nko.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 811-09473

Nuveen New York Dividend Advantage 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, 2012

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 and Other Information
10
   
Common Share Dividend and Price Information
12
   
Performance Overviews
14
   
Shareholder Meeting Report
20
   
Portfolios of Investments
22
   
Statement of Assets and Liabilities
57
   
Statement of Operations
59
   
Statement of Changes in Net Assets
60
   
Statement of Cash Flows
62
   
Financial Highlights
64
   
Notes to Financial Statements
73
   
Reinvest Automatically, Easily and Conveniently
84
   
Glossary of Terms Used in this Report
86
   
Additional Fund Information
91

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
In recent months the positive atmosphere in financial markets has reflected efforts by central banks in the U.S. and Europe to provide liquidity to the financial system and keep interest rates low. At the same time, future economic growth in these countries still faces serious headwinds in the form of high energy prices, uncertainties about potential political leadership changes and increasing pressure to reduce government spending regardless of its impact on the economy. Together with the continuing political tensions in the Middle East, investors have many reasons to remain cautious.
 
Though progress has been painfully slow, officials in Europe have taken important steps to address critical issues. The European Central Bank has provided vital liquidity to the banking system. Similarly, officials in the Euro area finally agreed to an enhanced “firewall” of funding to deal with financial crises in member countries. These steps, in addition to the completion of another round of financing for Greece, have eased credit conditions across the continent. Several very significant challenges remain with the potential to derail the recent progress but European leaders have demonstrated political will and persistence in dealing with their problems.
 
In the U.S., strong corporate earnings and continued progress on job creation have contributed to a rebound in the equity market and many of the major stock market indexes are approaching their levels before the financial crisis. The Fed’s commitment to an extended period of low interest rates is promoting economic growth, which remains moderate but steady and raises concerns about the future course of long term rates once the program ends. Pre-election maneuvering has added to the highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer with little progress being made to deal with them.
 
During the last year, investors have experienced a sharp decline and a strong recovery in the equity markets. Experienced investment teams keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long term goals for investors. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
May 18, 2012
     
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Nuveen Investments

 
 

 
 
Portfolio Manager’s Comments
 
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Nuveen New York Premium Income Municipal Fund, Inc. (NNF)
Nuveen New York Dividend Advantage Municipal Income Fund (NKO)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
 
Portfolio manager Scott Romans discusses key investment strategies and the six-month performance of these Nuveen New York Funds. Scott, who joined Nuveen in 2000, assumed portfolio management responsibility for the New York Funds in January 2011.
 
What key strategies were used to manage these New York Funds during the six-month reporting period ended March 31, 2012?
 
During this reporting period, municipal bond prices generally rallied, amid strong demand and yields that continued to be relatively low. Due to their insured mandate and the continued decline in insured issuance, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for these New York Funds during the first three months of this period. Over the past few years, most municipal bond insurers had their credit ratings downgraded and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities decreased dramatically. In 2011, issuance of new insured paper accounted for just over 5% of total municipal issuance (compared with an historical level of 50%), down 43.5% from 2010. The combination of comparatively tight municipal supply, little insured issuance, and relatively lower yields meant fewer attractive opportunities for these Funds during the first half of this period.
 
In view of this situation, in October 2011, the Funds’ Board of Directors/Trustees approved changes to the Funds’ investment policy regarding insured municipal securities. Effective January 2, 2012, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. This change was designed to provide more flexibility regarding the types of securities available for investment. This does not represent a change in investment objectives; each Fund will continue to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities.
 
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 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 a national rating agency.
     
Nuveen Investments
 
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Following the change to these Funds’ investment policy, we were very active in adding a variety of bonds to the Funds’ portfolios, including health care and lower-rated tobacco credits. During the period when there were fewer purchase opportunities due to the insured mandate, the Funds’ durations had drifted lower as bonds matured or were called from their portfolios. One of our goals during the second half of this period was to bring the Funds’ durations back into their targeted range. We were able to make progress toward this goal by purchasing zero coupon bonds, primarily Puerto Rico sales tax issues, which offered longer durations, quality in the AA range and substantial spreads. We found this to be an attractive way of increasing the Funds’ durations using uninsured bonds that were still high quality. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds. A number of bond calls and refundings provided a meaningful source of liquidity, which we worked to redeploy to keep the Funds fully invested and enhance their durations and credit and sector diversification. The Funds also sold a few selected holdings, but for the most part, selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of March 31, 2012, 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 Funds perform during the six-month period ended March 31, 2012?
 
Individual results for the Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
 
For periods ended 3/31/12
                           
Fund
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NQN
   
4.63
%
 
16.12
%
 
6.02
%
 
6.58
%
NVN
   
5.10
%
 
17.29
%
 
6.04
%
 
6.70
%
NUN
   
4.83
%
 
16.17
%
 
5.88
%
 
6.47
%
NNF
   
4.27
%
 
15.91
%
 
5.86
%
 
6.28
%
NKO
   
4.36
%
 
14.66
%
 
5.69
%
 
6.64
%
NRK
   
3.50
%
 
13.10
%
 
5.45
%
 
N/A
Standard & Poor’s (S&P) New York Municipal Bond Index**
   
3.47
%
 
11.22
%
 
5.17
%
 
5.44
%
Standard & Poor’s (S&P) National Municipal Bond Index**
   
4.14
%
 
12.56
%
 
5.11
%
 
5.49
%
Lipper New York Municipal Debt Funds Classification Average**
   
6.21
%
 
18.78
%
 
4.94
%
 
6.34
%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
   
 
For additional information, see the Performance Overview for your Fund in this report.
   
*
Six-month returns are cumulative; all other are annualized.
   
**
Refer to Glossary of Terms Used in this Report for definitions.

6
 
Nuveen Investments

 
 

 
 
Average Annual Total Returns on Common Share Net Asset Value* (continued)
                           
     
6-Month
 
1-Year
 
5-Year
 
10-Year
Standard & Poor’s (S&P) Insured National Municipal Bond Index**
   
4.33
%
 
13.71
%
 
5.20
%
 
5.60
%
Lipper Single-State Insured Municipal Debt Classification Funds Average**
   
6.26
%
 
22.52
%
 
5.91
%
 
6.42
%
 
For the six months ended March 31, 2012, the cumulative returns on common share net asset value (NAV) for all six of these New York Funds exceeded the return for the Standard & Poor’s (S&P) New York Municipal Bond Index. NQN, NVN, NUN, NNF and NKO also outperformed the Standard & Poor’s (S&P) National Municipal Bond Index, while NRK lagged this index. For the same period, the Funds underperformed the average return for the Lipper New York Municipal Debt Funds Classification. NQN, NVN, NUN, and NKO outperformed the Standard & Poor’s (S&P) Insured National Municipal Bond Index, NNF performed in line with the S&P insured national return, while NRK lagged this index. For the same period, the Funds underperformed the average return for the Lipper Single-State Insured Municipal Debt Funds Classification.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. As previously mentioned, the durations of these Funds had shortened over the last several years as bonds matured or were called from their portfolios, and the lack of insured issuance hampered our replacing them with bonds with longer maturities. During the second half of this period, we worked to give these Funds better access to the longer segment of the yield curve. Overall, duration and yield curve positioning was the dominant factor in the Funds’ performance during these six months. Among these six Funds, NVN, NUN and NQN were the most advantageously positioned in terms of duration and yield curve exposure, with durations that were longer than the market average. With the shortest effective duration, NRK was the least advantageously positioned, which had a negative impact on its performance.
 
Credit exposure was also an important factor in performance during these six months, as lower-quality bonds generally outperformed higher-quality credits. This outperformance was due in part to the greater demand for lower-rated bonds as investors looked for investment vehicles offering higher yields. As with duration and yield curve positioning, bonds that matured or were called from the Funds over the past few years and not replaced due to the insured mandate caused the Funds’ credit weightings to shift toward the upper end of the quality spectrum. While we worked to add to their lower-rated allocations following the change in investment policy, the Funds’ underweightings
     
Nuveen Investments
 
7

 
 

 
 
in non-rated and sub-investment grade credits, which generally outperformed the market, detracted from their performance during this period.
 
Holdings and sectors that generally made positive contributions to the Funds’ returns during this period included zero coupon bonds, health care, industrial development revenue (IDR), transportation and special tax credits. Leasing and housing bonds also outpaced the general municipal market for the period. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing sectors, as these bonds benefited from several developments in the market, including increased demand for higher-yielding investments by investors who became less risk-averse. In addition, based on recent data showing that cigarette sales have fallen less steeply than anticipated, the 46 states participating in the agreement, including New York, stand to receive increased payments from the tobacco companies.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. All six of these Funds were overweighted in pre-refunded bonds, with NRK having the heaviest weighting as of March 31, 2012. General obligation and other tax-supported bonds as well as credits issued by the electric utilities and water and sewer sectors also lagged the performance of the general municipal market for this period.
 
FUND POLICY CHANGES
 
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds have not changed their investment objective and will continue to invest substantially all of
     
8
 
Nuveen Investments

 
 

 
 
their assets in a portfolio of investment grade quality municipal securities. Concurrent with the investment policy changes, certain Funds changed their names as follows:
   
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) changed to Nuveen New York Premium Income Municipal Fund, Inc. (NNF),
   
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) changed to Nuveen New York Dividend Advantage Municipal Income Fund (NKO) and
   
Nuveen Insured New York Tax Free Advantage Municipal Fund (NRK) changed to Nuveen New York AMT-Free Municipal Income Fund (NRK).
 
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser.
     
Nuveen Investments
 
9

 
 

 
 
Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of March 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
                           
           
MTP Shares Issued
   
Annual
   
NYSE
 
Fund
   
Series
   
at Liquidation Value
   
Interest Rate
   
Ticker
 
NRK
   
2015
 
 
$27,680,000
   
2.55
%
 
NRK PrC
 
 
VMTP Shares
               
           
VMTP Shares Issued
 
Fund
   
Series
   
at Liquidation Value
 
NNF
   
2014
 
 
$50,700,000
 
 
VRDP Shares
         
     
VRDP Shares Issued
 
Fund
   
at Liquidation Value
 
NQN
 
 
$112,300,000
 
NVN
 
 
$164,800,000
 
NUN
 
 
$161,700,000
 
NKO
 
 
$  50,000,000
 
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares, VMTP Shares and VRDP Shares.)
     
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Nuveen Investments

 
 

 
 
UPDATE ON LITIGATION REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
During 2011, certain funds (including NUN) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also named Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Directors/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contained allegations regarding breaches of fiduciary duties in connection with the redemption of auction rate preferred shares issued by the funds. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint. The plaintiffs failed to file an appeal of the court’s decision within the required time period, resulting in the final disposition of the suit.
 
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 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. 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.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
     
Nuveen Investments
 
11

 
 

 
 
Common Share Dividend
and Price Information
 
DIVIDEND INFORMATION
 
The dividends of NQN, NVN, NUN, NNF, NKO and NRK remained stable throughout the six-month reporting period ended March 31, 2012.
 
Due to normal portfolio activity, common shareholders of the Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
               
            Short-Term Capital Gains  
      Long-Term Capital Gains     and/or Ordinary Income  
Fund
    (per share)     (per share)  
NQN
 
 
$0.0496
 
 
$0.0082
 
NVN
 
 
$0.0283
   
 
NUN
 
 
$0.0222
   
 
NNF
 
 
$0.0058
   
 
NKO
 
 
$0.0052
   
 
NRK
 
 
$0.0103
   
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2012, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
     
12
 
Nuveen Investments

 
 

 
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
As of March 31, 2012, 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.
               
      Common Shares     % of Outstanding  
Fund
    Repurchased and Retired     Common Shares  
NQN
   
105,600
   
0.6
%
NVN
   
118,000
   
0.5
%
NUN
   
159,800
   
0.7
%
NNF
   
85,700
   
1.0
%
NKO
   
27,000
   
0.3
%
NRK
   
6,800
   
0.2
%
 
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
As of March 31, 2012, and during the six-month reporting period, the Funds’ share prices were trading at (-) discounts to their NAVs as shown in the accompanying table.
               
      3/31/12   Six-Month Average  
Fund
    (-)Discount   (-)Discount  
NQN
   
(-)4.05
%
 
(-)1.92
%
NVN
   
(-)4.67
%
 
(-)1.85
%
NUN
   
(-)4.76
%
 
(-)1.10
%
NNF
   
(-)4.52
%
 
(-)2.05
%
NKO
   
(-)5.31
%
 
(-)4.39
%
NRK
   
(-)5.19
%
 
(-)5.30
%

Nuveen Investments
 
13

 
 

 

NQN
 
Nuveen New York
Performance
Investment Quality
OVERVIEW
Municipal Fund, Inc.
 
as of March 31, 2012
 

Fund Snapshot
       
Common Share Price
 
$
14.94
 
Common Share Net Asset Value (NAV)
 
$
15.57
 
Premium/(Discount) to NAV
   
-4.05
%
Market Yield
   
5.54
%
Taxable-Equivalent Yield2
   
8.24
%
Net Assets Applicable to Common Shares ($000)
 
$
273,112
 

Leverage
       
Regulatory Leverage
   
29.14
%
Effective Leverage
   
36.92
%

Average Annual Total Returns
             
(Inception 11/20/90)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
7.22
%
 
4.63
%
1-Year
   
20.22
%
 
16.12
%
5-Year
   
6.75
%
 
6.02
%
10-Year
   
7.10
%
 
6.58
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
36.6
%
Education and Civic Organizations
   
16.8
%
Health Care
   
8.2
%
Tax Obligation/General
   
7.6
%
Water and Sewer
   
7.5
%
Transportation
   
7.2
%
Utilities
   
6.2
%
U.S. Guaranteed
   
6.2
%
Other
   
3.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a net ordinary income distribution and a capital gains distribution in December 2011 of $0.0082 and $0.0496 per share.
 
14
 
Nuveen Investments

 
 

 

NVN
 
Nuveen New York
Performance
Select Quality
OVERVIEW
Municipal Fund, Inc.
 
as of March 31, 2012
 

Fund Snapshot
       
Common Share Price
 
$
15.11
 
Common Share Net Asset Value (NAV)
 
$
15.85
 
Premium/(Discount) to NAV
   
-4.67
%
Market Yield
   
5.76
%
Taxable-Equivalent Yield2
   
8.57
%
Net Assets Applicable to Common Shares ($000)
 
$
368,089
 

Leverage
       
Regulatory Leverage
   
30.93
%
Effective Leverage
   
37.19
%

Average Annual Total Returns
             
(Inception 5/22/91)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
5.47
%
 
5.10
%
1-Year
   
18.43
%
 
17.29
%
5-Year
   
6.13
%
 
6.04
%
10-Year
   
7.17
%
 
6.70
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
35.7
%
Education and Civic Organizations
   
16.6
%
U.S. Guaranteed
   
8.4
%
Utilities
   
8.4
%
Health Care
   
7.5
%
Transportation
   
7.3
%
Water and Sewer
   
6.5
%
Tax Obligation/General
   
5.5
%
Other
   
4.1
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0283 per share.
 
Nuveen Investments
 
15

 
 

 
 
NUN
 
Nuveen New York
Performance
 
Quality Income
OVERVIEW
 
Municipal Fund, Inc.
   
as of March 31, 2012
 

Fund Snapshot
       
Common Share Price
 
$
14.81
 
Common Share Net Asset Value (NAV)
 
$
15.55
 
Premium/(Discount) to NAV
   
-4.76
%
Market Yield
   
5.91
%
Taxable-Equivalent Yield2
   
8.79
%
Net Assets Applicable to Common Shares ($000)
 
$
369,814
 

Leverage
       
Regulatory Leverage
   
30.42
%
Effective Leverage
   
36.92
%

Average Annual Total Returns
             
(Inception 11/20/91)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
3.13
%
 
4.83
%
1-Year
   
17.13
%
 
16.17
%
5-Year
   
6.31
%
 
5.88
%
10-Year
   
6.73
%
 
6.47
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
40.1
%
Education and Civic Organizations
   
12.5
%
U.S. Guaranteed
   
9.3
%
Transportation
   
9.2
%
Health Care
   
7.9
%
Utilities
   
7.8
%
Water and Sewer
   
7.2
%
Other
   
6.0
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0222 per share.
 
16
 
Nuveen Investments

 
 

 

NNF
 
Nuveen New York
Performance
Premium Income
OVERVIEW
Municipal Fund, Inc.
 
as of March 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.21
 
Common Share Net Asset Value (NAV)
 
$
15.93
 
Premium/(Discount) to NAV
   
-4.52
%
Market Yield
   
5.48
%
Taxable-Equivalent Yield2
   
8.15
%
Net Assets Applicable to Common Shares ($000)
 
$
131,448
 

Leverage
       
Regulatory Leverage
   
27.83
%
Effective Leverage
   
35.69
%

Average Annual Total Returns
             
(Inception 12/17/92)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
5.80
%
 
4.27
%
1-Year
   
15.76
%
 
15.91
%
5-Year
   
6.19
%
 
5.86
%
10-Year
   
6.48
%
 
6.28
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
41.9
%
Education and Civic Organizations
   
12.6
%
Transportation
   
10.1
%
Health Care
   
9.8
%
Water and Sewer
   
7.1
%
U.S. Guaranteed
   
6.7
%
Other
   
11.8
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0058 per share.
 
Nuveen Investments
 
17

 
 

 

NKO
 
Nuveen New York
Performance
Dividend Advantage
OVERVIEW
Municipal Income Fund
 
as of March 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
14.76
 
Common Share Net Asset Value (NAV)
 
$
15.59
 
Premium/(Discount) to NAV
   
-5.32
%
Market Yield
   
5.53
%
Taxable-Equivalent Yield2
   
8.23
%
Net Assets Applicable to Common Shares ($000)
 
$
123,748
 

Leverage
       
Regulatory Leverage
   
28.78
%
Effective Leverage
   
34.20
%

Average Annual Total Returns
             
(Inception 3/25/02)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
7.17
%
 
4.36
%
1-Year
   
15.27
%
 
14.66
%
5-Year
   
4.69
%
 
5.69
%
10-Year
   
5.87
%
 
6.64
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
41.1
%
Education and Civic Organizations
   
17.6
%
Transportation
   
8.9
%
Utilities
   
8.5
%
Health Care
   
8.4
%
U.S. Guaranteed
   
6.1
%
Other
   
9.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0052 per share.
 
18
 
Nuveen Investments

 
 

 

NRK
 
Nuveen New York
Performance
AMT-Free Municipal
OVERVIEW
Income Fund
 
as of March 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
14.40
 
Common Share Net Asset Value (NAV)
 
$
15.19
 
Premium/(Discount) to NAV
   
-5.20
%
Market Yield
   
4.88
%
Taxable-Equivalent Yield2
   
7.26
%
Net Assets Applicable to Common Shares ($000)
 
$
53,277
 

Leverage
       
Regulatory Leverage
   
34.19
%
Effective Leverage
   
37.19
%

Average Annual Total Returns
             
(Inception 11/21/02)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
6.53
%
 
3.50
%
1-Year
   
15.60
%
 
13.10
%
5-Year
   
4.64
%
 
5.45
%
Since
             
Inception
   
5.04
%
 
5.81
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
32.1
%
Education and Civic Organizations
   
19.8
%
Health Care
   
13.9
%
U.S. Guaranteed
   
12.9
%
Transportation
   
9.5
%
Other
   
11.8
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 a national rating agency.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0103 per share.

Nuveen Investments
 
19

 
 

 

NQN
 
Shareholder Meeting Report
NVN
The annual meeting of shareholders was held in the offices of Nuveen Investments on March 30,
NUN
2012; at this meeting the shareholders were asked to vote on the election of Board Members,
 
the elimination of Fundamental Investment Policies and the approval of new Fundamental
 
Investment Policies. The meeting was subsequently adjourned to May 8, 2012.

   
NQN
 
NVN
 
NUN
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
shares
   
as a class
   
shares
   
as a class
   
shares
 
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
                                     
For
   
6,381,162
   
923
   
6,365,762
   
1,338
   
8,481,411
   
1,307
 
Against
   
505,079
   
   
550,236
   
   
1,043,511
   
 
Abstain
   
318,302
   
   
287,718
   
   
493,535
   
 
Broker Non-Votes
   
3,300,050
   
   
4,528,074
   
   
4,720,223
   
 
Total
   
10,504,593
   
923
   
11,731,790
   
1,338
   
14,738,680
   
1,307
 
To approve the new fundamental policy relating to the Fund’s ability to make loans.
                                     
For
   
6,363,564
   
923
   
6,347,076
   
1,338
   
8,446,031
   
1,307
 
Against
   
502,257
   
   
551,359
   
   
1,064,390
   
 
Abstain
   
338,722
   
   
305,281
   
   
508,036
   
 
Broker Non-Votes
   
3,300,050
   
   
4,528,074
   
   
4,720,223
   
 
Total
   
10,504,593
   
923
   
11,731,790
   
1,338
   
14,738,680
   
1,307
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
10,170,934
   
   
11,241,400
   
   
13,842,024
   
 
Withhold
   
333,659
   
   
490,390
   
   
896,656
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
Robert P. Bremner
                                     
For
   
10,145,490
   
   
11,239,381
   
   
13,831,958
   
 
Withhold
   
359,103
   
   
492,409
   
   
906,722
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
Jack B. Evans
                                     
For
   
10,150,581
   
   
11,210,751
   
   
13,830,148
   
 
Withhold
   
354,012
   
   
521,039
   
   
908,532
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
William C. Hunter
                                     
For
   
   
923
   
   
1,338
   
   
1,307
 
Withhold
   
   
   
   
   
   
 
Total
   
   
923
   
   
1,338
   
   
1,307
 
David J. Kundert
                                     
For
   
10,140,398
   
   
11,184,605
   
   
13,821,674
   
 
Withhold
   
364,195
   
   
547,185
   
   
917,006
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
William J. Schneider
                                     
For
   
   
923
   
   
1,338
   
   
1,307
 
Withhold
   
   
   
   
   
   
 
Total
   
   
923
   
   
1,338
   
   
1,307
 
Judith M. Stockdale
                                     
For
   
10,149,762
   
   
11,177,367
   
   
13,791,320
   
 
Withhold
   
354,831
   
   
554,423
   
   
947,360
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
Carole E. Stone
                                     
For
   
10,158,194
   
   
11,208,928
   
   
13,800,790
   
 
Withhold
   
346,399
   
   
522,862
   
   
937,890
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
Virginia L. Stringer
                                     
For
   
10,148,936
   
   
11,203,808
   
   
13,800,231
   
 
Withhold
   
355,657
   
   
527,982
   
   
938,449
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 
Terence J. Toth
                                     
For
   
10,143,784
   
   
11,195,686
   
   
13,829,058
   
 
Withhold
   
360,809
   
   
536,104
   
   
909,622
   
 
Total
   
10,504,593
   
   
11,731,790
   
   
14,738,680
   
 

20
 
Nuveen Investments

 
 

 

NNF
   
NKO
 
NRK
 

   
NNF
 
NKO
 
NRK
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
shares
   
as a class
   
shares
   
as a class
   
shares
 
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
                                     
For
   
2,276,365
   
507
   
2,632,460
   
500
   
2,002,661
   
1,212,413
 
Against
   
205,433
   
   
324,412
   
   
172,686
   
77,412
 
Abstain
   
128,022
   
   
118,305
   
   
34,760
   
 
Broker Non-Votes
   
2,138,035
   
   
1,897,660
   
   
1,150,018
   
325,285
 
Total
   
4,747,855
   
507
   
4,972,837
   
500
   
3,360,125
   
1,615,110
 
To approve the new fundamental policy relating to the Fund’s ability to make loans.
                                     
For
   
2,269,094
   
507
   
2,613,235
   
500
   
2,001,961
   
1,212,413
 
Against
   
217,493
   
   
334,845
   
   
174,186
   
77,412
 
Abstain
   
123,233
   
   
127,097
   
   
33,960
   
 
Broker Non-Votes
   
2,138,035
   
   
1,897,660
   
   
1,150,018
   
325,285
 
Total
   
4,747,855
   
507
   
4,972,837
   
500
   
3,360,125
   
1,615,110
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
4,597,723
   
   
   
   
   
 
Withhold
   
150,132
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 
Robert P. Bremner
                                     
For
   
4,598,509
   
   
4,716,306
   
   
3,218,079
   
 
Withhold
   
149,346
   
   
256,531
   
   
142,046
   
 
Total
   
4,747,855
   
   
4,972,837
   
   
3,360,125
   
 
Jack B. Evans
                                     
For
   
4,604,881
   
   
4,718,634
   
   
3,204,764
   
 
Withhold
   
142,974
   
   
254,203
   
   
155,361
   
 
Total
   
4,747,855
   
   
4,972,837
   
   
3,360,125
   
 
William C. Hunter
                                     
For
   
   
507
   
   
500
   
   
1,555,010
 
Withhold
   
   
   
   
   
   
60,100
 
Total
   
   
507
   
   
500
   
   
1,615,110
 
David J. Kundert
                                     
For
   
4,590,083
   
   
   
   
   
 
Withhold
   
157,772
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 
William J. Schneider
                                     
For
   
   
507
   
   
500
   
   
1,555,010
 
Withhold
   
   
   
   
   
   
60,100
 
Total
   
   
507
   
   
500
   
   
1,615,110
 
Judith M. Stockdale
                                     
For
   
4,596,979
   
   
   
   
   
 
Withhold
   
150,876
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
4,599,123
   
   
   
   
   
 
Withhold
   
148,732
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
4,606,024
   
   
   
   
   
 
Withhold
   
141,831
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
4,599,335
   
   
   
   
   
 
Withhold
   
148,520
   
   
   
   
   
 
Total
   
4,747,855
   
   
   
   
   
 

Nuveen Investments
 
21

 
 

 

   
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
 
Portfolio of Investments
   
March 31, 2012 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Consumer Staples – 2.1% (1.4% of Total Investments)
             
$
7,720
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
 
6/16 at 100.00
 
BB
$
5,610,819
 
     
Education and Civic Organizations – 25.1% (16.8% of Total Investments)
             
 
1,685
 
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
 
7/12 at 100.00
 
N/R
 
1,690,089
 
 
3,000
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured
 
7/17 at 100.00
 
A–
 
3,170,790
 
 
935
 
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
 
BBB
 
1,012,876
 
 
3,500
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Culinary Institute of America, Series 1999, 5.000%, 7/01/22 – NPFG Insured
 
7/12 at 100.00
 
BBB
 
3,504,515
 
 
6,500
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
 
7/12 at 100.00
 
BBB
 
6,519,045
 
 
125
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 – AMBAC Insured
 
7/12 at 100.00
 
A2
 
125,318
 
 
3,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured
 
No Opt. Call
 
Aa2
 
3,177,510
 
 
1,730
 
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
 
1,883,762
 
 
2,080
 
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
 
2,201,763
 
 
550
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured
 
7/17 at 100.00
 
BBB
 
568,024
 
 
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
 
Baa2
 
1,193,930
 
 
1,980
 
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured
 
5/21 at 100.00
 
AA–
 
2,288,246
 
 
740
 
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–
 
804,454
 
 
2,400
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.250%, 7/01/34
 
7/19 at 100.00
 
AA–
 
2,698,728
 
 
3,000
 
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–
 
3,252,870
 
 
1,200
 
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
 
1,329,348
 
     
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
 
5,607,550
 
 
5,000
 
5.000%, 7/01/40
 
7/20 at 100.00
 
Aa1
 
5,535,200
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
             
 
575
 
5.250%, 7/01/20 – AMBAC Insured
 
No Opt. Call
 
A1
 
695,813
 
 
460
 
5.250%, 7/01/21 – AMBAC Insured
 
No Opt. Call
 
A1
 
560,082
 
 
4,500
 
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–
 
4,992,795
 
 
2,390
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured
 
1/17 at 100.00
 
BB+
 
2,256,208
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
             
 
890
 
5.000%, 3/01/31 – FGIC Insured
 
9/16 at 100.00
 
BBB–
 
914,617
 
 
6,080
 
5.000%, 3/01/36 – NPFG Insured
 
9/16 at 100.00
 
BBB
 
6,194,304
 
 
3,685
 
4.500%, 3/01/39 – FGIC Insured
 
9/16 at 100.00
 
BBB–
 
3,531,151
 
 
2,000
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured
 
7/14 at 100.00
 
AA
 
2,061,060
 
 
22
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
             
$
800
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
 
9/20 at 100.00
 
A–
$
854,040
 
 
64,955
 
Total Education and Civic Organizations
         
68,624,088
 
     
Health Care – 12.3% (8.2% of Total Investments)
             
 
590
 
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+
 
717,523
 
 
1,715
 
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–
 
1,848,959
 
 
2,575
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
 
2/15 at 100.00
 
BBB
 
2,795,446
 
 
3,535
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
 
2/15 at 100.00
 
BBB
 
3,908,190
 
 
1,325
 
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 – AGC Insured
 
7/17 at 100.00
 
AA–
 
1,416,597
 
 
1,910
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
 
8/14 at 100.00
 
AA–
 
2,069,466
 
 
1,805
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 – NPFG Insured
 
5/12 at 100.00
 
A3
 
1,806,552
 
 
1,585
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured
 
8/14 at 100.00
 
AA–
 
1,627,922
 
 
8,525
 
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
 
7/12 at 100.00
 
Baa1
 
8,544,778
 
     
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
             
 
3,150
 
5.250%, 2/15/21 – AMBAC Insured
 
2/13 at 100.00
 
Aa3
 
3,255,179
 
 
2,100
 
5.250%, 2/15/22 – AMBAC Insured
 
2/13 at 100.00
 
Aa3
 
2,181,018
 
 
2,225
 
Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group
 
7/21 at 100.00
 
A–
 
2,414,348
 
     
Project, Series 2011, 5.000%, 7/01/28
             
 
935
 
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
 
1,058,177
 
 
31,975
 
Total Health Care
         
33,644,155
 
     
Housing/Multifamily – 3.5% (2.3% of Total Investments)
             
     
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
             
 
1,230
 
5.000%, 7/01/14 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,339,163
 
 
1,230
 
5.000%, 7/01/16 – FGIC Insured
 
7/15 at 100.00
 
AA–
 
1,370,294
 
 
5,740
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)
 
7/15 at 100.00
 
AA–
 
6,069,246
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
 
5/19 at 100.00
 
Aa2
 
464,031
 
     
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
             
 
75
 
6.100%, 11/01/15 – AGM Insured
 
5/12 at 100.00
 
AA–
 
75,342
 
 
130
 
6.125%, 11/01/20 – AGM Insured
 
5/12 at 100.00
 
AA–
 
130,274
 
 
8,855
 
Total Housing/Multifamily
         
9,448,350
 
     
Tax Obligation/General – 11.4% (7.6% of Total Investments)
             
 
3,000
 
Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%, 10/01/33 – NPFG Insured
 
10/15 at 100.00
 
Aa3
 
3,203,550
 
 
1,200
 
Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured
 
3/13 at 100.00
 
A2
 
1,250,628
 
 
635
 
Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured
 
No Opt. Call
 
A2
 
661,327
 
 
Nuveen Investments
 
23

 
 

 
 
   
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
 NQN   Portfolio of Investments
     March 31, 2012 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
             
$
400
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28