carefully at the compensation offered by the bond in question relative to its credit quality and to other opportunities available in the market. All of the additional holdings to the Funds during this reporting period consisted of New York paper.
 
Cash for purchases during this reporting period was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. The call activity was primarily in short term pre-refunded bonds.
 
As of March 31, 2015, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the New York Funds perform during the six-month reporting period ended March 31, 2015?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, ten-year and/or since inception periods ended March 31, 2015. Each Fund’s total returns at net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
 
For the six months ended March 31, 2015, the total return at common share NAV for the six Funds exceeded the return for the S&P Municipal Bond New York Index and the national S&P Municipal Bond Index. For the same period, all six Funds lagged the average return for the Lipper New York Municipal Debt Funds Classification Average. Shareholders should note that the performance of the Lipper New York Municipal Debt Funds Classification Average represents the overall average of returns for funds that are highly levered, making direct comparisons with NNY and NYV less meaningful.
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage had a neutral impact on the performance of NNP, NAN, NXK and NRK during this reporting period; NNY and NYV do not use regulatory leverage. Leverage is discussed in more detail in the Fund leverage section of this report.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were positive for their performance. Consistent with our long-term strategy, all of these Funds tended to be overweighted in the longer parts of the yield curve that performed best and underweighted in the underperforming shorter end of the curve.
 
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Nuveen Investments
 
 
 

 
During this reporting period, lower rated bonds generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk. All six Funds tended to be underweight in higher rated segments and overweight in the lower rated segments, which was generally beneficial to performance.
 
Among the municipal market sectors, those backed by revenues, such as health care, tobacco, industrial development revenue (IDR) and higher education, tended to perform well relative to the overall municipal market. Conversely, the tax supported and pre-refunded segments lagged the overall market. As of March 31, 2015, NYV had the heaviest weighting in health care among these Funds. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement performed well due to these bonds’ longer maturities and lower credit ratings. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. All six Funds had allocations of tobacco bonds issued by various state and territorial agencies, with NYV having the heaviest weighting in these credits.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. As of March 31, 2015, all of these Funds had holdings of pre-refunded bonds, with NNP having the heaviest allocation of these bonds and NXK the smallest allocation.
 
We also continue to monitor ongoing economic developments in Puerto Rico for any impact on the Funds’ holdings and performance. Shareholders should note that, as of the end of this reporting period, NYV and NXK had no exposure to Puerto Rico debt, while the other four Funds had allocations of 2.5% or less, all of which was insured. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico general obligation debt is rated Caa1/CCC+/B (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
 
On February 6, 2015 a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.
 
In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the Commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.37% of assets under management as of March 31, 2015. As of March 31, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
Nuveen Investments
 
7
 
 
 

 
 
Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NNY and NYV do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a positive impact on the performance of the Funds over this reporting period.
 
As of March 31, 2015, the Funds’ percentages of leverage are as shown in the accompanying table.
 
 
NNY
NYV
NNP
NAN
NXK
NRK
 
Effective Leverage*
2.68%
5.00%
34.90%
34.81%
33.16%
34.86%
 
Regulatory Leverage*
0.00%
0.00%
26.93%
28.03%
27.75%
30.82%
 
 
*
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
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Nuveen Investments
 
 
 

 
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of March 31, 2015, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NNY and NYV do not use regulatory leverage.
 
 
iMTP Shares
   
VMTP Shares
   
VRDP Shares
       
 
Series
 
Shares
Issued at
Liquidation Value
   
Series
   
Shares
Issued at
Liquidation Value
   
Series
   
Shares
Issued at
Liquidation Value
   
Total
 
NNP
    $           $       1     $ 89,000,000     $ 89,000,000  
NAN
    $       2017     $ 56,000,000           $     $ 56,000,000  
NXK
    $       2017     $ 38,000,000           $     $ 38,000,000  
NRK
2017
  $ 79,000,000           $       1     $ 112,300,000          
                          2       164,800,000          
                          3       161,700,000          
                          4       50,000,000          
      $ 79,000,000             $             $ 488,800,000     $ 567,800,000  

Refer to the Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on iMTP, VMTP and VRDP Shares.
 
Nuveen Investments
 
9
 
 
 

 
 
Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of March 31, 2015. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
 
    Per Common Share Amounts
Ex-Dividend Date
 
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
October 2014
  $ 0.0325     $ 0.0525     $ 0.0710     $ 0.0630     $ 0.0550     $ 0.0650  
November
    0.0325       0.0525       0.0710       0.0630       0.0550       0.0650  
December
    0.0325       0.0525       0.0710       0.0630       0.0550       0.0610  
January
    0.0325       0.0525       0.0710       0.0630       0.0550       0.0610  
February
    0.0325       0.0525       0.0710       0.0630       0.0550       0.0610  
March 2015
    0.0325       0.0525       0.0685       0.0650       0.0580       0.0610  
                                                 
Ordinary Income Distribution*
  $ 0.0001     $ 0.0104     $ 0.0014     $     $ 0.0003     $ 0.0007  
                                                 
Market Yield**
    4.00 %     4.25 %     5.58 %     5.62 %     5.14 %     5.60 %
Taxable-Equivalent Yield**
    5.95 %     6.32 %     8.30 %     8.36 %     7.65 %     8.33 %
 
*
Distribution paid in December 2014.
 
**
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of March 31, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
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Nuveen Investments
 
 
 

 
 
All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
 
COMMON SHARE REPURCHASES
 
During August 2014, the Fund’s Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
As of March 31, 2015, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.
 
 
NNY
NYV
NNP
NAN
NXK
NRK
 
Common Shares Cumulatively Repurchased and Retired
27,800
2,500
12,600
6,800
 
Common Shares Authorized for Repurchase
1,520,000
235,000
1,505,000
925,000
650,000
8,760,000
 
 
During the current reporting period, the following Funds repurchased and retired common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
 
   
NAN
   
NXK
 
Common Shares Repurchased and Retired
    2,500       100  
Weighted Average Price per Common Share Repurchased and Retired
  $ 13.39     $ 13.15  
Weighted Average Discount per Common Share Repurchased and Retired
    14.44 %     14.16 %
 
OTHER COMMON SHARE INFORMATION
 
As of March 31, 2015, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
 
   
NNY
   
NYV
   
NNP
   
NAN
   
NXK
   
NRK
 
Common Share NAV
  $ 10.13     $ 16.19     $ 16.03     $ 15.52     $ 15.26     $ 14.54  
Common Share Price
  $ 9.74     $ 14.84     $ 14.73     $ 13.87     $ 13.55     $ 13.07  
Premium/(Discount) to NAV
    (3.85 )%     (8.34 )%     (8.11 )%     (10.63 )%     (11.21 )%     (10.11 )%
6-Month Average Premium/(Discount) to NAV
    (3.22 )%     (7.92 )%     (9.93 )%     (12.14 )%     (12.82 )%     (10.17 )%
 
Nuveen Investments
 
11
 
 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Price and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.
 
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Nuveen Investments
 
 
 

 

NNY
 
 
Nuveen New York Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NNY at Common Share NAV
 
2.44%
 
7.33%
 
5.00%
 
4.65%
 
NNY at Common Share Price
 
2.31%
 
7.34%
 
4.42%
 
4.85%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
4.82%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
4.84%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.33%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
100.1%
Other Assets Less Liabilities
2.0%
Net Assets Plus Floating Rate Obligations
102.1%
Floating Rate Obligations
(2.1)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
23.8%
Education and Civic Organizations
17.1%
Transportation
14.6%
Utilities
11.2%
Health Care
8.5%
Tax Obligation/General
6.1%
U.S. Guaranteed
5.8%
Other
12.9%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
25.1%
AA
39.6%
A
9.2%
BBB
7.2%
BB or Lower
11.8%
N/R (not rated)
7.1%
Total
100%

Nuveen Investments
 
13

 
 

 

NYV
 
 
Nuveen New York Municipal Value Fund 2
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
               
Since
 
   
6-Month
 
1-Year
 
5-Year
 
Inception1
 
NYV at Common Share NAV
 
3.63%
 
8.49%
 
5.27%
 
6.71%
 
NYV at Common Share Price
 
5.02%
 
10.90%
 
4.69%
 
4.62%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
5.56%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
5.88%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.97%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Municipal Bonds
98.6%
Other Assets Less Liabilities
1.4%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
28.1%
Education and Civic Organizations
15.1%
Health Care
13.4%
Transportation
12.2%
Housing/Multifamily
8.2%
U.S. Guaranteed
6.0%
Utilities
5.4%
Other
11.6%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
27.8%
AA
32.5%
A
17.8%
BBB
8.7%
BB or Lower
7.5%
N/R (not rated)
5.7%
Total
100%
 
1 Since inception returns are from 4/28/09.
 
14
 
Nuveen Investments

 
 

 

NNP
 
 
Nuveen New York Performance Plus Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NNP at Common Share NAV
 
3.84%
 
10.66%
 
6.62%
 
5.76%
 
NNP at Common Share Price
 
8.87%
 
11.92%
 
6.74%
 
6.21%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
4.82%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
4.84%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.33%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
142.2%
Common Stocks
1.7%
Other Assets Less Liabilities
2.2%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
146.1%
Floating Rate Obligations
(9.2)%
VRDP Shares, at Liquidation Value
(36.9)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
20.0%
Education and Civic Organizations
17.7%
U.S. Guaranteed
12.4%
Utilities
9.8%
Health Care
8.2%
Tax Obligation/General
8.2%
Transportation
6.8%
Other
16.9%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
27.1%
AA
38.2%
A
12.3%
BBB
6.4%
BB or Lower
9.7%
N/R (not rated)
5.2%
N/A (not applicable)
1.1%
Total
100%

Nuveen Investments
 
15

 
 

 

NAN
 
 
Nuveen New York Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NAN at Common Share NAV
 
3.54%
 
10.68%
 
6.75%
 
5.72%
 
NAN at Common Share Price
 
6.97%
 
10.23%
 
6.41%
 
5.38%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
4.82%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
4.84%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.33%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
144.8%
Other Assets Less Liabilities
2.0%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value
146.8%
Floating Rate Obligations
(7.8)%
VMTP Shares, at Liquidation Value
(39.0)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
19.4%
Transportation
14.0%
Education and Civic Organizations
12.9%
Tax Obligation/General
11.5%
Utilities
9.0%
Health Care
8.1%
U.S. Guaranteed
4.8%
Financials
4.5%
Other
15.8%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
18.8%
AA
43.0%
A
13.7%
BBB
5.5%
BB or Lower
10.4%
N/R (not rated)
8.6%
Total
100%

16
 
Nuveen Investments

 
 

 

NXK
 
 
Nuveen New York Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXK at Common Share NAV
 
3.14%
 
9.87%
 
6.12%
 
5.56%
 
NXK at Common Share Price
 
5.47%
 
8.93%
 
5.38%
 
5.26%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
4.82%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
4.84%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.33%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
146.2%
Other Assets Less Liabilities
1.7%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value
147.9%
Floating Rate Obligations
(9.5)%
VMTP Shares, at Liquidation Value
(38.4)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
30.2%
Education and Civic Organizations
18.4%
Transportation
11.3%
Utilities
9.9%
Health Care
6.6%
Tax Obligation/General
5.0%
Other
18.6%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
30.3%
AA
29.8%
A
14.2%
BBB
6.3%
BB or Lower
11.3%
N/R (not rated)
8.1%
Total
100%

Nuveen Investments
 
17

 
 

 

NRK
 
 
Nuveen New York AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of March 31, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of March 31, 2015
 
   
Cumulative
 
Average Annual
 
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NRK at Common Share NAV
 
3.67%
 
10.69%
 
4.80%
 
5.01%
 
NRK at Common Share Price
 
5.06%
 
8.64%
 
4.17%
 
5.23%
 
S&P Municipal Bond New York Index
 
2.29%
 
6.53%
 
4.94%
 
4.82%
 
S&P Municipal Bond Index
 
2.29%
 
6.60%
 
5.26%
 
4.84%
 
Lipper New York Municipal Debt Funds Classification Average
 
3.91%
 
11.98%
 
7.09%
 
5.33%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
148.5%
Other Assets Less Liabilities
1.6%
Net Assets Plus Floating Rate Obligations, iMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value
150.1%
Floating Rate Obligations
(5.5)%
iMTP Shares, at Liquidation Value
(6.2)%
VRDP Shares, at Liquidation Value
(38.4)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
36.2%
Education and Civic Organizations
18.0%
Utilities
9.3%
Transportation
8.6%
U.S. Guaranteed
6.0%
Health Care
5.8%
Tax Obligation/General
5.3%
Water and Sewer
5.3%
Other
5.5%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
27.5%
AA
49.9%
A
10.3%
BBB
3.4%
BB or Lower
6.8%
N/R (not rated)
2.1%
Total
100%

18
 
Nuveen Investments

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on March 26, 2015 for NRK, NYV and NNY; at this meeting the shareholders were asked to elect Board Members.
 
   
NRK
 
NYV
 
NNY
 
   
Common and
             
   
Preferred shares
             
   
voting together
 
Preferred
 
Common
 
Common
 
   
as a class
 
Shares
 
Shares
 
Shares
 
Approval of the Board Members was reached as follows:
                         
Jack B. Evans
                         
For
   
73,601,555
   
   
2,096,807
   
12,887,905
 
Withhold
   
3,708,049
   
   
110,380
   
234,689
 
Total
   
77,309,604
   
   
2,207,187
   
13,122,594
 
William C. Hunter
                         
For
   
   
14,548
   
   
 
Withhold
   
   
1,055
   
   
 
Total
   
   
15,603
   
   
 
William J. Schneider
                         
For
   
   
14,548
   
2,079,841
   
12,893,276
 
Withhold
   
   
1,055
   
127,346
   
229,318
 
Total
   
   
15,603
   
2,207,187
   
13,122,594
 
Thomas S. Schreier
                         
For
   
73,787,407
   
   
2,122,399
   
12,887,735
 
Withhold
   
3,522,197
   
   
84,788
   
234,859
 
Total
   
77,309,604
   
   
2,207,187
   
13,122,594
 

Nuveen Investments
 
19

 
 

 

NNY
   
 
Nuveen New York Municipal Value Fund, Inc.
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 100.1% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 100.1% (100.0% of Total Investments)
             
     
Consumer Discretionary – 1.5% (1.5% of Total Investments)
             
$
275
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
279,007
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
N/R
   
2,037,828
 
 
2,225
 
Total Consumer Discretionary
         
2,316,835
 
     
Consumer Staples – 2.2% (2.2% of Total Investments)
             
 
500
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
 
6/16 at 100.00
B
   
500,080
 
 
875
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
 
6/16 at 100.00
B
   
752,570
 
 
85
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
6/15 at 100.00
A1
   
85,134
 
 
705
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
6/15 at 100.00
A1
   
705,155
 
 
35
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
6/15 at 100.00
A1
   
34,997
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
705
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
711,014
 
 
345
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
347,125
 
 
240
 
5.125%, 6/01/42
 
6/16 at 100.00
B
   
206,878
 
 
3,490
 
Total Consumer Staples
         
3,342,953
 
     
Education and Civic Organizations – 17.1% (17.1% of Total Investments)
             
 
275
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
284,259
 
 
415
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
B+
   
371,188
 
 
1,350
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
1,595,821
 
 
750
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
B
   
778,267
 
     
Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A:
             
 
1,000
 
5.000%, 6/01/38
 
6/24 at 100.00
Aa2
   
1,150,990
 
 
1,250
 
5.000%, 6/01/43
 
6/24 at 100.00
Aa2
   
1,430,150
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
92,691
 
 
1,175
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,212,236
 
 
415
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
468,448
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
 
No Opt. Call
AA–
   
1,175,540
 
 
505
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
510,510
 
 
525
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
602,149
 

20
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
280
 
Dormitory Authority of the State of New York, Revenue Bonds,
St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Ba1
 
$
301,904
 
 
2,170
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Ba1
   
2,188,879
 
 
300
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/43
 
9/23 at 100.00
A
   
339,798
 
 
880
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB
   
991,769
 
     
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011:
             
 
1,000
 
6.000%, 6/01/30
 
6/21 at 100.00
BBB+
   
1,136,340
 
 
1,000
 
6.000%, 6/01/34
 
6/21 at 100.00
BBB+
   
1,127,480
 
 
3,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
 
7/21 at 100.00
AA–
   
3,330,450
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
1,500
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,546,815
 
 
1,175
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,204,892
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,610
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
1,629,787
 
 
800
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
AA–
   
836,408
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
182,639
 
 
1,345
 
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 – AGM Insured
 
1/21 at 100.00
A2
   
1,506,077
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
334,377
 
 
24,280
 
Total Education and Civic Organizations
         
26,329,864
 
     
Financials – 1.4% (1.4% of Total Investments)
             
 
1,705
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
2,131,830
 
     
Health Care – 8.5% (8.5% of Total Investments)
             
 
1,005
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
6/15 at 100.00
AA–
   
1,008,990
 
 
995
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 2007, 4.650%, 8/15/27
 
2/17 at 100.00
N/R
   
1,053,456
 
 
700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
6/15 at 100.00
AA–
   
702,723
 
 
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A
   
395,545
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
1,060
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,207,425
 
 
565
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
625,952
 
 
1,155
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
1,271,909
 
 
2,350
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35
 
7/16 at 100.00
AA
   
2,471,589
 
 
90
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
6/15 at 100.00
AA
   
90,572
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
2,457,168
 

Nuveen Investments
 
21

 
 

 

NNY
Nuveen New York Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
6/15 at 100.00
BB
 
$
290,310
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
280
 
5.250%, 2/01/27
 
2/17 at 100.00
BB+
   
287,269
 
 
260
 
5.500%, 2/01/32
 
2/17 at 100.00
BB+
   
265,912
 
 
295
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
326,347
 
 
500
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
7/15 at 100.00
B+
   
500,945
 
 
155
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31
 
6/15 at 100.00
B+
   
155,293
 
 
12,150
 
Total Health Care
         
13,111,405
 
     
Housing/Multifamily – 1.7% (1.7% of Total Investments)
             
 
255
 
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
 
4/15 at 100.00
AA
   
255,826
 
 
1,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009C-1, 5.500%, 11/01/34
 
5/19 at 100.00
AA+
   
1,100,790
 
 
1,250
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009M, 5.150%, 11/01/45
 
5/19 at 100.00
AA+
   
1,316,125
 
 
2,505
 
Total Housing/Multifamily
         
2,672,741
 
     
Industrials – 1.7% (1.7% of Total Investments)
             
 
100
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
 
1/25 at 100.00
N/R
   
108,422
 
 
2,350
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
2,482,751
 
 
2,450
 
Total Industrials
         
2,591,173
 
     
Long-Term Care – 1.8% (1.8% of Total Investments)
             
 
435
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
476,047
 
 
270
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
276,429
 
 
135
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
135,196
 
 
610
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
621,779
 
 
50
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
7/15 at 100.00
N/R
   
50,114
 
 
195
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
7/15 at 100.00
N/R
   
195,948
 
 
640
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18
 
7/16 at 101.00
N/R
   
636,826
 
 
235
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
176,798
 
 
225
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
224,118
 
 
2,795
 
Total Long-Term Care
         
2,793,255
 
     
Tax Obligation/General – 6.2% (6.1% of Total Investments)
             
 
4,760
 
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/25
 
12/17 at 100.00
AA
   
5,311,446
 
 
1,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
1,197,170
 

22
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
 
$
35,708
 
 
2,765
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
 
8/16 at 100.00
AA
   
2,932,725
 
 
8,560
 
Total Tax Obligation/General
         
9,477,049
 
     
Tax Obligation/Limited – 23.8% (23.8% of Total Investments)
             
 
395
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
 
7/15 at 100.00
AA
   
399,910
 
     
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A:
             
 
820
 
5.750%, 7/01/18
 
No Opt. Call
AA
   
887,839
 
 
1,400
 
6.000%, 7/01/20
 
No Opt. Call
AA
   
1,655,262
 
 
2,290
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37
 
No Opt. Call
AAA
   
2,642,339
 
 
6,540
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
 
No Opt. Call
AAA
   
7,596,733
 
 
1,500
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
 
11/19 at 100.00
AA
   
1,721,910
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
7/15 at 100.00
A–
   
561,736
 
 
1,200
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA
   
1,282,308
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
 
1/19 at 100.00
AA
   
1,689,105
 
 
1,680
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
AAA
   
1,927,985
 
 
1,225
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
 
2/24 at 100.00
AAA
   
1,418,464
 
 
2,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series A-1, 5.000%, 8/01/32
 
8/24 at 100.00
AAA
   
2,352,820
 
 
2,100
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
2,313,864
 
 
865
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA+
   
885,535
 
 
1,175
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA+
   
1,285,591
 
 
2,450
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA+
   
2,936,080
 
 
600
 
New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21
 
No Opt. Call
AA
   
726,360
 
 
20,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
 
No Opt. Call
AA–
   
3,070,000
 
 
1,000
 
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29
 
10/24 at 100.00
AAA
   
1,221,440
 
 
49,300
 
Total Tax Obligation/Limited
         
36,575,281
 
     
Transportation – 14.6% (14.6% of Total Investments)
             
 
3,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
 
11/17 at 100.00
AA–
   
3,275,610
 
 
3,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42
 
No Opt. Call
AA–
   
3,928,050
 
 
1,100
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31
 
11/23 at 100.00
AA–
   
1,275,978
 

Nuveen Investments
 
23

 
 

 

NNY
Nuveen New York Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38
 
5/24 at 100.00
AA–
 
$
2,337,600
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
536,250
 
 
1,600
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
6/15 at 100.00
BB
   
1,603,616
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/15 at 100.50
N/R
   
1,027,260
 
 
700
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
724,920
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006, 5.125%, 5/15/30 (Alternative Minimum Tax)
 
6/15 at 100.00
B
   
1,000,380
 
 
660
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
736,705
 
 
325
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA
   
444,197
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013:
             
 
1,000
 
5.000%, 6/01/33
 
12/23 at 100.00
AA–
   
1,168,220
 
 
1,575
 
5.000%, 12/01/43
 
12/23 at 100.00
AA–
   
1,811,171
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
225
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
233,599
 
 
1,160
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,372,558
 
 
780
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
AA–
   
948,667
 
 
21,125
 
Total Transportation
         
22,424,781
 
     
U.S. Guaranteed – 5.8% (5.8% of Total Investments) (6)
             
 
990
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.750%, 11/15/27 (Pre-refunded 11/15/17)
 
11/17 at 100.00
A3 (6)
   
1,118,977
 
 
1,825
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
 
8/15 at 100.00
N/R (6)
   
1,857,175
 
 
870
 
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
 
No Opt. Call
Aaa
   
913,265
 
 
265
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
 
10/15 at 100.00
A (6)
   
271,400
 
 
1,690
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (6)
   
1,710,331
 
 
1,965
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
 
9/15 at 100.00
Aa2 (6)
   
2,004,320
 
 
30
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 (Pre-refunded 8/01/16)
 
8/16 at 100.00
N/R (6)
   
31,877
 
     
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A:
             
 
75
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
N/R (6)
   
76,652
 
 
765
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
AAA
   
781,845
 
 
135
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
 
10/15 at 100.00
N/R (6)
   
138,260
 
 
8,610
 
Total U.S. Guaranteed
         
8,904,102
 

24
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Utilities – 11.2% (11.2% of Total Investments)
             
$
1,000
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
 
$
1,147,270
 
 
90
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
100,409
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
1,500
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
AA–
   
1,571,145
 
 
1,500
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
AA–
   
1,569,720
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
261,640
 
 
135
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
151,467
 
 
400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
443,936
 
 
1,250
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
 
No Opt. Call
A–
   
1,380,962
 
 
1,000
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
6/15 at 100.00
A–
   
1,003,950
 
 
2,490
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
2,592,090
 
 
25
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa1
   
25,755
 
 
495
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
7/15 at 100.00
N/R
   
495,129
 
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
             
 
4,440
 
5.000%, 12/15/34
 
12/23 at 100.00
AAA
   
5,227,390
 
 
1,100
 
5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
1,285,768
 
 
15,675
 
Total Utilities
         
17,256,631
 
     
Water and Sewer – 2.6% (2.6% of Total Investments)
             
 
1,000
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
 
2/22 at 100.00
AAA
   
1,137,640
 
 
2,500
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2013B, 5.000%, 5/15/43
 
5/23 at 100.00
AAA
   
2,898,000
 
 
3,500
 
Total Water and Sewer
         
4,035,640
 
$
158,370
 
Total Long-Term Investments (cost $144,386,537)
         
153,963,540
 
     
Floating Rate Obligations – (2.1)%
         
(3,255,000
)
     
Other Assets Less Liabilities – 2.0%
         
3,111,934
 
     
Net Assets Applicable to Common Shares – 100%
       
$
153,820,474
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
25

 
 

 

NYV
   
 
Nuveen New York Municipal Value Fund 2
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 98.6% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 98.6% (100.0% of Total Investments)
             
     
Consumer Staples – 4.5% (4.6% of Total Investments)
             
$
1,350
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
 
No Opt. Call
Baa1
 
$
1,727,096
 
     
Education and Civic Organizations – 14.9% (15.1% of Total Investments)
             
 
1,200
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
B+
   
1,073,316
 
 
330
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19
 
No Opt. Call
B
   
340,847
 
 
100
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
112,879
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2007, 5.000%, 7/01/37
 
7/17 at 100.00
Aa2
   
1,086,430
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
1,151,480
 
 
100
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38
 
9/23 at 100.00
A
   
113,740
 
 
4,895
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured
 
No Opt. Call
AA
   
1,794,409
 
 
8,625
 
Total Education and Civic Organizations
         
5,673,101
 
     
Financials – 1.0% (1.0% of Total Investments)
             
 
300
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
375,102
 
     
Health Care – 13.2% (13.4% of Total Investments)
             
 
50
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A
   
56,507
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
285
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
324,638
 
 
140
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
155,103
 
 
245
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
269,799
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34
 
11/16 at 100.00
A3
   
1,586,445
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37
 
5/19 at 100.00
A
   
1,687,890
 
 
725
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
A
   
795,267
 
 
160
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31
 
6/15 at 100.00
B+
   
160,302
 
 
4,605
 
Total Health Care
         
5,035,951
 
     
Housing/Multifamily – 8.1% (8.2% of Total Investments)
             
 
1,500
 
New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax)
 
11/15 at 100.00
AA+
   
1,539,000
 
 
1,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41
 
5/19 at 100.00
Aa2
   
1,058,600
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
471,514
 
 
2,950
 
Total Housing/Multifamily
         
3,069,114
 

26
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Industrials – 1.7% (1.7% of Total Investments)
             
$
25
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
 
1/25 at 100.00
N/R
 
$
27,106
 
 
580
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
612,764
 
 
605
 
Total Industrials
         
639,870
 
     
Long-Term Care – 0.4% (0.4% of Total Investments)
             
 
150
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
152,897
 
     
Tax Obligation/General – 1.2% (1.2% of Total Investments)
             
 
400
 
Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/24 – AGM Insured
 
10/21 at 100.00
AA
   
460,944
 
     
Tax Obligation/Limited – 27.7% (28.1% of Total Investments)
             
 
1,200
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38
 
3/19 at 100.00
AAA
   
1,353,612
 
 
560
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43
 
2/23 at 100.00
AAA
   
636,944
 
 
1,800
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
 
No Opt. Call
AAA
   
2,090,844
 
 
1,200
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
 
12/19 at 100.00
BBB+
   
1,330,512
 
 
1,710
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
1,815,319
 
 
1,500
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39
 
1/19 at 100.00
AA
   
1,689,105
 
 
300
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
 
2/24 at 100.00
AAA
   
347,379
 
 
25
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
29,995
 
 
1,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.502%, 3/15/37 (IF) (4)
 
3/17 at 100.00
AAA
   
1,225,530
 
 
9,295
 
Total Tax Obligation/Limited
         
10,519,240
 
     
Transportation – 12.0% (12.2% of Total Investments)
             
 
1,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured
 
1/24 at 100.00
AA
   
1,119,020
 
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
             
 
185
 
7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
N/R
   
194,868
 
 
500
 
7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
545,460
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5)
 
10/17 at 100.00
N/R
   
715,000
 
 
155
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
173,014
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
180
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
186,880
 
 
140
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
165,654
 
 
1,325
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33
 
5/18 at 100.00
AA–
   
1,464,721
 
 
5,485
 
Total Transportation
         
4,564,617
 
     
U.S. Guaranteed – 5.9% (6.0% of Total Investments) (6)
             
 
290
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.000%, 11/15/25 (Pre-refunded 11/15/20)
 
11/20 at 100.00
A3 (6)
   
362,616
 
 
700
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16)
 
8/16 at 100.00
N/R (6)
   
743,008
 

Nuveen Investments
 
27

 
 

 

NYV
Nuveen New York Municipal Value Fund 2
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (6) (continued)
             
$
1,010
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)
 
7/17 at 100.00
A3 (6)
 
$
1,121,443
 
 
2,000
 
Total U.S. Guaranteed
         
2,227,067
 
     
Utilities – 5.3% (5.4% of Total Investments)
             
 
25
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
27,891
 
 
285
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
319,764
 
 
605
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
629,805
 
 
905
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
1,057,836
 
 
1,820
 
Total Utilities
         
2,035,296
 
     
Water and Sewer – 2.7% (2.7% of Total Investments)
             
 
900
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
1,022,904
 
$
38,485
 
Total Long-Term Investments (cost $32,717,245)
         
37,503,199
 
     
Other Assets Less Liabilities – 1.4%
         
531,657
 
     
Net Assets Applicable to Common Shares – 100%
       
$
38,034,856
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(IF)
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
28
 
Nuveen Investments

 
 

 

NNP
   
 
Nuveen New York Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 142.2% (98.8% of Total Investments)
             
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
             
$
685
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
694,980
 
     
Consumer Staples – 3.2% (2.2% of Total Investments)
             
 
1,000
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
 
6/16 at 100.00
B
   
1,000,160
 
 
1,450
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
 
6/16 at 100.00
B
   
1,247,116
 
 
175
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
6/15 at 100.00
A1
   
175,277
 
 
470
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
6/15 at 100.00
A1
   
470,103
 
 
90
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
6/15 at 100.00
A1
   
89,992
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
1,855
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
1,870,823
 
 
930
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
935,729
 
 
500
 
5.000%, 6/01/34
 
6/16 at 100.00
B
   
460,015
 
 
1,580
 
5.125%, 6/01/42
 
6/16 at 100.00
B
   
1,361,944
 
 
8,050
 
Total Consumer Staples
         
7,611,159
 
     
Education and Civic Organizations – 25.5% (17.7% of Total Investments)
             
 
655
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
677,054
 
 
925
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
B+
   
827,348
 
 
1,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43
 
1/20 at 100.00
BBB–
   
1,186,240
 
 
1,630
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
B
   
1,691,435
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
92,691
 
 
2,815
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
2,904,207
 
 
2,120
 
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 – AMBAC Insured
 
No Opt. Call
AA–
   
2,534,121
 
 
870
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
982,047
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
 
No Opt. Call
AA–
   
1,166,780
 
 
1,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
1,228,256
 
 
1,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
1,147,290
 
 
2,615
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
3,115,668
 

Nuveen Investments
 
29

 
 

 

NNP
Nuveen New York Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
 
$
2,877,950
 
 
2,100
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
 
7/19 at 100.00
Baa2
   
2,291,499
 
 
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
1,003,581
 
 
5,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
AA–
   
5,448,550
 
 
290
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.000%, 7/01/39
 
7/19 at 100.00
AA–
   
327,738
 
 
7,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
8,060,360
 
 
640
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Ba1
   
690,067
 
 
3,880
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Ba1
   
3,913,756
 
 
630
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38
 
9/23 at 100.00
A
   
716,562
 
 
1,885
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB
   
2,124,414
 
 
1,260
 
Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University Project, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
AA
   
1,435,329
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
2,515
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
BB+
   
2,593,493
 
 
2,300
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
BB+
   
2,358,512
 
 
400
 
5.000%, 1/01/46 – AMBAC Insured
 
1/17 at 100.00
BB+
   
412,140
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
3,855
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
3,902,378
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
AA–
   
1,045,510
 
 
420
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
451,227
 
 
1,750
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.000%, 9/01/41
 
3/22 at 100.00
A3
   
1,946,315
 
 
1,425
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
1,588,291
 
 
660
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
 
6/19 at 100.00
BBB
   
755,086
 
 
56,320
 
Total Education and Civic Organizations
         
61,495,895
 
     
Financials – 4.7% (3.2% of Total Investments)
             
 
6,495
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
7,869,537
 
 
2,740
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
3,425,932
 
 
9,235
 
Total Financials
         
11,295,469
 
     
Health Care – 11.9% (8.2% of Total Investments)
             
 
1,235
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
6/15 at 100.00
AA–
   
1,239,903
 
 
1,700
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
6/15 at 100.00
AA–
   
1,706,613
 

30
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
350
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26
 
7/20 at 100.00
A
 
$
395,546
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
2,210
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
2,517,367
 
 
1,205
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
1,334,995
 
 
2,495
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
2,747,544
 
 
5,590
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
5,879,227
 
 
170
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
6/15 at 100.00
AA
   
171,081
 
 
1,800
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
 
11/16 at 100.00
A
   
1,903,734
 
 
3,750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
4,387,800
 
 
500
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/30
 
7/20 at 100.00
A–
   
585,370
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
710
 
5.250%, 2/01/27
 
2/17 at 100.00
BB+
   
728,432
 
 
625
 
5.500%, 2/01/32
 
2/17 at 100.00
BB+
   
639,213
 
 
2,730
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
3,020,090
 
 
1,100
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
7/15 at 100.00
B+
   
1,102,079
 
 
290
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31
 
6/15 at 100.00
B+
   
290,548
 
 
26,460
 
Total Health Care
         
28,649,542
 
     
Housing/Multifamily – 2.5% (1.8% of Total Investments)
             
 
5
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)
 
6/15 at 100.00
AA+
   
5,013
 
 
345
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA+
   
364,617
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
2,067,860
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2010A, 5.000%, 11/01/42
 
5/20 at 100.00
Aa2
   
2,119,420
 
 
690
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
710,686
 
 
830
 
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
 
8/15 at 100.00
Aa1
   
832,158
 
 
5,870
 
Total Housing/Multifamily
         
6,099,754
 
     
Industrials – 2.3% (1.6% of Total Investments)
             
 
220
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
 
1/25 at 100.00
N/R
   
238,528
 
 
5,020
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
5,303,580
 
 
5,240
 
Total Industrials
         
5,542,108
 

Nuveen Investments
 
31

 
 

 

NNP
Nuveen New York Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care – 3.5% (2.4% of Total Investments)
             
$
1,070
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
 
$
1,170,965
 
 
645
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
660,357
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
             
 
50
 
5.125%, 7/01/30 – ACA Insured
 
7/15 at 100.00
N/R
   
50,113
 
 
425
 
5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
425,616
 
 
1,615
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
   
1,643,747
 
 
1,295
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
1,320,006
 
 
65
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
7/15 at 100.00
N/R
   
65,148
 
 
495
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
7/15 at 100.00
N/R
   
497,406
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
1,525
 
5.500%, 7/01/18
 
7/16 at 101.00
N/R
   
1,517,436
 
 
755
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
752,040
 
 
340
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
255,792
 
 
8,280
 
Total Long-Term Care
         
8,358,626
 
     
Tax Obligation/General – 11.7% (8.2% of Total Investments)
             
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/26 (UB)
 
12/17 at 100.00
AA
   
11,152,800
 
 
400
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
 
8/19 at 100.00
AA
   
459,740
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
3,591,510
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal 2015 Series B, 5.000%, 8/01/30
 
8/24 at 100.00
AA
   
5,888,800
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
 
6/15 at 100.00
AA
   
5,021
 
 
50
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
   
51,012
 
 
20
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
 
6/16 at 100.00
AA
   
21,082
 
 
1,915
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
2,228,715
 
 
3,125
 
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.153%, 3/01/21 (IF) (4)
 
No Opt. Call
AA
   
4,979,125
 
 
23,515
 
Total Tax Obligation/General
         
28,377,805
 
     
Tax Obligation/Limited – 28.8% (20.0% of Total Investments)
             
 
2,500
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 – FGIC Insured
 
No Opt. Call
AA
   
2,692,175
 
 
980
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
 
3/21 at 100.00
AAA
   
1,109,389
 
 
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/33
 
No Opt. Call
AAA
   
1,160,700
 
 
2,580
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C. Group C, 5.000%, 3/15/44
 
3/24 at 100.00
AAA
   
2,959,647
 
 
1,590
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
 
No Opt. Call
AAA
   
1,846,912
 
 
4,700
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
   
5,482,644
 
 
500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
530,795
 

32
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,175
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18
 
No Opt. Call
AA
 
$
2,500,750
 
 
1,680
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
7/15 at 100.00
A–
   
1,685,208
 
 
3,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA
   
3,312,629
 
 
1,870
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2013S-1, 5.000%, 7/15/31
 
No Opt. Call
AA
   
2,176,287
 
 
1,915
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1, 5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
2,205,506
 
 
1,570
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
1,867,892
 
 
3,900
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
AAA
   
4,475,679
 
 
2,600
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
 
2/24 at 100.00
AAA
   
3,010,618
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
2,999,475
 
 
2,400
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 13.741%, 5/01/32 (IF)
 
5/19 at 100.00
AAA
   
3,325,824
 
 
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
1,194,960
 
 
5,000
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
5,509,200
 
 
865
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA+
   
885,535
 
 
2,800
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA+
   
3,063,536
 
 
5,600
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA+
   
6,711,040
 
 
1,600
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
1,873,424
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
16,000
 
0.000%, 8/01/43 – NPFG Insured
 
No Opt. Call
AA–
   
2,456,000
 
 
11,250
 
0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
   
1,512,900
 
 
2,505
 
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29
 
10/24 at 100.00
AAA
   
3,059,707
 
 
84,180
 
Total Tax Obligation/Limited
         
69,608,432
 
     
Transportation – 9.8% (6.8% of Total Investments)
             
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
 
11/20 at 100.00
AA–
   
2,275,300
 
 
2,000
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
715,000
 
 
2,585
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
6/15 at 100.00
BB
   
2,590,842
 
 
1,550
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
1,605,180
 
 
1,420
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
1,585,032
 
 
6,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/33
 
9/24 at 100.00
AA–
   
7,074,960
 

Nuveen Investments
 
33

 
 

 

NNP
Nuveen New York Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
770
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA
 
$
1,052,405
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
   
1,126,460
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
520
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
539,874
 
 
2,500
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
2,958,100
 
 
1,750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF)
 
No Opt. Call
AA–
   
2,189,006
 
 
22,095
 
Total Transportation
         
23,712,159
 
     
U.S. Guaranteed – 17.9% (12.4% of Total Investments) (6)
             
 
1,000
 
Dormitory Authority of the State of New York , Revenue Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36 (Pre-refunded 7/01/17)
 
7/17 at 100.00
A3 (6)
   
1,096,410
 
 
8,500
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
 
8/15 at 100.00
N/R (6)
   
8,649,855
 
 
635
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
 
10/15 at 100.00
A (6)
   
650,335
 
 
5,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (6)
   
5,108,300
 
 
4,530
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (6)
   
4,584,496
 
 
2,950
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
 
9/15 at 100.00
Aa2 (6)
   
3,009,030
 
 
6,380
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16) (UB)
 
6/16 at 100.00
N/R (6)
   
6,732,814
 
     
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A:
             
 
175
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
N/R (6)
   
178,854
 
 
1,855
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
AAA
   
1,895,847
 
 
135
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
 
10/15 at 100.00
N/R (6)
   
138,260
 
 
1,600
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
 
No Opt. Call
AA+ (6)
   
1,810,608
 
 
7,500
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22)
 
1/22 at 100.00
AA+ (6)
   
9,388,726
 
 
40,260
 
Total U.S. Guaranteed
         
43,243,535
 
     
Utilities – 14.0% (9.8% of Total Investments)
             
 
2,200
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
2,523,994
 
 
185
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
206,395
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
3,100
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
AA–
   
3,247,033
 
 
3,100
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
AA–
   
3,244,088
 
 
290
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
325,374
 
 
3,380
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
3,751,259
 
 
2,300
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
6/15 at 100.00
A–
   
2,309,085
 

34
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
5,325
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
 
$
5,543,325
 
 
820
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa1
   
844,756
 
 
3,435
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
7/15 at 100.00
N/R
   
3,435,893
 
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
             
 
3,800
 
5.000%, 12/15/33
 
12/23 at 100.00
AAA
   
4,483,582
 
 
1,060
 
5.000%, 12/15/34
 
12/23 at 100.00
AAA
   
1,247,980
 
 
2,335
 
5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
2,729,335
 
 
31,330
 
Total Utilities
         
33,892,099
 
     
Water and Sewer – 6.1% (4.3% of Total Investments)
             
 
1,995
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
A–
   
2,228,016
 
 
4,140
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
4,705,358
 
 
3,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
 
6/24 at 100.00
AA+
   
3,485,940
 
 
3,840
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
 
4/20 at 100.00
AAA
   
4,394,611
 
 
12,975
 
Total Water and Sewer
         
14,813,925
 
$
334,495
 
Total Municipal Bonds (cost $318,753,031)
         
343,395,488
 
 
 
Shares
 
Description (1)
         
Value
 
     
COMMON STOCKS – 1.7% (1.2% of Total Investments)
             
     
Airlines – 1.7% (1.2% of Total Investments)
             
 
78,264
 
American Airlines Group Inc., (7)
       
$
4,130,774
 
     
Total Common Stocks (cost $2,431,776)
         
4,130,774
 
     
Total Long-Term Investments (cost $321,184,807)
         
347,526,262
 
     
Floating Rate Obligations – (9.2)%
         
(22,230,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (36.9)% (8)
         
(89,000,000
)
     
Other Assets Less Liabilities – 2.2%
         
5,222,608
 
     
Net Assets Applicable to Common Shares – 100%
       
$
241,518,870
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value, as a percentage of Total Investments is 25.6%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
35

 
 

 

NAN
   
 
Nuveen New York Dividend Advantage Municipal Fund
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 144.8% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 144.8% (100.0% of Total Investments)
             
     
Consumer Discretionary – 3.1% (2.2% of Total Investments)
             
$
950
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
963,842
 
 
3,350
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
N/R
   
3,500,884
 
 
4,300
 
Total Consumer Discretionary
         
4,464,726
 
     
Consumer Staples – 3.0% (2.1% of Total Investments)
             
 
700
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
 
6/16 at 100.00
B
   
602,056
 
 
120
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
6/15 at 100.00
A1
   
120,190
 
 
50
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
6/15 at 100.00
A1
   
49,995
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
625
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
630,331
 
 
2,625
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
2,641,170
 
 
315
 
5.125%, 6/01/42
 
6/16 at 100.00
B
   
271,527
 
 
4,435
 
Total Consumer Staples
         
4,315,269
 
     
Education and Civic Organizations – 18.7% (12.9% of Total Investments)
             
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
392,795
 
 
550
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
B+
   
491,937
 
 
1,725
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
2,039,105
 
 
965
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
B
   
1,001,371
 
 
1,025
 
Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 5.000%, 6/01/32
 
6/24 at 100.00
Aa2
   
1,200,285
 
 
120
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
123,588
 
 
1,635
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,686,813
 
 
525
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
592,615
 
 
705
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
712,692
 
 
1,300
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
1,548,898
 
 
700
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
802,865
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
1,151,480
 
 
680
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Ba1
   
733,196
 

36
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
1,300
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Ba1
 
$
1,311,310
 
 
250
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39
 
2/19 at 100.00
A
   
279,773
 
 
375
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38
 
9/23 at 100.00
A
   
426,525
 
 
1,085
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB
   
1,222,806
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
160
 
5.000%, 1/01/36 – AMBAC Insured
 
1/17 at 100.00
BB+
   
165,050
 
 
1,000
 
5.000%, 1/01/39 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,031,210
 
 
1,630
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,671,467
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
2,240
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
2,267,530
 
 
1,000
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
AA–
   
1,045,510
 
 
1,000
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
 
1/21 at 100.00
A
   
1,120,560
 
 
1,500
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33
 
8/23 at 100.00
AA–
   
1,739,475
 
 
245
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
263,216
 
 
1,050
 
St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012A, 5.250%, 9/01/33
 
3/22 at 100.00
A3
   
1,199,373
 
 
535
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
596,306
 
 
24,680
 
Total Education and Civic Organizations
         
26,817,751
 
     
Financials – 6.4% (4.5% of Total Investments)
             
 
5,230
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
6,336,825
 
 
2,340
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
2,925,796
 
 
7,570
 
Total Financials
         
9,262,621
 
     
Health Care – 11.7% (8.1% of Total Investments)
             
 
625
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
6/15 at 100.00
AA–
   
627,481
 
 
200
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
 
7/20 at 100.00
A
   
225,944
 
 
1,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
 
5/21 at 100.00
A
   
1,113,080
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
1,480
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,685,838
 
 
710
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
786,595
 
 
1,320
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
1,453,610
 
 
3,160
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
3,323,498
 
 
80
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
5/15 at 100.00
AA
   
80,509
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34
 
11/16 at 100.00
A
   
1,057,630
 

Nuveen Investments
 
37

 
 

 

NAN
Nuveen New York Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
750
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
 
$
877,560
 
 
420
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
6/15 at 100.00
BB
   
420,449
 
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
 
410
 
5.250%, 2/01/27
 
2/17 at 100.00
BB+
   
420,644
 
 
360
 
5.500%, 2/01/32
 
2/17 at 100.00
BB+
   
368,186
 
 
715
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
 
2/21 at 100.00
AA
   
856,763
 
 
470
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
519,942
 
 
1,995
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39
 
8/15 at 100.00
N/R
   
1,999,289
 
 
950
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
7/15 at 100.00
B+
   
951,795
 
 
15,645
 
Total Health Care
         
16,768,813
 
     
Housing/Multifamily – 4.2% (2.9% of Total Investments)
             
 
400
 
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40
 
5/20 at 100.00
AA
   
444,420
 
 
4,000
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36
 
5/19 at 100.00
AA+
   
4,224,240
 
 
290
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA+
   
306,489
 
 
600
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
628,686
 
 
405
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
417,142
 
 
5,695
 
Total Housing/Multifamily
         
6,020,977
 
     
Housing/Single Family – 0.5% (0.3% of Total Investments)
             
 
645
 
Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
 
No Opt. Call
N/R
   
711,242
 
     
Industrials – 2.3% (1.6% of Total Investments)
             
 
135
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
 
1/25 at 100.00
N/R
   
146,370
 
 
3,030
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
3,201,165
 
 
3,165
 
Total Industrials
         
3,347,535
 
     
Long-Term Care – 3.4% (2.3% of Total Investments)
             
 
585
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
640,201
 
 
375
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
383,929
 
 
250
 
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
250,362
 
 
960
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
   
977,088
 
 
770
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
784,869
 

38
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care (continued)
             
$
50
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19
 
7/15 at 100.00
N/R
 
$
50,113
 
 
275
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
7/15 at 100.00
N/R
   
276,336
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
885
 
5.500%, 7/01/18
 
7/16 at 101.00
N/R
   
880,610
 
 
635
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
632,511
 
 
4,785
 
Total Long-Term Care
         
4,876,019
 
     
Tax Obligation/General – 16.7% (11.5% of Total Investments)
             
 
6,590
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
 
12/17 at 100.00
AA
   
7,353,452
 
 
980
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32
 
8/22 at 100.00
AA
   
1,130,420
 
 
2,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
2,394,340
 
 
3,365
 
New York City, New York, General Obligation Bonds, Fiscal 2015 Series B, 5.000%, 8/01/30
 
8/24 at 100.00
AA
   
3,963,162
 
 
3,665
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25
 
8/16 at 100.00
AA
   
3,887,319
 
 
1,025
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
1,192,916
 
 
1,525
 
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324, 18.153%, 3/01/21 (IF) (4)
 
3/23 at 100.00
AA
   
2,429,813
 
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
 
720
 
5.250%, 10/01/18 – NPFG Insured
 
No Opt. Call
AA–
   
818,978
 
 
720
 
5.250%, 10/01/19 – NPFG Insured
 
No Opt. Call
AA–
   
838,591
 
 
20,590
 
Total Tax Obligation/General
         
24,008,991
 
     
Tax Obligation/Limited – 28.1% (19.4% of Total Investments)
             
 
590
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
 
7/15 at 100.00
AA
   
597,334
 
 
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43
 
2/23 at 100.00
AAA
   
1,137,400
 
 
1,000
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
 
No Opt. Call
AAA
   
1,161,580
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A:
             
 
1,815
 
5.000%, 11/15/27
 
No Opt. Call
AA
   
2,177,909
 
 
2,250
 
5.000%, 11/15/29
 
11/22 at 100.00
AA
   
2,659,680
 
 
1,130
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
7/15 at 100.00
A–
   
1,133,503
 
 
2,100
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA
   
2,244,039
 
 
1,025
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1, 5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
1,180,493
 
 
840
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
999,382
 
 
2,350
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
AAA
   
2,696,883
 
 
1,570
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35
 
2/24 at 100.00
AAA
   
1,817,950
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
2,999,475
 
 
2,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35
 
2/21 at 100.00
AAA
   
2,271,280
 

Nuveen Investments
 
39

 
 

 

NAN
Nuveen New York Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
4,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
 
$
4,779,840
 
 
2,920
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/26 (UB)
 
12/17 at 100.00
AAA
   
3,217,373
 
 
865
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA+
   
885,535
 
 
1,625
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA+
   
1,777,945
 
 
3,400
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA+
   
4,074,560
 
 
510
 
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
597,154
 
 
1,330
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.502%, 3/15/37 (IF) (4)
 
3/17 at 100.00
AAA
   
1,629,955
 
 
1,250
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
   
168,100
 
 
170
 
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29
 
10/24 at 100.00
AAA
   
207,645
 
 
36,240
 
Total Tax Obligation/Limited
         
40,415,015
 
     
Transportation – 20.3% (14.0% of Total Investments)
             
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D:
             
 
1,000
 
5.000%, 11/15/34
 
11/20 at 100.00
AA–
   
1,137,650
 
 
1,560
 
5.250%, 11/15/40
 
11/20 at 100.00
AA–
   
1,774,625
 
 
4,140
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42
 
No Opt. Call
AA–
   
4,646,322
 
 
2,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31
 
11/23 at 100.00
AA–
   
2,319,960
 
 
1,750
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
1,909,110
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
             
 
200
 
5.750%, 10/01/37 (5)
 
10/17 at 100.00
N/R
   
71,500
 
 
2,000
 
5.875%, 10/01/46 (6)
 
10/17 at 102.00
N/R
   
715,000
 
 
1,575
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
6/15 at 100.00
BB
   
1,578,560
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/15 at 100.50
N/R
   
1,027,260
 
 
900
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
932,040
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
320
 
5.000%, 5/15/20 (Alternative Minimum Tax)
 
6/15 at 100.00
B
   
320,182
 
 
1,000
 
5.125%, 5/15/30 (Alternative Minimum Tax)
 
6/15 at 100.00
B
   
1,000,380
 
 
845
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
943,206
 
 
4,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/34
 
9/24 at 100.00
AA–
   
4,705,800
 
 
440
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA
   
601,374
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
   
2,252,920
 

40
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
$
290
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
 
$
301,084
 
 
1,470
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,739,363
 
 
1,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF)
 
No Opt. Call
AA–
   
1,250,860
 
 
27,490
 
Total Transportation
         
29,227,196
 
     
U.S. Guaranteed – 7.0% (4.8% of Total Investments) (7)
             
 
3,350
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
 
8/15 at 100.00
N/R (7)
   
3,409,061
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)
 
7/17 at 100.00
A3 (7)
   
2,220,680
 
 
370
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15)
 
10/15 at 100.00
A (7)
   
378,935
 
 
2,585
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A, 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (7)
   
2,616,097
 
 
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2007A, 5.000%, 8/01/25 (Pre-refunded 8/01/16)
 
8/16 at 100.00
N/R (7)
   
37,189
 
     
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A:
             
 
100
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
N/R (7)
   
102,202
 
 
1,090
 
5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
AAA
   
1,114,002
 
 
135
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
 
10/15 at 100.00
N/R (7)
   
138,260
 
 
9,665
 
Total U.S. Guaranteed
         
10,016,426
 
     
Utilities – 13.0% (9.0% of Total Investments)
             
 
1,300
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
1,491,451
 
 
110
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
122,721
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
2,500
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
AA–
   
2,618,575
 
 
500
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
AA–
   
523,240
 
 
675
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
757,337
 
 
3,885
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
4,311,728
 
 
1,250
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
 
No Opt. Call
A–
   
1,380,963
 
 
1,400
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
6/15 at 100.00
A–
   
1,405,530
 
 
3,210
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
3,341,610
 
 
2,410
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
2,817,001
 
 
17,240
 
Total Utilities
         
18,770,156
 

Nuveen Investments
 
41

 
 

 

NAN
Nuveen New York Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 6.4% (4.4% of Total Investments)
             
$
1,185
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
A–
 
$
1,323,408
 
 
2,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
 
6/24 at 100.00
AA+
   
2,323,960
 
 
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
 
6/21 at 100.00
AAA
   
5,521,911
 
 
8,060
 
Total Water and Sewer
         
9,169,279
 
$
190,205
 
Total Long-Term Investments (cost $193,411,801)
         
208,192,016
 
     
Floating Rate Obligations – (7.8)%
         
(11,215,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (39.0)% (8)
         
(56,000,000
)
     
Other Assets Less Liabilities – 2.0%
         
2,792,905
 
     
Net Assets Applicable to Common Shares – 100%
       
$
143,769,921
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%.
(6)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(7)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.9%.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
42
 
Nuveen Investments

 
 

 

NXK
   
 
Nuveen New York Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 146.2% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 146.2% (100.0% of Total Investments)
             
     
Consumer Discretionary – 2.8% (1.9% of Total Investments)
             
$
700
 
New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35
 
9/15 at 100.00
BBB
 
$
710,199
 
 
1,950
 
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
 
6/17 at 100.00
N/R
   
2,037,828
 
 
2,650
 
Total Consumer Discretionary
         
2,748,027
 
     
Consumer Staples – 3.2% (2.2% of Total Investments)
             
 
350
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
 
6/16 at 100.00
B
   
350,056
 
 
500
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
 
6/16 at 100.00
B
   
430,040
 
 
115
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
6/15 at 100.00
A1
   
115,182
 
 
230
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
6/15 at 100.00
A1
   
230,051
 
 
35
 
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
 
6/15 at 100.00
A1
   
34,997
 
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
             
 
470
 
4.750%, 6/01/22
 
6/16 at 100.00
BBB–
   
474,009
 
 
835
 
5.000%, 6/01/26
 
6/16 at 100.00
BB–
   
840,144
 
 
500
 
5.000%, 6/01/34
 
6/16 at 100.00
B
   
460,015
 
 
215
 
5.125%, 6/01/42
 
6/16 at 100.00
B
   
185,328
 
 
3,250
 
Total Consumer Staples
         
3,119,822
 
     
Education and Civic Organizations – 26.9% (18.4% of Total Investments)
             
 
260
 
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
 
7/17 at 100.00
BBB
   
268,754
 
 
380
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
 
4/17 at 100.00
B+
   
339,883
 
 
1,225
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
BBB–
   
1,448,060
 
 
670
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
 
12/20 at 100.00
B
   
695,252
 
 
2,070
 
Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 5.000%, 6/01/43
 
6/24 at 100.00
Aa2
   
2,368,329
 
 
90
 
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23
 
5/16 at 100.00
BBB–
   
92,691
 
 
1,125
 
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
 
7/17 at 100.00
N/R
   
1,160,651
 
 
365
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
412,008
 
 
1,000
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured
 
No Opt. Call
AA–
   
1,166,780
 
 
485
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
490,291
 
 
2,500
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
2,868,225
 

Nuveen Investments
 
43

 
 

 

NXK
Nuveen New York Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
 
$
2,302,360
 
 
175
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
200,716
 
 
2,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
2,302,960
 
 
280
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Joseph’s College, Series 2010, 5.250%, 7/01/35
 
7/20 at 100.00
Ba1
   
301,904
 
 
1,835
 
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Refunding, Series 2007-A1, 5.000%, 8/01/46
 
8/17 at 100.00
Ba1
   
1,850,965
 
 
265
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/43
 
9/23 at 100.00
A
   
300,155
 
 
1,475
 
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
 
7/19 at 100.00
BBB
   
1,662,340
 
 
890
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/30
 
6/21 at 100.00
BBB+
   
1,011,343
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
1,000
 
5.000%, 1/01/31 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,033,800
 
 
1,120
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,148,493
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
1,460
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
1,477,943
 
 
750
 
4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
AA–
   
784,133
 
 
170
 
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
182,640
 
 
300
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
334,377
 
 
340
 
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
 
6/19 at 100.00
BBB
   
388,984
 
 
24,230
 
Total Education and Civic Organizations
         
26,594,037
 
     
Financials – 2.3% (1.6% of Total Investments)
             
 
1,805
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
2,256,864
 
     
Health Care – 9.7% (6.6% of Total Investments)
             
 
1,620
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
6/15 at 100.00
AA–
   
1,626,302
 
 
150
 
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32
 
7/20 at 100.00
A
   
169,458
 
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
 
975
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
1,110,603
 
 
505
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
559,479
 
 
985
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
1,084,702
 
 
2,300
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006, 5.000%, 7/01/35 (UB)
 
7/16 at 100.00
AA
   
2,419,002
 
 
30
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
5/15 at 100.00
AA
   
30,191
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
 
7/20 at 100.00
A–
   
1,170,080
 
 
290
 
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
 
6/15 at 100.00
BB
   
290,310
 

44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
             
$
275
 
5.250%, 2/01/27
 
2/17 at 100.00
BB+
 
$
282,139
 
 
250
 
5.500%, 2/01/32
 
2/17 at 100.00
BB+
   
255,685
 
 
215
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
7/15 at 100.00
B+
   
215,406
 
 
360
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31
 
6/15 at 100.00
B+
   
360,680
 
 
8,955
 
Total Health Care
         
9,574,037
 
     
Housing/Multifamily – 0.4% (0.3% of Total Investments)
             
 
70
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA+
   
73,980
 
 
290
 
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
 
11/17 at 100.00
Aa2
   
298,694
 
 
360
 
Total Housing/Multifamily
         
372,674
 
     
Industrials – 2.3% (1.6% of Total Investments)
             
 
90
 
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
 
1/25 at 100.00
N/R
   
97,580
 
 
2,095
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
2,213,347
 
 
2,185
 
Total Industrials
         
2,310,927
 
     
Long-Term Care – 3.4% (2.4% of Total Investments)
             
 
440
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
481,518
 
 
255
 
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
 
11/16 at 100.00
Ba3
   
261,072
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
             
 
50
 
5.125%, 7/01/30 – ACA Insured
 
7/15 at 100.00
N/R
   
50,113
 
 
175
 
5.000%, 7/01/35 – ACA Insured
 
7/15 at 100.00
N/R
   
175,254
 
 
665
 
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
 
8/16 at 101.00
N/R
   
676,837
 
 
530
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
540,234
 
 
190
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
 
7/15 at 100.00
N/R
   
190,923
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
             
 
275
 
5.500%, 7/01/18
 
7/16 at 101.00
N/R
   
273,636
 
 
440
 
5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
438,275
 
 
340
 
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.500%, 7/01/18
 
7/16 at 100.00
N/R
   
255,377
 
 
170
 
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
 
7/16 at 101.00
N/R
   
169,334
 
 
3,530
 
Total Long-Term Care
         
3,512,573
 
     
Tax Obligation/General – 7.3% (5.0% of Total Investments)
             
 
4,540
 
New York City, New York, General Obligation Bonds, Fiscal 2007 Series D-1, 5.125%, 12/01/25 (UB)
 
12/17 at 100.00
AA
   
5,065,959
 
 
1,000
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
 
No Opt. Call
AA
   
1,161,440
 
 
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured
 
9/15 at 100.00
AA
   
35,708
 

Nuveen Investments
 
45

 
 

 

NXK
Nuveen New York Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (UB)
 
6/16 at 100.00
AA
 
$
5,271
 
 
835
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
971,790
 
 
6,415
 
Total Tax Obligation/General
         
7,240,168
 
     
Tax Obligation/Limited – 44.2% (30.2% of Total Investments)
             
 
4,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43
 
2/23 at 100.00
AAA
   
4,549,600
 
 
1,000
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 5.000%, 3/15/43
 
3/23 at 100.00
AAA
   
1,150,910
 
     
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A:
             
 
1,000
 
5.000%, 3/15/38
 
3/24 at 100.00
AAA
   
1,166,720
 
 
6,190
 
5.000%, 3/15/44
 
No Opt. Call
AAA
   
7,190,180
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
             
 
2,000
 
5.750%, 2/15/47
 
2/21 at 100.00
A
   
2,333,040
 
 
2,000
 
5.250%, 2/15/47
 
2/21 at 100.00
A
   
2,231,940
 
 
5,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
 
2/17 at 100.00
A
   
5,307,950
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
7/15 at 100.00
A–
   
561,736
 
 
1,300
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA
   
1,389,167
 
 
465
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
 
5/17 at 100.00
AAA
   
501,651
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1:
             
 
835
 
5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
961,670
 
 
3,950
 
5.000%, 2/01/42
 
2/22 at 100.00
AAA
   
4,527,885
 
 
680
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
809,023
 
 
1,610
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
AAA
   
1,847,652
 
 
1,000
 
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
1,194,960
 
 
2,020
 
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
 
12/17 at 100.00
AAA
   
2,225,717
 
 
1,125
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27
 
10/17 at 100.00
AA+
   
1,230,885
 
 
2,300
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
 
No Opt. Call
AA+
   
2,756,320
 
 
1,435
 
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/29
 
10/24 at 100.00
AAA
   
1,752,766
 
 
38,470
 
Total Tax Obligation/Limited
         
43,689,772
 
     
Transportation – 16.6% (11.3% of Total Investments)
             
 
1,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.000%, 11/15/34
 
11/20 at 100.00
AA–
   
1,137,650
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42
 
No Opt. Call
AA–
   
2,805,750
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
N/R
   
1,363,650
 
 
1,500
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (5)
 
10/17 at 102.00
N/R
   
536,250
 

46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
1,425
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
6/15 at 100.00
BB
 
$
1,428,221
 
 
1,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/15 at 100.50
N/R
   
1,027,260
 
 
650
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)
 
1/16 at 100.00
A3
   
673,140
 
     
New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
             
 
35
 
5.000%, 5/15/20 (Alternative Minimum Tax)
 
6/15 at 100.00
B
   
35,020
 
 
750
 
5.125%, 5/15/30 (Alternative Minimum Tax)
 
6/15 at 100.00
B
   
750,285
 
 
585
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
652,989
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA
   
423,696
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41
 
1/21 at 100.00
AA–
   
2,252,920
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
210
 
6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
218,026
 
 
1,030
 
6.000%, 12/01/36
 
12/20 at 100.00
BBB
   
1,218,737
 
 
780
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
AA–
   
948,667
 
 
750
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.415%, 5/15/16 (IF)
 
11/18 at 100.00
AA–
   
938,145
 
 
15,775
 
Total Transportation
         
16,410,406
 
     
U.S. Guaranteed – 6.1% (4.1% of Total Investments) (6)
             
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)
 
7/17 at 100.00
A3 (6)
   
1,665,510
 
 
735
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
 
5/17 at 100.00
N/R (6)
   
802,150
 
 
2,595
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16) (UB)
 
6/16 at 100.00
N/R (6)
   
2,738,504
 
 
770
 
New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 (Pre-refunded 9/15/15)
 
9/15 at 100.00
AAA
   
786,955
 
 
5,600
 
Total U.S. Guaranteed
         
5,993,119
 
     
Utilities – 14.5% (9.9% of Total Investments)
             
 
75
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
83,674
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
1,700
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
AA–
   
1,780,631
 
 
1,700
 
5.000%, 12/01/24 – FGIC Insured
 
6/16 at 100.00
AA–
   
1,779,016
 
 
250
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
261,640
 
 
495
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
555,380
 
     
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A:
             
 
1,000
 
5.000%, 5/01/36 – AGM Insured
 
5/21 at 100.00
AA
   
1,123,440
 
 
1,000
 
5.000%, 5/01/38
 
5/21 at 100.00
A–
   
1,109,840
 
 
900
 
Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)
 
6/15 at 100.00
A–
   
903,555
 
 
2,225
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42
 
No Opt. Call
BB+
   
2,316,225
 

Nuveen Investments
 
47

 
 

 

NXK
Nuveen New York Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
640
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
7/15 at 100.00
N/R
 
$
640,166
 
 
3,285
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
3,839,771
 
 
13,270
 
Total Utilities
         
14,393,338
 
     
Water and Sewer – 6.5% (4.5% of Total Investments)
             
 
820
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
 
7/20 at 100.00
A–
   
915,776
 
 
4,875
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2011B, 5.000%, 6/15/41
 
6/21 at 100.00
AAA
   
5,521,913
 
 
5,695
 
Total Water and Sewer
         
6,437,689
 
$
132,190
 
Total Long-Term Investments (cost $135,128,240)
         
144,653,453
 
     
Floating Rate Obligations – (9.5)%
         
(9,405,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (38.4)% (7)
         
(38,000,000
)
     
Other Assets Less Liabilities – 1.7%
         
1,702,028
 
     
Net Assets Applicable to Common Shares – 100%
       
$
98,950,481
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.3%.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
48
 
Nuveen Investments

 
 

 

NRK
   
 
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 148.5% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 148.5% (100.0% of Total Investments)
             
     
Consumer Staples – 3.3% (2.2% of Total Investments)
             
$
6,350
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
 
6/16 at 100.00
B
 
$
5,461,508
 
 
680
 
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
 
6/15 at 100.00
A1
   
681,074
 
 
1,165
 
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
 
6/15 at 100.00
A1
   
1,165,256
 
 
40,120
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
 
6/16 at 100.00
B
   
34,583,039
 
 
48,315
 
Total Consumer Staples
         
41,890,877
 
     
Education and Civic Organizations – 26.7% (18.0% of Total Investments)
             
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
             
 
9,995
 
0.000%, 7/15/45
 
No Opt. Call
BBB–
   
2,397,101
 
 
29,145
 
0.000%, 7/15/47
 
No Opt. Call
BBB–
   
6,360,896
 
     
Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A:
             
 
250
 
5.000%, 4/01/33
 
4/23 at 100.00
BBB–
   
269,028
 
 
2,535
 
5.500%, 4/01/43
 
4/23 at 100.00
BBB–
   
2,810,707
 
 
1,030
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
 
7/15 at 100.00
N/R
   
1,034,151
 
     
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1:
             
 
1,500
 
5.500%, 7/01/24 – AMBAC Insured
 
No Opt. Call
AA–
   
1,919,430
 
 
4,000
 
5.500%, 7/01/40 – AMBAC Insured
 
No Opt. Call
AA–
   
5,382,720
 
 
4,990
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
 
7/23 at 100.00
A–
   
5,632,662
 
 
1,655
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2015A, 5.000%, 7/01/37 (WI/DD, Settling 4/15/15)
 
7/25 at 100.00
A–
   
1,907,239
 
 
4,265
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
 
No Opt. Call
AA–
   
5,013,678
 
 
6,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
 
No Opt. Call
AA–
   
7,039,740
 
     
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A:
             
 
1,685
 
5.250%, 1/01/34
 
7/24 at 100.00
BBB–
   
1,901,994
 
 
2,185
 
5.500%, 1/01/39
 
7/24 at 100.00
BBB–
   
2,479,582
 
 
2,820
 
5.500%, 1/01/44
 
7/24 at 100.00
BBB–
   
3,190,774
 
 
6,660
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/15 at 100.00
Aa2
   
6,732,661
 
 
10,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured
 
7/16 at 100.00
Aa2
   
10,509,700
 
 
6,215
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39
 
7/19 at 100.00
Aa2
   
6,974,970
 
 
4,750
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
Aa2
   
5,397,377
 
 
3,750
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37
 
7/22 at 100.00
Aa2
   
4,302,338
 
 
14,585
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
 
7/23 at 100.00
Aa3
   
17,377,444
 

Nuveen Investments
 
49

 
 

 

NRK
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
     
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
             
$
2,000
 
5.000%, 7/01/25 – FGIC Insured
 
7/17 at 100.00
AA–
 
$
2,183,060
 
 
6,525
 
5.000%, 7/01/37 – FGIC Insured
 
7/17 at 100.00
AA–
   
7,023,771
 
 
1,150
 
Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 – NPFG Insured
 
7/15 at 100.00
A3
   
1,155,612
 
 
9,180
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
   
10,567,832
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011:
             
 
1,000
 
5.625%, 11/01/35 – AGM Insured
 
5/21 at 100.00
AA
   
1,168,920
 
 
5,980
 
5.750%, 11/01/40 – AGM Insured
 
5/21 at 100.00
AA
   
6,985,059
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 – AGC Insured
 
7/18 at 100.00
A2
   
3,321,240
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29
 
7/19 at 100.00
Baa2
   
1,091,190
 
 
875
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
 
7/20 at 100.00
A–
   
1,003,581
 
 
3,250
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 1998A, 6.000%, 7/01/18 – NPFG Insured
 
No Opt. Call
AA–
   
3,756,415
 
 
3,415
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
AA–
   
3,721,360
 
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A:
             
 
10,000
 
5.250%, 7/01/34
 
7/19 at 100.00
AA–
   
11,464,900
 
 
3,890
 
5.000%, 7/01/39
 
7/19 at 100.00
AA–
   
4,396,206
 
 
13,500
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39
 
7/19 at 100.00
AA–
   
15,209,505
 
 
3,115
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/32
 
7/22 at 100.00
AA–
   
3,567,205
 
 
2,800
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37
 
7/20 at 100.00
Aa1
   
3,233,216
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A:
             
 
5,000
 
5.000%, 7/01/35
 
7/20 at 100.00
Aa1
   
5,765,500
 
 
11,560
 
5.000%, 7/01/40
 
7/20 at 100.00
Aa1
   
13,311,109
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 2015A:
             
 
800
 
5.000%, 7/01/39
 
7/24 at 100.00
A3
   
911,032
 
 
1,500
 
5.000%, 7/01/44
 
7/24 at 100.00
A3
   
1,704,345
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
             
 
2,500
 
5.250%, 7/01/20 – AMBAC Insured
 
No Opt. Call
A1
   
2,935,675
 
 
2,000
 
5.250%, 7/01/21 – AMBAC Insured
 
No Opt. Call
A1
   
2,380,740
 
 
1,250
 
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Refunding Series 2009A, 5.125%, 7/01/39
 
No Opt. Call
AA–
   
1,420,663
 
 
1,000
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College Project, Series 2013A, 5.000%, 7/01/39
 
7/23 at 100.00
A2
   
1,122,620
 
     
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013:
             
 
1,785
 
5.000%, 9/01/38
 
9/23 at 100.00
A
   
2,030,259
 
 
1,785
 
5.000%, 9/01/43
 
9/23 at 100.00
A
   
2,021,798
 
 
12,650
 
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
 
7/15 at 100.00
AA+
   
12,802,812
 
 
1,400
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John Fisher College, Series 2014A, 5.500%, 6/01/39
 
6/24 at 100.00
BBB+
   
1,587,334
 

50
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
     
New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Series 2009:
             
$
1,000
 
6.125%, 1/01/29 – AGC Insured
 
1/19 at 100.00
AA
 
$
1,150,230
 
 
1,000
 
6.375%, 1/01/39 – AGC Insured
 
1/19 at 100.00
AA
   
1,158,840
 
     
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
             
 
6,815
 
5.000%, 1/01/31 – AMBAC Insured
 
1/17 at 100.00
BB+
   
7,045,347
 
 
5,000
 
5.000%, 1/01/36 – AMBAC Insured
 
1/17 at 100.00
BB+
   
5,157,800
 
 
1,030
 
4.750%, 1/01/42 – AMBAC Insured
 
1/17 at 100.00
BB+
   
1,056,203
 
 
14,500
 
5.000%, 1/01/46 – AMBAC Insured
 
1/17 at 100.00
BB+
   
14,940,075
 
 
4,730
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
 
3/19 at 100.00
AA
   
5,645,870
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
4,280
 
5.000%, 3/01/31 – FGIC Insured
 
9/16 at 100.00
BBB
   
4,402,579
 
 
31,650
 
5.000%, 3/01/36 – NPFG Insured
 
9/16 at 100.00
AA–
   
33,263,517
 
 
20,210
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
BBB
   
20,458,381
 
 
3,400
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31
 
1/21 at 100.00
A
   
3,809,904
 
     
Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A:
             
 
600
 
5.000%, 5/01/35
 
5/22 at 100.00
BBB+
   
648,198
 
 
1,000
 
5.000%, 5/01/42
 
5/22 at 100.00
BBB+
   
1,077,100
 
 
1,450
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
Baa2
   
1,559,287
 
 
1,000
 
Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/36
 
12/21 at 100.00
AA–
   
1,122,560
 
     
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011:
             
 
1,390
 
5.500%, 7/01/33 – AGM Insured
 
1/21 at 100.00
A2
   
1,576,913
 
 
1,000
 
5.250%, 7/01/36 – AGM Insured
 
1/21 at 100.00
A2
   
1,116,850
 
 
4,000
 
5.375%, 7/01/41 – AGM Insured
 
1/21 at 100.00
A2
   
4,479,040
 
 
3,700
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
A–
   
4,123,983
 
 
339,680
 
Total Education and Civic Organizations
         
340,269,828
 
     
Financials – 1.5% (1.0% of Total Investments)
             
 
1,615
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
   
1,956,782
 
 
13,835
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
A
   
17,298,454
 
 
15,450
 
Total Financials
         
19,255,236
 
     
Health Care – 8.7% (5.8% of Total Investments)
             
 
1,250
 
Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist Hospital Project, Series 2014, 5.000%, 7/01/27
 
7/24 at 100.00
A–
   
1,444,575
 
 
2,490
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
 
8/19 at 100.00
AA+
   
2,985,933
 
 
7,615
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
 
8/17 at 100.00
AA
   
8,299,969
 
     
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004:
             
 
9,330
 
5.000%, 8/01/29 – FGIC Insured
 
6/15 at 100.00
AA–
   
9,367,040
 
 
425
 
5.000%, 8/01/33 – FGIC Insured
 
6/15 at 100.00
AA–
   
426,581
 
 
8,035
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
6/15 at 100.00
AA–
   
8,066,256
 
 
4,000
 
Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41
 
5/21 at 100.00
A
   
4,452,320
 

Nuveen Investments
 
51

 
 

 

NRK
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
             
$
3,880
 
6.000%, 12/01/15
 
No Opt. Call
Ba1
 
$
4,007,458
 
 
4,345
 
6.000%, 12/01/16
 
No Opt. Call
Ba1
   
4,677,523
 
 
5,430
 
6.500%, 12/01/21
 
12/18 at 100.00
Ba1
   
6,185,204
 
 
6,780
 
6.125%, 12/01/29
 
12/18 at 100.00
Ba1
   
7,511,426
 
 
14,770
 
6.250%, 12/01/37
 
12/18 at 100.00
Ba1
   
16,265,019
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B:
             
 
3,865
 
5.250%, 7/01/27 – AGC Insured
 
7/17 at 100.00
AA
   
4,211,188
 
 
3,500
 
5.125%, 7/01/37 – AGC Insured
 
7/17 at 100.00
AA
   
3,777,200
 
 
645
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
5/15 at 100.00
AA
   
649,102
 
 
900
 
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc, Series 2010A, 5.750%, 7/01/40 – AGM Insured
 
7/20 at 100.00
A–
   
1,036,818
 
 
1,875
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
 
2/21 at 100.00
AA
   
2,246,756
 
 
3,900
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A, 5.000%, 12/01/42
 
12/22 at 100.00
A–
   
4,250,493
 
 
6,540
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
 
7/21 at 100.00
BBB+
   
7,234,940
 
 
5,050
 
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37
 
11/20 at 100.00
A3
   
5,845,728
 
 
5,740
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31
 
7/15 at 100.00
B+
   
5,750,849
 
 
2,035
 
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31
 
6/15 at 100.00
B+
   
2,038,846
 
 
102,400
 
Total Health Care
         
110,731,224
 
     
Housing/Multifamily – 0.3% (0.2% of Total Investments)
             
     
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A:
             
 
1,000
 
5.000%, 5/01/40
 
5/20 at 100.00
AA
   
1,111,050
 
 
1,000
 
5.000%, 5/01/45 – AGM Insured
 
5/20 at 100.00
AA
   
1,111,250
 
 
1,040
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42
 
5/20 at 100.00
AA+
   
1,099,134
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
Aa2
   
471,515
 
     
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
             
 
5
 
6.100%, 11/01/15 – AGM Insured
 
6/15 at 100.00
AA
   
5,025
 
 
295
 
6.125%, 11/01/20 – AGM Insured
 
5/15 at 100.00
AA
   
295,797
 
 
3,790
 
Total Housing/Multifamily
         
4,093,771
 
     
Industrials – 2.3% (1.6% of Total Investments)
             
 
28,030
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
 
11/24 at 100.00
N/R
   
29,613,415
 
     
Long-Term Care – 0.8% (0.5% of Total Investments)
             
 
800
 
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
 
2/17 at 103.00
AA+
   
875,488
 
 
7,310
 
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36
 
11/16 at 100.00
N/R
   
7,451,156
 
 
1,225
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40
 
12/20 at 100.00
BBB–
   
1,362,813
 
 
9,335
 
Total Long-Term Care
         
9,689,457
 

52
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General – 7.9% (5.3% of Total Investments)
             
$
1,000
 
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 – AGC Insured
 
10/19 at 100.00
AA
 
$
1,126,420
 
 
210
 
Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured
 
No Opt. Call
AA–
   
222,497
 
 
1,200
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
 
8/19 at 100.00
AA
   
1,379,220
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
             
 
6,085
 
5.000%, 10/01/31
 
No Opt. Call
AA
   
7,056,349
 
 
1,000
 
5.000%, 10/01/33
 
10/22 at 100.00
AA
   
1,154,480
 
 
1,570
 
5.000%, 10/01/34
 
No Opt. Call
AA
   
1,807,934
 
 
8,665
 
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
 
No Opt. Call
AA
   
10,063,878
 
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I:
             
 
1,000
 
5.000%, 8/01/30
 
8/22 at 100.00
AA
   
1,161,440
 
 
2,000
 
5.000%, 8/01/31
 
8/22 at 100.00
AA
   
2,312,740
 
     
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1:
             
 
5,000
 
5.000%, 3/01/29
 
3/23 at 100.00
AA
   
5,806,900
 
 
3,400
 
5.000%, 3/01/31
 
3/23 at 100.00
AA
   
3,904,322
 
 
2,190
 
5.000%, 3/01/32
 
3/23 at 100.00
AA
   
2,508,185
 
 
1,000
 
5.000%, 3/01/33
 
3/23 at 100.00
AA
   
1,143,010
 
 
3,735
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26
 
8/23 at 100.00
AA
   
4,471,430
 
 
8,000
 
New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30
 
8/23 at 100.00
AA
   
9,306,240
 
 
7,665
 
New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/33
 
8/24 at 100.00
AA
   
8,931,718
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
             
 
5
 
5.250%, 8/01/15 – AGM Insured
 
6/15 at 100.00
AA
   
5,022
 
 
5
 
5.000%, 8/01/16 – FGIC Insured
 
6/15 at 100.00
AA
   
5,020
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 – AGM Insured
 
6/15 at 100.00
AA
   
5,020
 
 
715
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured
 
No Opt. Call
AA
   
726,683
 
     
New York City, New York, General Obligation Bonds, Series 2011D-I:
             
 
2,785
 
5.000%, 10/01/30
 
10/21 at 100.00
AA
   
3,263,185
 
 
2,880
 
5.000%, 10/01/34
 
No Opt. Call
AA
   
3,305,030
 
 
3,345
 
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
 
No Opt. Call
AA
   
3,892,978
 
     
Rensselaer County, New York, General Obligation Bonds, Series 1991:
             
 
960
 
6.700%, 2/15/16 – AMBAC Insured
 
No Opt. Call
AA
   
1,012,742
 
 
960
 
6.700%, 2/15/17 – AMBAC Insured
 
No Opt. Call
AA
   
1,065,120
 
 
960
 
6.700%, 2/15/18 – AMBAC Insured
 
No Opt. Call
AA
   
1,109,856
 
 
960
 
6.700%, 2/15/19 – AMBAC Insured
 
No Opt. Call
AA
   
1,156,349
 
 
960
 
6.700%, 2/15/20 – AMBAC Insured
 
No Opt. Call
AA
   
1,203,840
 
 
747
 
6.700%, 2/15/21 – AMBAC Insured
 
No Opt. Call
AA
   
970,233
 
     
Rochester, New York, General Obligation Bonds, Series 1999:
             
 
735
 
5.250%, 10/01/20 – NPFG Insured
 
No Opt. Call
AA–
   
872,930
 
 
735
 
5.250%, 10/01/21 – NPFG Insured
 
No Opt. Call
AA–
   
886,388
 
 
730
 
5.250%, 10/01/22 – NPFG Insured
 
No Opt. Call
AA–
   
891,914
 
 
730
 
5.250%, 10/01/23 – NPFG Insured
 
No Opt. Call
AA–
   
902,068
 
 
730
 
5.250%, 10/01/24 – NPFG Insured
 
No Opt. Call
AA–
   
906,492
 
 
730
 
5.250%, 10/01/25 – NPFG Insured
 
No Opt. Call
AA–
   
917,457
 
 
725
 
5.250%, 10/01/26 – NPFG Insured
 
No Opt. Call
AA–
   
918,010
 
 
1,145
 
Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured
 
No Opt. Call
Aa2
   
1,282,503
 
 
1,620
 
West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured
 
10/15 at 100.00
Aa3
   
1,658,086
 
 
7,635
 
Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured
 
8/15 at 100.00
AA–
   
7,754,411
 

Nuveen Investments
 
53

 
 

 

NRK
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
     
Yonkers, New York, General Obligation Bonds, Series 2005B:
             
$
1,650
 
5.000%, 8/01/19
 
8/15 at 100.00
A3
 
$
1,675,575
 
 
1,735
 
5.000%, 8/01/20
 
8/15 at 100.00
A3
   
1,761,493
 
 
87,907
 
Total Tax Obligation/General
         
100,505,168
 
     
Tax Obligation/Limited – 53.7% (36.2% of Total Investments)
             
 
1,615
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
 
7/15 at 100.00
N/R
   
1,622,187
 
 
115
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
 
6/15 at 100.00
N/R
   
115,488
 
 
825
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured
 
7/15 at 100.00
N/R
   
828,836
 
 
7,825
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured
 
7/15 at 100.00
AA–
   
7,859,821
 
 
1,000
 
Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured
 
8/19 at 100.00
AA
   
1,125,330
 
 
10,840
 
Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured
 
6/15 at 100.00
AA
   
10,883,035
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured
 
10/19 at 100.00
AA
   
1,162,980
 
 
4,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured
 
No Opt. Call
AA
   
4,245,120
 
 
1,000
 
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured
 
No Opt. Call
Aa2
   
1,144,030
 
 
3,375
 
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured
 
No Opt. Call
AA
   
3,668,929
 
 
6,435
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
 
7/15 at 100.00
AA
   
6,511,319
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
             
 
995
 
5.000%, 3/15/34
 
No Opt. Call
AAA
   
1,150,608
 
 
25,100
 
5.000%, 3/15/41
 
3/21 at 100.00
AAA
   
28,413,953
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D:
             
 
7,550
 
5.000%, 2/15/33
 
No Opt. Call
AAA
   
8,763,285
 
 
10,000
 
5.000%, 2/15/40
 
No Opt. Call
AAA
   
11,511,400
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A:
             
 
2,500
 
5.000%, 2/15/26
 
2/24 at 100.00
AAA
   
3,044,500
 
 
5,000
 
5.000%, 2/15/29
 
2/24 at 100.00
AAA
   
5,929,950
 
 
10,000
 
5.000%, 2/15/30
 
2/24 at 100.00
AAA
   
11,799,200
 
 
7,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C. Group C, 5.000%, 3/15/44
 
3/24 at 100.00
AAA
   
8,030,050
 
 
1,500
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A, 5.000%, 3/15/31
 
3/25 at 100.00
AAA
   
1,781,385
 
 
28,280
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 5.000%, 3/15/43
 
3/23 at 100.00
AAA
   
32,547,735
 
 
10,780
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/44
 
No Opt. Call
AAA
   
12,521,832
 
 
8,100
 
Erie County Industrial Development Agency, New York, School Facility Refunding Revenue Bonds, Buffalo City School District, Series 2013A, 5.000%, 5/01/28
 
5/23 at 100.00
AA
   
9,543,420
 
 
10,125
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31
 
5/19 at 100.00
AA
   
11,355,390
 

54
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2007A:
             
$
5,980
 
5.750%, 5/01/27 – AGM Insured (UB)
 
5/17 at 100.00
AA
 
$
6,569,209
 
 
21,030
 
5.750%, 5/01/28 – AGM Insured (UB)
 
5/17 at 100.00
AA
   
23,074,537
 
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A:
             
 
3,540
 
5.750%, 5/01/27 – AGM Insured (UB)
 
5/18 at 100.00
AA
   
4,015,068
 
 
5,000
 
5.750%, 5/01/28 – AGM Insured (UB)
 
5/18 at 100.00
AA
   
5,688,299
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
             
 
23,030
 
5.750%, 2/15/47
 
2/21 at 100.00
A
   
26,864,956
 
 
6,000
 
5.250%, 2/15/47
 
2/21 at 100.00
A
   
6,695,820
 
 
1,850
 
5.000%, 2/15/47 – AGM Insured
 
2/21 at 100.00
AA
   
2,029,450
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
             
 
51,590
 
5.000%, 2/15/47 – FGIC Insured
 
2/17 at 100.00
A
   
54,767,428
 
 
4,200
 
5.000%, 2/15/47 – AGM Insured
 
2/17 at 100.00
AA
   
4,471,530
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
             
 
1,000
 
5.750%, 7/01/18 – AGM Insured
 
No Opt. Call
AA
   
1,151,500
 
 
9,000
 
5.750%, 7/01/18 – AGM Insured (UB)
 
No Opt. Call
AA
   
10,363,500
 
 
3,675
 
Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28
 
5/23 at 100.00
AA
   
4,288,946
 
 
560
 
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
 
7/15 at 100.00
A–
   
561,736
 
 
10,440
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
 
1/17 at 100.00
AA
   
11,156,080
 
     
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-1:
             
 
5,120
 
5.000%, 7/15/34
 
1/25 at 100.00
AA
   
5,985,178
 
 
5,360
 
5.000%, 7/15/43
 
1/25 at 100.00
AA
   
6,177,239
 
 
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 – NPFG Insured
 
6/15 at 100.00
AAA
   
5,021
 
 
1,470
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
 
5/17 at 100.00
AAA
   
1,585,865
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1:
             
 
6,225
 
5.000%, 2/01/37
 
2/22 at 100.00
AAA
   
7,169,332
 
 
24,155
 
5.000%, 2/01/42
 
2/22 at 100.00
AAA
   
27,688,876
 
 
32,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series F-1, 5.000%, 5/01/39
 
5/22 at 100.00
AAA
   
37,527,100
 
 
5,100
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29
 
No Opt. Call
AAA
   
6,067,674
 
 
13,530
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/37
 
2/24 at 100.00
AAA
   
15,655,428
 
 
3,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series A-1, 5.000%, 8/01/32
 
8/24 at 100.00
AAA
   
3,529,230
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series B-1:
             
 
10,000
 
5.000%, 8/01/33
 
8/24 at 100.00
AAA
   
11,710,500
 
 
3,960
 
5.000%, 8/01/35
 
8/24 at 100.00
AAA
   
4,616,212
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
             
 
10,000
 
5.500%, 11/01/35
 
11/20 at 100.00
AAA
   
11,997,900
 
 
1,000
 
5.000%, 11/01/39
 
11/20 at 100.00
AAA
   
1,157,710
 

Nuveen Investments
 
55

 
 

 

NRK
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
8,490
 
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35
 
2/21 at 100.00
AAA
 
$
9,641,584
 
     
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
             
 
18,575
 
5.750%, 4/01/33 – AGM Insured
 
4/21 at 100.00
Aa3
   
22,219,415
 
 
4,000
 
5.750%, 4/01/41
 
4/21 at 100.00
AA–
   
4,779,840
 
     
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
             
 
2,890
 
13.819%, 11/15/30 – BHAC Insured (IF) (4)
 
11/15 at 100.00
AA+
   
3,133,164
 
 
12,940
 
13.805%, 11/15/44 – BHAC Insured (IF) (4)
 
11/15 at 100.00
AA+
   
14,021,396
 
     
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
             
 
30,795
 
5.500%, 4/01/20 – AMBAC Insured
 
No Opt. Call
AA+
   
36,904,728
 
 
5,725
 
5.000%, 4/01/21 – AMBAC Insured
 
10/15 at 100.00
AA+
   
5,860,911
 
     
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A:
             
 
1,600
 
5.000%, 3/15/29
 
9/20 at 100.00
AAA
   
1,873,424
 
 
1,945
 
5.000%, 3/15/30
 
9/20 at 100.00
AAA
   
2,277,381
 
 
8,600
 
New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)
 
No Opt. Call
AA
   
9,746,724
 
 
12,070
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose Series 2013C, 5.000%, 3/15/32
 
3/23 at 100.00
AAA
   
13,919,365
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
11,000
 
0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
AA–
   
1,927,310
 
 
13,520
 
0.000%, 8/01/42 – FGIC Insured
 
No Opt. Call
AA–
   
2,217,145
 
 
10,000
 
0.000%, 8/01/44 – NPFG Insured
 
No Opt. Call
AA–
   
1,436,700
 
 
19,900
 
0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
   
2,676,152
 
 
201,690
 
0.000%, 8/01/46 – NPFG Insured
 
No Opt. Call
AA–
   
25,386,720
 
 
89,130
 
0.000%, 8/01/47 – AMBAC Insured
 
No Opt. Call
B
   
10,337,297
 
     
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A:
             
 
4,830
 
5.000%, 10/15/28
 
10/24 at 100.00
AAA
   
5,913,659
 
 
2,775
 
5.000%, 10/15/29
 
10/24 at 100.00
AAA
   
3,389,496
 
 
5,000
 
5.000%, 10/15/30
 
10/24 at 100.00
AAA
   
6,073,900
 
 
10,000
 
5.000%, 10/15/31
 
10/24 at 100.00
AAA
   
12,072,200
 
 
825
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
 
4/15 at 100.00
A3
   
828,028
 
 
909,580
 
Total Tax Obligation/Limited
         
684,767,646
 
     
Transportation – 12.8% (8.6% of Total Investments)
             
 
13,950
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/30
 
No Opt. Call
AA–
   
16,215,480
 
 
8,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
 
11/17 at 100.00
AA–
   
9,608,456
 
 
27,285
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40
 
11/20 at 100.00
AA–
   
31,038,870
 
 
6,090
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5.000%, 11/15/30
 
5/23 at 100.00
AA–
   
7,047,531
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32
 
5/23 at 100.00
AA–
   
549,475
 
 
1,900
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 5.250%, 11/15/30
 
11/23 at 100.00
AA–
   
2,260,753
 
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E:
             
 
14,000
 
5.000%, 11/15/31
 
11/23 at 100.00
AA–
   
16,239,720
 
 
1,785
 
5.000%, 11/15/32
 
11/23 at 100.00
AA–
   
2,057,320
 
 
10,000
 
5.000%, 11/15/38
 
11/23 at 100.00
AA–
   
11,387,000
 

56
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
9,370
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/35
 
5/24 at 100.00
AA–
 
$
10,992,228
 
 
8,055
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
 
11/21 at 100.00
A+
   
8,991,152
 
 
3,400
 
New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured
 
1/18 at 100.00
AA–
   
3,746,460
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014:
             
 
2,100
 
5.000%, 9/01/33
 
9/24 at 100.00
AA–
   
2,476,236
 
 
3,950
 
5.000%, 9/01/34
 
9/24 at 100.00
AA–
   
4,646,978
 
 
1,000
 
5.000%, 9/01/35
 
9/24 at 100.00
AA–
   
1,172,840
 
 
5,155
 
5.000%, 9/01/36
 
9/24 at 100.00
AA–
   
6,032,072
 
 
9,755
 
5.000%, 9/01/39
 
9/24 at 100.00
AA–
   
11,362,331
 
 
4,185
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
AA
   
5,719,891
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
 
12/23 at 100.00
AA–
   
2,299,900
 
 
2,500
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.500%, 12/01/28
 
12/15 at 100.00
BBB
   
2,595,550
 
 
5,480
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
 
No Opt. Call
AA–
   
6,664,995
 
 
141,240
 
Total Transportation
         
163,105,238
 
     
U.S. Guaranteed – 8.9% (6.0% of Total Investments) (5)
             
 
5,315
 
Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20)
 
11/20 at 100.00
A3 (5)
   
6,681,699
 
 
5,935
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
 
11/17 at 100.00
A3 (5)
   
6,636,220
 
 
4,205
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008D, 5.375%, 11/15/32 (Pre-refunded 11/15/17)
 
11/17 at 100.00
A3 (5)
   
4,711,955
 
 
1,000
 
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008E, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
 
11/17 at 100.00
A3 (5)
   
1,117,320
 
 
950
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
 
8/15 at 100.00
N/R (5)
   
966,749
 
 
9,400
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) – NPFG Insured
 
7/17 at 100.00
AA– (5)
   
10,122,578
 
     
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986:
             
 
815
 
7.375%, 7/01/16 (ETM)
 
No Opt. Call
Aaa
   
855,530
 
 
245
 
7.375%, 7/01/16 – BIGI Insured (ETM)
 
No Opt. Call
Aaa
   
257,184
 
 
3,000
 
Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
 
10/15 at 100.00
AA– (5)
   
3,072,450
 
 
2,000
 
Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 (Pre-refunded 12/01/15) – NPFG Insured
 
12/15 at 100.00
AA– (5)
   
2,064,300
 
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A:
             
 
5,090
 
5.000%, 4/01/23 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (5)
   
5,212,923
 
 
11,000
 
4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured
 
10/15 at 100.00
AA+ (5)
   
11,252,010
 
     
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A:
             
 
4,600
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (5)
   
4,655,338
 
 
18,865
 
5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
AA+ (5)
   
19,091,946
 
 
2,330
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
 
5/17 at 100.00
N/R (5)
   
2,542,869
 

Nuveen Investments
 
57

 
 

 

NRK
Nuveen New York AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
March 31, 2015 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
             
$
7,370
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2005C, 5.000%, 6/15/27 – NPFG Insured (Pre-refunded 6/15/15) (UB)
 
6/15 at 100.00
AA– (5)
 
$
7,442,889
 
 
6,045
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 (Pre-refunded 4/30/15) – FGIC Insured
 
4/15 at 100.00
AA (5)
   
6,069,361
 
 
35
 
New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 (Pre-refunded 8/01/15) – AGM Insured
 
8/15 at 100.00
AA (5)
   
35,559
 
 
875
 
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
 
10/15 at 100.00
N/R (5)
   
896,131
 
 
14,700
 
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (Pre-refunded 6/01/15) (UB)
 
6/15 at 100.00
AA+ (5)
   
14,816,718
 
     
Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
             
 
1,650
 
5.000%, 6/15/16 (Pre-refunded 6/15/15) – AGM Insured
 
6/15 at 100.00
AA (5)
   
1,666,434
 
 
1,815
 
5.000%, 6/15/18 (Pre-refunded 6/15/15) – AGM Insured
 
6/15 at 100.00
AA (5)
   
1,833,077
 
     
Yonkers, New York, General Obligation Bonds, Series 2005B:
             
 
540
 
5.000%, 8/01/19 (Pre-refunded 8/01/15)
 
8/15 at 100.00
A3 (5)
   
548,710
 
 
570
 
5.000%, 8/01/20 (Pre-refunded 8/01/15)
 
8/15 at 100.00
A3 (5)
   
579,194
 
 
108,350
 
Total U.S. Guaranteed
         
113,129,144
 
     
Utilities – 13.8% (9.3% of Total Investments)
             
 
2,450
 
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
 
2/20 at 100.00
Baa3
   
2,810,812
 
 
3,000
 
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
 
10/20 at 100.00
AA
   
3,319,770
 
 
1,045
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
   
1,165,854
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
             
 
8,000
 
0.000%, 6/01/24 – AGM Insured
 
No Opt. Call
AA
   
6,367,280
 
 
8,000
 
0.000%, 6/01/25 – AGM Insured
 
No Opt. Call
AA
   
6,141,440
 
 
20,000
 
0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
AA
   
14,717,000
 
 
10,000
 
0.000%, 6/01/27 – AGM Insured
 
No Opt. Call
AA
   
7,060,300
 
 
15,000
 
0.000%, 6/01/28 – AGM Insured
 
No Opt. Call
AA
   
10,180,950
 
 
10,000
 
0.000%, 6/01/29 – AGM Insured
 
No Opt. Call
AA
   
6,499,100
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
             
 
21,830
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
AA–
   
22,865,397
 
 
27,015
 
5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
AA–
   
28,244,723
 
 
2,750
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured
 
6/16 at 100.00
A–
   
2,878,040
 
 
2,590
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44
 
9/24 at 100.00
A–
   
2,905,928
 
 
3,310
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured
 
5/19 at 100.00
AA+
   
3,853,469
 
 
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A–
   
5,549,200
 
 
5,000
 
New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 – AMBAC Insured
 
6/15 at 100.00
A
   
5,010,300
 
 
6,500
 
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.000%, 11/01/24
 
No Opt. Call
BB+
   
6,631,885
 
 
2,635
 
Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured
 
11/15 at 100.00
Aa1
   
2,714,551
 
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
             
 
9,500
 
5.000%, 12/15/32
 
12/23 at 100.00
AAA
   
11,249,425
 
 
22,290
 
5.000%, 12/15/41
 
12/23 at 100.00
AAA
   
26,054,335
 
 
185,915
 
Total Utilities
         
176,219,759
 

58
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 7.8% (5.3% of Total Investments)
             
$
7,500
 
New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds Fiscal 2015 Series CC, 4.000%, 6/15/45
 
No Opt. Call
AA+
 
$
7,837,725
 
 
5,160
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
 
12/21 at 100.00
AA+
   
5,864,650
 
 
5,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
 
6/17 at 100.00
AA+
   
5,400,350
 
 
12,085
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2005C, 5.000%, 6/15/27 – NPFG Insured (UB)
 
6/15 at 100.00
AAA
   
12,206,696
 
 
12,365
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB)
 
6/16 at 100.00
AAA
   
13,023,313
 
 
4,085
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35
 
6/23 at 100.00
AA+
   
4,721,770
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
 
6/24 at 100.00
AA+
   
11,619,800
 
 
3,845
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
 
4/20 at 100.00
AAA
   
4,400,333
 
 
3,095
 
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2012B, 5.000%, 2/15/42
 
2/22 at 100.00
AAA
   
3,520,996
 
 
2,580
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Subordinated Series 2014A, 5.000%, 6/15/30
 
6/24 at 100.00
AAA
   
3,106,191
 
 
22,340
 
New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, Master Financing Program, Green Bonds Series 2014B, 5.000%, 5/15/44
 
5/24 at 100.00
AAA
   
26,066,312
 
 
2,230
 
Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured
 
No Opt. Call
A1
   
1,825,879
 
 
90,285
 
Total Water and Sewer
         
99,594,015
 
$
2,070,277
 
Total Long-Term Investments (cost $1,767,046,920)
         
1,892,864,778
 
     
Floating Rate Obligations – (5.5)%
         
(69,835,000
)
     
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (6.2)% (6)
         
(79,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (38.4)% (7)
         
(488,800,000
)
     
Other Assets Less Liabilities – 1.6%
         
19,149,096
 
     
Net Assets Applicable to Common Shares – 100%
       
$
1,274,378,874
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 4.2%.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.8%.
(ETM)
Escrowed to maturity.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
59

 
 

 
 
Statement of
 
 
 
Assets and Liabilities
March 31, 2015 (Unaudited)

           
New York
 
   
New York
 
New York
 
Performance
 
   
Value
 
Value 2
 
Plus
 
   
(NNY
)
(NYV
)
(NNP
)
Assets
                   
Long-term investments, at value (cost $144,386,537, $32,717,245, and $321,184,807, respectively)
 
$
153,963,540
 
$
37,503,199
 
$
347,526,262
 
Cash
   
693,265
   
187,004
   
 
Receivable for:
                   
Interest
   
2,039,131
   
501,643
   
4,678,112
 
Investments sold
   
940,000
   
   
2,230,000
 
Deferred offering costs
   
   
   
1,132,145
 
Other assets
   
562
   
261
   
114,286
 
Total assets
   
157,636,498
   
38,192,107
   
355,680,805
 
Liabilities
                   
Cash overdraft
   
   
   
1,672,636
 
Floating rate obligations
   
3,255,000
   
   
22,230,000
 
Payable for:
                   
Common share dividends
   
446,388
   
117,257
   
882,094
 
Investments purchased
   
   
   
 
Offering costs
   
   
   
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
   
89,000,000
 
Accrued expenses:
                   
Management fees
   
65,037
   
19,115
   
189,496
 
Directors/Trustees fees
   
899
   
221
   
40,378
 
Reorganization
   
   
   
64,981
 
Other
   
48,700
   
20,658
   
82,350
 
Total liabilities
   
3,816,024
   
157,251
   
114,161,935
 
Net assets applicable to common shares
 
$
153,820,474
 
$
38,034,856
 
$
241,518,870
 
Common shares outstanding
   
15,191,165
   
2,349,612
   
15,063,511
 
Net asset value (“NAV”) per common share outstanding
 
$
10.13
 
$
16.19
 
$
16.03
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
151,912
 
$
23,496
 
$
150,635
 
Paid-in surplus
   
144,979,430
   
33,599,476
   
219,945,013
 
Undistributed (Over-distribution of) net investment income
   
848,431
   
277,825
   
1,889,215
 
Accumulated net realized gain (loss)
   
(1,736,302
)
 
(651,895
)
 
(6,807,448
)
Net unrealized appreciation (depreciation)
   
9,577,003
   
4,785,954
   
26,341,455
 
Net assets applicable to common shares
 
$
153,820,474
 
$
38,034,856
 
$
241,518,870
 
Authorized shares:
                   
Common
   
250,000,000
   
Unlimited
   
200,000,000
 
Preferred
   
N/A
   
N/A
   
950,000
 
N/A – Fund is not authorized to issue preferred shares.
 
See accompanying notes to financial statements.
 
60
 
Nuveen Investments

 
 

 

   
New York
 
New York
 
New York
 
   
Dividend
 
Dividend
 
AMT-Free
 
   
Advantage
 
Advantage 2
 
Income
 
   
(NAN
)
(NXK
)
(NRK
)
Assets
                   
Long-term investments, at value (cost $193,411,801, $135,128,240 and $1,767,046,920, respectively)
 
$
208,192,016
 
$
144,653,453
 
$
1,892,864,778
 
Cash
   
   
271,112
   
255,602
 
Receivable for:
                   
Interest
   
2,920,762
   
1,869,091
   
23,588,775
 
Investments sold
   
1,310,000
   
925,000
   
10,000
 
Deferred offering costs
   
71,955
   
67,302
   
3,238,239
 
Other assets
   
201,237
   
465
   
508,742
 
Total assets
   
212,695,970
   
147,786,423
   
1,920,466,136
 
Liabilities
                   
Cash overdraft
   
962,272
   
   
 
Floating rate obligations
   
11,215,000
   
9,405,000
   
69,835,000
 
Payable for:
                   
Common share dividends
   
573,806
   
361,723
   
4,988,629
 
Investments purchased
   
   
   
1,904,872
 
Offering costs
   
   
2,463
   
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
79,000,000
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
56,000,000
   
38,000,000
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
   
488,800,000
 
Accrued expenses:
                   
Management fees
   
113,862
   
76,714
   
955,603
 
Directors/Trustees fees
   
1,166
   
800
   
182,069
 
Reorganization
   
   
949,992
   
18,351
 
Other
   
59,943
   
39,250
   
402,738
 
Total liabilities
   
68,926,049
   
48,835,942
   
646,087,262
 
Net assets applicable to common shares
 
$
143,769,921
 
$
98,950,481
 
$
1,274,378,874
 
Common shares outstanding
   
9,262,830
   
6,483,116
   
87,618,504
 
Net asset value (“NAV”) per common share outstanding
 
$
15.52
 
$
15.26
 
$
14.54
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
92,628
 
$
64,831
 
$
876,185
 
Paid-in surplus
   
130,274,614
   
91,182,441
   
1,192,153,304
 
Undistributed (Over-distribution of) net investment income
   
784,684
   
111,992
   
1,656,995
 
Accumulated net realized gain (loss)
   
(2,162,220
)
 
(1,933,996
)
 
(46,125,468
)
Net unrealized appreciation (depreciation)
   
14,780,215
   
9,525,213
   
125,817,858
 
Net assets applicable to common shares
 
$
143,769,921
 
$
98,950,481
 
$
1,274,378,874
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
61

 
 

 

Statement of
 
 
 
Operations
Six Months Ended March 31, 2015 (Unaudited)

           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Investment Income
 
$
3,544,539
 
$
935,614
 
$
8,000,979
 
$
4,825,209
 
$
3,182,280
 
$
41,554,146
 
Expenses
                                     
Management fees
   
384,114
   
112,124
   
1,120,753
   
672,771
   
452,136
   
5,647,351
 
Interest expense and amortization of offering costs
   
7,841
   
   
148,128
   
325,702
   
226,752
   
810,699
 
Liquidity fees
   
   
   
457,261
   
   
   
1,939,145
 
Remarketing fees
   
   
   
44,994
   
   
   
247,116
 
Custodian fees
   
18,071
   
8,184
   
30,949
   
22,993
   
16,935
   
145,588
 
Directors/Trustees fees
   
2,439
   
786
   
4,961
   
3,099
   
2,205
   
26,456
 
Professional fees
   
12,769
   
10,937
   
19,112
   
16,352
   
15,015
   
58,880
 
Shareholder reporting expenses
   
15,428
   
6,143
   
34,336
   
23,158
   
17,402
   
55,596
 
Shareholder servicing agent fees
   
11,560
   
113
   
11,533
   
8,547
   
7,754
   
31,016
 
Stock exchange listing fees
   
4,188
   
188
   
4,184
   
11,745
   
4,301
   
12,925
 
Investor relations expenses
   
3,720
   
1,257
   
8,928
   
7,711
   
7,712
   
94,717
 
Reorganization expenses
   
   
   
40,000
   
285,000
   
620,000
   
 
Other
   
6,008
   
2,911
   
18,322
   
12,018
   
7,970
   
70,382
 
Total expenses
   
466,138
   
142,643
   
1,943,461
   
1,389,096
   
1,378,182
   
9,139,871
 
Net investment income (loss)
   
3,078,401
   
792,971
   
6,057,518
   
3,436,113
   
1,804,098
   
32,414,275
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
606,566
   
155,210
   
129,890
   
162,936
   
287,811
   
572,351
 
Change in net unrealized appreciation (depreciation) of Investments
   
12,483
   
395,932
   
3,009,845
   
1,445,112
   
1,008,703
   
13,725,395
 
Net realized and unrealized gain (loss)
   
619,049
   
551,142
   
3,139,735
   
1,608,048
   
1,296,514
   
14,297,746
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
3,697,450
 
$
1,344,113
 
$
9,197,253
 
$
5,044,161
 
$
3,100,612
 
$
46,712,021
 
 
See accompanying notes to financial statements.
 
62
 
Nuveen Investments

 
 

 

Statement of
 
 
 
Changes in Net Assets
(Unaudited)

   
New York Value (NNY)
 
New York Value 2 (NYV)
 
New York Performance Plus (NNP)
 
   
Six Months
     
Six Months
     
Six Months
     
   
Ended
 
Year Ended
 
Ended
 
Year Ended
 
Ended
 
Year Ended
 
   
3/31/15
 
9/30/14
 
3/31/15
 
9/30/14
 
3/31/15
 
9/30/14
 
Operations
                                     
Net investment income (loss)
 
$
3,078,401
 
$
6,163,800
 
$
792,971
 
$
1,595,209
 
$
6,057,518
 
$
12,402,862
 
Net realized gain (loss) from:
                                     
Investments
   
606,566
   
(1,535,232
)
 
155,210
   
(281,701
)
 
129,890
   
(5,598,937
)
Swaps
   
   
   
   
64,300
   
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
12,483
   
7,808,893
   
395,932
   
2,182,124
   
3,009,845
   
20,585,674
 
Swaps
   
   
   
   
(182,941
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
3,697,450
   
12,437,461
   
1,344,113
   
3,376,991
   
9,197,253
   
27,389,599
 
Distributions to Common Shareholders
                                     
From net investment income
   
(2,963,797
)
 
(5,872,906
)
 
(764,564
)
 
(1,551,449
)
 
(6,400,487
)
 
(12,834,114
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(2,963,797
)
 
(5,872,906
)
 
(764,564
)
 
(1,551,449
)
 
(6,400,487
)
 
(12,834,114
)
Capital Share Transactions
                                     
Cost of common shares repurchased and retired
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
733,653
   
6,564,555
   
579,549
   
1,825,542
   
2,796,766
   
14,555,485
 
Net assets applicable to common shares at the beginning of period
   
153,086,821
   
146,522,266
   
37,455,307
   
35,629,765
   
238,722,104
   
224,166,619
 
Net assets applicable to common shares at the end of period
 
$
153,820,474
 
$
153,086,821
 
$
38,034,856
 
$
37,455,307
 
$
241,518,870
 
$
238,722,104
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
848,431
 
$
733,827
 
$
277,825
 
$
249,418
 
$
1,889,215
 
$
2,232,184
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
63

 
 

 
 
Statement of Changes in Net Assets (Unaudited) (continued)
 
   
New York
 
New York
 
New York
 
   
Dividend Advantage (NAN)
 
Dividend Advantage 2 (NXK)
 
AMT-Free Income (NRK)
 
   
Six Months
     
Six Months
     
Six Months
     
   
Ended
 
Year Ended
 
Ended
 
Year Ended
 
Ended
 
Year Ended
 
   
3/31/15
 
9/30/14
 
3/31/15
 
9/30/14
 
3/31/15
 
9/30/14
 
Operations
                                     
Net investment income (loss)
 
$
3,436,113
 
$
6,210,179
 
$
1,804,098
 
$
3,911,718
 
$
32,414,275
 
$
66,899,020
 
Net realized gain (loss) from:
                                     
Investments
   
162,936
   
(1,338,553
)
 
287,811
   
(1,593,407
)
 
572,351
   
(19,256,151
)
Swaps
   
   
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
1,445,112
   
11,647,643
   
1,008,703
   
7,978,079
   
13,725,395
   
95,855,590
 
Swaps
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
5,044,161
   
16,519,269
   
3,100,612
   
10,296,390
   
46,712,021
   
143,498,459
 
Distributions to Common Shareholders
                                     
From net investment income
   
(3,520,033
)
 
(7,007,369
)
 
(2,160,828
)
 
(4,293,769
)
 
(32,830,653
)
 
(72,197,648
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(3,520,033
)
 
(7,007,369
)
 
(2,160,828
)
 
(4,293,769
)
 
(32,830,653
)
 
(72,197,648
)
Capital Share Transactions
                                     
Cost of common shares repurchased and retired
   
(33,525
)
 
   
(1,317
)
 
(64,887
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
(33,525
)
 
   
(1,317
)
 
(64,887
)
 
   
 
Net increase (decrease) in net assets applicable to common shares
   
1,490,603
   
9,511,900
   
938,467
   
5,937,734
   
13,881,368
   
71,300,811
 
Net assets applicable to common shares at the beginning of period
   
142,279,318
   
132,767,418
   
98,012,014
   
92,074,280
   
1,260,497,506
   
1,189,196,695
 
Net assets applicable to common shares at the end of period
 
$
143,769,921
 
$
142,279,318
 
$
98,950,481
 
$
98,012,014
 
$
1,274,378,874
 
$
1,260,497,506
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
784,684
 
$
868,604
 
$
111,992
 
$
468,722
 
$
1,656,995
 
$
2,073,373
 
 
See accompanying notes to financial statements.
 
64
 
Nuveen Investments

 
 

 

Statement of
   
 
Cash Flows
Six Months Ended March 31, 2015 (Unaudited)
 
   
New York
 
New York
 
   
Performance
 
Dividend
 
   
Plus
 
Advantage
 
   
(NNP
)
(NAN
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
9,197,253
 
$
5,044,161
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(11,559,493
)
 
(11,148,326
)
Proceeds from sales and maturities of investments
   
19,033,364
   
13,575,152
 
Investment transaction adjustments, net
   
(9,246
)
 
(4,837
)
Taxes paid on undistributed capital gains
   
(20
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
456,818
   
342,522
 
(Amortization of) deferred offering costs
   
22,637
   
10,231
 
(Increase) Decrease in:
             
Receivable for interest
   
96,000
   
(42,847
)
Receivable for investments sold
   
(2,230,000
)
 
(1,310,000
)
Other assets
   
12,714
   
250,332
 
Increase (Decrease) in:
             
Payable for interest
   
   
(45,613
)
Payable for investments purchased
   
(2,999,687
)
 
(203,572
)
Accrued management fees
   
5,919
   
3,781
 
Accrued Directors/Trustees fees
   
(3,105
)
 
(39
)
Accrued reorganization expenses
   
39,981
   
 
Accrued other expenses
   
(12,534
)
 
(6,172
)
Net realized (gain) loss from investments
   
(129,890
)
 
(162,936
)
Change in net unrealized (appreciation) depreciation of investments
   
(3,009,845
)
 
(1,445,112
)
Net cash provided by (used in) operating activities
   
8,910,866
   
4,856,725
 
Cash Flows from Financing Activities:
             
Increase (Decrease) in:
             
Cash overdraft
   
918,135
   
644,614
 
Floating rate obligations
   
(3,395,000
)
 
(1,940,000
)
Payable for offering costs
   
   
(25,728
)
Cash distributions paid to common shareholders
   
(6,434,001
)
 
(3,502,086
)
Cost of common shares repurchased and retired
   
   
(33,525
)
Net cash provided by (used in) financing activities
   
(8,910,866
)
 
(4,856,725
)
Net Increase (Decrease) in Cash
   
   
 
Cash at the beginning of period
   
   
 
Cash at the end of period
 
$
 
$
 

   
New York
 
New York
 
   
Performance
 
Dividend
 
   
Plus
 
Advantage
 
Supplemental Disclosure of Cash Flow Information
 
(NNP
)
(NAN
)
Cash paid for interest (excluding amortization of offering costs)
 
$
125,490
 
$
356,392
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
65

 
 

 
 
Statement of Cash Flows (Unaudited) (continued)
 
   
New York
 
New York
 
   
Dividend
 
AMT-Free
 
   
Advantage 2
 
Income
 
   
(NXK
)
(NRK
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
3,100,612
 
$
46,712,021
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(15,387,804
)
 
(109,702,089
)
Proceeds from sales and maturities of investments
   
15,925,930
   
128,601,610
 
Investment transaction adjustments, net
   
(3,078
)
 
(3,755
)
Taxes paid on undistributed capital gains
   
(49
)
 
(127
)
Amortization (Accretion) of premiums and discounts, net
   
307,425
   
1,303,849
 
(Amortization of) deferred offering costs
   
14,884
   
61,019
 
(Increase) Decrease in:
             
Receivable for interest
   
66,503
   
982,157
 
Receivable for investments sold
   
(925,000
)
 
19,614,503
 
Other assets
   
4,888
   
40,066
 
Increase (Decrease) in:
             
Payable for interest
   
(30,952
)
 
 
Payable for investments purchased
   
(1,718,384
)
 
(26,525,169
)
Accrued management fees
   
2,828
   
31,212
 
Accrued Directors/Trustees fees
   
(28
)
 
(11,817
)
Accrued reorganization expenses
   
619,992
   
(95,556
)
Accrued other expenses
   
(12,809
)
 
(30,333
)
Net realized (gain) loss from investments
   
(287,811
)
 
(572,351
)
Change in net unrealized (appreciation) depreciation of investments
   
(1,008,703
)
 
(13,725,395
)
Net cash provided by (used in) operating activities
   
668,444
   
46,679,845
 
Cash Flows from Financing Activities:
             
Increase (Decrease) in:
             
Cash overdraft
   
   
 
Floating rate obligations
   
5,000
   
(14,150,000
)
Payable for offering costs
   
(29,548
)
 
(92,248
)
Cash distributions paid to common shareholders
   
(2,141,911
)
 
(33,155,618
)
Cost of common shares repurchased and retired
   
(1,317
)
 
 
Net cash provided by (used in) financing activities
   
(2,167,776
)
 
(47,397,866
)
Net Increase (Decrease) in Cash
   
(1,499,332
)
 
(718,021
)
Cash at the beginning of period
   
1,770,444
   
973,623
 
Cash at the end of period
 
$
271,112
 
$
255,602
 

   
New York
 
New York
 
   
Dividend
 
AMT-Free
 
   
Advantage 2
 
Income
 
Supplemental Disclosure of Cash Flow Information
 
(NXK
)
(NRK
)
Cash paid for interest (excluding amortization of offering costs)
 
$
242,820
 
$
672,459
 
 
See accompanying notes to financial statements.
 
66
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK
 
Nuveen Investments
 
67
 
 
 

 
 
Financial
 
 
Highlights (Unaudited)
 
Selected data for a common share outstanding throughout each period:
 
       
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Ending
NAV
 
Ending
Share
Price
 
New York Value (NNY)
                                                 
Year Ended 9/30:
                                                 
2015(d)
 
$
10.08
 
$
0.20
 
$
0.05
 
$
0.25
 
$
(0.20
)
$
 
$
(0.20
)
$
10.13
 
$
9.74
 
2014
   
9.65
   
0.41
   
0.41
   
0.82
   
(0.39
)
 
   
(0.39
)
 
10.08
   
9.71
 
2013
   
10.41
   
0.40
   
(0.75
)
 
(0.35
)
 
(0.39
)
 
(0.02
)
 
(0.41
)
 
9.65
   
8.97
 
2012
   
9.93
   
0.42
   
0.48
   
0.90
   
(0.42
)
 
   
(0.42
)
 
10.41
   
10.55
 
2011
   
10.02
   
0.43
   
(0.08
)
 
0.35
   
(0.43
)
 
(0.01
)
 
(0.44
)
 
9.93
   
9.47
 
2010
   
9.91
   
0.42
   
0.14
   
0.56
   
(0.43
)
 
(0.02
)
 
(0.45
)
 
10.02
   
9.88
 
                                                         
New York Value 2 (NYV)
                                                 
Year Ended 9/30:
                                                 
2015(d)
   
15.94
   
0.34
   
0.24
   
0.58
   
(0.33
)
 
   
(0.33
)
 
16.19
   
14.84
 
2014
   
15.16
   
0.68
   
0.76
   
1.44
   
(0.66
)
 
   
(0.66
)
 
15.94
   
14.44
 
2013
   
16.36
   
0.72
   
(1.25
)
 
(0.53
)
 
(0.67
)
 
   
(0.67
)
 
15.16
   
13.99
 
2012
   
15.36
   
0.72
   
0.95
   
1.67
   
(0.67
)
 
   
(0.67
)
 
16.36
   
16.33
 
2011
   
16.10
   
0.75
   
(0.74
)
 
0.01
   
(0.75
)
 
   
(0.75
)
 
15.36
   
14.13
 
2010
   
15.91
   
0.79
   
0.17
   
0.96
   
(0.77
)
 
   
(0.77
)
 
16.10
   
15.38
 
 
(a)
Total Return Based on Common share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
68
 
Nuveen Investments

 
 

 

     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets
     
                         
 
Based
on
NAV
(a)
Based
on
Share
Price
(a)
Ending
Net
Assets (000)
 
Expenses
(b)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(c)
                                     
                                     
   
2.44
%
 
2.31
%
$
153,820
   
0.61
%*
 
4.01
%*
 
14
%
   
8.63
   
12.76
   
153,087
   
0.63
   
4.13
   
23
 
   
(3.51
)
 
(11.41
)
 
146,522
   
0.61
   
3.97
   
21
 
   
9.23
   
16.11
   
157,979
   
0.65
   
4.14
   
10
 
   
3.62
   
0.39
   
150,555
   
0.65
   
4.40
   
10
 
   
5.82
   
8.78
   
152,031
   
0.67
   
4.30
   
5
 
                                     
                                     
   
3.63
   
5.02
   
38,035
   
0.76
*
 
4.20
*
 
8
 
   
9.69
   
8.12
   
37,455
   
0.76
   
4.37
   
19
 
   
(3.36
)
 
(10.46
)
 
35,630
   
0.74
   
4.50
   
3
 
   
11.12
   
20.74
   
38,434
   
0.75
   
4.55
   
10
 
   
0.27
   
(3.15
)
 
36,040
   
0.77
   
4.99
   
18
 
   
6.26
   
9.12
   
37,796
   
0.74
   
5.04
   
2
 
 
(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:
 
New York Value (NNY)
   
Year Ended 9/30:
   
2015(d)
0.01
%*
2014
0.01
 
2013
0.01
 
2012
0.01
 
2011
0.01
 
2010
0.01
 

New York Value 2 (NYV)
   
Year Ended 9/30:
   
2015(d)
%
2014
 
2013
 
2012
 
2011
 
2010
 
 
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)
For the six months ended March 31, 2015.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
69

 
 

 
 
Financial Highlights (Unaudited) (continued)
 
Selected data for a common share outstanding throughout each period:
 
       
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
)
Distributions
from Net
Investment
Income to
ARPS
Share-
holders
(a)
Distributions
from Accumu-
lated Net
Realized
Gains to
ARPS
Share-
holders
(a)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repur-
chased
and
Retired
 
Ending
NAV
 
Ending
Share
Price
 
New York Performance Plus (NNP)
                                                       
Year Ended 9/30:
                                                                   
2015(f)
 
$
15.85
 
$
0.40
 
$
0.20
 
$
 
$
 
$
0.60
 
$
(0.42
)
$
 
$
(0.42
)
$
 
$
16.03
 
$
14.73
 
2014
   
14.88
   
0.82
   
1.00
   
   
   
1.82
   
(0.85
)
 
   
(0.85
)
 
   
15.85
   
13.93
 
2013
   
16.84
   
0.83
   
(1.89
)
 
   
   
(1.06
)
 
(0.86
)
 
(0.04
)
 
(0.90
)
 
   
14.88
   
13.68
 
2012
   
15.86
   
0.86
   
1.00
   
   
   
1.86
   
(0.88
)
 
   
(0.88
)
 
   
16.84
   
17.18
 
2011
   
16.05
   
0.88
   
(0.18
)
 
   
   
0.70
   
(0.88
)
 
(0.01
)
 
(0.89
)
 
   
15.86
   
14.93
 
2010
   
15.63
   
0.91
   
0.38
   
(0.01
)
 
*
 
1.28
   
(0.84
)
 
(0.02
)
 
(0.86
)
 
   
16.05
   
15.52
 
                                                                           
New York Dividend Advantage (NAN)
                                                 
Year Ended 9/30:
                                                                   
2015(f)
   
15.36
   
0.37
   
0.17
   
   
   
0.54
   
(0.38
)
 
   
(0.38
)
 
*
 
15.52
   
13.87
 
2014
   
14.33
   
0.67
   
1.12
   
   
   
1.79
   
(0.76
)
 
   
(0.76
)
 
   
15.36
   
13.33
 
2013
   
16.13
   
0.70
   
(1.71
)
 
   
   
(1.01
)
 
(0.76
)
 
(0.03
)
 
(0.79
)
 
   
14.33
   
12.91
 
2012
   
15.01
   
0.73
   
1.19
   
   
   
1.92
   
(0.79
)
 
(0.01
)
 
(0.80
)
 
   
16.13
   
16.00
 
2011
   
15.17
   
0.76
   
(0.10
)
 
*
 
   
0.66
   
(0.79
)
 
(0.03
)
 
(0.82
)
 
   
15.01
   
13.70
 
2010
   
14.82
   
0.84
   
0.34
   
(0.01
)
 
*
 
1.17
   
(0.78
)
 
(0.04
)
 
(0.82
)
 
   
15.17
   
14.43
 
 
(a)
The amounts shown for Auction Rate Preferred Shares (“ARPS”) are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
*
Rounds to less than $0.01 per share.
 
70
 
Nuveen Investments

 
 

 

     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets(c)
     
                         
 
Based
on
NAV
(b)
Based
on
Share
Price
(b)
Ending
Net
Assets (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(e)
                                     
                                     
   
3.84
%
 
8.87
%
$
241,519
   
1.60
%**
 
5.05
%**
 
3
%
   
12.57
   
8.22
   
238,722
   
1.67
   
5.38
   
19
 
   
(6.57
)
 
(15.66
)
 
224,167
   
1.63
   
5.12
   
16
 
   
12.05
   
21.58
   
253,426
   
1.64
   
5.27
   
11
 
   
4.78
   
2.30
   
238,572
   
1.77
   
5.77
   
6
 
   
8.46
   
11.39
   
241,450
   
1.53
   
5.84
   
9
 
                                     
                                     
   
3.54
   
6.97
   
143,770
   
1.74
**
 
4.99
**
 
5
 
   
12.79
   
9.29
   
142,279
   
2.55
   
4.54
   
20
 
   
(6.48
)
 
(14.81
)
 
132,767
   
2.35
   
4.51
   
14
 
   
13.05
   
23.20
   
149,417
   
2.37
   
4.71
   
9
 
   
4.75
   
0.98
   
139,060
   
2.42
   
5.26
   
10
 
   
8.28
   
14.63
   
140,525
   
1.74
   
5.74
   
10
 
 
(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
New York Performance Plus (NNP)
   
Year Ended 9/30:
   
2015(f)
0.54
%**
2014
0.58
 
2013
0.59
 
2012
0.61
 
2011
0.70
 
2010
0.40
 

New York Dividend Advantage (NAN)
   
Year Ended 9/30:
   
2015(f)
0.45
%**
2014
1.20
 
2013
1.26
 
2012
1.27
 
2011
1.27
 
2010
0.63
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended March 31, 2015.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

 
 

 
 
Financial Highlights (Unaudited) (continued)
 
Selected data for a common share outstanding throughout each period:
 
       
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
Distributions
from Net
Investment
Income to
ARPS
Share-
holders
(a)
Distributions
from Accumu-
lated Net
Realized
Gains to
ARPS
Share-
holders
(a)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
per
Share
Repur-
chased
and
Retired
 
Ending
NAV
 
Ending
Share
Price
 
New York Dividend Advantage 2 (NXK)
                                                 
Year Ended 9/30:
                                                                   
2015(g)
 
$
15.12
 
$
0.28
 
$
0.19
 
$
 
$
 
$
0.47
 
$
(0.33
)
$
 
$
(0.33
)
$
*
$
15.26
 
$
13.55
 
2014
   
14.19
   
0.60
   
0.99
   
   
   
1.59
   
(0.66
)
 
   
(0.66
)
 
*
 
15.12
   
13.17
 
2013
   
15.96
   
0.66
   
(1.69
)
 
   
   
(1.03
)
 
(0.72
)
 
(0.02
)
 
(0.74
)
 
   
14.19
   
12.69
 
2012
   
14.94
   
0.72
   
1.10
   
   
   
1.82
   
(0.80
)
 
   
(0.80
)
 
   
15.96
   
15.51
 
2011
   
15.13
   
0.74
   
(0.13
)
 
   
   
0.61
   
(0.80
)
 
   
(0.80
)
 
   
14.94
   
13.60
 
2010
   
14.76
   
0.83
   
0.36
   
(0.01
)
 
*
 
1.18
   
(0.80
)
 
(0.01
)
 
(0.81
)
 
   
15.13
   
14.37
 
                                                                           
New York AMT-Free Income (NRK)
                                                       
Year Ended 9/30:
                                                                   
2015(g)
   
14.39
   
0.37
   
0.15
   
   
   
0.52
   
(0.37
)
 
   
(0.37
)
 
   
14.54
   
13.07
 
2014
   
13.57
   
0.76
   
0.88
   
   
   
1.64
   
(0.82
)
 
   
(0.82
)
 
   
14.39
   
12.80
 
2013
   
15.44
   
0.76
   
(1.87
)
 
   
   
(1.11
)
 
(0.74
)
 
(0.02
)
 
(0.76
)
 
   
13.57
   
12.24
 
2012
   
15.03
   
0.66
   
0.46
   
   
   
1.12
   
(0.70
)
 
(0.01
)
 
(0.71
)
 
   
15.44
   
15.29
 
2011
   
15.36
   
0.65
   
(0.24
)
 
   
   
0.41
   
(0.74
)
 
   
(0.74
)
 
   
15.03
   
13.86
 
2010
   
15.18
   
0.77
   
0.23
   
(0.01
)
 
(0.01
)
 
0.98
   
(0.73
)
 
(0.07
)
 
(0.80
)
 
   
15.36
   
14.75
 

(a)
The amounts shown for ARPS are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
*
Rounds to less than $0.01 per share.
 
72
 
Nuveen Investments

 
 

 

     
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     
Ratios to Average Net Assets
Before Reimbursement(c)
 
Ratios to Average Net Assets
After Reimbursement(c)(d)
     
                                 
 
Based
on
NAV
(b)
Based
on
Share
Price
(b)
Ending
Net
Assets (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(f)
                                                 
                                                 
   
3.14
%
 
5.47
%
$
98,950
   
2.16
%***
 
4.28
%***
 
N/A
   
N/A
   
11
%
   
11.49
   
9.18
   
98,012
   
2.70
   
4.15
   
N/A
   
N/A
   
23
 
   
(6.67
)
 
(13.85
)
 
92,074
   
2.30
   
4.29
   
N/A
   
N/A
   
17
 
   
12.47
   
20.38
   
103,527
   
2.32
   
4.66
   
N/A
   
N/A
   
10
 
   
4.38
   
0.49
   
96,940
   
2.44
   
5.12
   
2.41
%
 
5.16
%
 
14
 
   
8.27
   
13.65
   
98,156
   
1.74
   
5.54
   
1.63
   
5.65
   
6
 
                                                 
                                                 
   
3.67
   
5.06
   
1,274,379
   
1.44
***
 
5.11
***
 
N/A
   
N/A
   
6
 
   
12.48
   
11.53
   
1,260,498
   
1.57
   
5.50
   
N/A
   
N/A
   
25
 
   
(7.40
)
 
(15.46
)
 
1,189,197
   
1.77
   
5.26
   
N/A
   
N/A
   
27
 
   
7.63
   
15.78
   
54,140
   
2.82
   
4.35
   
N/A
   
N/A
   
15
 
   
2.91
   
(0.81
)
 
52,694
   
2.91
   
4.44
   
2.89
   
4.47
   
6
 
   
6.70
**   
13.97
   
53,866
   
1.95
   
5.01
   
1.81
   
5.15
   
4
 
 
(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and November 30, 2010, the Adviser is no longer reimbursing New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
New York Dividend Advantage 2 (NXK)
   
Year Ended 9/30:
   
2015(g)
0.46
%***
2014
1.20
 
2013
1.20
 
2012
1.20
 
2011
1.29
 
2010
0.63
 

New York AMT-Free Income (NRK)
   
Year Ended 9/30:
   
2015(g)
0.47
%***
2014
0.58
 
2013
0.70
 
2012
1.59
 
2011
1.66
 
2010
0.77
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended March 31, 2015.
**
During the fiscal year ended September 30, 2010, New York AMT-Free Income (NRK) received payments from the Adviser of $35,020 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share NAV.
***
Annualized.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73

 
 

 
 
Financial Highlights (Unaudited) (continued)
 
   
ARPS at the End of Period
 
MTP Shares
at the End of Period(a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
ARPS and
MTP Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$25,000 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $10
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
New York Performance Plus (NNP)
                                           
Year Ended 9/30:
                                                 
2015(b)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
89,000
 
$
371,370
 
$
 
2014
   
   
   
   
   
   
   
89,000
   
368,227
   
 
2013
   
   
   
   
   
   
   
89,000
   
351,873
   
 
2012
   
   
   
   
   
   
   
89,000
   
384,748
   
 
2011
   
   
   
   
   
   
   
89,000
   
368,059
   
 
2010
   
   
   
   
   
   
   
89,000
   
371,292
   
 
                                                         
New York Dividend Advantage (NAN)
                                           
Year Ended 9/30:
                                                 
2015(b)
   
   
   
   
   
56,000
   
356,732
   
   
   
 
2014
   
   
   
   
   
56,000
   
354,070
   
   
   
 
2013
   
   
   
55,360
   
33.98
   
   
   
   
   
 
2012
   
   
   
55,360
   
36.99
   
   
   
   
   
 
2011
   
   
   
55,360
   
35.12
   
   
   
   
   
 
2010
   
21,900
   
92,690
   
30,000
   
37.08
   
   
   
   
   
3.71
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2014
   
2013
   
2012
   
2011
   
2010
 
New York Dividend Advantage (NAN)
                               
Series 2015 (NAN PRC)
                               
Ending Market Value per Share
 
$
 
$
10.09
 
$
10.08
 
$
10.09
 
$
10.16
 
Average Market Value per Share
   
10.04
^^^
 
10.09
   
10.11
   
10.08
   
10.09
^
Series 2016 (NAN PRD)
                               
Ending Market Value per Share
   
   
10.02
   
10.09
   
10.06
   
 
Average Market Value per Share
   
10.05
^^^
 
10.10
   
10.11
   
9.95
^^
 
 
 
(b)
For the six months ended March 31, 2015.
^
For the period December 21, 2009 (first issuance date of shares) through September 30, 2010.
^^
For the period December 13, 2010 (first issuance date of shares) through September 30, 2011.
^^^
For the period October 1, 2013 through June 13, 2014.
 
74
 
Nuveen Investments

 
 

 

   
iMTP Shares
at the End of Period
 
MTP Shares
at the End of Period(a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
iMTP, MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage
Per $5,000
Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage
Per $10
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
New York Dividend Advantage 2 (NXK)
                                     
Year Ended 9/30:
                                                 
2015(b)
 
$
 
$
 
$
 
$
 
$
38,000
 
$
360,396
 
$
 
$
 
$
 
2014
   
   
   
   
   
38,000
   
357,926
   
   
   
 
2013
   
   
   
37,890
   
34.30
   
   
   
   
   
 
2012
   
   
   
37,890
   
37.32
   
   
   
   
   
 
2011
   
   
   
37,890
   
35.58
   
   
   
   
   
 
2010
   
   
   
37,890
   
35.91
   
   
   
   
   
 
                                                         
New York AMT-Free Income (NRK)
                                           
Year Ended 9/30:
                                                 
2015(b)
   
79,000
   
16,222
   
   
   
   
   
488,800
   
324,442
   
3.24
 
2014
   
79,000
   
16,100
   
   
   
   
   
488,800
   
321,997
   
3.22
 
2013
   
   
   
27,680
   
30.97
   
50,700
   
309,668
   
488,800
   
309,668
   
3.10
 
2012
   
   
   
27,680
   
29.56
   
   
   
   
   
 
2011
   
   
   
27,680
   
29.04
   
   
   
   
   
 
2010
   
   
   
27,680
   
29.46
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2014
   
2013
   
2012
   
2011
   
2010
 
New York Dividend Advantage 2 (NXK)
                               
Series 2015 (NXK PRC)
                               
Ending Market Value per Share
 
$
 
$
10.05
 
$
10.07
 
$
10.11
 
$
10.14
 
Average Market Value per Share
   
10.03
ΩΩ
 
10.06
   
10.09
   
10.05
   
10.05
Ω
                                 
New York AMT-Free Income (NRK)
                               
Series 2015 (NRK PRC)
                               
Ending Market Value per Share
   
   
10.01
   
10.14
   
10.10
   
10.33
 
Average Market Value per Share
   
10.04
ΩΩ
 
10.07
   
10.10
   
10.06
   
10.09
Ω
 
(b)
For the six months ended March 31, 2015.
Ω
For the period April 14, 2010 (first issuance date of shares) through September 30, 2010.
ΩΩ
For the period October 1, 2013 through June 13, 2014.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
75

 
 

 
 
Notes to Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
• Nuveen New York Municipal Value Fund, Inc. (NNY) (“New York Value (NNY)”)
• Nuveen New York Municipal Value Fund 2 (NYV) (“New York Value 2 (NYV)”)
• Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (“New York Performance Plus (NNP)”)
• Nuveen New York Dividend Advantage Municipal Fund (NAN) (“New York Dividend Advantage (NAN)”)
• Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (“New York Dividend Advantage 2 (NXK)”)
• Nuveen New York AMT-Free Municipal Income Fund (NRK) (“New York AMT-Free Income (NRK)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for New York Municipal Value 2 (NYV)), closed-end management investment companies. Common shares of New York Value (NNY), New York Performance Plus (NNP), New York Dividend Advantage (NAN), and New York AMT-Free Income (NRK) are traded on the NYSE. Common shares of New York Value 2 (NYV) and New York Dividend Advantage 2 (NKX) are traded on the NYSE MKT. New York Value (NNY) and New York Performance Plus (NNP) were incorporated under the state laws of Minnesota on July 14, 1987 and October 6, 1989, respectively. New York Value 2 (NYV), New York Dividend Advantage (NAN), New York Dividend Advantage 2 (NXK) and New York AMT-Free Income (NRK) were organized as Massachusetts business trusts on January 26, 2009, December 1, 1998, June 1, 1999 and April 9, 2002, respectively.
 
The end of the reporting period for the Funds is March 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended March 31, 2015 (“the current fiscal period”).
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories.
 
Fund Reorganizations
On January 15, 2015, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain New York funds included in this report (the “Reorganizations). The Reorganizations are intended to create one, larger-state Fund, which would potentially offer shareholders the following benefits:
 
• Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
• Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
• Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
• Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved Reorganizations are as follows:
 
Target Funds
Acquiring Fund
New York Performance Plus (NNP)
New York Dividend Advantage (NAN)
New York Dividend Advantage 2 (NXK)
 
 
The Reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings.
 
76
 
Nuveen Investments

 
 

 
 
Upon the closing of the Reorganizations, the Target Funds will transfer their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Funds. The Target Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds will become shareholders of the Acquiring Fund. Holders of common shares of the Target Funds will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds will receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Funds held immediately prior to the Reorganizations.
 
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
 
$
 
$
 
$
 
$
 
$
1,904,872
 
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal corporate income tax regulations, which may differ from U.S. GAAP.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
 
Nuveen Investments
 
77

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
 
78
 
Nuveen Investments

 
 

 
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
New York Value (NNY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
153,963,540
 
$
 
$
153,963,540
 
                           
New York Value 2 (NYV)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
37,503,199
 
$
 
$
37,503,199
 
                           
New York Performance Plus (NNP)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
343,395,488
 
$
 
$
343,395,488
 
Common Stocks
   
4,130,774
   
   
   
4,130,774
 
Total
 
$
4,130,774
 
$
343,395,488
 
$
 
$
347,526,262
 
                           
New York Dividend Advantage (NAN)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
208,192,016
 
$
 
$
208,192,016
 
                           
New York Dividend Advantage 2 (NXK)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
144,653,453
 
$
 
$
144,653,453
 
                           
New York AMT-Free Income (NRK)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,892,864,778
 
$
 
$
1,892,864,778
 
 
*    Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
Nuveen Investments
 
79

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss of the greater face value of the Underlying Bond.
 
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.
 
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
 
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters and the expenses of the Trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters during the current fiscal period were as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
Self-Deposited Inverse Floaters
 
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Average floating rate obligations outstanding
 
$
3,255,000
 
$
 
$
25,270,577
 
$
12,952,473
 
$
9,405,000
 
$
82,507,802
 
Average annual interest rate and fees
   
0.48
%
 
%
 
0.54
%
 
0.57
%
 
0.55
%
 
0.46
%
 
As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
Floating Rate Obligations Outstanding
 
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
3,255,000
 
$
 
$
22,230,000
 
$
11,215,000
 
$
9,405,000
 
$
69,835,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
975,000
   
2,000,000
   
18,235,000
   
9,565,000
   
1,680,000
   
44,220,000
 
Total
 
$
4,230,000
 
$
2,000,000
 
$
40,465,000
 
$
20,780,000
 
$
11,085,000
 
$
114,055,000
 

80
 
Nuveen Investments

 
 

 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters issued by the Trust, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of the end of the reporting period, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts, was as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
Floating Rate Obligations-
 
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
Externally-Deposited Recourse Trusts
 
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Maximum exposure to Recourse Trusts
 
$
 
$
2,000,000
 
$
9,375,000
 
$
7,245,000
 
$
 
$
31,665,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
 
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
4. Fund Shares
 
Common Share Transactions
Transactions in common shares during the Funds’ current and prior fiscal period were as follows:
 
           
New York
 
   
New York Value (NNY)
 
New York Value 2 (NYV)
 
Performance Plus (NNP)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
3/31/15
 
9/30/13
 
3/31/15
 
9/30/13
 
3/31/15
 
9/30/13
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
   
14,833
   
   
849
   
   
17,886
 

Nuveen Investments
 
81

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
   
New York
 
New York
 
New York
 
   
Dividend Advantage (NAN)
 
Dividend Advantage 2 (NXK)
 
AMT-Free Income (NRK)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
3/31/15
 
9/30/13
 
3/31/15
 
9/30/13
 
3/31/15
 
9/30/13
 
Common shares:
                                     
Issued in reorganizations
   
   
   
   
   
   
84,111,257
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
687
 
Repurchased and retired
   
(2,500
)
 
   
(100
)
 
   
   
 
Total
   
(2,500
)
 
   
(100
)
 
   
   
84,111,944
 
Weighted average common share:
                                     
Price per share repurchased and retired
 
$
13.39
   
 
$
13.15
   
   
   
 
Discount per share repurchased and retired
   
14.44
%
 
   
14.16
%
 
   
   
 
 
Preferred Shares
 
Institutional MuniFund Term Preferred Shares
The following Fund has issued and outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation value per share. iMTP Shares are issued via private placement and are not publicly available.
 
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:
 
                 
Shares
 
                 
Outstanding
 
                 
at $5,000
 
           
Shares
   
Per Share
 
Fund
   
Series
   
Outstanding
  Liquidation Value  
New York AMT-Free Income (NRK)
   
2017
   
15,800
 
$
79,000,000
 
 
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for one year following the date of issuance (“Non-Call Expiration Date”), at which point the Fund may begin to redeem at its option (“Optional Redemption Date”). The Fund may be obligated to redeem certain of the iMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s iMTP Shares are as follows:
 
       
Term
 
Optional
 
Non-Call
 
Fund
 
Series
 
Redemption Date
 
Redemption Date
 
Expiration Date
 
New York AMT-Free Income (NRK)
   
2017
   
October 1, 2017
   
April 1, 2015
   
March 31, 2015
 
 
The average liquidation value of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
 
     
New York
 
     
AMT-Free
 
     
Income
 
     
(NRK
)
Average liquidation value of iMTP Shares outstanding
 
$
79,000,000
 
Annualized dividend rate
   
0.65
%
 
iMTP Shares generally do not trade, and market quotations are generally not available. iMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of iMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the iMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of iMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of iMTP Shares is recorded as a liability and recognized as “Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
82
 
Nuveen Investments

 
 

 
 
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
 
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for each Fund were as follows:
 
                 
Shares
 
                 
Outstanding
 
                 
at $100,000
 
           
Shares
   
Per Share
 
Fund
   
Series
   
Outstanding
  Liquidation Value  
New York Dividend Advantage (NAN)
   
2017
   
560
 
$
56,000,000
 
New York Dividend Advantage 2 (NXK)
   
2017
   
380
 
$
38,000,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
 
       
Term
 
Optional
 
Premium
 
Fund
 
Series
 
Redemption Date
 
Redemption Date
 
Expiration Date
 
New York Dividend Advantage (NAN)
   
2017
   
July 1, 2017
   
July 1, 2015
   
June 30, 2015
 
New York Dividend Advantage 2 (NXK)
   
2017
   
July 1, 2017
   
July 1, 2015
   
June 30, 2015
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
     
New York
   
New York
 
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
 
     
(NAN
)
 
(NXK
)
Average liquidation value of VMTP Shares outstanding
 
$
56,000,000
 
$
38,000,000
 
Annualized dividend rate
   
0.98
%
 
0.98
%
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Funds in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Nuveen Investments
 
83

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
 
As of the end of the reporting period, the details of the Funds’ VRDP Shares outstanding were as follows:
 
           
Shares Outstanding at
     
       
Shares
 
$100,000 Per Share
     
Fund
   
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
New York Performance Plus (NNP)
   
1
   
890
 
$
89,000,000
   
March 1, 2040
 
New York AMT-Free Income (NRK)
                         
     
1
   
1,123
 
$
112,300,000
   
August 1, 2040
 
     
2
   
1,648
 
$
164,800,000
   
August 1, 2040
 
     
3
   
1,617
 
$
161,700,000
   
December 1, 2040
 
     
4
   
500
 
$
50,000,000
   
June 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% of the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
     
New York
   
New York
 
     
Performance
   
AMT-Free
 
     
Plus
   
Income
 
     
(NNP
)
 
(NRK
)
Average liquidation value of VRDP Shares outstanding
 
$
89,000,000
 
$
488,800,000
 
Annualized dividend rate
   
0.13
%
 
0.09
%
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are being amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
 
Transactions in iMTP Shares for the Funds, where applicable, were as follows:
 
   
Year Ended
 
   
September 30, 2014
 
   
Series
 
Shares
 
Amount
 
New York AMT-Free Income (NRK)
                   
iMTP Shares issued
   
2017
   
15,800
 
$
79,000,000
 

84
 
Nuveen Investments

 
 

 
 
Transactions in MTP Shares for the Funds, where applicable, were as follows:
 
   
Year Ended
 
   
September 30, 2014
 
   
Series
 
NYSE Ticker
 
Shares
 
Amount
 
New York Dividend Advantage (NAN)
                         
MTP Shares redeemed
   
2015
   
NAN PRC
   
(3,000,000
)
$
(30,000,000
)
     
2016
   
NAN PRD
   
(2,536,000
)
 
(25,360,000
)
Total
     
 
 
 
 
  (5,536,000 ) $ (55,360,000 )
New York Dividend Advantage 2 (NXK)
                         
MTP Shares redeemed
   
2015
   
NXK PRC
   
(3,789,000
)
$
(37,890,000
)
New York AMT-Free Income (NRK)
                         
MTP Shares redeemed
   
2015
   
NRK PRC
   
(2,768,000
)
$
(27,680,000
)
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
 
   
Year Ended
 
   
September 30, 2014
 
     
Series
   
Shares
   
Amount
 
New York Dividend Advantage (NAN)
                   
VMTP Shares issued
   
2017
   
560
 
$
56,000,000
 
New York Dividend Advantage 2 (NXK)
                   
VMTP Shares issued
   
2017
   
380
 
$
38,000,000
 
New York AMT-Free Income (NRK)
                   
VMTP Shares redeemed
   
2014
   
(507
)
$
(50,700,000
)
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Purchases
 
$
21,878,794
 
$
3,082,067
 
$
11,559,493
 
$
11,148,326
 
$
15,387,804
 
$
109,702,089
 
Sales and maturities
   
21,484,556
   
3,823,431
   
19,033,364
   
13,575,152
   
15,925,930
   
128,601,610
 
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of New York AMT-Free Income (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
 
Nuveen Investments
 
85

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
As of March 31, 2015, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Cost of investments
 
$
140,707,412
 
$
32,449,479
 
$
297,743,574
 
$
181,963,532
 
$
125,368,759
 
$
1,695,856,992
 
Gross unrealized:
                                     
Appreciation
 
$
10,815,886
 
$
5,480,731
 
$
29,208,660
 
$
16,238,552
 
$
10,672,057
 
$
157,499,739
 
Depreciation
   
(816,783
)
 
(427,011
)
 
(1,658,781
)
 
(1,227,082
)
 
(787,547
)
 
(30,325,739
)
Net unrealized appreciation (depreciation) of investments
 
$
9,999,103
 
$
5,053,720
 
$
27,549,879
 
$
15,011,470
 
$
9,884,510
 
$
127,174,000
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments resulted in reclassifications among the Funds’ components of common share net assets as of September 30, 2014, the Funds’ last tax year end, as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Paid-in-surplus
 
$
 
$
 
$
(70,291
)
$
(650,482
)
$
(611,625
)
$
747,229
 
Undistributed (Over-distribution of) net investment income
   
(59,694
)
 
(337
)
 
57,983
   
582,164
   
610,744
   
(795,273
)
Accumulated net realized gain (loss)
   
59,694
   
337
   
12,308
   
68,318
   
881
   
48,044
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of September 30, 2014, the Funds’ last tax year end, were as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Undistributed net tax-exempt income1
 
$
867,960
 
$
105,598
 
$
2,514,605
 
$
1,272,941
 
$
695,125
 
$
6,087,222
 
Undistributed net ordinary income2
   
1,596
   
11,119
   
15,032
   
203
   
1,961
   
54,691
 
Undistributed net long-term capital gains
   
   
   
   
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 2, 2014, and paid on October 1, 2014.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended September 30, 2014 was designated for purposes of the dividends paid deduction as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Distributions from net tax-exempt income
 
$
5,833,409
 
$
1,557,788
 
$
12,968,491
 
$
8,274,258
 
$
5,130,661
 
$
74,135,766
 
Distributions from net ordinary income2
   
16,710
   
1,884
   
   
2,780
   
14,263
   
 
Distributions from net long-term capital gains
   
   
   
   
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of September 30, 2014, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Capital losses to be carried forward – not subject to expiration
 
$
955,802
 
$
590,041
 
$
1,366,806
 
$
1,152,216
 
$
468,386
 
$
16,049,781
 

86
 
Nuveen Investments

 
 

 
 
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Funds have elected to defer losses as follows:
 
           
New York
 
New York
 
New York
 
New York
 
   
New York
 
New York
 
Performance
 
Dividend
 
Dividend
 
AMT-Free
 
   
Value
 
Value 2
 
Plus
 
Advantage
 
Advantage 2
 
Income
 
   
(NNY
)
(NYV
)
(NNP
)
(NAN
)
(NXK
)
(NRK
)
Post-October capital losses3
 
$
1,387,067
 
$
217,064
 
$
5,515,444
 
$
964,636
 
$
1,790,115
 
$
17,517,224
 
Late-year ordinary losses4
   
   
   
   
   
   
 
 
3
Capital losses incurred from November 1, 2013 through September 30, 2014, the Funds’ last tax year end.
4
Ordinary losses incurred from January 1, 2014 through September 30, 2014, and specified losses incurred from November 1, 2013 through September 30, 2014.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for New York Value (NNY) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
New York Value (NNY) pays an annual fund-level fee, payable monthly, of 0.15% of the average daily net assets* of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
 
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
 
 
New York Performance Plus (NNP)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For the next $3 billion
0.3875
 
For managed assets over $5 billion
0.3750
 

 
New York Value 2 (NYV)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4000
%
For the next $125 million
0.3875
 
For the next $250 million
0.3750
 
For the next $500 million
0.3625
 
For the next $1 billion
0.3500
 
For managed assets over $2 billion
0.3375
 

 
New York Dividend Advantage (NAN)
 
New York Dividend Advantage 2 (NXK)
 
New York AMT-Free Income (NRK)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For managed assets over $2 billion
0.3750
 

Nuveen Investments
 
87

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
0.2000
%
$56 billion
0.1996
 
$57 billion
0.1989
 
$60 billion
0.1961
 
$63 billion
0.1931
 
$66 billion
0.1900
 
$71 billion
0.1851
 
$76 billion
0.1806
 
$80 billion
0.1773
 
$91 billion
0.1691
 
$125 billion
0.1599
 
$200 billion
0.1505
 
$250 billion
0.1469
 
$300 billion
0.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2015, the complex-level fee for each of each Fund was 0.1635%.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Subsequent Events
 
Fund Reorganizations
On May 18, 2015, the Reorganizations were approved by shareholders. Subject to the satisfaction of certain customary closing conditions, the Reorganizations are expected to close prior to the opening of the NYSE on June 8, 2015.
 
88
 
Nuveen Investments

 
 

 
 
Additional Fund Information (Unaudited)
 
Board of Directors/Trustees
               
William Adams IV*
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
 
William J. Schneider
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
   
 
* Interested Board Member.
 

 
Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

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

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase programs, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
NNY
NYV
NNP
NAN
NXK
NRK
 
Common shares repurchased
2,500
100
 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
 
Nuveen Investments
 
89

 
 

 
 
Glossary of Terms Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
 
90
 
Nuveen Investments

 
 

 

Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New York municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
Nuveen Investments
 
91

 
 

 
 
Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. 

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
92
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
93

 
 

 
 
Notes
 
94
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
95

 
 

 
 
 
Nuveen Investments:
 
Serving Investors for Generations
 

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

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $233 billion as of March 31, 2015.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
ESA-A-0315D 8089-INV-B-05/16

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

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


 
 

 
 
SIGNATURES

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

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

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

Date: June 4, 2015
 
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 4, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: June 4, 2015