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 811-09135
                                                     ---------------------

                Nuveen New York Dividend Advantage Municipal Fund
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)



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

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

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

                  Date of fiscal year end: September 30
                                           ------------------

                  Date of reporting period: September 30, 2009
                                            ------------------

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.


                                                        LOGO: NUVEEN INVESTMENTS

Closed-End Funds

Nuveen Investments
Municipal Closed-End Funds

IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)

Annual Report September 30, 2009

----------------------     ----------------------     --------------------------
NUVEEN NEW YORK            NUVEEN NEW YORK            NUVEEN NEW YORK
MUNICIPAL VALUE            MUNICIPAL VALUE            PERFORMANCE PLUS
FUND, INC.                 FUND 2                     MUNICIPAL FUND, INC.
NNY                        NYV                        NNP

----------------------     ----------------------
NUVEEN NEW YORK            NUVEEN NEW YORK
DIVIDEND ADVANTAGE         DIVIDEND ADVANTAGE
MUNICIPAL FUND             MUNICIPAL FUND 2
NAN                        NXK

                                                                    SEPTEMBER 09



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                                                        LOGO: NUVEEN INVESTMENTS



[PHOTO OF ROBERT P. BREMNER]

Chairman's
Letter to Shareholders

DEAR SHAREHOLDER,

The financial markets in which your Fund operates continue to reflect the larger
economic crosscurrents. The illiquidity that infected global credit markets over
the last year appears to be slowly but steadily receding. The major institutions
that are the linchpin of the international financial system are strengthening
their capital structures, but many still struggle with losses in their various
portfolios. There are encouraging signs of recovery in European and Asian
economies, while the U.S. economy continues to feel the impact of job losses and
an over-borrowed consumer. Global trends include modestly increasing trade and
increased concern about the ability of the U.S. government to address its
substantial budgetary deficits. Identifying those developments that will define
the future is never easy, but rarely is it more difficult than at present.

After considerable volatility in the first few months of 2009, both the
fixed-income and equity markets have seen a partial recovery. A fundamental
component of a successful long-term investment program is a commitment to remain
invested during market downturns in order to be better positioned to benefit
from any recovery. Another component is to re-evaluate investment disciplines
and tactics and to confirm their validity following periods of extreme
volatility and market dislocation, such as we have recently experienced. Your
Board carried out an intensive review of investment performance with these
objectives in mind during April and May of this year as part of the annual
management contract renewal process. I encourage you to read the description of
this process in the Annual Investment Management Agreement Approval Process
section of this report.

Remaining invested through market downturns and reconfirming the appropriateness
of a long term investment strategy is as important for our shareholders as it is
for professional investment managers. For that reason, I again encourage you to
remain in communication with your financial consultant on these subjects. For
recent developments on all your Nuveen Funds, please visit the Nuveen web site:
www.nuveen.com.

Nuveen remains committed to resolving the issues connected with outstanding
auction rate preferred shares. In September 2009, Nuveen completed the
refinancing, at par, of all the auction rate preferred shares issued by its
taxable closed-end funds that were outstanding when the preferred auctions began
to fail in February 2008. For a variety of reasons, refinancing the outstanding
auction rate preferred shares issued by the municipal closed-end funds is taking
longer but Nuveen is diligently pursuing a range of options to accomplish this.
Please consult the Nuveen web site for the most recent information about the
redemption of municipal auction rate preferred shares.

On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.

Sincerely,

/s/ Robert P. Bremner
----------------------------
Robert P. Bremner
Chairman of the Board
November 24, 2009

                                                            Nuveen Investments 1



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 Value Fund, Inc. (NNP)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)

Portfolio manager Cathryn Steeves reviews economic and municipal market
conditions at the national and state levels, key investment strategies and the
twelve-month performance of the Nuveen New York Funds. Cathryn, who joined
Nuveen in 1996, has managed NNY, NNP, NAN and NXK since 2006. In April 2009, she
added portfolio management responsibility for the new Nuveen New York Municipal
Value Fund 2 (NYV).

WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
TWELVE-MONTH REPORTING PERIOD ENDED SEPTEMBER 30, 2009?

During this reporting period, municipal bond prices generally rose as strong
cash flows into municipal bond funds combined with a tighter supply of new
tax-exempt issuance to provide favorable supply and demand conditions. As the
period began, downward pressure on the economy continued. In an effort to
improve overall economic conditions, the Federal Reserve (Fed) continued to cut
interest rates, lowering the fed funds rate from 2.00% on October 1, 2008, to a
target range of zero to 0.25% in December 2008, its lowest level on record. In
March 2009, the Fed announced that, in addition to maintaining the current
target rate, it would buy $300 billion in long-term Treasury securities in an
effort to support private credit markets and up to an additional $750 billion
(for a total of $1.25 trillion) in agency mortgage-backed securities to bolster
the housing market. The federal government joined in the effort to boost the
economy by passing a $700 billion financial industry rescue package in October
2008, which was followed by a $787 billion stimulus package in February 2009.

In recent months, the measures taken by the Federal Reserve and the federal
government to ease the economic recession have produced some incipient signs of
improvement in the economy. In the third quarter of 2009, the U.S. economy, as
measured by the U.S. gross domestic product (GDP), posted positive growth (3.5%
annualized) for the first time since the second quarter of 2008. Housing prices
also provided something of a bright spot between June and August 2009 by
recording three consecutive months of positive returns, the first following
three years of decline. At the same time, inflation remained muted, as the
Consumer Price Index (CPI), reflecting a

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.

2 Nuveen Investments



22% drop in energy prices, fell 1.3% year-over-year as of September 2009. This
marked the sixth straight month that consumer prices dropped from their levels
of a year earlier, the longest such decline since 1954-1955. The core CPI (which
excludes food and energy) rose 1.5% over this twelve-month period, within the
Fed's unofficial objective of 2.0% or lower for this measure. However, the
economy continued to be stressed by weakness in the labor markets. September
2009 marked the 21st consecutive month of job losses, bringing the total to 7.2
million jobs lost since the recession began in December 2007, the biggest
decline since the Great Depression. The national unemployment rate for September
2009 was 9.8%, a 26-year high, up from 6.2% in September 2008.

Municipal market conditions began to show general signs of improvement in
mid-December 2008, and municipal bonds were on an improving trend during the
first nine months of 2009. This was bolstered by the reduced supply of
tax-exempt municipal debt in the marketplace, due in part to the introduction of
the Build America Bond program in April 2009. Build America Bonds are a new
class of taxable municipal debt created as part of the February 2009 economic
stimulus package. These bonds offer municipal issuers a federal subsidy equal to
35% of the security's interest payments, and therefore offer issuers an
attractive alternative to traditional tax-exempt debt. As of September 30, 2009,
approximately 20% of new bonds issued in the municipal market, totaling more
than $33 billion, were issued as taxable Build America Bonds.

Over the twelve months ended September 30, 2009, municipal bond issuance
nationwide totaled $381.1 billion, a drop of approximately 17% compared with the
twelve-month period ended September 30, 2008. As mentioned earlier, demand for
tax-exempt bonds was exceptionally strong during the first nine months of 2009.
This combination of lower tax-exempt supply and increased demand provided
support for municipal bond prices.

HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN NEW YORK DURING THIS PERIOD?

According to the most recent data available, New York's economy continued to
contract in 2008, as the state posted annual GDP growth of 1.6%, down from 4.4%
in 2007. This dropped New York from its ranking as the second fastest growing
state economy in the nation to 18th. These numbers still compared favorably with
economic growth for the nation as a whole, which registered 0.7% in 2008 and
2.0% in 2007. Much of the decline in New York's GDP can be attributed to the
state's--and especially New York City's--substantial exposure to the financial
sector, which continued to experience turmoil and job losses. The majority of
the jobs lost in the state over the past twelve months were in the finance,
professional and business services, manufacturing and construction sectors,
while education and health services was the only sector to show a small gain in
employment.

                                                            Nuveen Investments 3



This gain was significant, however, because the education and health services
sector represents approximately 18% of the New York economy, compared with an
average of 13% nationally. As of September 2009, the unemployment rate in New
York was 8.9%. The decline in the housing sector also added to New York's
economic slowdown. Housing markets across the state continued to weaken,
although the drop was not as precipitous in New York as nationally. In New York
City, for example, housing prices fell 9.6% during the twelve months ended
August 2009, compared with an average decrease of 11.3% nationwide, according to
the Standard & Poor's/Case-Shiller home price index of 20 major metropolitan
areas. In terms of number of home foreclosures, New York ranked 39th among the
50 states in the third quarter of 2009. As of September 30, 2009, Moody's,
Standard & Poor's (S&P) and Fitch rated New York general obligation debt at
Aa3/AA/AA-, respectively, with stable outlooks from all three rating agencies.
For the twelve months ended September 30, 2009, municipal issuance in New York
totaled $38.7 billion, down 14% from the previous twelve months.

WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THIS
REPORTING PERIOD?

During the majority of this twelve-month period, the municipal market was
characterized by stronger demand, constrained supply and generally improving
valuations. Due in part to the decline in new tax-exempt supply, investment
activity in the New York Funds was somewhat more limited than usual during this
period. While there was considerable issuance of Build America Bonds over the
last half of this period, we do not see them as a good investment opportunity
since interest payments from these bonds represent taxable income. Another
factor dampening trading activity during this period was the limited liquidity
of many insured bonds due to concerns about the financial health of municipal
bond insurers.

Overall, we continued to focus on relative value by taking a bottom-up approach
to discover undervalued sectors and individual credits with the potential to
perform well over the long term. Early in the period, we were able to take
advantage of opportunities to purchase lower-rated and non-rated bonds that we
believed offered value at very attractive prices. As the market rallied, we took
advantage of selected opportunities to add higher-quality bonds with longer
maturities and higher coupons.

4 Nuveen Investments



Cash for new purchases during this period was generated by maturing or called
bonds. As with our investment activity, we were not active in trying to sell
portfolio holdings in a market environment where the majority of the bonds
available for reinvestment offered lower yields at higher dollar prices. The
Funds continued to maintain their cash reserves, which we had increased amid the
market uncertainty of the previous reporting period, in anticipation of
increased tax-exempt issuance during the last part of 2009.

All of these New York Funds continued to use inverse floating rate
securities.(1) We employ inverse floaters as part of our management strategies
for a variety of reasons, including duration management, income enhancement and
as a form of leverage. As of September 30, 2009, the inverse floaters remained
in place in all of the Funds. During the first half of the period, NNY also
invested in additional types of derivative instruments(2) designed to help
lengthen its duration. These derivatives were removed prior to September 30,
2009.

In April 2009, we introduced the Nuveen New York Municipal Value Fund 2 (NYV),
which--like NNY--is an unleveraged Fund investing in a portfolio of tax-exempt
municipal obligations. NYV is designed to invest at least 80% of its net assets
in investment quality municipal securities and may invest up to 20% of its net
assets in bonds rated below investment grade quality but judged to be of
comparable quality by the Fund's adviser. During the period between NYV's
inception and September 30, 2009, we focused on completing the Fund's initial
investment phase. By period end, NYV was fully invested and had met or exceeded
all of its targeted objectives in terms of credit quality and diversification.
Our purchases during the investment phase primarily focused on bonds that we
believed would achieve the portfolio's objectives of providing attractive
monthly income exempt from regular federal and New York taxes and attractive
after-tax total returns over the long term. This included bonds at the longer
end of the maturity spectrum that offered good call protection and
diversification in terms of credit quality and sector, such as general and
limited tax obligation, health care, multi-family housing, education, and
transportation.

(1)   An inverse floating rate security, also known as an inverse floater, is a
      financial instrument designed to pay long-term tax-exempt interest at a
      rate that varies inversely with a short-term tax-exempt interest rate
      index. For the Nuveen Funds, the index typically used is the Securities
      Industry and Financial Markets (SIFM) Municipal Swap Index (previously
      referred to as the Bond Market Association Index or BMA). Inverse
      floaters, including those inverse floating rate securities in which the
      Funds invested during this reporting period, are further defined within
      the Notes to Financial Statements and Glossary of Terms Used in this
      Report sections of this report.

(2)   Each Fund may invest in derivative instruments such as forwards, futures,
      options and swap transactions. For additional information on the
      derivative instruments in which each Fund was invested during and at the
      end of the reporting period, see the Portfolio of Investments, Financial
      Statements, and Notes to Financial Statements sections of this report.

                                                            Nuveen Investments 5



HOW DID THE FUNDS PERFORM?

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
9/30/09



                                                           1-YEAR   5-YEAR   10-YEAR
------------------------------------------------------------------------------------
                                                                      
NNY(3)                                                     13.00%    4.47%     5.26%
NYV(3)                                                     12.99%*    N/A       N/A
NNP                                                        21.05%    5.11%     7.29%
NAN                                                        20.29%    4.87%     7.41%
NXK                                                        20.06%    5.18%      N/A

Standard & Poor's (S&P) New York Municipal Bond Index(4)   14.63%    4.89%     5.84%
Lipper New York Municipal Debt Funds Average(5)            17.47%    4.03%     6.29%

Standard & Poor's (S&P) National Municipal Bond Index(6)   14.42%    4.70%     5.74%
Barclays Capital Municipal Bond Index(7)                   14.85%    4.78%     5.77%
------------------------------------------------------------------------------------


For the twelve months ended September 30, 2009, the total returns on common
share net asset value (NAV) for NNP, NAN and NXK exceeded the returns for the
Standard & Poor's (S&P) New York Municipal Bond Index, the S&P National
Municipal Bond Index, the national Barclays Capital Municipal Bond Index and the
average return for the Lipper New York Municipal Debt Funds Average. NNY lagged
all of these measures over the same time period. As noted in the accompanying
footnotes, NYV's return represents the approximately five-month period between
its inception and September 30, 2009.

Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, leverage was an important factor affecting the Funds'
performances over this period. The primary reason that the return on NNY trailed
those of the other Funds for the twelve-month period was that this Fund does not
use leverage. The impact of leverage is discussed in more detail on page seven.

During this period, we saw prices rise and yields decline for many municipal
securities. Especially those at the longer end of the municipal yield curve.
Bonds in the Barclays Capital Municipal Bond Index with maturities longer than
15 years, particularly those maturing in 20 years or more, benefited the most
from this interest rate environment. These bonds generally outperformed credits
with shorter maturities, with bonds maturing in one to two years posting the
weakest returns for the period. Overall, duration positioning was a positive
contributor to these Funds' returns, due largely to the fact that they were
underweighted in the underperforming shorter part of the yield curve.

      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 individual Performance Overview for
      your Fund in this report.

*     NYV's cumulative return represents the period from its inception on April
      28, 2009, through September 30, 2009.

(3)   NNY and NYV are unleveraged Funds; the remaining three Funds in this
      report are leveraged.

(4)   The Standard & Poor's (S&P) New York Municipal Bond Index is an
      unleveraged, market value-weighted index designed to measure the
      performance of the investment-grade New York municipal bond market. This
      index does not reflect any initial or ongoing expenses and is not
      available for direct investment.

(5)   The Lipper New York Municipal Debt Funds Average is calculated using the
      returns of all closed-end funds in this category for each period as
      follows: 1-year, 17 funds; 5-year, 17 funds; and 10-year, 6 funds. Fund
      and Lipper returns assume reinvestment of dividends.

(6)   The Standard & Poor's (S&P) National Municipal Bond Index is an
      unleveraged, market value-weighted index designed to measure the
      performance of the investment-grade U.S. municipal bond market. This index
      does not reflect any initial or ongoing expenses and is not available for
      direct investment.

(7)   The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an
      unleveraged, unmanaged national index comprising a broad range of
      investment-grade municipal bonds. Results for the Barclays Capital index
      do not reflect any expenses, and the index is not available for direct
      investment.

6 Nuveen Investments



While duration played an important role in performance, credit exposure was also
a significant factor. As noted earlier, demand for municipal bonds increased
among both institutional and individual investors during this period. This
increase was driven by a variety of factors, including concerns about potential
tax increases, the need to rebal-ance portfolio allocations and a growing
appetite for additional risk. At the same time, the supply of new municipal
paper declined. As investors bid up municipal bond prices, bonds rated BBB or
below and non-rated bonds generally outperformed those rated AAA. In this
environment, the Funds' performances benefited greatly from their allocations of
bonds rated BBB and below and non-rated bonds, especially their overweighting of
the BBB category.

Holdings that generally contributed positively to the Funds' performances
included industrial development revenue (IDR), housing, water and sewer,
education and health care bonds, all of which outperformed the general municipal
market during this period. In general, the Funds had relatively heavy weightings
in housing, health care and education, which benefited their performances during
this period. Zero coupon bonds and credits backed by the 1998 master tobacco
settlement agreement were also among the strongest performers.

Pre-refunded bonds, which are often backed by U.S. Treasury securities and which
had been one of the top performing segments of the municipal bond market over
the past two years, performed especially poorly during this period. This was due
primarily to their shorter effective maturities and higher credit quality. As of
September 30, 2009, these Funds were generally relatively underweighted in this
category, which lessened the negative impact of these holdings. Other market
segments that detracted from performance included resource recovery and leasing
bonds, the only two revenue sectors that failed to outperform the overall
municipal market during this period. General obligation bonds also struggled to
keep pace with the municipal market return for the twelve months.

IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of these Funds relative to the
comparative indexes was the Funds' use of financial leverage (NNY and NYN are
unleveraged). The Funds use leverage because their managers believe that, over
time, leveraging provides opportunities for additional income and total returns
for common shareholders. However, use of leverage also can expose common
shareholders to additional risk--especially when market conditions are
unfavorable. For example, as the prices of securities held by a Fund declines,
the negative impact of these valuation changes on common share net asset value
and common shareholder total return is magnified by the

                                                            Nuveen Investments 7



use of leverage. Conversely, leverage may enhance common share returns during
periods when bond prices generally are rising.

Over the early part of this period, leverage hampered the performance of the
Funds using this strategy. However, leverage made a significant positive
contribution to those Funds returns over much of 2009, which can be seen in
their twelve-month performance shown on page six.

RECENT DEVELOPMENTS REGARDING THE FUND'S LEVERAGED CAPITAL STRUCTURE

As noted in the last several shareholder reports, the auction rate preferred
shares issued by many closed-end funds, including these Nuveen Funds, have been
hampered by a lack of liquidity since February 2008. Since that time, more
auction rate preferred shares have been submitted for sale in their regularly
scheduled auctions than there have been offers to buy. In fact, offers to buy
have been almost completely non-existent since late February 2008. This means
that these auctions have "failed to clear," and that many, or all, of the
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This lack of liquidity in auction rate preferred
shares did not lower the credit quality of these shares, and auction rate
preferred shareholders unable to sell their shares received distributions at the
"maximum rate" applicable to failed auctions, as calculated in accordance with
the pre-established terms of the auction rate preferred shares. In the recent
market, with short-term rates at multi-generational lows, those maximum rates
also have been low.

One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.

As noted in past shareholder reports, the Funds' Board of Directors/Trustees
authorized a plan to use tender option bonds (TOBs), also known as floating rate
securities, to refinance a portion of the Funds' outstanding auction rate
preferred shares. The amount of TOBs that a Fund may use varies according to the
composition of each Fund's portfolio. Some Funds have a greater ability to use
TOBs than others. As of September 30, 2009,

8 Nuveen Investments



the amounts of auction rate preferred securities redeemed, at par, by each of
the Funds are as shown in the accompanying table.

                                                 AUCTION RATE      % OF ORIGINAL
                                             PREFERRED SHARES       AUCTION RATE
FUND                                                 REDEEMED   PREFERRED SHARES
--------------------------------------------------------------------------------
NNP                                              $ 36,650,000             29.49%
NAN                                              $ 17,600,000             25.51%
NXK                                              $ 12,900,000             27.45%
--------------------------------------------------------------------------------

On November 16, 2009, subsequent to the reporting period, NAN filed with the
Securities and Exchange Commission a registration statement seeking to register
municipal term preferred shares (MTP), a new form of closed-end fund preferred
shares. This registration statement, if declared effective by the SEC, may
enable the Fund to issue to the public shares of MTP to refinance all or a
portion of NAN's auction rate preferred shares. The issuance of MTP by NAN is
subject to market conditions, the receipt of ratings, and on final approval by
NAN's Board of Trustees. There is no assurance that MTP will be issued.

The Funds, their Board of Directors/Trustees and Fund Management continue to
work to resolve this situation. Some Funds have issued Variable Rate Demand
Preferred Shares, but these issuances have been limited since it has been
difficult to find liquidity facilities on economically viable terms given the
constrained credit environment. The Funds also have tried to develop other forms
of preferred stock that have longer terms and do not require a Fund to obtain
and pay for the services of an external liquidity provider. However, the Funds
cannot provide any assurance on when the remaining outstanding auction rate
preferred shares might be redeemed.

As of September 30, 2009, 78 out of 88 Nuveen closed-end municipal funds have
redeemed, at par, all or a portion of their outstanding auction rate preferred
shares. These redemptions bring the total amount of Nuveen's municipal
closed-end funds' auction rate preferred share redemptions to approximately $2.3
billion of the original $11 billion outstanding.

For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.

                                                            Nuveen Investments 9



Common Share Dividend and Share Price Information

During the twelve-month reporting period ended September 30, 2009, NNP had three
monthly dividend increases, while NAN and NXK each had two monthly dividend
increases. The dividend of NNY remained stable throughout the period. NYV, which
was introduced in April 2009, paid its initial monthly dividend distribution
effective June 2009 and maintained a stable dividend through the remainder of
the reporting period.

As the result of normal portfolio activity, common shareholders of these Funds
received capital gains and net ordinary income distributions at the end of
December 2008 as follows:

                                                       SHORT-TERM CAPITAL GAINS
                        LONG-TERM CAPITAL GAINS          AND/OR ORDINARY INCOME
FUND                                (PER SHARE)                      (PER SHARE)
--------------------------------------------------------------------------------
NNY                                   $ 0.0628                         $ 0.0354
NNP                                   $ 0.0751                         $ 0.0558
NAN                                   $ 0.0353                         $ 0.0525
NXK                                   $ 0.0822                         $ 0.0566
--------------------------------------------------------------------------------

All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of September 30, 2009, all of
the Funds in this report had positive UNII balances for tax purposes. NNY, NNP,
NAN and NXK had positive UNII balances and NYV had a negative UNII balance for
financial statement purposes.

10 Nuveen Investments



COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION

As of September 30, 2009, the following Funds cumulatively repurchased common
shares as shown in the accompanying table. Since the inception of the Funds'
repurchase program, NNY, NYV and NAN have not repurchased any of their
outstanding common shares.

                                    COMMON SHARES               % OF OUTSTANDING
FUND                                  REPURCHASED                  COMMON SHARES
--------------------------------------------------------------------------------
NNP                                        27,800                           0.2%
NXK                                         7,200                           0.1%
--------------------------------------------------------------------------------

During the twelve-month reporting period, the Funds repurchased common shares at
a weighted average price and a weighted average discount per common share as
shown in the accompanying table.

                                           WEIGHTED AVERAGE     WEIGHTED AVERAGE
                           COMMON SHARES    PRICE PER SHARE   DISCOUNT PER SHARE
FUND                         REPURCHASED        REPURCHASED          REPURCHASED
--------------------------------------------------------------------------------
NNP                               27,800            $ 11.10               19.25%
NXK                                7,200            $ 10.62               18.33%
--------------------------------------------------------------------------------

As of September 30, 2009, the Funds' common share prices were trading at
discounts (-) to their common share NAVs as shown in the accompanying table.

                                                   9/30/09  TWELVE-MONTH AVERAGE
                                               (-)DISCOUNT           (-)DISCOUNT
--------------------------------------------------------------------------------
NNY                                                 -4.04%               -3.26%
NYV                                                 -6.73%               -4.45%*
NNP                                                 -5.50%              -13.88
NAN                                                 -9.72%              -13.23
NXK                                                 -9.15%              -14.04
--------------------------------------------------------------------------------

*     NNY's average discount represents the period from its inception on April
      28, 2009, through September 30, 2009.

                                                           Nuveen Investments 11



NNY Performance OVERVIEW | Nuveen New York Municipal Value Fund, Inc. as of
September 30, 2009

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $    9.51
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $    9.91
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -4.04%
--------------------------------------------------------------------------------
Market Yield                                                               4.48%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1)                                                6.68%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $ 150,063
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          15.26
--------------------------------------------------------------------------------
Modified Duration                                                          4.49
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
--------------------------------------------------------------------------------
                                                      ON SHARE PRICE      ON NAV
--------------------------------------------------------------------------------
1-Year                                                        11.78%      13.00%
--------------------------------------------------------------------------------
5-Year                                                         5.71%       4.47%
--------------------------------------------------------------------------------
10-Year                                                        6.04%       5.26%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     26.2%
--------------------------------------------------------------------------------
Health Care                                                                11.7%
--------------------------------------------------------------------------------
Transportation                                                              8.5%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      8.2%
--------------------------------------------------------------------------------
Education and Civic Organizations                                           7.8%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                             6.5%
--------------------------------------------------------------------------------
Utilities                                                                   6.3%
--------------------------------------------------------------------------------
Long-Term Care                                                              6.0%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         5.4%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit                                                    3.7%
--------------------------------------------------------------------------------
Other                                                                       9.7%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)

                                   [PIE CHART]

AAA/U.S.
Guaranteed                                                                   29%
AA                                                                           40%
A                                                                            15%
BBB                                                                           9%
BB or Lower                                                                   3%
N/R                                                                           4%

2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)

                                   [BAR CHART]

Oct                                                                    $  0.0355
Nov                                                                       0.0355
Dec                                                                       0.0355
Jan                                                                       0.0355
Feb                                                                       0.0355
Mar                                                                       0.0355
Apr                                                                       0.0355
May                                                                       0.0355
Jun                                                                       0.0355
Jul                                                                       0.0355
Aug                                                                       0.0355
Sep                                                                       0.0355

COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE

                                  [LINE CHART]
10/01/08                                                               $     9.1
                                                                            8.97
                                                                            7.89
                                                                             8.1
                                                                          8.5099
                                                                            8.61
                                                                            8.61
                                                                            8.51
                                                                            8.17
                                                                            8.36
                                                                            8.35
                                                                            8.35
                                                                            8.58
                                                                            8.45
                                                                             8.9
                                                                               9
                                                                            8.95
                                                                            8.95
                                                                            8.98
                                                                            9.07
                                                                            9.13
                                                                            8.82
                                                                            8.95
                                                                             8.8
                                                                               9
                                                                          8.9399
                                                                            8.99
                                                                               9
                                                                            8.95
                                                                          9.0367
                                                                          9.1907
                                                                            9.32
                                                                            9.35
                                                                            9.38
                                                                            9.37
                                                                            9.34
                                                                             9.3
                                                                             9.1
                                                                          9.0999
                                                                            9.09
                                                                            9.18
                                                                            9.07
                                                                            9.12
                                                                            9.13
                                                                            9.34
                                                                            9.25
                                                                            9.31
                                                                          9.5499
                                                                            9.74
                                                                            9.58
                                                                            9.53
                                                                            9.57
                                                                            9.64
9/30/09                                                                     9.51

(1)   Taxable-Equivalent Yield represents the yield that must be earned on a
      fully taxable investment in order to equal the yield of the Fund on an
      after-tax basis. It is based on a combined federal and state income tax
      rate of 32.9%. When comparing this Fund to investments that generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(2)   The Fund paid shareholders capital gains and net ordinary income
      distributions in December 2008 of $0.0982 per share.

(3)   Excluding Euro Dollar Time Deposit.

12 Nuveen Investments



NYV Performance OVERVIEW | Nuveen New York Municipal Value Fund 2, Inc. as of
September 30, 2009

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)

                                   [PIE CHART]

AAA/U.S.
Guaranteed                                                                   17%
AA                                                                           32%
A                                                                            25%
BBB                                                                          16%
BB or Lower                                                                   3%
N/R                                                                           7%

2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE


                                  [BAR CHART]

Jun                                                                    $   0.064
Jul                                                                        0.064
Aug                                                                        0.064
Sep                                                                        0.064

COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE

                                  [LINE CHART]
5/01/09                                                                $   14.75
                                                                           14.63
                                                                           13.85
                                                                            13.6
                                                                         13.7992
                                                                            13.8
                                                                           13.26
                                                                           13.12
                                                                           13.28
                                                                            13.4
                                                                           13.72
                                                                           13.73
                                                                           13.85
                                                                            14.1
                                                                           14.11
                                                                              14
                                                                           14.01
                                                                         14.0501
                                                                         14.2165
                                                                           14.42
                                                                            14.7
                                                                            14.9
9/30/09                                                                    14.84

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                     $  14.84
--------------------------------------------------------------------------------
Common Share Net Asset Value                                           $  15.91
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -6.73%
--------------------------------------------------------------------------------
Market Yield                                                               5.18%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1)                                                7.72%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                          $ 37,347
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          26.54
--------------------------------------------------------------------------------
Modified Duration                                                          8.84
--------------------------------------------------------------------------------

CUMULATIVE TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
                                                      ON SHARE PRICE      ON NAV
--------------------------------------------------------------------------------
Since Inception                                                0.73%      12.99%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     22.2%
--------------------------------------------------------------------------------
Health Care                                                                18.8%
--------------------------------------------------------------------------------
Housing/Multifamily                                                        12.9%
--------------------------------------------------------------------------------
Education and Civic Organizations                                          12.7%
--------------------------------------------------------------------------------
Transportation                                                             10.6%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      8.9%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit                                                    4.4%
--------------------------------------------------------------------------------
Other                                                                       9.5%
--------------------------------------------------------------------------------

(1)   Taxable-Equivalent Yield represents the yield that must be earned on a
      fully taxable investment in order to equal the yield of the Fund on an
      after-tax basis. It is based on a combined federal and state income tax
      rate of 32.9%. When comparing this Fund to investments that generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(2)   Excluding Euro Dollar Time Deposit.

                                                           Nuveen Investments 13



NNP Performance OVERVIEW | Nuveen New York Plus Performance Municipal Fund, Inc.
as of September 30, 2009

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   14.77
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   15.63
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -5.50%
--------------------------------------------------------------------------------
Market Yield                                                               5.44%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1)                                                8.11%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $ 235,108
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          15.22
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                 7.39
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
--------------------------------------------------------------------------------
                                                      ON SHARE PRICE      ON NAV
--------------------------------------------------------------------------------
1-Year                                                        42.29%      21.05%
--------------------------------------------------------------------------------
5-Year                                                         5.38%       5.11%
--------------------------------------------------------------------------------
10-Year                                                        6.52%       7.29%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     24.3%
--------------------------------------------------------------------------------
Health Care                                                                12.4%
--------------------------------------------------------------------------------
Education and Civic Organizations                                          11.4%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            11.1%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      7.8%
--------------------------------------------------------------------------------
Transportation                                                              6.8%
--------------------------------------------------------------------------------
Utilities                                                                   5.4%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         3.8%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit                                                    3.6%
--------------------------------------------------------------------------------
Other                                                                      13.4%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)

                                  [PIE CHART]

AAA/U.S.
Guaranteed                                                                   32%
AA                                                                           39%
A                                                                            12%
BBB                                                                          13%
BB or Lower                                                                   2%
N/R                                                                           2%

2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)

                                   [BAR CHART]

Oct                                                                   $    0.058
Nov                                                                        0.058
Dec                                                                        0.058
Jan                                                                        0.058
Feb                                                                        0.058
Mar                                                                       0.0595
Apr                                                                       0.0595
May                                                                       0.0645
Jun                                                                       0.0645
Jul                                                                       0.0645
Aug                                                                       0.0645
Sep                                                                        0.067

COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE

                                  [LINE CHART]

10/01/08                                                              $    11.39
                                                                           11.25
                                                                            8.73
                                                                            9.94
                                                                           11.03
                                                                           10.89
                                                                           11.39
                                                                           10.59
                                                                            9.72
                                                                           10.06
                                                                            9.46
                                                                             8.6
                                                                            9.82
                                                                         10.1099
                                                                           10.63
                                                                           11.92
                                                                           11.54
                                                                           11.53
                                                                            11.7
                                                                           12.06
                                                                           11.89
                                                                           11.51
                                                                           11.61
                                                                           10.92
                                                                           11.46
                                                                           11.53
                                                                           11.73
                                                                           11.95
                                                                           12.45
                                                                           12.13
                                                                           12.33
                                                                            12.3
                                                                           12.87
                                                                           12.77
                                                                            12.9
                                                                         12.7732
                                                                           12.71
                                                                           12.34
                                                                           12.48
                                                                          12.546
                                                                           12.93
                                                                           13.05
                                                                           13.03
                                                                           13.23
                                                                         13.7211
                                                                           13.94
                                                                           13.91
                                                                           14.06
                                                                           14.14
                                                                           14.26
                                                                            14.7
                                                                           14.85
                                                                         14.7673
9/30/09                                                                    14.77

(1)   Taxable-Equivalent Yield represents the yield that must be earned on a
      fully taxable investment in order to equal the yield of the Fund on an
      after-tax basis. It is based on a combined federal and state income tax
      rate of 32.9%. When comparing this Fund to investments that generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(2)   The Fund paid shareholders capital gains and net ordinary income
      distributions in December 2008 of $0.1309 per share.

(3)   Excluding Euro Dollar Time Deposit.

14 Nuveen Investments



NAN Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund as
of September 30, 2009

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)

                                   [PIE CHART]

AAA/U.S. Guaranteed                                                          18%
AA                                                                           36%
A                                                                            23%
BBB                                                                          13%
BB or Lower                                                                   4%
N/R                                                                           6%

2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)

                                   [BAR CHART]

Oct                                                                   $    0.059
Nov                                                                        0.059
Dec                                                                        0.059
Jan                                                                        0.059
Feb                                                                        0.059
Mar                                                                        0.059
Apr                                                                        0.059
May                                                                       0.0635
Jun                                                                       0.0635
Jul                                                                       0.0635
Aug                                                                       0.0635
Sep                                                                       0.0645

COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE

                                  [LINE CHART]

10/01/08                                                              $     11.3
                                                                           11.12
                                                                            8.03
                                                                            9.65
                                                                            10.5
                                                                           10.46
                                                                           10.68
                                                                           10.09
                                                                            9.05
                                                                            9.41
                                                                            9.16
                                                                            8.41
                                                                            9.18
                                                                             9.5
                                                                           10.09
                                                                           10.95
                                                                              11
                                                                            11.1
                                                                           11.59
                                                                           11.45
                                                                           11.75
                                                                           11.01
                                                                          11.416
                                                                           10.49
                                                                           10.92
                                                                           10.89
                                                                         11.2399
                                                                           11.44
                                                                           11.75
                                                                           11.55
                                                                           11.75
                                                                           12.01
                                                                           12.12
                                                                           12.26
                                                                           12.11
                                                                           12.14
                                                                           12.14
                                                                           11.75
                                                                           11.69
                                                                           11.88
                                                                           11.88
                                                                           12.25
                                                                           12.26
                                                                           12.43
                                                                           12.75
                                                                           12.75
                                                                           12.82
                                                                          12.798
                                                                           12.79
                                                                           13.05
                                                                           13.08
                                                                           13.15
                                                                           13.38
9/30/09                                                                    13.38

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   13.38
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   14.82
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -9.72%
--------------------------------------------------------------------------------
Market Yield                                                               5.78%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1)                                                8.61%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $ 137,268
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          17.20
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                 7.09
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 5/26/99)
--------------------------------------------------------------------------------
                                                      ON SHARE PRICE      ON NAV
--------------------------------------------------------------------------------
1-Year                                                        26.58%      20.29%
--------------------------------------------------------------------------------
5-Year                                                         4.08%       4.87%
--------------------------------------------------------------------------------
10-Year                                                        5.65%       7.41%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     21.4%
--------------------------------------------------------------------------------
Health Care                                                                20.4%
--------------------------------------------------------------------------------
Education and Civic Organizations                                          11.6%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      9.8%
--------------------------------------------------------------------------------
Transportation                                                              7.9%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         5.7%
--------------------------------------------------------------------------------
Long-Term Care                                                              3.8%
--------------------------------------------------------------------------------
Utilities                                                                   3.6%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit                                                    4.2%
--------------------------------------------------------------------------------
Other                                                                      11.6%
--------------------------------------------------------------------------------

(1)   Taxable-Equivalent Yield represents the yield that must be earned on a
      fully taxable investment in order to equal the yield of the Fund on an
      after-tax basis. It is based on a combined federal and state income tax
      rate of 32.9%. When comparing this Fund to investments that generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(2)   The Fund paid shareholders capital gains and net ordinary income
      distributions in December 2008 of $0.0878 per share.

(3)   Excluding Euro Dollar Time Deposit.

                                                           Nuveen Investments 15



NXK Performance OVERVIEW | Nuveen New York Dividend Advantage Municipal Fund 2
as of September 30, 2009

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                     $  13.41
--------------------------------------------------------------------------------
Common Share Net Asset Value                                           $  14.76
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -9.15%
--------------------------------------------------------------------------------
Market Yield                                                               5.86%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1)                                                8.73%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                          $ 95,751
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          16.22
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                 6.62
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
                                                      ON SHARE PRICE      ON NAV
--------------------------------------------------------------------------------
1-Year                                                        29.95%      20.06%
--------------------------------------------------------------------------------
5-Year                                                         4.57%       5.18%
--------------------------------------------------------------------------------
Since Inception                                                5.18%       6.65%
--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     18.6%
--------------------------------------------------------------------------------
Health Care                                                                16.0%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     12.2%
--------------------------------------------------------------------------------
Transportation                                                             11.8%
--------------------------------------------------------------------------------
Education and Civic Organizations                                          11.4%
--------------------------------------------------------------------------------
Utilities                                                                   7.8%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                             7.1%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit                                                    2.0%
--------------------------------------------------------------------------------
Other                                                                      13.1%
--------------------------------------------------------------------------------

CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)

                                  [PIE CHART]

AAA/U.S.
Guaranteed                                                                   18%
AA                                                                           32%
A                                                                            24%
BBB                                                                          12%
BB or Lower                                                                   4%
N/R                                                                          10%

2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)

                                   [BAR CHART]
Oct                                                                   $    0.058
Nov                                                                        0.058
Dec                                                                        0.058
Jan                                                                        0.058
Feb                                                                        0.058
Mar                                                                        0.058
Apr                                                                        0.058
May                                                                       0.0645
Jun                                                                       0.0645
Jul                                                                       0.0645
Aug                                                                       0.0645
Sep                                                                       0.0655

COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE

                                  [LINE CHART]
10/01/08                                                              $    10.89
                                                                           10.61
                                                                           7.822
                                                                            9.41
                                                                            10.6
                                                                           10.45
                                                                           10.55
                                                                           10.06
                                                                            8.85
                                                                            9.27
                                                                            8.81
                                                                          8.7499
                                                                            8.91
                                                                            9.47
                                                                            9.89
                                                                           10.92
                                                                           10.55
                                                                           10.53
                                                                          10.992
                                                                           11.08
                                                                           11.42
                                                                           10.95
                                                                          11.055
                                                                           11.12
                                                                           11.12
                                                                         11.2605
                                                                         11.1501
                                                                           11.12
                                                                           11.23
                                                                            11.3
                                                                            11.9
                                                                           12.15
                                                                           12.15
                                                                            12.5
                                                                           12.12
                                                                           12.16
                                                                           12.18
                                                                           11.73
                                                                           11.64
                                                                           11.92
                                                                            11.9
                                                                          12.094
                                                                           12.14
                                                                           12.28
                                                                           12.68
                                                                           12.65
                                                                            12.8
                                                                         12.7713
                                                                           13.14
                                                                           12.53
                                                                           13.11
                                                                           13.15
                                                                          13.374
9/30/09                                                                    13.41

(1)   Taxable-Equivalent Yield represents the yield that must be earned on a
      fully taxable investment in order to equal the yield of the Fund on an
      after-tax basis. It is based on a combined federal and state income tax
      rate of 32.9%. When comparing this Fund to investments that generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(2)   The Fund paid shareholders capital gains and net ordinary income
      distributions in December 2008 of $0.1388 per share.

(3)   Excluding Euro Dollar Time Deposit.

16 Nuveen Investments



NNY NNP | Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments
on May 15, 2009; 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.3 The meeting was
subsequently adjourned to June 17, 2009, and additionally adjourned to July 24,
2009; the meeting for NXK was also adjourned to September 1, 2009.



                                                                                         NNY                     NNP
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Common and
                                                                                                        Preferred       Preferred
                                                                                                    shares voting   shares voting
                                                                                                      together as     together as
                                                                                    Common shares        a class          a class
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO
INVESTMENTS IN BELOW INVESTMENT GRADE SECURITIES.
   For                                                                                  7,668,519              --              --
   Against                                                                                956,668              --              --
   Abstain                                                                                355,903              --              --
   Broker Non-Votes                                                                     2,399,190              --              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280              --              --
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL POLICY RELATING TO INVESTMENTS IN
TAX-EXEMPT MUNICIPAL SECURITIES RATED WITHIN THE FOUR HIGHEST GRADES AND
UNRATED MUNICIPAL BONDS.
   For                                                                                         --       7,268,623           1,895
   Against                                                                                     --         653,402             164
   Abstain                                                                                     --         244,061              12
   Broker Non-Votes                                                                            --       2,321,999             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,488,085           2,328
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO
INVESTMENTS IN TAX-EXEMPT MUNICIPAL BONDS.
   For                                                                                         --              --              --
   Against                                                                                     --              --              --
   Abstain                                                                                     --              --              --
   Broker Non-Votes                                                                            --              --              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --              --              --
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO
INVESTMENTS OF AT LEAST 80% OF ITS NET ASSETS IN INVESTMENT GRADE QUALITY
MUNICIPAL BONDS.
   For                                                                                         --              --              --
   Against                                                                                     --              --              --
   Abstain                                                                                     --              --              --
   Broker Non-Votes                                                                            --              --              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --              --              --
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO INVESTING
IN MUNICIPAL BONDS RATED WITHIN THE FOUR HIGHEST GRADES.
   For                                                                                  7,656,474              --              --
   Against                                                                                963,007              --              --
   Abstain                                                                                361,609              --              --
   Broker Non-Votes                                                                     2,399,190              --              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280              --              --
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN BELOW INVESTMENT GRADE SECURITIES.
   For                                                                                  7,635,434              --              --
   Against                                                                                960,273              --              --
   Abstain                                                                                385,383              --              --
   Broker Non-Votes                                                                     2,399,190              --              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280              --              --
=================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO INVESTMENTS IN MUNICIPAL
SECURITIES FOR THE FUND.
   For                                                                                  7,742,344       7,325,168           1,896
   Against                                                                                875,421         605,158             153
   Abstain                                                                                363,324         235,759              22
   Broker Non-Votes                                                                     2,399,191       2,322,000             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================


                                                           Nuveen Investments 17




NNY NNP | Shareholder Meeting Report (continued)



                                                                                         NNY                     NNP
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Common and
                                                                                                        Preferred       Preferred
                                                                                                    shares voting   shares voting
                                                                                                      together as     together as
                                                                                    Common shares         a class         a class
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING
TO COMMODITIES.
   For                                                                                  7,669,859       7,260,422           1,882
   Against                                                                                924,484         658,580             170
   Abstain                                                                                386,746         247,083              19
   Broker Non-Votes                                                                     2,399,191       2,322,000             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO COMMODITIES
FOR THE FUND.
   For                                                                                  7,616,602       7,262,203           1,882
   Against                                                                                947,959         641,755             170
   Abstain                                                                                416,528         262,128              19
   Broker Non-Votes                                                                     2,399,191       2,321,999             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO SHORT
SALES.
   For                                                                                  7,658,356       7,316,745           1,898
   Against                                                                                952,980         590,584             165
   Abstain                                                                                369,753         258,756               8
   Broker Non-Votes                                                                     2,399,191       2,322,000             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY RELATING TO
DERIVATIVES.
   For                                                                                  7,595,445       7,279,025           1,893
   Against                                                                                978,381         627,087             160
   Abstain                                                                                407,263         259,973              18
   Broker Non-Votes                                                                     2,399,191       2,322,000             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL POLICY PROHIBITING
INVESTMENT IN OTHER INVESTMENT COMPANIES.
   For                                                                                  7,756,315       7,323,186           1,899
   Against                                                                                873,665         604,092             153
   Abstain                                                                                351,109         238,807              19
   Broker Non-Votes                                                                     2,399,191       2,322,000             257
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               11,380,280      10,488,085           2,328
=================================================================================================================================


18 Nuveen Investments





                                                                                         NNY                     NNP
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Common and
                                                                                                        Preferred       Preferred
                                                                                                    shares voting   shares voting
                                                                                                      together as     together as
                                                                                    Common shares         a class         a class
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
John P. Amboian
   For                                                                                         --       9,566,313              --
   Withhold                                                                                    --         495,404              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,061,717              --
=================================================================================================================================
Robert P. Bremner
   For                                                                                 10,054,400       9,532,930              --
   Withhold                                                                               561,189         528,787              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               10,615,589      10,061,717              --
=================================================================================================================================
Jack B. Evans
   For                                                                                 10,035,058       9,556,922              --
   Withhold                                                                               580,531         504,795              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                               10,615,589      10,061,717              --
=================================================================================================================================
William C. Hunter
   For                                                                                         --              --           1,673
   Withhold                                                                                    --              --             167
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --              --           1,840
=================================================================================================================================
David J. Kundert
   For                                                                                         --       9,542,906              --
   Withhold                                                                                    --         518,811              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,061,717              --
=================================================================================================================================
William J. Schneider
   For                                                                                 10,056,524              --           1,673
   Withhold                                                                               559,065              --             167
---------------------------------------------------------------------------------------------------------------------------------
    Total                                                                              10,615,589              --           1,840
=================================================================================================================================
Judith M. Stockdale
   For                                                                                         --       9,502,621              --
   Withhold                                                                                    --         559,096              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,061,717              --
=================================================================================================================================
Carole E. Stone
   For                                                                                         --       9,544,968              --
   Withhold                                                                                    --         516,749              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,061,717              --
=================================================================================================================================
Terence J. Toth
   For                                                                                         --       9,538,238              --
   Withhold                                                                                    --         523,479              --
---------------------------------------------------------------------------------------------------------------------------------
   Total                                                                                       --      10,061,717              --
=================================================================================================================================


                                                           Nuveen Investments 19



NAN NXK | Shareholder Meeting Report (continued)



                                                                       NAN                             NXK
-----------------------------------------------------------------------------------------------------------------------
                                                             Common and                      Common and
                                                              Preferred       Preferred       Preferred       Preferred
                                                          shares voting   shares voting   shares voting   shares voting
                                                            together as     together as     together as     together as
                                                                a class         a class         a class         a class
-----------------------------------------------------------------------------------------------------------------------
                                                                                                        
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTMENTS IN BELOW INVESTMENT
GRADE SECURITIES.
   For                                                        4,676,107           1,453              --              --
   Against                                                      500,969             115              --              --
   Abstain                                                      204,535              12              --              --
   Broker Non-Votes                                           1,499,130              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,880,741           1,580              --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL POLICY
RELATING TO INVESTMENTS IN TAX-EXEMPT MUNICIPAL
SECURITIES RATED WITHIN THE FOUR HIGHEST GRADES
AND UNRATED MUNICIPAL BONDS.
   For                                                               --                 --           --              --
   Against                                                           --                 --           --              --
   Abstain                                                           --                 --           --              --
   Broker Non-Votes                                                  --                 --           --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --                 --           --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTMENTS IN TAX-EXEMPT
MUNICIPAL BONDS.
   For                                                        4,693,830              1,448    3,296,425             851
   Against                                                      500,384                120      337,837              59
   Abstain                                                      184,237                 12      157,345               2
   Broker Non-Votes                                           1,502,290                 --    1,117,068              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,880,741              1,580    4,908,675             912
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTMENTS OF AT LEAST 80% OF
ITS NET ASSETS IN INVESTMENT GRADE QUALITY MUNICIPAL
BONDS.
   For                                                        4,657,953              1,453           --              --
   Against                                                      513,879                115           --              --
   Abstain                                                      206,619                 12           --              --
   Broker Non-Votes                                           1,502,290                 --           --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,880,741              1,580           --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTING IN MUNICIPAL BONDS
RATED WITHIN THE FOUR HIGHEST GRADES.
   For                                                               --                 --           --              --
   Against                                                           --                 --           --              --
   Abstain                                                           --                 --           --              --
   Broker Non-Votes                                                  --                 --           --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --                 --           --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTMENT IN BELOW INVESTMENT
GRADE SECURITIES.
   For                                                               --                 --           --              --
   Against                                                           --                 --           --              --
   Abstain                                                           --                 --           --              --
   Broker Non-Votes                                                  --                 --           --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --                 --           --              --
=======================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO
INVESTMENTS IN MUNICIPAL SECURITIES FOR THE FUND.
   For                                                        4,723,120              1,453    3,312,281             870
   Against                                                      427,066                115      315,218              41
   Abstain                                                      228,265                 12      164,108               1
   Broker Non-Votes                                           1,502,290                 --    1,117,068              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,880,741              1,580    4,908,675             912
=======================================================================================================================


20 Nuveen Investments





                                                                       NAN                             NXK
-----------------------------------------------------------------------------------------------------------------------
                                                             Common and                      Common and
                                                              Preferred       Preferred       Preferred       Preferred
                                                          shares voting   shares voting   shares voting   shares voting
                                                            together as     together as     together as     together as
                                                                a class         a class         a class         a class
-----------------------------------------------------------------------------------------------------------------------
                                                                                                        
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO COMMODITIES.
   For                                                               --              --              --              --
   Against                                                           --              --              --              --
   Abstain                                                           --              --              --              --
   Broker Non-Votes                                                  --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
  Total                                                              --              --              --              --
=======================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO
COMMODITIES FOR THE FUND.
   For                                                               --              --              --              --
   Against                                                           --              --              --              --
   Abstain                                                           --              --              --              --
   Broker Non-Votes                                                  --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO SHORT SALES.
   For                                                               --              --              --              --
   Against                                                           --              --              --              --
   Abstain                                                           --              --              --              --
   Broker Non-Votes                                                  --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO DERIVATIVES.
   For                                                               --              --              --              --
   Against                                                           --              --              --              --
   Abstain                                                           --              --              --              --
   Broker Non-Votes                                                  --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY PROHIBITING INVESTMENT IN OTHER INVESTMENT
COMPANIES.
   For                                                               --              --              --              --
   Against                                                           --              --              --              --
   Abstain                                                           --              --              --              --
   Broker Non-Votes                                                  --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================


                                                           Nuveen Investments 21



NAN NXK | Shareholder Meeting Report (continued)



                                                                       NAN                             NXK
-----------------------------------------------------------------------------------------------------------------------
                                                             Common and                      Common and
                                                              Preferred       Preferred       Preferred       Preferred
                                                          shares voting   shares voting   shares voting   shares voting
                                                            together as     together as     together as     together as
                                                                a class         a class         a class         a class
-----------------------------------------------------------------------------------------------------------------------
                                                                                                        
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
John P. Amboian
   For                                                               --              --              --              --
   Withhold                                                          --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
Robert P. Bremner
   For                                                        5,936,505              --       4,017,046              --
   Withhold                                                     320,227              --         355,095              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,256,732              --       4,372,141              --
=======================================================================================================================
Jack B. Evans
   For                                                        5,937,362              --       4,017,046              --
   Withhold                                                     319,370              --         355,095              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                      6,256,732              --       4,372,141              --
=======================================================================================================================
William C. Hunter
   For                                                               --           1,016              --             532
   Withhold                                                          --             109              --              32
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --           1,125              --             564
=======================================================================================================================
David J. Kundert
   For                                                               --              --              --              --
   Withhold                                                          --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
William J. Schneider
   For                                                               --           1,016              --             532
   Withhold                                                          --             109              --              32
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --           1,125              --             564
=======================================================================================================================
Judith M. Stockdale
   For                                                               --              --              --              --
   Withhold                                                          --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
Carole E. Stone
   For                                                               --              --              --              --
   Withhold                                                          --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================
Terence J. Toth
   For                                                               --              --              --              --
   Withhold                                                          --              --              --              --
-----------------------------------------------------------------------------------------------------------------------
   Total                                                             --              --              --              --
=======================================================================================================================


22 Nuveen Investments



Report of Independent Registered Public Accounting Firm

THE BOARDS OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK MUNICIPAL VALUE FUND 2
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Municipal Value Fund, Inc.,
Nuveen New York Municipal Value Fund 2, Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Dividend Advantage Municipal Fund and
Nuveen New York Dividend Advantage Municipal Fund 2 (the "Funds") as of
September 30, 2009, and the related statements of operations, cash flows (New
York Performance Plus, New York Dividend Advantage, and New York Dividend
Advantage 2 only), changes in net assets and the financial highlights for each
of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of September 30, 2009, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund
2, Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York
Dividend Advantage Municipal Fund and Nuveen New York Dividend Advantage
Municipal Fund 2 at September 30, 2009, the results of their operations and cash
flows (New York Performance Plus, New York Dividend Advantage, and New York
Dividend Advantage 2 only), the changes in their net assets and the financial
highlights for each of the periods indicated therein in conformity with US
generally accepted accounting principles.

                                                             [Ernst & Young LLP]

Chicago, Illinois
November 25, 2009

                                                           Nuveen Investments 23



NNY | Nuveen New York Municipal Value Fund, Inc.
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   CONSUMER DISCRETIONARY - 1.2% (1.2% OF TOTAL INVESTMENTS)
$            275   New York City Industrial Development Agency, New York,            9/15 at 100.00           BB+   $       191,230
                      Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
                      5.000%, 9/01/35
           1,950   Seneca Nation of Indians Capital Improvements Authority, New      6/17 at 100.00            BB         1,638,000
                      York, Special Obligation Bonds, Series 2007A, 5.000%,
                      12/01/23
------------------------------------------------------------------------------------------------------------------------------------
           2,225   Total Consumer Discretionary                                                                           1,829,230
------------------------------------------------------------------------------------------------------------------------------------
                   CONSUMER STAPLES - 1.3% (1.3% OF TOTAL INVESTMENTS)
             225   New York Counties Tobacco Trust II, Tobacco Settlement            6/11 at 101.00           BBB           220,282
                      Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
             390   Puerto Rico, The Children's Trust Fund, Tobacco Settlement        5/12 at 100.00           BBB           390,020
                      Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
             165   Rensselaer Tobacco Asset Securitization Corporation, New          6/12 at 100.00           BBB           160,677
                      York, Tobacco Settlement Asset-Backed Bonds, Series
                      2001A, 5.200%, 6/01/25
                   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
                   2006:
             900      4.750%, 6/01/22                                                6/16 at 100.00           BBB           901,980
             345      5.000%, 6/01/26                                                6/16 at 100.00           BBB           326,304
------------------------------------------------------------------------------------------------------------------------------------
           2,025   Total Consumer Staples                                                                                 1,999,263
------------------------------------------------------------------------------------------------------------------------------------
                   EDUCATION AND CIVIC ORGANIZATIONS - 7.8% (7.8% OF TOTAL
                      INVESTMENTS)
             275   Albany Industrial Development Agency, New York, Revenue           7/17 at 100.00           BBB           257,989
                      Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
             115   Albany Industrial Development Agency, New York, Revenue           4/17 at 100.00           N/R            91,308
                      Bonds, Brighter Choice Charter Schools, Series 2007A,
                      5.000%, 4/01/37
              90   Cattaraugus County Industrial Development Agency, New York,       5/16 at 100.00          BBB-            80,863
                      Revenue Bonds, St. Bonaventure  University, Series 2006,
                      5.000%, 5/01/23
           1,175   Dormitory Authority of the State of New York, General             7/17 at 100.00          BBB-         1,088,814
                      Revenue Bonds, Manhattan College, Series 2007A, 5.000%,
                      7/01/41 - RAAI Insured
             800   Dormitory Authority of the State of New York, Insured             7/11 at 102.00          BBB-           817,128
                      Revenue Bonds, D'Youville College, Series 2001, 5.250%,
                      7/01/20 - RAAI Insured
             505   Dormitory Authority of the State of New York, Lease Revenue       7/15 at 100.00           AA-           516,868
                      Bonds, State University Dormitory Facilities, Series
                      2004A, 5.000%, 7/01/29 - NPFG Insured
           1,250   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 101.00          BBB-         1,263,438
                      Marymount Manhattan College, Series 1999, 6.250%, 7/01/29
                      - RAAI Insured
                   Dormitory Authority of the State of New York, Second General
                   Resolution Consolidated Revenue Bonds, City University
                   System, Series 1993A:
           1,000      5.750%, 7/01/18                                                  No Opt. Call           AA-         1,153,480
           1,400      6.000%, 7/01/20                                                  No Opt. Call           AA-         1,648,024
             575   Dutchess County Industrial Development Agency, New York,          8/17 at 100.00          Baa1           495,512
                      Civic Facility Revenue Bonds, Bard College Project,
                      Series 2007-A2, 4.500%, 8/01/36
             265   Hempstead Town Industrial Development Agency, New York,          10/15 at 100.00             A           272,462
                      Revenue Bonds, Adelphi University, Civic Facility
                      Project, Series 2005, 5.000%, 10/01/35
             245   New York City Industrial Development Agency, New York, Civic     10/14 at 100.00            A-           240,541
                      Facility Revenue Bonds, St. Francis College, Series 2004,
                      5.000%, 10/01/34
           1,100   New York City Industrial Development Agency, New York, Civic      2/11 at 100.00            A-         1,114,366
                      Facility Revenue Bonds, YMCA of Greater New York, Series
                      2002, 5.250%, 8/01/21
           1,175   New York City Industrial Development Agency, New York, PILOT      1/17 at 100.00           BBB         1,089,190
                      Revenue Bonds, Queens Baseball Stadium Project, Series
                      2006, 4.750%, 1/01/42 - AMBAC Insured
           1,610   New York City Industrial Development Authority, New York,         9/16 at 100.00          BBB-         1,425,623
                      PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                      4.500%, 3/01/39 - FGIC Insured
             170   Seneca County Industrial Development Authority, New York,        10/17 at 100.00           BBB           152,476
                      Revenue Bonds, New York Chiropractic College, Series
                      2007, 5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
          11,750   Total Education and Civic Organizations                                                               11,708,082
------------------------------------------------------------------------------------------------------------------------------------


24 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   FINANCIALS - 1.2% (1.2% OF TOTAL INVESTMENTS)
$            400   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1   $       412,096
                      Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
           1,305   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,394,549
                      Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
           1,705   Total Financials                                                                                       1,806,645
------------------------------------------------------------------------------------------------------------------------------------
                   HEALTH CARE - 11.7% (11.7% OF TOTAL INVESTMENTS)
             490   Cattaraugus County Industrial Development Agency, New York,       2/10 at 101.00            A+           493,763
                      Revenue Bonds, Olean General Hospital, Series 1998A,
                      5.250%, 8/01/23
           1,005   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A         1,049,371
                      Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                      5.000%, 8/01/29 - FGIC Insured
             700   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A           745,059
                      Revenue Bonds, Montefiore Medical Center, Series 2005,
                      5.000%, 2/01/22 - FGIC Insured
           1,800   Dormitory Authority of the State of New York, FHA-Insured         8/15 at 100.00            A-         1,859,616
                      Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
                      4.900%, 8/15/31
           1,250   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00          BBB+         1,275,413
                      Catholic Health Services of Long Island Obligated Group -
                      St. Catherine of Siena Medical Center, Series 2000A,
                      6.500%, 7/01/20
           2,350   Dormitory Authority of the State of New York, Revenue Bonds,      7/16 at 100.00            AA         2,450,980
                      Memorial Sloan Kettering Cancer Center, Series 2006-1,
                      5.000%, 7/01/35
           1,000   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00            A2         1,023,620
                      Mount Sinai NYU Health Obligated Group, Series 2000A,
                      6.500%, 7/01/25
             250   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 100.00            A2           250,148
                      Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
           1,595   Dormitory Authority of the State of New York, Revenue Bonds,      8/14 at 100.00           AAA         1,745,440
                      New York and Presbyterian Hospital, Series 2004A, 5.250%,
                      8/15/15 - FSA Insured
             500   Dormitory Authority of the State of New York, Revenue Bonds,      7/13 at 100.00          Baa1           501,970
                      South Nassau Communities Hospital, Series 2003B, 5.500%,
                      7/01/23
             500   Dormitory Authority of the State of New York, Revenue Bonds,      7/13 at 100.00          Baa1           475,080
                      Winthrop-South Nassau University Hospital Association,
                      Series 2003A, 5.500%, 7/01/32
             290   Livingston County Industrial Development Agency, New York,        7/10 at 100.00            BB           250,256
                      Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
                      Series 2005, 6.000%, 7/01/30
                   Madison County Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Oneida Health System, Series
                   2007A:
             280      5.250%, 2/01/27                                                  No Opt. Call          BBB-           257,818
             260      5.500%, 2/01/32                                                  No Opt. Call          BBB-           238,714
             360   Nassau County Industrial Development Agency, New York,              No Opt. Call          Baa1           371,808
                      Revenue Refunding Bonds, North Shore Health System
                      Obligated Group, Series 2001B, 5.875%, 11/01/11
             500   New York City Health and Hospitals Corporation, New York,         2/10 at 100.00            A+           504,485
                      Health System Revenue Bonds, Series 1999A, 5.125%,
                      2/15/14 - AMBAC Insured
                   New York City Health and Hospitals Corporation, New York,
                   Health System Revenue Bonds, Series 2003A:
           1,175      5.250%, 2/15/21 - AMBAC Insured                                2/13 at 100.00            A+         1,225,936
           1,000      5.250%, 2/15/22 - AMBAC Insured                                2/13 at 100.00            A+         1,041,420
             480   New York City Industrial Development Agency, New York, Civic      7/12 at 100.00           Ba2           447,533
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2001B, 6.375%, 7/01/31
             240   New York City Industrial Development Agency, New York, Civic      7/12 at 101.00           Ba2           223,634
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2002C, 6.450%, 7/01/32
             660   Newark-Wayne Community Hospital, New York, Hospital Revenue       3/10 at 100.00           N/R           660,132
                      Refunding and Improvement Bonds, Series 1993A, 7.600%,
                      9/01/15
             500   Yonkers Industrial Development Agency, New York, Revenue          7/11 at 101.00            B-           461,410
                      Bonds, St. John's Riverside Hospital, Series 2001A,
                      7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
          17,185   Total Health Care                                                                                     17,553,606
------------------------------------------------------------------------------------------------------------------------------------


                                                           Nuveen Investments 25



NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   HOUSING/MULTIFAMILY - 5.4% (5.4% OF TOTAL INVESTMENTS)
$            400   East Syracuse Housing Authority, New York, FHA-Insured            4/10 at 102.00           AAA   $       412,448
                      Section 8 Assisted Revenue Refunding Bonds, Bennet
                      Project, Series 2001A, 6.700%, 4/01/21
           1,690   New York City Housing Development Corporation, New York,          7/15 at 100.00           AA+         1,794,712
                      Capital Fund Program Revenue Bonds, Series 2005A, 5.000%,
                      7/01/25 - FGIC Insured
                   New York City Housing Development Corporation, New York,
                   Multifamily Housing Revenue Bonds, Series 2001A:
           1,000      5.400%, 11/01/21                                               5/11 at 101.00            AA         1,026,120
           1,000      5.500%, 11/01/31                                               5/11 at 101.00            AA         1,017,280
           1,000      5.600%, 11/01/42                                               5/11 at 101.00            AA         1,015,550
           1,000   New York City Housing Development Corporation, New York,          5/19 at 100.00            AA         1,040,910
                      Multifamily Housing Revenue Bonds, Series 2009C-1,
                      5.500%, 11/01/34
             440   New York State Housing Finance Agency, Secured Mortgage           8/11 at 100.00           Aa1           448,444
                      Program Multifamily Housing Revenue Bonds, Series 2001E,
                      5.600%, 8/15/20 (Alternative Minimum Tax)
           1,275   Westchester County Industrial Development Agency, New York,       8/11 at 102.00           Aaa         1,337,309
                      GNMA Collateralized Mortgage Loan Revenue Bonds, Living
                      Independently for the Elderly Inc., Series 2001A, 5.375%,
                      8/20/21
------------------------------------------------------------------------------------------------------------------------------------
           7,805   Total Housing/Multifamily                                                                              8,092,773
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/SINGLE FAMILY - 3.9% (3.9% OF TOTAL INVESTMENTS)
             950   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/15 at 100.00           Aa1           907,250
                      Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum
                      Tax)
             370   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/17 at 100.00           Aa1           373,130
                      Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative
                      Minimum Tax)
           3,750   New York State Mortgage Agency, Homeowner Mortgage Revenue        3/10 at 100.50           Aa1         3,771,187
                      Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum
                      Tax)
             840   New York State Mortgage Agency, Mortgage Revenue Bonds,           4/13 at 101.00           Aaa           849,316
                      Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
           5,910   Total Housing/Single Family                                                                            5,900,883
------------------------------------------------------------------------------------------------------------------------------------
                   LONG-TERM CARE - 6.0% (6.0% OF TOTAL INVESTMENTS)
           1,000   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           AAA         1,022,430
                      Mortgage Nursing Home Revenue Bonds, Eger Healthcare
                      Center of Staten Island, Series 1998, 5.100%, 2/01/28
           2,250   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           N/R         2,252,250
                      Mortgage Nursing Home Revenue Bonds, Rosalind and Joseph
                      Gurwin Jewish Geriatric Center of Long Island, Series
                      1997, 5.700%, 2/01/37 - AMBAC Insured
           1,195   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           AA-         1,197,127
                      Mortgage Revenue Bonds, German Masonic Home Corporation,
                      Series 1996, 5.950%, 8/01/26
           2,000   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           AAA         2,003,400
                      Mortgage Revenue Bonds, W.K. Nursing Home Corporation,
                      Series 1996, 6.125%, 2/01/36
             450   Dormitory Authority of the State of New York, GNMA                2/17 at 103.00            A-           466,151
                      Collateralized Revenue Bonds, Cabrini of Westchester
                      Project, Series 2006, 5.200%, 2/15/41
             270   Dormitory Authority of the State of New York, Non-State          11/16 at 100.00            A1           272,554
                      Supported Debt, Ozanam Hall of Queens Nursing Home
                      Revenue Bonds, Series 2006, 5.000%, 11/01/31
             135   Dormitory Authority of the State of New York, Revenue Bonds,      7/15 at 100.00           N/R            88,742
                      Providence Rest, Series 2005, 5.000%, 7/01/35 - ACA
                      Insured
             530   New York City Industrial Development Agency, New York, Civic      7/11 at 101.00           N/R           539,567
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2001A-1, 7.250%, 7/01/16
             820   New York City Industrial Development Agency, New York, Civic      7/16 at 101.00           N/R           748,931
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2008A-1, 5.500%, 7/01/18
             235   Suffolk County Industrial Development Agency, New York,           7/16 at 101.00           N/R           208,802
                      Civic Facility Revenue Bonds, Special Needs Facilities
                      Pooled Program, Series 2008-B1, 5.800%, 7/01/23
             225   Yonkers Industrial Development Agency, New York, Civic            7/16 at 101.00           N/R           199,917
                      Facilities Revenue Bonds, Special Needs Facilities Pooled
                      Program Bonds, Series 2008-C1, 5.800%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
           9,110   Total Long-Term Care                                                                                   8,999,871
------------------------------------------------------------------------------------------------------------------------------------


26 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
$            240   Jefferson County Industrial Development Agency, New York,        12/13 at 100.00           BBB   $       234,384
                      Solid Waste Disposal Revenue Bonds, International Paper
                      Company Project, Series 2003A, 5.200%, 12/01/20
                      (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/GENERAL - 8.3% (8.2% OF TOTAL INVESTMENTS)
             750   New York City, New York, General Obligation Bonds, Fiscal         8/14 at 100.00            AA           834,578
                      Series 2004C, 5.250%, 8/15/16
           1,000   New York City, New York, General Obligation Bonds, Fiscal        11/14 at 100.00           AAA         1,094,560
                      Series 2004E, 5.000%, 11/01/19 - FSA Insured
           2,000   New York City, New York, General Obligation Bonds, Fiscal         9/15 at 100.00            AA         2,209,720
                      Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
           2,795   New York City, New York, General Obligation Bonds, Fiscal         8/16 at 100.00            AA         3,019,577
                      Series 2007A, 5.000%, 8/01/25
           4,760   New York City, New York, General Obligation Bonds, Series D,     12/17 at 100.00            AA         5,248,325
                      5.125%, 12/01/25
------------------------------------------------------------------------------------------------------------------------------------
          11,305   Total Tax Obligation/General                                                                          12,406,760
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/LIMITED - 23.0% (22.9% OF TOTAL INVESTMENTS)
           1,000   Battery Park City Authority, New York, Senior Revenue Bonds,     11/13 at 100.00           AAA         1,123,540
                      Series 2003A, 5.250%, 11/01/21
             395   Dormitory Authority of the State of New York, Department of       7/15 at 100.00           AA-           422,848
                      Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
                      CIFG Insured
             275   Dormitory Authority of the State of New York, State Personal      3/15 at 100.00           AAA           302,731
                      Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                      FSA Insured
             350   Erie County Industrial Development Agency, New York, School       5/14 at 100.00           AAA           373,454
                      Facility Revenue Bonds, Buffalo City School District,
                      Series 2004, 5.750%, 5/01/26 - FSA Insured
                   Metropolitan Transportation Authority, New York, Dedicated
                   Tax Fund Bonds, Series 2002A:
           2,000      5.250%, 11/15/25 - FSA Insured                                11/12 at 100.00           AAA         2,099,040
           1,000      5.000%, 11/15/30                                              11/12 at 100.00            AA         1,020,220
           1,500   Metropolitan Transportation Authority, New York, Dedicated       11/19 at 100.00            AA         1,587,915
                      Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
           1,000   Metropolitan Transportation Authority, New York, State            7/12 at 100.00           AA-         1,027,410
                      Service Contract Refunding Bonds, Series 2002A, 5.125%,
                      1/01/29
             560   Monroe Newpower Corporation, New York, Power Facilities           1/13 at 102.00           BBB           462,554
                      Revenue Bonds, Series 2003, 5.500%, 1/01/34
                   New York City Sales Tax Asset Receivable Corporation, New
                   York, Dedicated Revenue Bonds, Local Government Assistance
                   Corporation, Series 2004A:
             740      5.000%, 10/15/25 - NPFG Insured                               10/14 at 100.00           AAA           797,875
             550      5.000%, 10/15/26 - NPFG Insured                               10/14 at 100.00           AAA           590,843
           1,890      5.000%, 10/15/29 - AMBAC Insured                              10/14 at 100.00           AAA         2,009,637
           1,200   New York City Transitional Finance Authority, New York,           1/17 at 100.00           AA-         1,288,524
                      Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                      5.000%, 1/15/28 - FGIC Insured
           1,500   New York City Transitional Finance Authority, New York,           1/19 at 100.00           AA-         1,626,045
                      Building Aid Revenue Bonds, Fiscal Series 2009-S5,
                      5.250%, 1/15/39
           1,330   New York City Transitional Finance Authority, New York,           2/13 at 100.00           AAA         1,432,649
                      Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%,
                      2/01/23
           1,530   New York City Transitional Finance Authority, New York,          11/17 at 100.00           AAA         1,690,375
                      Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%,
                      11/01/27
           1,000   New York State Environmental Facilities Corporation,              3/14 at 100.00           AA-         1,067,190
                      Infrastructure Revenue Bonds, Series 2003A, 5.000%,
                      3/15/21
           2,100   New York State Environmental Facilities Corporation, State       12/17 at 100.00           AAA         2,315,061
                      Personal Income Tax Revenue Bonds, Series 2008A, 5.000%,
                      12/15/27 (UB)
             840   New York State Housing Finance Agency, State Personal Income      9/15 at 100.00           AAA           883,672
                      Tax Revenue Bonds, Economic Development and Housing,
                      Series 2006A, 5.000%, 3/15/36
           1,000   New York State Thruway Authority, Highway and Bridge Trust       10/15 at 100.00            AA         1,104,670
                      Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21
                      - AMBAC Insured
           2,450   New York State Thruway Authority, Highway and Bridge Trust          No Opt. Call            AA         3,011,467
                      Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured
                      (UB)
           1,175   New York State Thruway Authority, Highway and Bridge Trust       10/17 at 100.00            AA         1,275,733
                      Fund Bonds, Series 2007, 5.000%, 4/01/27


                                                           Nuveen Investments 27



NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/LIMITED (continued)
$          1,065   New York State Thruway Authority, State Personal Income Tax       3/12 at 100.00           AAA   $     1,140,200
                      Revenue Bonds, Series 2002A, 5.125%, 3/15/21
                   New York State Tobacco Settlement Financing Corporation,
                   Tobacco Settlement Asset-Backed and State Contingency
                   Contract-Backed Bonds, Series 2003A-1:
           1,800      5.250%, 6/01/20 - AMBAC Insured                                6/13 at 100.00           AA-         1,927,170
           2,000      5.250%, 6/01/22 - AMBAC Insured                                6/13 at 100.00           AA-         2,128,600
           1,000   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-         1,075,070
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
             600   New York State Urban Development Corporation, Special               No Opt. Call           AA-           735,330
                      Project Revenue Bonds, University Facilities Grants,
                      Series 1995, 5.875%, 1/01/21
              20   Triborough Bridge and Tunnel Authority, New York, Convention        No Opt. Call           AA-            20,330
                      Center Bonds, Series 1990E, 7.250%, 1/01/10
------------------------------------------------------------------------------------------------------------------------------------
          31,870   Total Tax Obligation/Limited                                                                          34,540,153
------------------------------------------------------------------------------------------------------------------------------------
                   TRANSPORTATION - 8.5% (8.5% OF TOTAL INVESTMENTS)
             180   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00          BBB+           184,248
                      2001A, 5.625%, 7/15/25
           2,500   Metropolitan Transportation Authority, New York,                 11/17 at 100.00             A         2,627,575
                      Transportation Revenue Bonds, Series 2007B, 5.000%,
                      11/15/33
             500   Metropolitan Transportation Authority, New York,                 11/12 at 100.00             A           547,175
                      Transportation Revenue Refunding Bonds, Series 2002A,
                      5.500%, 11/15/19 - AMBAC Insured
           1,100   New York City Industrial Development Agency, New York,           12/09 at 101.00            BB           791,274
                      Special Facilities Revenue Bonds, British Airways PLC,
                      Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
           1,000   New York City Industrial Development Agency, New York,            8/12 at 101.00            B-         1,026,760
                      Special Facilities Revenue Bonds, JFK Airport - American
                      Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
                      Minimum Tax)
             165   New York State Thruway Authority, General Revenue Bonds,          1/15 at 100.00            A+           172,022
                      Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
             400   New York State Thruway Authority, General Revenue Bonds,          7/15 at 100.00           AAA           421,612
                      Series 2005G, 5.000%, 1/01/30 - FSA Insured
             500   Niagara Frontier Airport Authority, New York, Airport            10/09 at 101.00             A           502,390
                      Revenue Bonds, Buffalo Niagara International Airport,
                      Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative
                      Minimum Tax)
                   Port Authority of New York and New Jersey, Consolidated
                   Revenue Bonds, One Hundred Fortieth Series 2005:
           1,000      5.000%, 12/01/28 - SYNCORA GTY Insured                         6/15 at 101.00           AA-         1,077,200
             435      5.000%, 12/01/31 - SYNCORA GTY Insured                         6/15 at 101.00           AA-           463,971
             325   Port Authority of New York and New Jersey, Consolidated           8/17 at 100.00           AAA           426,589
                      Revenue Bonds, One Hundred Forty Eighth Series 2007,
                      Trust 2920, 16.962%, 8/15/32 - FSA Insured (IF)
           2,500   Triborough Bridge and Tunnel Authority, New York, General        11/12 at 100.00           Aa2         2,720,724
                      Purpose Revenue Refunding Bonds, Series 2002B, 5.000%,
                      11/15/21
                   Triborough Bridge and Tunnel Authority, New York, Subordinate
                   Lien General Purpose Revenue Refunding Bonds, Series 2002E:
             780      5.500%, 11/15/20 - NPFG Insured                                  No Opt. Call           Aa3           961,514
             800      5.250%, 11/15/22 - NPFG Insured                               11/12 at 100.00           Aa3           847,544
------------------------------------------------------------------------------------------------------------------------------------
          12,185   Total Transportation                                                                                  12,770,598
------------------------------------------------------------------------------------------------------------------------------------
                   U.S. GUARANTEED - 6.5% (6.5% OF TOTAL INVESTMENTS) (4)
                   Albany Industrial Development Agency, New York, Revenue
                   Bonds, Albany Law School, Series 2000A:
             600      5.700%, 10/01/20 (Pre-refunded 10/01/10) - RAAI Insured       10/10 at 100.00      BBB- (4)           632,448
             750      5.750%, 10/01/30 (Pre-refunded 10/01/10) - RAAI Insured       10/10 at 100.00      BBB- (4)           790,935
             220   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00      BBB+ (4)           242,046
                      2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
           2,525   Dormitory Authority of the State of New York, Judicial              No Opt. Call           AAA         3,047,295
                      Facilities Lease Revenue Bonds, Suffolk County Issue,
                      Series 1986, 7.375%, 7/01/16 (ETM)
              25   Dormitory Authority of the State of New York, Suffolk            10/09 at 106.27      Baa1 (4)            32,824
                      County, Lease Revenue Bonds, Judicial Facilities, Series
                      1991A, 9.500%, 4/15/14 (ETM)


28 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   U.S. GUARANTEED (4) (continued)
$            280   Erie County Tobacco Asset Securitization Corporation, New         7/10 at 101.00           AAA   $       295,263
                      York, Senior Tobacco Settlement Asset-Backed Bonds,
                      Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
             960   Metropolitan Transportation Authority, New York, Commuter         1/10 at 100.00       N/R (4)           963,178
                      Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
                      AMBAC Insured (ETM)
             420   Monroe Tobacco Asset Securitization Corporation, New York,        6/10 at 101.00           AAA           438,904
                      Tobacco Settlement Asset-Backed Bonds, Series 2000,
                      6.150%, 6/01/25 (Pre-refunded 6/01/10)
             365   New York City Industrial Development Agency, New York, Civic      7/10 at 102.00       N/R (4)           390,083
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded
                      7/01/10)
             555   New York State Thruway Authority, State Personal Income Tax       3/12 at 100.00       Aa3 (4)           607,991
                      Revenue Bonds, Series 2002A, 5.125%, 3/15/21 (ETM)
           1,000   Niagara Falls, Niagara County, New York, General Obligation         No Opt. Call         A (4)         1,131,110
                      Water Treatment Plant Bonds, Series 1994, 7.250%,
                      11/01/11 - MBIA Insured (Alternative Minimum Tax) (ETM)
           1,120   Yonkers Industrial Development Agency, New York, Revenue          2/11 at 100.00       Baa (4)         1,204,336
                      Bonds, Community Development Properties - Yonkers Inc.
                      Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded
                      2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
           8,820   Total U.S. Guaranteed                                                                                  9,776,413
------------------------------------------------------------------------------------------------------------------------------------
                   UTILITIES - 6.4% (6.3% OF TOTAL INVESTMENTS)
                   Long Island Power Authority, New York, Electric System
                   General Revenue Bonds, Series 2006A:
           1,500      5.000%, 12/01/23 - FGIC Insured                                6/16 at 100.00             A         1,595,100
           1,500      5.000%, 12/01/24 - FGIC Insured                                6/16 at 100.00             A         1,587,870
             250   Long Island Power Authority, New York, Electric System            6/16 at 100.00            A-           258,865
                      General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
                      CIFG Insured
           1,000   Nassau County Industrial Development Authority, New York,         6/13 at 100.00            A-           979,640
                      Keyspan Glenwood Energy Project, Series 2003, 5.250%,
                      6/01/27 (Alternative Minimum Tax)
           1,500   New York State Energy Research and Development Authority,         3/11 at 100.00             A         1,516,620
                      Pollution Control Revenue Bonds, New York State Electric
                      and Gas Corporation, Series 2005A, 4.100%, 3/15/15 - NPFG
                      Insured
             500   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2           493,345
                      Solid Waste Disposal Facility Revenue Bonds, American
                      Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%,
                      11/15/26 (Mandatory put 11/15/12) (Alternative Minimum
                      Tax)
             250   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2           249,388
                      Solid Waste Disposal Facility Revenue Bonds, American
                      Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%,
                      11/15/24 (Mandatory put 11/15/14) (Alternative Minimum
                      Tax)
           1,500   Power Authority of the State of New York, General Revenue        11/10 at 100.00           Aa2         1,519,380
                      Bonds, Series 2000A, 5.250%, 11/15/40
              25   Power Authority of the State of New York, General Revenue        11/15 at 100.00           Aa2            27,807
                      Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
                   Suffolk County Industrial Development Agency, New York,
                   Revenue Bonds, Nissequogue Cogeneration Partners
                   Facility, Series 1998:
             860      5.300%, 1/01/13 (Alternative Minimum Tax)                      1/10 at 100.50           N/R           807,936
             575      5.500%, 1/01/23 (Alternative Minimum Tax)                      1/10 at 100.50           N/R           485,156
------------------------------------------------------------------------------------------------------------------------------------
           9,460   Total Utilities                                                                                        9,521,107
------------------------------------------------------------------------------------------------------------------------------------
                   WATER AND SEWER - 1.9% (1.9% OF TOTAL INVESTMENTS)
             415   New York City Municipal Water Finance Authority, New York,        6/10 at 101.00           AAA           434,169
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2000B, 6.100%, 6/15/31 - MBIA Insured
           1,500   New York City Municipal Water Finance Authority, New York,        6/11 at 101.00           AAA         1,628,985
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2001D, 5.500%, 6/15/17
             740   New York City Municipal Water Finance Authority, New York,        6/12 at 100.00           AAA           810,574
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
           2,655   Total Water and Sewer                                                                                  2,873,728
------------------------------------------------------------------------------------------------------------------------------------
$        134,250   Total Long-Term Municipal Bonds (cost $135,457,551) - 93.3%                                          140,013,496
================--------------------------------------------------------------------------------------------------------------------


                                                           Nuveen Investments 29



NNY | Nuveen New York Municipal Value Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   SHORT-TERM INVESTMENTS - 7.0% (7.0% OF TOTAL INVESTMENTS)
                   MUNICIPAL BONDS - 3.3% (3.3% OF TOTAL INVESTMENTS)
                   TAX OBLIGATION/LIMITED - 3.3% (3.3% OF TOTAL INVESTMENTS)
$          5,000   Metropolitan Transportation Authority, New York, Dedicated       12/09 at 100.00           A-1   $     5,000,000
                      Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
                      Series 2008A, 0.410%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
                   EURO DOLLAR TIME DEPOSITS - 3.7% (3.7% OF TOTAL INVESTMENTS)
           5,543   State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09                 N/A           N/A         5,543,232
------------------------------------------------------------------------------------------------------------------------------------
$         10,543   Total Short-Term Investments (cost $10,543,232)                                                       10,543,232
================--------------------------------------------------------------------------------------------------------------------
                   Total Investments (cost $146,000,783) - 100.3%                                                       150,556,728
                   -----------------------------------------------------------------------------------------------------------------
                   Floating Rate Obligations - (2.2)%                                                                    (3,255,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Other Assets Less Liabilities - 1.9%                                                                   2,761,401
                   -----------------------------------------------------------------------------------------------------------------
                   Net Assets Applicable to Common Shares - 100%                                                    $   150,063,129
                   =================================================================================================================


(1)   All percentages shown in the Portfolio of Investments are based on net
      assets applicable to Common shares unless otherwise noted.

(2)   Optional Call Provisions (not covered by the report of independent
      registered public accounting firm): Dates (month and year) and prices of
      the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.

(3)   Ratings (not covered by the report of independent registered public
      accounting firm): Using the higher of Standard & Poor's Group ("Standard &
      Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
      below BBB by Standard & Poor's or Baa by Moody's are considered to be
      below investment grade.

(4)   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. Such investments are normally considered to be equivalent to
      AAA rated securities.

(5)   Investment has a maturity of more than one year, but has variable rate and
      demand features which qualify it as a short-term investment. The rate
      disclosed is that in effect at the end of the reporting period. This rate
      changes periodically based on market conditions or a specified market
      index.

N/A   Not applicable.

N/R   Not rated.

(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, Footnote 1 - Inverse
      Floating Rate Securities for more information.

                                 See accompanying notes to financial statements.

30 Nuveen Investments



NYV | Nuveen New York Municipal Value Fund 2, Inc.
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   CONSUMER STAPLES - 3.8% (3.8% OF TOTAL INVESTMENTS)
$          1,350   District of Columbia Tobacco Settlement Corporation, Tobacco        No Opt. Call           BBB   $     1,406,619
                      Settlement Asset-Backed Bonds, Series 2001, 6.500%,
                      5/15/33
------------------------------------------------------------------------------------------------------------------------------------
                   EDUCATION AND CIVIC ORGANIZATIONS - 12.6% (12.7% OF TOTAL
                      INVESTMENTS)
           1,200   Albany Industrial Development Agency, New York, Revenue           4/17 at 100.00           N/R           952,776
                      Bonds, Brighter Choice Charter Schools, Series 2007A,
                      5.000%, 4/01/37
           1,000   Dormitory Authority of the State of New York, Lease Revenue       7/17 at 100.00           AA-         1,038,990
                      Bonds, State University Dormitory Facilities, Series
                      2007, 5.000%, 7/01/37
             225   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 101.00          BBB-           227,419
                      Marymount Manhattan College, Series 1999, 6.250%, 7/01/29
                      - RAAI Insured
           1,500   Dormitory Authority of the State of New York, Revenue Bonds,      7/18 at 100.00           AA-         1,596,090
                      New York University, Series 2008A, 5.000%, 7/01/38
           5,095   New York City Industrial Development Agency, New York,              No Opt. Call           AAA           894,988
                      Revenue Bonds, Yankee Stadium Project Pilot, Series
                      2009A, 0.000%, 3/01/40 - AGC Insured
------------------------------------------------------------------------------------------------------------------------------------
           9,020   Total Education and Civic Organizations                                                                4,710,263
------------------------------------------------------------------------------------------------------------------------------------
                   ENERGY - 2.8% (2.8% OF TOTAL INVESTMENTS)
           1,000   Virgin Islands Public Finance Authority, Revenue Bonds,           1/14 at 100.00           BBB         1,026,740
                      Refinery Project - Hovensa LLC, Series 2003, 6.125%,
                      7/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
                   HEALTH CARE - 18.6% (18.8% OF TOTAL INVESTMENTS)
           1,000   Dormitory Authority of the State of New York, Insured             1/10 at 100.00            A3         1,000,200
                      Revenue Bonds, Franciscan Health Partnership Obligated
                      Group - Frances Shervier Home and Hospital, Series 1997,
                      5.500%, 7/01/27 - RAAI Insured
           1,500   Dormitory Authority of the State of New York, Revenue Bonds,     11/16 at 100.00            A3         1,508,820
                      North Shore Long Island Jewish Obligated Group, Series
                      2006B, 5.000%, 11/01/34
           1,500   Dormitory Authority of the State of New York, Revenue Bonds,      5/19 at 100.00            A-         1,559,970
                      North Shore Long Island Jewish Obligated Group, Series
                      2009A, 5.500%, 5/01/37
           1,010   Dormitory Authority of the State of New York, Revenue Bonds,      7/17 at 100.00          Baa2         1,013,990
                      NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
             700   Hospital Authority of Delaware County, Indiana, Hospital          8/16 at 100.00          Baa3           613,046
                      Revenue Bonds, Cardinal Health System, Series 2006,
                      5.000%, 8/01/24
             725   Illinois Finance Authority, Revenue Bonds, OSF Healthcare        11/17 at 100.00             A           738,594
                      System, Series 2007A, 5.750%, 11/15/37
             500   Wisconsin Health and Educational Facilities Authority,            2/14 at 100.00            A+           527,925
                      Revenue Bonds, ProHealth Care, Inc. Obligated Group,
                      Series 2009, 6.625%, 2/15/32
------------------------------------------------------------------------------------------------------------------------------------
           6,935   Total Health Care                                                                                      6,962,545
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/MULTIFAMILY - 12.7% (12.9% OF TOTAL INVESTMENTS)
           1,500   New York City Housing Development Corporation, New York,         11/15 at 100.00           AAA         1,482,405
                      FNMA Backed Progress of Peoples Development Multifamily
                      Rental Housing Revenue Bonds, Series 2005B, 4.950%,
                      5/15/36 (Alternative Minimum Tax)
           1,800   New York City Housing Development Corporation, New York,         11/14 at 100.00            AA         1,796,130
                      Multifamily Housing Revenue Bonds, Series 2004-H2,
                      5.125%, 11/01/34 (Alternative Minimum Tax)
           1,000   New York State Housing Finance Agency, Affordable Housing         5/19 at 100.00           Aa2         1,020,340
                      Revenue Bonds, Series 2009A, 5.250%, 11/01/41
             450   New York State Housing Finance Agency, Affordable Housing         5/19 at 100.00           Aa2           453,474
                      Revenue Bonds, Series 2009B, 4.500%, 11/01/29
------------------------------------------------------------------------------------------------------------------------------------
           4,750   Total Housing/Multifamily                                                                              4,752,349
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/GENERAL - 8.8% (8.9% OF TOTAL INVESTMENTS)
           1,710   Hudson Yards Infrastructure Corporation, New York, Revenue        2/17 at 100.00             A         1,688,505
                      Bonds, Series 2006A, 5.000%, 2/15/47
           1,500   New York City, New York, General Obligation Bonds, Fiscal           No Opt. Call            AA         1,608,870
                      2009 Series J1, 5.000%, 5/15/36
------------------------------------------------------------------------------------------------------------------------------------
           3,210   Total Tax Obligation/General                                                                           3,297,375
------------------------------------------------------------------------------------------------------------------------------------


                                                           Nuveen Investments 31



NYV | Nuveen New York Municipal Value Fund 2, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/LIMITED - 22.0% (22.2% OF TOTAL INVESTMENTS)
$          1,200   Dormitory Authority of the State of New York, State Personal      3/19 at 100.00           AAA   $     1,290,768
                      Income Tax Revenue Bonds, Series 2009A, 5.000%, 3/15/38
           1,200   Guam Government, Limited Obligation Section 30 Revenue           12/19 at 100.00          BBB-         1,259,256
                      Bonds, Series 2009A, 5.750%, 12/01/34
           1,500   New York City Transitional Finance Authority, New York,           1/19 at 100.00           AA-         1,626,045
                      Building Aid Revenue Bonds, Fiscal Series 2009-S5,
                      5.250%, 1/15/39
           2,000   New York State Urban Development Corporation, State Personal      3/17 at 100.00           AAA         2,375,579
                      Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W,
                      12.884%, 3/15/37 (IF)
           1,500   Puerto Rico Sales Tax Financing Corporation, Sales Tax            8/19 at 100.00            A+         1,653,300
                      Revenue Bonds, First Subordinate Series 2009A, 6.000%,
                      8/01/42
------------------------------------------------------------------------------------------------------------------------------------
           7,400   Total Tax Obligation/Limited                                                                           8,204,948
------------------------------------------------------------------------------------------------------------------------------------
                   TRANSPORTATION - 10.5% (10.6% OF TOTAL INVESTMENTS)
                   New York City Industrial Development Agency, New York,
                   American Airlines-JFK International Airport Special
                   Facility Revenue Bonds, Series 2005:
             500      7.500%, 8/01/16 (Alternative Minimum Tax)                        No Opt. Call            B-           508,990
             500      7.750%, 8/01/31 (Alternative Minimum Tax)                      8/16 at 101.00            B-           512,430
           2,000   New York City Industrial Development Agency, New York, Civic     10/17 at 100.00           N/R         1,479,080
                      Facility Revenue Bonds, Bronx Parking Development
                      Company, LLC Project, Series 2007, 5.750%, 10/01/37
           1,325   Triborough Bridge and Tunnel Authority, New York, General         5/18 at 100.00           Aa2         1,425,793
                      Purpose Revenue Bonds, Refunding Series 2008A, 5.000%,
                      11/15/33
------------------------------------------------------------------------------------------------------------------------------------
           4,325   Total Transportation                                                                                   3,926,293
------------------------------------------------------------------------------------------------------------------------------------
                   WATER AND SEWER - 2.9% (2.9% OF TOTAL INVESTMENTS)
           1,000   New York City Municipal Water Finance Authority, New York,        6/19 at 100.00           AA+         1,075,160
                      Water and Sewerage System Revenue Bonds, Second
                      Generation Resolution, Series 2009FF-1, 5.000%, 6/15/40
------------------------------------------------------------------------------------------------------------------------------------
$         38,990   Total Long-Term Investments (cost $31,494,386) - 94.7%                                                35,362,292
================--------------------------------------------------------------------------------------------------------------------
                   SHORT-TERM INVESTMENTS - 4.4% (4.4% OF TOTAL INVESTMENTS)
$          1,640   State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09                 N/A           N/A         1,639,539
================--------------------------------------------------------------------------------------------------------------------
                   Total Short-Term Investments (cost $1,639,539)                                                         1,639,539
                   -----------------------------------------------------------------------------------------------------------------
                   Total Investments (cost $33,133,925) - 99.1%                                                          37,001,831
                   -----------------------------------------------------------------------------------------------------------------
                   Other Assets Less Liabilities - 0.9%                                                                     345,574
                   -----------------------------------------------------------------------------------------------------------------
                   Net Assets Applicable to Common Shares - 100%                                                    $    37,347,405
                   =================================================================================================================


(1)   All percentages shown in the Portfolio of Investments are based on net
      assets applicable to Common shares unless otherwise noted.

(2)   Optional Call Provisions (not covered by the report of independent
      registered public accounting firm): Dates (month and year) and prices of
      the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.

(3)   Ratings (not covered by the report of independent registered public
      accounting firm): Using the higher of Standard & Poor's Group (Standard &
      Poor's) or Moody's Investor Service, Inc. (Moody's) rating. Ratings below
      BBB by Standard & Poor's or Baa by Moody's are considered to be below
      investment grade.

N/A   Not applicable.

N/R   Not rated.

(IF)  Inverse floating rate investment.

                                 See accompanying notes to financial statements.

32 Nuveen Investments



NNP | Nuveen New York Performance Plus Municipal Fund, Inc.
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   CONSUMER DISCRETIONARY - 0.2% (0.1% OF TOTAL INVESTMENTS)
$            685   New York City Industrial Development Agency, New York,            9/15 at 100.00           BB+   $       476,335
                      Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
                      5.000%, 9/01/35
------------------------------------------------------------------------------------------------------------------------------------
                   CONSUMER STAPLES - 2.2% (1.5% OF TOTAL INVESTMENTS)
             465   New York Counties Tobacco Trust II, Tobacco Settlement            6/11 at 101.00           BBB           455,249
                      Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
           1,000   New York Counties Tobacco Trust III, Tobacco Settlement           6/13 at 100.00           BBB           973,450
                      Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
             425   Rensselaer Tobacco Asset Securitization Corporation, New          6/12 at 100.00           BBB           413,865
                      York, Tobacco Settlement Asset-Backed Bonds, Series
                      2001A, 5.200%, 6/01/25
                   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
                   2006:
           2,395      4.750%, 6/01/22                                                6/16 at 100.00           BBB         2,400,269
             930      5.000%, 6/01/26                                                6/16 at 100.00           BBB           879,603
------------------------------------------------------------------------------------------------------------------------------------
           5,215   Total Consumer Staples                                                                                 5,122,436
------------------------------------------------------------------------------------------------------------------------------------
                   EDUCATION AND CIVIC ORGANIZATIONS - 17.2% (11.4% OF TOTAL
                      INVESTMENTS)
             655   Albany Industrial Development Agency, New York, Revenue           7/17 at 100.00           BBB           614,482
                      Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
             275   Albany Industrial Development Agency, New York, Revenue           4/17 at 100.00           N/R           218,345
                      Bonds, Brighter Choice Charter Schools, Series 2007A,
                      5.000%, 4/01/37
           1,285   Cattaraugus County Industrial Development Agency, New York,       3/10 at 100.50          BBB-         1,291,052
                      Revenue Bonds, St. Bonaventure University, Series 1998B,
                      5.000%, 9/15/13
              90   Cattaraugus County Industrial Development Agency, New York,       5/16 at 100.00          BBB-            80,863
                      Revenue Bonds, St. Bonaventure University, Series 2006,
                      5.000%, 5/01/23
             850   Dormitory Authority of the State of New York, Consolidated          No Opt. Call           AAA           930,283
                      Revenue Bonds, City University System, Series 1993B,
                      6.000%, 7/01/14 - FSA Insured
           2,815   Dormitory Authority of the State of New York, General             7/17 at 100.00          BBB-         2,608,520
                      Revenue Bonds, Manhattan College, Series 2007A, 5.000%,
                      7/01/41 - RAAI Insured
           2,120   Dormitory Authority of the State of New York, General               No Opt. Call           AA-         2,581,058
                      Revenue Bonds, New York University, Series 2001-1,
                      5.500%, 7/01/20 - AMBAC Insured
           1,215   Dormitory Authority of the State of New York, Lease Revenue       7/15 at 100.00           AA-         1,243,553
                      Bonds, State University Dormitory Facilities, Series
                      2004A, 5.000%, 7/01/29 - NPFG Insured
             230   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00           AAA           238,890
                      Fashion Institute of Technology, Series 2000, 5.375%,
                      7/01/20 - FSA Insured
           8,345   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 101.00          BBB-         8,434,708
                      Marymount Manhattan College, Series 1999, 6.250%, 7/01/29
                      - RAAI Insured
           2,500   Dormitory Authority of the State of New York, Revenue Bonds,        No Opt. Call           AA-         2,944,400
                      State University Educational Facilities, Series 1993A,
                      5.875%, 5/15/17
           2,800   Dutchess County Industrial Development Agency, New York,          8/17 at 100.00          Baa1         2,412,928
                      Civic Facility Revenue Bonds, Bard College Project,
                      Series 2007-A2, 4.500%, 8/01/36
             635   Hempstead Town Industrial Development Agency, New York,          10/15 at 100.00             A           652,882
                      Revenue Bonds, Adelphi University, Civic Facility
                      Project, Series 2005, 5.000%, 10/01/35
                   Monroe County Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, St. John Fisher College, Series
                   1999:
           1,000      5.375%, 6/01/17 - RAAI Insured                                12/09 at 102.00          BBB-         1,019,820
           2,365      5.375%, 6/01/24 - RAAI Insured                                12/09 at 102.00          BBB-         2,379,994
             580   New York City Industrial Development Agency, New York, Civic     10/14 at 100.00            A-           569,444
                      Facility Revenue Bonds, St. Francis College, Series 2004,
                      5.000%, 10/01/34
             850   New York City Industrial Development Agency, New York, Civic      2/11 at 100.00            A-           861,101
                      Facility Revenue Bonds, YMCA of Greater New York, Series
                      2002, 5.250%, 8/01/21
           2,300   New York City Industrial Development Agency, New York, PILOT      1/17 at 100.00           BBB         2,132,031
                      Revenue Bonds, Queens Baseball Stadium Project, Series
                      2006, 4.750%, 1/01/42 - AMBAC Insured


                                                           Nuveen Investments 33



NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   EDUCATION AND CIVIC ORGANIZATIONS (continued)
$          3,855   New York City Industrial Development Authority, New York,         9/16 at 100.00          BBB-   $     3,413,525
                      PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                      4.500%, 3/01/39 - FGIC Insured
           5,000   New York State Dormitory Authority, Revenue Bonds, New York       7/17 at 100.00           AA-         5,306,200
                      University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
             420   Seneca County Industrial Development Authority, New York,        10/17 at 100.00           BBB           376,706
                      Revenue Bonds, New York Chiropractic College, Series
                      2007, 5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
          40,185   Total Education and Civic Organizations                                                               40,310,785
------------------------------------------------------------------------------------------------------------------------------------
                   FINANCIALS - 1.2% (0.8% OF TOTAL INVESTMENTS)
           1,000   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,030,240
                      Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
           1,740   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,859,399
                      Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
           2,740   Total Financials                                                                                       2,889,639
------------------------------------------------------------------------------------------------------------------------------------
                   HEALTH CARE - 18.6% (12.4% OF TOTAL INVESTMENTS)
              50   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           N/R            50,078
                      Mortgage Hospital Revenue Bonds, New York and
                      Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
                      AMBAC Insured
             545   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00            AA           556,576
                      Mortgage Hospital Revenue Bonds, St. James Mercy
                      Hospital, Series 1998, 5.250%, 2/01/18
           1,235   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A         1,289,525
                      Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                      5.000%, 8/01/29 - FGIC Insured
           1,700   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A         1,809,429
                      Revenue Bonds, Montefiore Medical Center, Series 2005,
                      5.000%, 2/01/22 - FGIC Insured
           4,500   Dormitory Authority of the State of New York, FHA-Insured         8/15 at 100.00            A-         4,649,040
                      Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
                      4.900%, 8/15/31
           3,750   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00          BBB+         3,826,238
                      Catholic Health Services of Long Island Obligated Group -
                      St. Catherine of Siena Medical Center, Series 2000A,
                      6.500%, 7/01/20
           8,000   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 101.00             A         8,060,959
                      Catholic Health Services of Long Island Obligated Group -
                      St. Charles Hospital and Rehabilitation Center, Series
                      1999A, 5.500%, 7/01/22 - NPFG Insured
           1,200   Dormitory Authority of the State of New York, Revenue Bonds,      7/11 at 101.00           Ba1         1,017,120
                      Lenox Hill Hospital Obligated Group, Series 2001, 5.500%,
                      7/01/30
           5,600   Dormitory Authority of the State of New York, Revenue Bonds,      7/16 at 100.00            AA         5,840,632
                      Memorial Sloan Kettering Cancer Center, Series 2006,
                      5.000%, 7/01/35 (UB)
           3,400   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00            A2         3,480,308
                      Mount Sinai NYU Health Obligated Group, Series 2000A,
                      6.500%, 7/01/25
           2,925   Dormitory Authority of the State of New York, Revenue Bonds,      8/14 at 100.00           AAA         3,200,886
                      New York and Presbyterian Hospital, Series 2004A, 5.250%,
                      8/15/15 - FSA Insured
           1,800   Dormitory Authority of the State of New York, Revenue Bonds,     11/16 at 100.00          Baa1         1,784,664
                      North Shore Long Island Jewish Obligated Group, Series
                      2005A, 5.000%, 11/01/34
           1,250   Dormitory Authority of the State of New York, Revenue Bonds,      7/13 at 100.00          Baa1         1,254,925
                      South Nassau Communities Hospital, Series 2003B, 5.500%,
                      7/01/23
             900   Dormitory Authority of the State of New York, Revenue Bonds,      7/13 at 100.00          Baa1           855,144
                      Winthrop-South Nassau University Hospital Association,
                      Series 2003A, 5.500%, 7/01/32
                   Madison County Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Oneida Health System, Series 2007A:
             710      5.250%, 2/01/27                                                  No Opt. Call          BBB-           653,754
             625      5.500%, 2/01/32                                                  No Opt. Call          BBB-           573,831
                   New York City Health and Hospitals Corporation, New York,
                   Health System Revenue Bonds, Series 2003A:
           1,000      5.250%, 2/15/21 - AMBAC Insured                                2/13 at 100.00            A+         1,043,350
           1,250      5.250%, 2/15/22 - AMBAC Insured                                2/13 at 100.00            A+         1,301,775
             725   New York City Industrial Development Agency, New York, Civic      7/12 at 100.00           Ba2           675,961
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2001B, 6.375%, 7/01/31


34 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   HEALTH CARE (continued)
$            715   New York City Industrial Development Agency, New York, Civic      7/12 at 101.00           Ba2   $       666,244
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2002C, 6.450%, 7/01/32
           1,100   Yonkers Industrial Development Agency, New York, Revenue          7/11 at 101.00            B-         1,015,102
                      Bonds, St. John's Riverside Hospital, Series 2001A,
                      7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
          42,980   Total Health Care                                                                                     43,605,541
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/MULTIFAMILY - 5.6% (3.8% OF TOTAL INVESTMENTS)
           4,530   New York City Housing Development Corporation, New York,          7/15 at 100.00           AA+         4,810,679
                      Capital Fund Program Revenue Bonds, Series 2005, 5.000%,
                      7/01/25 - FGIC Insured (UB)
                   New York City Housing Development Corporation, New York,
                   Multifamily Housing Revenue Bonds, Series 2001A:
           1,610      5.500%, 11/01/31                                               5/11 at 101.00            AA         1,637,821
           2,000      5.600%, 11/01/42                                               5/11 at 101.00            AA         2,031,100
                   New York City Housing Development Corporation, New York,
                   Multifamily Housing Revenue Bonds, Series 2002A:
             910      5.375%, 11/01/23 (Alternative Minimum Tax)                     5/12 at 100.00            AA           924,751
             450      5.500%, 11/01/34 (Alternative Minimum Tax)                     5/12 at 100.00            AA           452,772
           1,500   New York City Housing Development Corporation, New York,          5/14 at 100.00            AA         1,544,205
                      Multifamily Housing Revenue Bonds, Series 2004A, 5.250%,
                      11/01/30
             690   New York State Housing Finance Agency, Affordable Housing        11/17 at 100.00           Aa2           693,574
                      Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative
                      Minimum Tax)
           1,100   New York State Housing Finance Agency, Secured Mortgage           2/10 at 101.00           Aa1         1,111,913
                      Program Multifamily Housing Revenue Bonds, Series 1999I,
                      6.200%, 2/15/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
          12,790   Total Housing/Multifamily                                                                             13,206,815
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/SINGLE FAMILY - 5.2% (3.5% OF TOTAL INVESTMENTS)
             835   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/17 at 100.00           Aa1           831,919
                      Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative
                      Minimum Tax)
           2,295   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/15 at 100.00           Aa1         2,191,725
                      Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum
                      Tax)
             880   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/17 at 100.00           Aa1           887,445
                      Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative
                      Minimum Tax)
           1,250   New York State Mortgage Agency, Homeowner Mortgage Revenue        3/10 at 100.50           Aa1         1,257,063
                      Bonds, Series 73A, 5.250%, 10/01/17 (Alternative Minimum
                      Tax)
             285   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/09 at 100.00           Aa1           285,128
                      Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum
                      Tax)
           5,110   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/11 at 100.00           Aa1         5,137,747
                      Bonds, Series 97, 5.500%, 4/01/31 (Alternative Minimum
                      Tax)
           1,660   New York State Mortgage Agency, Mortgage Revenue Bonds,           4/13 at 101.00           Aaa         1,678,409
                      Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
          12,315   Total Housing/Single Family                                                                           12,269,436
------------------------------------------------------------------------------------------------------------------------------------
                   LONG-TERM CARE - 5.5% (3.6% OF TOTAL INVESTMENTS)
           1,100   Dormitory Authority of the State of New York, GNMA                2/17 at 103.00            A-         1,139,479
                      Collateralized Revenue Bonds, Cabrini of Westchester
                      Project, Series 2006, 5.200%, 2/15/41
             645   Dormitory Authority of the State of New York, Non-State          11/16 at 100.00            A1           651,102
                      Supported Debt, Ozanam Hall of Queens Nursing Home
                      Revenue Bonds, Series 2006, 5.000%, 11/01/31
           1,375   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 102.00           BBB         1,382,906
                      Miriam Osborn Memorial Home Association, Series 2000B,
                      6.375%, 7/01/29 - ACA Insured
                   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            35,593
             425      5.000%, 7/01/35 - ACA Insured                                  7/15 at 100.00           N/R           279,374
           1,350   New York City Industrial Development Agency, New York, Civic      7/11 at 101.00           N/R         1,374,368
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2001A-1, 7.250%, 7/01/16


                                                           Nuveen Investments 35



NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   LONG-TERM CARE (continued)
                   New York City Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Special Needs Facilities Pooled
                   Program, Series 2008A-1:
$          1,965      5.500%, 7/01/18                                                7/16 at 101.00           N/R   $     1,794,693
             755      5.800%, 7/01/23                                                7/16 at 101.00           N/R           670,833
           2,740   Oswego County Industrial Development Agency, New York,            2/10 at 100.50           AA+         2,769,893
                      FHA-Insured Mortgage Assisted Civic Facility Revenue
                      Bonds, Bishop Commons Inc., Series 1999A, 5.375%, 2/01/49
             340   Suffolk County Industrial Development Agency, New York,           7/16 at 101.00           N/R           302,097
                      Civic Facility Revenue Bonds, Special Needs Facilities
                      Pooled Program, Series 2008-B1, 5.800%, 7/01/23
           2,405   Syracuse Housing Authority, New York, FHA-Insured Mortgage        2/10 at 100.00           AAA         2,435,664
                      Revenue Bonds, Loretto Rest Residential Healthcare
                      Facility, Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
          13,150   Total Long-Term Care                                                                                  12,836,002
------------------------------------------------------------------------------------------------------------------------------------
                   MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
             575   Jefferson County Industrial Development Agency, New York,        12/13 at 100.00           BBB           561,545
                      Solid Waste Disposal Revenue Bonds, International Paper
                      Company Project, Series 2003A, 5.200%, 12/01/20
                      (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/GENERAL - 11.7% (7.8% OF TOTAL INVESTMENTS)
           3,000   New York City, New York, General Obligation Bonds, Fiscal         9/15 at 100.00            AA         3,314,580
                      Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
           6,400   New York City, New York, General Obligation Bonds, Fiscal         6/16 at 100.00            AA         6,903,104
                      Series 2006J-1, 5.000%, 6/01/25 (UB)
          10,000   New York City, New York, General Obligation Bonds, Fiscal        12/17 at 100.00            AA        10,966,700
                      2007D-1, 5.125%, 12/01/26 (UB)
           1,800   New York City, New York, General Obligation Bonds, Series         8/14 at 100.00            AA         2,002,986
                      2008, 5.250%, 8/15/16 (UB)
           2,500   New York City, New York, General Obligation Bonds, 5.000%,       11/14 at 100.00           AAA         2,736,400
                      11/01/19 - FSA Insured (UB)
                   Oneida County, New York, General Obligation Public
                   Improvement Bonds, Series 2000:
             200      5.375%, 4/15/18 - NPFG Insured                                10/09 at 102.00            A+           204,540
             200      5.375%, 4/15/19 - NPFG Insured                                10/09 at 102.00            A+           204,514
                   United Nations Development Corporation, New York, Senior
                   Lien Revenue Bonds, Series 2004A:
             750      5.250%, 7/01/23                                                1/10 at 100.00            A3           750,863
             500      5.250%, 7/01/24                                                1/10 at 100.00            A3           500,545
------------------------------------------------------------------------------------------------------------------------------------
          25,350   Total Tax Obligation/General                                                                          27,584,232
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/LIMITED - 36.0% (23.9% OF TOTAL INVESTMENTS)
           2,400   Battery Park City Authority, New York, Senior Revenue Bonds,     11/13 at 100.00           AAA         2,639,472
                      Series 2003A, 5.000%, 11/01/23
                   Dormitory Authority of the State of New York, Lease Revenue
                   Bonds, Nassau County Board of Cooperative Educational
                   Services, Series 2001A:
           1,265      5.250%, 8/15/17 - FSA Insured                                  8/11 at 100.00           AAA         1,347,187
           1,385      5.250%, 8/15/18 - FSA Insured                                  8/11 at 100.00           AAA         1,469,693
           1,000   Dormitory Authority of the State of New York, Revenue Bonds,      2/15 at 100.00           AA-         1,061,300
                      Mental Health Services Facilities Improvements, Series
                      2005D-1, 5.000%, 8/15/23 - FGIC Insured
             690   Dormitory Authority of the State of New York, State Personal      3/15 at 100.00           AAA           759,580
                      Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                      FSA Insured
                   Metropolitan Transportation Authority, New York, Dedicated
                   Tax Fund Bonds, Series 2002A:
           5,000      5.250%, 11/15/25 - FSA Insured                                11/12 at 100.00           AAA         5,247,600
           2,500      5.000%, 11/15/30                                              11/12 at 100.00            AA         2,550,550
                   Metropolitan Transportation Authority, New York, State
                   Service Contract Refunding Bonds, Series 2002A:
           2,175      5.750%, 7/01/18                                                  No Opt. Call           AA-         2,617,460
           2,000      5.125%, 1/01/29                                                7/12 at 100.00           AA-         2,054,820
           1,300      5.000%, 7/01/30 - AMBAC Insured                                7/12 at 100.00           AA-         1,329,744
           1,680   Monroe Newpower Corporation, New York, Power Facilities           1/13 at 102.00           BBB         1,387,663
                      Revenue Bonds, Series 2003, 5.500%, 1/01/34


36 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/LIMITED (continued)
                   New York City Sales Tax Asset Receivable Corporation, New
                   York, Dedicated Revenue Bonds, Local Government Assistance
                   Corporation, Series 2004:
$          2,670      5.000%, 10/15/25 - NPFG Insured (UB)                          10/14 at 100.00           AAA   $     2,878,821
           2,125      5.000%, 10/15/26 - NPFG Insured (UB)                          10/14 at 100.00           AAA         2,282,803
           2,475      5.000%, 10/15/29 - AMBAC Insured (UB)                         10/14 at 100.00           AAA         2,631,668
           3,100   New York City Transitional Finance Authority, New York,           1/17 at 100.00           AA-         3,328,687
                      Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                      5.000%, 1/15/28 - FGIC Insured
           2,665   New York City Transitional Finance Authority, New York,           2/13 at 100.00           AAA         2,870,685
                      Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%,
                      2/01/23
           3,640   New York City Transitional Finance Authority, New York,          11/17 at 100.00           AAA         4,021,545
                      Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%,
                      11/01/27
           2,400   New York City Transitional Finance Authority, New York,           5/19 at 100.00           AAA         2,980,032
                      Future Tax Secured Bonds, Tender Option Bond Trust 3545,
                      13.321%, 5/01/38 (IF)
           1,000   New York State Environmental Facilities Corporation,              3/14 at 100.00           AA-         1,067,190
                      Infrastructure Revenue Bonds, Series 2003A, 5.000%,
                      3/15/21
           5,000   New York State Environmental Facilities Corporation, State       12/17 at 100.00           AAA         5,512,050
                      Personal Income Tax Revenue Bonds, Series 2008A, 5.000%,
                      12/15/27 (UB)
           2,030   New York State Housing Finance Agency, State Personal Income      9/15 at 100.00           AAA         2,135,540
                      Tax Revenue Bonds, Economic Development and Housing,
                      Series 2006A, 5.000%, 3/15/36
           1,100   New York State Thruway Authority, General Revenue Bonds,          7/15 at 100.00           AAA         1,159,433
                      Series 2005G, 5.000%, 1/01/30 - FSA Insured (UB)
           1,000   New York State Thruway Authority, Highway and Bridge Trust       10/15 at 100.00            AA         1,104,670
                      Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21
                      - AMBAC Insured
           5,600   New York State Thruway Authority, Highway and Bridge Trust          No Opt. Call            AA         6,883,352
                      Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured
                      (UB)
           2,800   New York State Thruway Authority, Highway and Bridge Trust       10/17 at 100.00            AA         3,040,044
                      Fund Bonds, Series 2007, 5.000%, 4/01/27
           4,285   New York State Thruway Authority, State Personal Income Tax       3/12 at 100.00           AAA         4,587,564
                      Revenue Bonds, Series 2002A, 5.125%, 3/15/21
           6,700   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-         7,173,354
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
                      AMBAC Insured
           3,000   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-         3,225,210
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
           3,595   New York State Urban Development Corporation, Service               No Opt. Call           AA-         3,784,708
                      Contract Revenue Bonds, Correctional and Youth
                      Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put
                      1/01/11)
           1,300   New York State Urban Development Corporation, State Personal      3/15 at 100.00           AAA         1,378,858
                      Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
                      FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
          77,880   Total Tax Obligation/Limited                                                                          84,511,283
------------------------------------------------------------------------------------------------------------------------------------
                   TRANSPORTATION - 10.3% (6.8% OF TOTAL INVESTMENTS)
             660   Albany Parking Authority, New York, Revenue Bonds, Series        10/11 at 101.00          BBB+           696,300
                      2001B, 5.250%, 10/15/12
           1,500   Metropolitan Transportation Authority, New York,                    No Opt. Call             A         1,712,160
                      Transportation Revenue Bonds, Series 2003A, 5.000%,
                      11/15/15 - FGIC Insured
           1,900   New York City Industrial Development Agency, New York,           12/09 at 101.00            BB         1,366,746
                      Special Facilities Revenue Bonds, British Airways PLC,
                      Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
             215   New York State Thruway Authority, General Revenue Bonds,          1/15 at 100.00            A+           224,150
                      Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
           1,000   Niagara Frontier Airport Authority, New York, Airport            10/09 at 101.00             A         1,004,780
                      Revenue Bonds, Buffalo Niagara International Airport,
                      Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative
                      Minimum Tax)
                   Port Authority of New York and New Jersey, Consolidated
                   Revenue Bonds, One Hundred Fortieth Series 2005:
           2,300      5.000%, 12/01/28 - SYNCORA GTY Insured                         6/15 at 101.00           AA-         2,477,560
           1,080      5.000%, 12/01/31 - SYNCORA GTY Insured                         6/15 at 101.00           AA-         1,151,928
             770   Port Authority of New York and New Jersey, Consolidated           8/17 at 100.00           AAA         1,010,687
                      Revenue Bonds, One Hundred Forty Eighth Series 2008,
                      Trust 2920, 16.962%, 8/15/32 - FSA Insured (IF)
           2,040   Puerto Rico Ports Authority, Special Facilities Revenue          12/09 at 100.00          CCC+         1,563,354
                      Bonds, American Airlines Inc., Series 1996A, 6.250%,
                      6/01/26 (Alternative Minimum Tax)


                                                           Nuveen Investments 37



NNP | Nuveen New York Performance Plus Municipal Fund, Inc. (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TRANSPORTATION (continued)
$          2,000   Triborough Bridge and Tunnel Authority, New York, General         1/12 at 100.00           Aa2   $     2,089,980
                      Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/19
           5,750   Triborough Bridge and Tunnel Authority, New York, General        11/12 at 100.00           Aa2         6,257,667
                      Purpose Revenue Refunding Bonds, Series 2002B, 5.000%,
                      11/15/21
           2,400   Triborough Bridge and Tunnel Authority, New York,                11/12 at 100.00           Aa3         2,542,632
                      Subordinate Lien General Purpose Revenue Refunding Bonds,
                      Series 2002E, 5.250%, 11/15/22 - NPFG Insured
           1,750   Triborough Bridge and Tunnel Authority, New York,                11/18 at 100.00           Aa2         2,029,125
                      Subordinate Lien General Purpose Revenue Refunding Bonds,
                      Tender Option Bond Trust 1184, 9.031%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
          23,365   Total Transportation                                                                                  24,127,069
------------------------------------------------------------------------------------------------------------------------------------
                   U.S. GUARANTEED - 16.6% (11.1% OF TOTAL INVESTMENTS) (4)
           1,500   Albany Industrial Development Agency, New York, Revenue          12/09 at 101.00      BBB- (4)         1,531,290
                      Bonds, Albany Law School, Series 1999A, 6.750%, 12/01/29
                      (Pre-refunded 12/01/09) - RAAI Insured
           1,520   Dormitory Authority of the State of New York, FHA-Insured         2/13 at 102.00           Aaa         1,759,476
                      Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
                      Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
                      (Pre-refunded 2/01/13)
                   Dormitory Authority of the State of New York, Improvement
                   Revenue Bonds, Mental Health Services Facilities, Series
                   2000D:
              25      5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            26,222
              10      5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            10,486
             155      5.875%, 2/15/18 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA           162,573
              20      5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            20,977
              10      5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            10,486
             155      5.875%, 2/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA           162,573
              25      5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            26,222
              15      5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            15,729
             180      5.875%, 8/15/19 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA           188,795
           1,000   Dormitory Authority of the State of New York, Revenue Bonds,      7/12 at 100.00           AAA         1,122,700
                      Columbia University, Series 2002B, 5.375%, 7/01/19
                      (Pre-refunded 7/01/12)
             350   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00           AAA           366,849
                      Fashion Institute of Technology, Series 2000, 5.375%,
                      7/01/20 (Pre-refunded 7/01/10) - FSA Insured
             705   Erie County Tobacco Asset Securitization Corporation, New         7/10 at 101.00           AAA           743,430
                      York, Senior Tobacco Settlement Asset-Backed Bonds,
                      Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
           5,000   Metropolitan Transportation Authority, New York, Dedicated       10/15 at 100.00           AAA         5,777,200
                      Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
                      (Pre-refunded 10/01/15) - FGIC Insured
             455   Monroe Tobacco Asset Securitization Corporation, New York,        6/10 at 101.00           AAA           475,480
                      Tobacco Settlement Asset-Backed Bonds, Series 2000,
                      6.150%, 6/01/25 (Pre-refunded 6/01/10)
             925   New York City Industrial Development Agency, New York, Civic      7/10 at 102.00       N/R (4)           988,566
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded
                      7/01/10)
           2,215   New York State Thruway Authority, State Personal Income Tax       3/12 at 100.00       Aa3 (4)         2,426,488
                      Revenue Bonds, Series 2002A, 5.125%, 3/15/21 (ETM)
           2,950   New York State Urban Development Corporation, State Personal      3/13 at 100.00           AAA         3,348,811
                      Income Tax Revenue Bonds, Series 2003B, 5.000%, 3/15/22
                      (Pre-refunded 3/15/13)
           2,095   Niagara Falls, Niagara County, New York, General Obligation         No Opt. Call         A (4)         2,108,471
                      Water Treatment Plant Bonds, Series 1994, 8.000%,
                      11/01/09 - MBIA Insured (Alternative Minimum Tax) (ETM)
           1,600   Triborough Bridge and Tunnel Authority, New York, General           No Opt. Call           AAA         1,895,312
                      Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
           7,500   Triborough Bridge and Tunnel Authority, New York, General         1/22 at 100.00           AAA         9,476,322
                      Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
                      (Pre-refunded 1/01/22)
           3,480   Virgin Islands Public Finance Authority, Gross Receipts          10/10 at 101.00      BBB+ (4)         3,731,117
                      Taxes Loan Note, Series 1999A, 6.500%, 10/01/24
                      (Pre-refunded 10/01/10)
           2,520   Yonkers Industrial Development Agency, New York, Revenue          2/11 at 100.00      Baa3 (4)         2,709,756
                      Bonds, Community Development Properties - Yonkers Inc.
                      Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded
                      2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
          34,410   Total U.S. Guaranteed                                                                                 39,085,331
------------------------------------------------------------------------------------------------------------------------------------
                   UTILITIES - 8.1% (5.4% OF TOTAL INVESTMENTS)
                   Long Island Power Authority, New York, Electric System
                   General Revenue Bonds, Series 2006A:
           3,100      5.000%, 12/01/23 - FGIC Insured                                6/16 at 100.00             A         3,296,540
           3,100      5.000%, 12/01/24 - FGIC Insured                                6/16 at 100.00             A         3,281,598


38 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   UTILITIES (continued)
$          2,300   Nassau County Industrial Development Authority, New York,         6/13 at 100.00            A-   $     2,253,172
                      Keyspan Glenwood Energy Project, Series 2003, 5.250%,
                      6/01/27 (Alternative Minimum Tax)
           2,000   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2         1,928,500
                      Solid Waste Disposal Facility Revenue Refunding Bonds,
                      American Ref-Fuel Company of Niagara LP, Series 2001D,
                      5.550%, 11/15/24 (Mandatory put 11/15/15)
           4,000   Power Authority of the State of New York, General Revenue        11/10 at 100.00           Aa2         4,051,680
                      Bonds, Series 2000A, 5.250%, 11/15/40
             820   Power Authority of the State of New York, General Revenue        11/15 at 100.00           Aa2           912,078
                      Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
           4,000   Suffolk County Industrial Development Agency, New York,           1/10 at 100.50           N/R         3,375,000
                      Revenue Bonds, Nissequogue Cogeneration Partners
                      Facility, Series 1998, 5.500%, 1/01/23 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
          19,320   Total Utilities                                                                                       19,098,568
------------------------------------------------------------------------------------------------------------------------------------
                   WATER AND SEWER - 5.5% (3.7% OF TOTAL INVESTMENTS)
           2,495   New York City Municipal Water Finance Authority, New York,        6/10 at 101.00           AAA         2,610,243
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2000B, 6.100%, 6/15/31 - MBIA Insured
           2,000   New York City Municipal Water Finance Authority, New York,        6/11 at 101.00           AAA         2,171,979
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2001D, 5.500%, 6/15/17
           2,225   New York City Municipal Water Finance Authority, New York,        6/12 at 100.00           AAA         2,437,197
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2003A, 5.375%, 6/15/19
                   New York State Environmental Facilities Corporation, State
                   Clean Water and Drinking Water Revolving Funds Revenue
                   Bonds, Pooled Loan Issue, Series 2002F:
           1,345      5.250%, 11/15/19                                              11/12 at 100.00           AAA         1,446,372
           4,060      5.250%, 11/15/20                                              11/12 at 100.00           AAA         4,355,405
------------------------------------------------------------------------------------------------------------------------------------
          12,125   Total Water and Sewer                                                                                 13,021,196
------------------------------------------------------------------------------------------------------------------------------------
$        323,085   Total Long-Term Municipal Bonds (cost $325,839,775) - 144.1%                                         338,706,213
================--------------------------------------------------------------------------------------------------------------------
                   SHORT-TERM INVESTMENTS - 6.1% (4.0% OF TOTAL INVESTMENTS)
                   MUNICIPAL BONDS - 0.6% (0.4% OF TOTAL INVESTMENTS)
                   TAX OBLIGATION/LIMITED - 0.6% (0.4% OF TOTAL INVESTMENTS)
           1,500   Metropolitan Transportation Authority, New York, Dedicated       12/09 at 100.00           A-1         1,500,000
                      Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
                      Series 2008A, 0.410%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
                   EURO DOLLAR TIME DEPOSITS - 5.5% (3.6% OF TOTAL INVESTMENTS)
          12,817   State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09                 N/A           N/A        12,817,285
------------------------------------------------------------------------------------------------------------------------------------
$         14,317   Total Short-Term Investments (cost $14,317,285)                                                       14,317,285
================--------------------------------------------------------------------------------------------------------------------
                   Total Investments (cost $340,157,060) - 150.2%                                                       353,023,498
                   -----------------------------------------------------------------------------------------------------------------
                   Floating Rate Obligations - (14.7)%                                                                  (34,645,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Other Assets Less Liabilities - 1.8%                                                                   4,379,083
                   -----------------------------------------------------------------------------------------------------------------
                   Preferred Shares, at Liquidation Value - (37.3)% (6)                                                 (87,650,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Net Assets Applicable to Common Shares - 100%                                                    $   235,107,581
                   =================================================================================================================


(1)   All percentages shown in the Portfolio of Investments are based on net
      assets applicable to Common shares unless otherwise noted.

(2)   Optional Call Provisions (not covered by the report of independent
      registered public accounting firm): Dates (month and year) and prices of
      the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.

(3)   Ratings (not covered by the report of independent registered public
      accounting firm): Using the higher of Standard & Poor's Group ("Standard &
      Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
      below BBB by Standard & Poor's or Baa by Moody's are considered to be
      below investment grade.

(4)   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. Such investments are normally considered to be equivalent to
      AAA rated securities.

(5)   Investment has a maturity of more than one year, but has variable rate and
      demand features which qualify it as a short-term investment. The rate
      disclosed is that in effect at the end of the reporting period. This rate
      changes periodically based on market conditions or a specified market
      index.

(6)   Preferred Shares, at Liquidation Value as a percentage of Total
      Investments is 24.8%.

N/A   Not applicable.

N/R   Not rated.

(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, Footnote 1 - Inverse
      Floating Rate Securities for more information.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 39



NAN | Nuveen New York Dividend Advantage Municipal Fund
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   CONSUMER DISCRETIONARY - 2.5% (1.6% OF TOTAL INVESTMENTS)
$            500   New York City Industrial Development Agency, New York,            9/15 at 100.00           BB+   $       347,690
                      Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
                      5.000%, 9/01/35
           3,600   Seneca Nation of Indians Capital Improvements Authority,          6/17 at 100.00            BB         3,024,000
                      New York, Special Obligation Bonds, Series 2007A,
                      5.000%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
           4,100   Total Consumer Discretionary                                                                           3,371,690
------------------------------------------------------------------------------------------------------------------------------------
                   CONSUMER STAPLES - 2.3% (1.6% OF TOTAL INVESTMENTS)
             305   New York Counties Tobacco Trust II, Tobacco Settlement            6/11 at 101.00           BBB           298,604
                      Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
             790   Puerto Rico, The Children's Trust Fund, Tobacco Settlement        5/12 at 100.00           BBB           790,040
                      Asset-Backed Refunding Bonds, Series 2002, 5.375%,
                      5/15/33
             240   Rensselaer Tobacco Asset Securitization Corporation, New          6/12 at 100.00           BBB           233,712
                      York, Tobacco Settlement Asset-Backed Bonds, Series
                      2001A, 5.200%, 6/01/25
                   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
                   2006:
             805      4.750%, 6/01/22                                                6/16 at 100.00           BBB           806,771
           1,125      5.000%, 6/01/26                                                6/16 at 100.00           BBB         1,064,036
------------------------------------------------------------------------------------------------------------------------------------
           3,265   Total Consumer Staples                                                                                 3,193,163
------------------------------------------------------------------------------------------------------------------------------------
                   EDUCATION AND CIVIC ORGANIZATIONS - 17.3% (11.6% OF TOTAL
                      INVESTMENTS)
             380   Albany Industrial Development Agency, New York, Revenue           7/17 at 100.00           BBB           356,493
                      Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
             160   Albany Industrial Development Agency, New York, Revenue           4/17 at 100.00           N/R           127,037
                      Bonds, Brighter Choice Charter Schools, Series 2007A,
                      5.000%, 4/01/37
             120   Cattaraugus County Industrial Development Agency, New York,       5/16 at 100.00          BBB-           107,818
                      Revenue Bonds, St. Bonaventure University, Series 2006,
                      5.000%, 5/01/23
           1,635   Dormitory Authority of the State of New York, General             7/17 at 100.00          BBB-         1,515,073
                      Revenue Bonds, Manhattan College, Series 2007A, 5.000%,
                      7/01/41 - RAAI Insured
           1,000   Dormitory Authority of the State of New York, Lease Revenue       7/32 at 100.00           AA-         1,093,000
                      Bonds, State University Dormitory Facilities, Series
                      2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
                      GTY Insured
             705   Dormitory Authority of the State of New York, Lease Revenue       7/15 at 100.00           AA-           721,568
                      Bonds, State University Dormitory Facilities, Series
                      2004A, 5.000%, 7/01/29 - NPFG Insured
             195   Dormitory Authority of the State of New York, Revenue             7/10 at 101.00           AAA           202,537
                      Bonds, Fashion Institute of Technology, Series 2000,
                      5.375%, 7/01/20 - FSA Insured
           1,250   Dormitory Authority of the State of New York, Revenue             1/10 at 101.00          BBB-         1,263,438
                      Bonds, Marymount Manhattan College, Series 1999, 6.250%,
                      7/01/29 - RAAI Insured
           1,630   Dutchess County Industrial Development Agency, New York,          8/17 at 100.00          Baa1         1,404,669
                      Civic Facility Revenue Bonds, Bard College Project,
                      Series 2007-A2, 4.500%, 8/01/36
             370   Hempstead Town Industrial Development Agency, New York,          10/15 at 100.00             A           380,419
                      Revenue Bonds, Adelphi University, Civic Facility
                      Project, Series 2005, 5.000%, 10/01/35
                   Kenmore Housing Authority, New York, Revenue Bonds, State
                   University of New York at Buffalo Student Apartment
                   Project, Series 1999A:
           3,050      5.500%, 8/01/19 - RAAI Insured                                 2/10 at 102.00            A3         3,105,114
           2,750      5.500%, 8/01/24 - RAAI Insured                                 2/10 at 102.00            A3         2,775,080
           3,070   Monroe County Industrial Development Agency, New York,           12/09 at 102.00          BBB-         3,089,464
                      Civic Facility Revenue Bonds, St. John Fisher College,
                      Series 1999, 5.375%, 6/01/24 - RAAI Insured
             330   New York City Industrial Development Agency, New York,           10/14 at 100.00            A-           323,994
                      Civic Facility Revenue Bonds, St. Francis College,
                      Series 2004, 5.000%, 10/01/34
           1,800   New York City Industrial Development Agency, New York,            2/11 at 100.00            A-         1,823,508
                      Civic Facility Revenue Bonds, YMCA of Greater New York,
                      Series 2002, 5.250%, 8/01/21
           1,630   New York City Industrial Development Agency, New York,            1/17 at 100.00           BBB         1,510,961
                      PILOT Revenue Bonds, Queens Baseball Stadium Project,
                      Series 2006, 4.750%, 1/01/42 - AMBAC Insured


40 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   EDUCATION AND CIVIC ORGANIZATIONS (continued)
$          2,240   New York City Industrial Development Authority, New York,         9/16 at 100.00          BBB-   $     1,983,475
                      PILOT Revenue Bonds, Yankee Stadium Project, Series
                      2006, 4.500%, 3/01/39 - FGIC Insured
           1,500   Niagara County Industrial Development Agency, New York,          11/11 at 101.00           BBB         1,523,340
                      Civic Facility Revenue Bonds, Niagara University, Series
                      2001A, 5.350%, 11/01/23 - RAAI Insured
             245   Seneca County Industrial Development Authority, New York,        10/17 at 100.00           BBB           219,745
                      Revenue Bonds, New York Chiropractic College, Series
                      2007, 5.000%, 10/01/27
             250   Town of Hempstead Local Development, New York, Corporation        2/19 at 100.00             A           260,815
                      Revenue Refunding Bonds, Series 2009A, and Revenue
                      Bonds, Adelphi University Project, Series 2009B, 5.250%,
                      2/01/39
------------------------------------------------------------------------------------------------------------------------------------
          24,310   Total Education and Civic Organizations                                                               23,787,548
------------------------------------------------------------------------------------------------------------------------------------
                   FINANCIALS - 2.2% (1.5% OF TOTAL INVESTMENTS)
           1,100   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,133,264
                      Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
           1,740   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,859,399
                      Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
           2,840   Total Financials                                                                                       2,992,663
------------------------------------------------------------------------------------------------------------------------------------
                   HEALTH CARE - 30.4% (20.4% OF TOTAL INVESTMENTS)
                   Albany Industrial Development Agency, New York, Revenue
                   Bonds, Albany Medical Center, Series 1999:
           1,120      6.000%, 5/01/19                                               11/09 at 101.00           N/R         1,123,618
           1,460      6.000%, 5/01/29                                               11/09 at 101.00           N/R         1,338,032
           1,970   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.50             A         1,992,931
                      Mortgage Hospital Revenue Bonds, Memorial Hospital of
                      William F. and Gertrude F. Jones Inc., Series 1999,
                      5.250%, 8/01/19 - NPFG Insured
           4,825   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 101.00           N/R         4,879,858
                      Mortgage Hospital Revenue Bonds, Montefiore Medical
                      Center, Series 1999, 5.450%, 8/01/29 - AMBAC Insured
             625   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A           652,594
                      Mortgage Revenue Bonds, Montefiore Hospital, Series
                      2004, 5.000%, 8/01/29 - FGIC Insured
           2,600   Dormitory Authority of the State of New York, FHA-Insured         8/15 at 100.00            A-         2,686,112
                      Revenue Bonds, St. Lukes Roosevelt Hospital, Series
                      2005, 4.900%, 8/15/31
                   Dormitory Authority of the State of New York, Insured Revenue
                   Bonds, Franciscan Health Partnership Obligated Group -
                   Frances Shervier Home and Hospital, Series 1997:
           2,000      5.500%, 7/01/17 - RAAI Insured                                 1/10 at 100.00            A3         2,002,280
           2,000      5.500%, 7/01/27 - RAAI Insured                                 1/10 at 100.00            A3         2,000,400
           2,000   Dormitory Authority of the State of New York, Revenue             7/10 at 101.00          BBB+         2,040,660
                      Bonds, Catholic Health Services of Long Island Obligated
                      Group - St. Catherine of Siena Medical Center, Series
                      2000A, 6.500%, 7/01/20
                   Dormitory Authority of the State of New York, Revenue
                   Bonds, Lenox Hill Hospital Obligated Group, Series 2001:
             165      5.375%, 7/01/20                                                7/11 at 101.00           Ba1           150,780
             500      5.500%, 7/01/30                                                7/11 at 101.00           Ba1           423,800
           3,150   Dormitory Authority of the State of New York, Revenue             7/16 at 100.00            AA         3,285,356
                      Bonds, Memorial Sloan Kettering Cancer Center, Series
                      2006, 5.000%, 7/01/35 (UB)
           1,575   Dormitory Authority of the State of New York, Revenue             7/10 at 101.00            A2         1,612,202
                      Bonds, Mount Sinai NYU Health Obligated Group, Series
                      2000A, 6.500%, 7/01/25
             250   Dormitory Authority of the State of New York, Revenue             1/10 at 100.00            A2           250,148
                      Bonds, Mount Sinai NYU Health, Series 2000C, 5.500%,
                      7/01/26
           1,415   Dormitory Authority of the State of New York, Revenue             8/14 at 100.00           AAA         1,548,463
                      Bonds, New York and Presbyterian Hospital, Series 2004A,
                      5.250%, 8/15/15 - FSA Insured
           1,000   Dormitory Authority of the State of New York, Revenue            11/16 at 100.00          Baa1           991,480
                      Bonds, North Shore Long Island Jewish Obligated Group,
                      Series 2005A, 5.000%, 11/01/34
           2,000   Dormitory Authority of the State of New York, Revenue             7/17 at 100.00          Baa2         2,007,900
                      Bonds, NYU Hospitals Center, Series 2007B, 5.625%,
                      7/01/37
             500   Dormitory Authority of the State of New York, Revenue             7/13 at 100.00          Baa1           501,970
                      Bonds, South Nassau Communities Hospital, Series 2003B,
                      5.500%, 7/01/23
             600   Dormitory Authority of the State of New York, Revenue             7/13 at 100.00          Baa1           570,096
                      Bonds, Winthrop-South Nassau University Hospital
                      Association, Series 2003A, 5.500%, 7/01/32


                                                           Nuveen Investments 41



NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   HEALTH CARE (continued)
$            420   Livingston County Industrial Development Agency, New York,        7/10 at 100.00            BB   $       362,439
                      Civic Facility Revenue Bonds, Nicholas H. Noyes
                      Hospital, Series 2005, 6.000%, 7/01/30
                   Madison County Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Oneida Health System, Series 2007A:
             410      5.250%, 2/01/27                                                  No Opt. Call          BBB-           377,520
             360      5.500%, 2/01/32                                                  No Opt. Call          BBB-           330,527
           1,750   New York City Health and Hospitals Corporation, New York,         2/13 at 100.00            A+         1,822,485
                      Health System Revenue Bonds, Series 2003A, 5.250%,
                      2/15/22 - AMBAC Insured
             565   New York City Industrial Development Agency, New York,            7/12 at 100.00           Ba2           526,783
                      Civic Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2001B, 6.375%, 7/01/31
             100   New York City Industrial Development Agency, New York,            7/12 at 101.00           Ba2            93,181
                      Civic Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2002C, 6.450%, 7/01/32
           4,000   Ulster County Industrial Development Agency, New York,           11/09 at 101.00            A2         4,046,918
                      Civic Facility Revenue Bonds, Kingston Hospital, Series
                      1999, 5.650%, 11/15/24
           3,170   Yates County Industrial Development Agency, New York,             2/10 at 101.00           AAA         3,453,525
                      FHA-Insured Civic Facility Mortgage Revenue Bonds,
                      Soldiers and Sailors Memorial Hospital, Series 1999A,
                      5.650%, 2/01/39
             650   Yonkers Industrial Development Agency, New York, Revenue          7/11 at 101.00            B-           599,833
                      Bonds, St. John's Riverside Hospital, Series 2001A,
                      7.125%, 7/01/31
------------------------------------------------------------------------------------------------------------------------------------
          41,180   Total Health Care                                                                                     41,671,891
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/MULTIFAMILY - 8.4% (5.7% OF TOTAL INVESTMENTS)
           2,585   New York City Housing Development Corporation, New York,          7/15 at 100.00           AA+         2,745,167
                      Capital Fund Program Revenue Bonds, Series 2005, 5.000%,
                      7/01/25 - FGIC Insured (UB)
           3,000   New York City Housing Development Corporation, New York,          5/11 at 101.00            AA         3,051,840
                      Multifamily Housing Revenue Bonds, Series 2001A, 5.500%,
                      11/01/31
             750   New York City Housing Development Corporation, New York,          5/14 at 100.00            AA           772,103
                      Multifamily Housing Revenue Bonds, Series 2004A, 5.250%,
                      11/01/30
           4,000   New York City Housing Development Corporation, New York,          5/19 at 100.00            AA         4,021,238
                      Multifamily Housing Revenue Bonds, Series 2009J, 4.800%,
                      5/01/36 (WI/DD, Settling 10/01/09)
             600   New York State Housing Finance Agency, Affordable Housing         5/19 at 100.00           Aa2           604,632
                      Revenue Bonds, Series 2009B, 4.500%, 11/01/29
             405   New York State Housing Finance Agency, Affordable Housing        11/17 at 100.00           Aa2           407,098
                      Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
          11,340   Total Housing/Multifamily                                                                             11,602,078
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/SINGLE FAMILY - 4.0% (2.7% OF TOTAL INVESTMENTS)
             645   Guam Housing Corporation, Mortgage-Backed Securities                No Opt. Call           AAA           705,314
                      Program Single Family Mortgage Revenue Bonds, Series
                      1998A, 5.750%, 9/01/31 (Alternative Minimum Tax)
             485   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/17 at 100.00           Aa1           483,210
                      Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative
                      Minimum Tax)
           1,350   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/15 at 100.00           Aa1         1,289,250
                      Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum
                      Tax)
             510   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/17 at 100.00           Aa1           514,315
                      Bonds, Series 148, 2007, 5.200%, 10/01/32 (Alternative
                      Minimum Tax)
           1,600   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/09 at 100.00           Aa1         1,600,720
                      Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum
                      Tax)
             840   New York State Mortgage Agency, Mortgage Revenue Bonds,           4/13 at 101.00           Aaa           849,316
                      Thirty-Third Series A, 4.750%, 4/01/23 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
           5,430   Total Housing/Single Family                                                                            5,442,125
------------------------------------------------------------------------------------------------------------------------------------
                   LONG-TERM CARE - 5.7% (3.8% OF TOTAL INVESTMENTS)
           2,000   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00            AA         2,041,940
                      Nursing Home Mortgage Revenue Bonds, Gurwin Jewish
                      Geriatric Center of Long Island, Series 2005A, 4.900%,
                      2/15/41
             600   Dormitory Authority of the State of New York, GNMA                2/17 at 103.00            A-           621,534
                      Collateralized Revenue Bonds, Cabrini of Westchester
                      Project, Series 2006, 5.200%, 2/15/41


42 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   LONG-TERM CARE (continued)
$            375   Dormitory Authority of the State of New York, Non-State          11/16 at 100.00            A1   $       378,548
                      Supported Debt, Ozanam Hall of Queens Nursing Home
                      Revenue Bonds, Series 2006, 5.000%, 11/01/31
             250   Dormitory Authority of the State of New York, Revenue             7/15 at 100.00           N/R           164,338
                      Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 -
                      ACA Insured
             905   East Rochester Housing Authority, New York, Senior Living         8/16 at 101.00           N/R           745,883
                      Revenue Bonds, Woodland Village Project, Series 2006,
                      5.500%, 8/01/33
             750   New York City Industrial Development Agency, New York,            7/11 at 101.00           N/R           763,538
                      Civic Facility Revenue Bonds, Special Needs Facilities
                      Pooled Program, Series 2001A-1, 7.250%, 7/01/16
                   New York City Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Special Needs Facilities Pooled
                   Program, Series 2008A-1:
           1,140      5.500%, 7/01/18                                                7/16 at 101.00           N/R         1,041,196
             635      5.800%, 7/01/23                                                7/16 at 101.00           N/R           564,210
           1,485   Yonkers Industrial Development Agency, New York,                  2/10 at 100.50             A         1,501,394
                      FHA-Insured Mortgage Revenue Bonds, Michael Malotz
                      Skilled Nursing Pavilion, Series 1999, 5.450%, 2/01/29 -
                      NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
           8,140   Total Long-Term Care                                                                                   7,822,581
------------------------------------------------------------------------------------------------------------------------------------
                   MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
             330   Jefferson County Industrial Development Agency, New York,        12/13 at 100.00           BBB           322,278
                      Solid Waste Disposal Revenue Bonds, International Paper
                      Company Project, Series 2003A, 5.200%, 12/01/20
                      (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/GENERAL - 14.6% (9.8% OF TOTAL INVESTMENTS)
           2,600   New York City, New York, General Obligation Bonds, Fiscal        11/09 at 101.00            AA         2,628,418
                      Series 1999J, 5.125%, 5/15/29 - NPFG Insured
           3,700   New York City, New York, General Obligation Bonds, Fiscal         8/16 at 100.00            AA         3,997,293
                      Series 2007A, 5.000%, 8/01/25
           6,590   New York City, New York, General Obligation Bonds, Fiscal        12/17 at 100.00            AA         7,266,068
                      2007D-1, 5.125%, 12/01/25 (UB)
           1,000   New York City, New York, General Obligation Bonds, Series         8/14 at 100.00            AA         1,112,770
                      2004, 5.250%, 8/15/16 (UB)
                   Rochester, New York, General Obligation Bonds, Series 1999:
             720      5.250%, 10/01/18 - NPFG Insured                                  No Opt. Call             A           840,182
             720      5.250%, 10/01/19 - NPFG Insured                                  No Opt. Call             A           844,481
           2,280   Rockland County, New York, General Obligation Bonds, Series      10/09 at 101.00           AA-         2,311,760
                      1999, 5.600%, 10/15/16
                   United Nations Development Corporation, New York, Senior
                   Lien Revenue Bonds, Series 2004A:
             500      5.250%, 7/01/23                                                1/10 at 100.00            A3           500,575
             500      5.250%, 7/01/24                                                1/10 at 100.00            A3           500,545
------------------------------------------------------------------------------------------------------------------------------------
          18,610   Total Tax Obligation/General                                                                          20,002,092
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/LIMITED - 32.0% (21.4% OF TOTAL INVESTMENTS)
           1,000   Battery Park City Authority, New York, Senior Revenue            11/13 at 100.00           AAA         1,123,540
                      Bonds, Series 2003A, 5.250%, 11/01/21
             590   Dormitory Authority of the State of New York, Department of       7/15 at 100.00           AA-           631,595
                      Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
                      CIFG Insured
           1,850   Dormitory Authority of the State of New York, Secured             2/10 at 100.00            A1         1,859,768
                      Hospital Revenue Refunding Bonds, Wyckoff Heights
                      Medical Center, Series 1998H, 5.300%, 8/15/21 - NPFG
                      Insured
             185   Dormitory Authority of the State of New York, State               3/15 at 100.00           AAA           203,655
                      Personal Income Tax Revenue Bonds, Series 2005F, 5.000%,
                      3/15/21 - FSA Insured
             550   Erie County Industrial Development Agency, New York, School       5/14 at 100.00           AAA           586,856
                      Facility Revenue Bonds, Buffalo City School District,
                      Series 2004, 5.750%, 5/01/26 - FSA Insured (UB)
                   Metropolitan Transportation Authority, New York, Dedicated
                   Tax Fund Bonds, Series 2002A:
           2,000      5.250%, 11/15/25 - FSA Insured                                11/12 at 100.00           AAA         2,099,040
           2,000      5.000%, 11/15/30                                              11/12 at 100.00            AA         2,040,440
           1,000   Metropolitan Transportation Authority, New York, State            7/12 at 100.00           AA-         1,027,410
                      Service Contract Refunding Bonds, Series 2002A, 5.125%,
                      1/01/29
           1,130   Monroe Newpower Corporation, New York, Power Facilities           1/13 at 102.00           BBB           933,369
                      Revenue Bonds, Series 2003, 5.500%, 1/01/34


                                                           Nuveen Investments 43



NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/LIMITED (continued)
                   New York City Sales Tax Asset Receivable Corporation, New
                   York, Dedicated Revenue Bonds, Local Government Assistance
                   Corporation, Series 2004:
$          1,100      5.000%, 10/15/25 - NPFG Insured (UB)                          10/14 at 100.00           AAA   $     1,186,031
             810      5.000%, 10/15/26 - NPFG Insured (UB)                          10/14 at 100.00           AAA           870,151
           2,375      5.000%, 10/15/29 - AMBAC Insured (UB)                         10/14 at 100.00           AAA         2,525,338
           2,100   New York City Transitional Finance Authority, New York,           1/17 at 100.00           AA-         2,254,917
                      Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                      5.000%, 1/15/28 - FGIC Insured
           1,670   New York City Transitional Finance Authority, New York,           2/13 at 100.00           AAA         1,798,891
                      Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%,
                      2/01/23
           2,115   New York City Transitional Finance Authority, New York,          11/17 at 100.00           AAA         2,336,694
                      Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%,
                      11/01/27
           1,000   New York State Environmental Facilities Corporation,              3/14 at 100.00           AA-         1,067,190
                      Infrastructure Revenue Bonds, Series 2003A, 5.000%,
                      3/15/21
           2,920   New York State Environmental Facilities Corporation, State       12/17 at 100.00           AAA         3,238,806
                      Personal Income Tax Revenue Bonds, Series 2008A, 5.000%,
                      12/15/26 (UB)
           1,190   New York State Housing Finance Agency, State Personal Income      9/15 at 100.00           AAA         1,251,868
                      Tax Revenue Bonds, Economic Development and Housing,
                      Series 2006A, 5.000%, 3/15/36
             700   New York State Thruway Authority, General Revenue Bonds,          7/15 at 100.00           AAA           737,821
                      Series 2005G, 5.000%, 1/01/30 - FSA Insured (UB)
           1,000   New York State Thruway Authority, Highway and Bridge Trust       10/15 at 100.00            AA         1,104,670
                      Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/21
                      - AMBAC Insured
           3,400   New York State Thruway Authority, Highway and Bridge Trust          No Opt. Call            AA         4,179,178
                      Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured
                      (UB)
           1,625   New York State Thruway Authority, Highway and Bridge Trust       10/17 at 100.00            AA         1,764,311
                      Fund Bonds, Series 2007, 5.000%, 4/01/27
                   New York State Tobacco Settlement Financing Corporation,
                   Tobacco Settlement Asset-Backed and State Contingency
                   Contract-Backed Bonds, Series 2003A-1:
           4,000      5.250%, 6/01/20 - AMBAC Insured                                6/13 at 100.00           AA-         4,282,598
           2,000      5.250%, 6/01/22 - AMBAC Insured                                6/13 at 100.00           AA-         2,128,600
           1,000   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-         1,075,070
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
           1,330   New York State Urban Development Corporation, State Personal      3/17 at 100.00           AAA         1,579,761
                      Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W,
                      12.884%, 3/15/37 (IF)
------------------------------------------------------------------------------------------------------------------------------------
          40,640   Total Tax Obligation/Limited                                                                          43,887,568
------------------------------------------------------------------------------------------------------------------------------------
                   TRANSPORTATION - 11.8% (7.9% OF TOTAL INVESTMENTS)
             310   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00          BBB+           317,316
                      2001A, 5.625%, 7/15/25
           3,000   Metropolitan Transportation Authority, New York,                 11/17 at 100.00             A         3,153,090
                      Transportation Revenue Bonds, Series 2007B, 5.000%,
                      11/15/33
           1,000   Metropolitan Transportation Authority, New York,                 11/12 at 100.00             A         1,044,230
                      Transportation Revenue Refunding Bonds, Series 2002A,
                      5.125%, 11/15/22 - FGIC Insured
           1,750   New York City Industrial Development Agency, New York,            8/16 at 101.00            B-         1,793,505
                      American Airlines-JFK International Airport Special
                      Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31
                      (Alternative Minimum Tax)
             200   New York City Industrial Development Agency, New York, Civic     10/17 at 100.00           N/R           147,908
                      Facility Revenue Bonds, Bronx Parking Development
                      Company, LLC Project, Series 2007, 5.750%, 10/01/37
             105   New York City Industrial Development Agency, New York,           12/09 at 101.00            BB            75,531
                      Special Facilities Revenue Bonds, British Airways PLC,
                      Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
           1,000   New York City Industrial Development Agency, New York,            8/12 at 101.00            B-         1,026,760
                      Special Facilities Revenue Bonds, JFK Airport - American
                      Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
                      Minimum Tax)
             450   New York City Industrial Development Authority, New York,         5/12 at 100.00            B-           377,015
                      JetBlue, 5.000%, 5/15/20 (Alternative Minimum Tax)
             160   New York State Thruway Authority, General Revenue Bonds,          1/15 at 100.00            A+           166,810
                      Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
             500   Niagara Frontier Airport Authority, New York, Airport            10/09 at 101.00             A           502,390
                      Revenue Bonds, Buffalo Niagara International Airport,
                      Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative
                      Minimum Tax)


44 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TRANSPORTATION (continued)
                   Port Authority of New York and New Jersey, Consolidated
                   Revenue Bonds, One Hundred Fortieth Series 2005:
$          1,300      5.000%, 12/01/28 - SYNCORA GTY Insured                         6/15 at 101.00           AA-   $     1,400,360
             615      5.000%, 12/01/31 - SYNCORA GTY Insured                         6/15 at 101.00           AA-           655,959
             440   Port Authority of New York and New Jersey, Consolidated           8/17 at 100.00           AAA           577,535
                      Revenue Bonds, One Hundred Forty Eighth Series 2007,
                      Trust 2920, 16.962%, 8/15/32 - FSA Insured (IF)
           1,000   Triborough Bridge and Tunnel Authority, New York, General         1/12 at 100.00           Aa2         1,078,110
                      Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16
           2,500   Triborough Bridge and Tunnel Authority, New York, General        11/12 at 100.00           Aa2         2,720,725
                      Purpose Revenue Refunding Bonds, Series 2002B, 5.000%,
                      11/15/21
           1,000   Triborough Bridge and Tunnel Authority, New York,                11/18 at 100.00           Aa2         1,159,500
                      Subordinate Lien General Purpose Revenue Refunding Bonds,
                      Tender Option Bond Trust 1184, 9.031%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
          15,330   Total Transportation                                                                                  16,196,744
------------------------------------------------------------------------------------------------------------------------------------
                   U.S. GUARANTEED - 5.1% (3.4% OF TOTAL INVESTMENTS) (4)
             390   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00      BBB+ (4)           429,082
                      2001A, 5.625%, 7/15/25 (Pre-refunded 7/15/11)
                   Dormitory Authority of the State of New York, Improvement
                   Revenue Bonds, Mental Health Services Facilities, Series
                   2000D:
              25      5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            26,222
              10      5.875%, 8/15/18 (Pre-refunded 8/15/10) - FSA Insured           8/10 at 100.00           AAA            10,486
             305   Dormitory Authority of the State of New York, Revenue Bonds,      7/10 at 101.00           AAA           319,683
                      Fashion Institute of Technology, Series 2000, 5.375%,
                      7/01/20 (Pre-refunded 7/01/10) - FSA Insured
             425   Erie County Tobacco Asset Securitization Corporation, New         7/10 at 101.00           AAA           448,167
                      York, Senior Tobacco Settlement Asset-Backed Bonds,
                      Series 2000, 6.000%, 7/15/20 (Pre-refunded 7/15/10)
             535   Metropolitan Transportation Authority, New York, Commuter         1/10 at 100.00       N/R (4)           536,771
                      Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
                      AMBAC Insured (ETM)
           1,050   Monroe Tobacco Asset Securitization Corporation, New York,        6/10 at 101.00           AAA         1,097,261
                      Tobacco Settlement Asset-Backed Bonds, Series 2000,
                      6.150%, 6/01/25 (Pre-refunded 6/01/10)
             455   New York City Industrial Development Agency, New York, Civic      7/10 at 102.00       N/R (4)           486,268
                      Facility Revenue Bonds, Special Needs Facilities Pooled
                      Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded
                      7/01/10)
             750   Virgin Islands Public Finance Authority, Gross Receipts          10/10 at 101.00      BBB+ (4)           804,120
                      Taxes Loan Note, Series 1999A, 6.500%, 10/01/24
                      (Pre-refunded 10/01/10)
           1,250   Westchester Tobacco Asset Securitization Corporation, New         7/10 at 101.00           AAA         1,325,963
                      York, Tobacco Settlement Asset-Backed Bonds, Series 1999,
                      6.750%, 7/15/29 (Pre-refunded 7/15/10)
           1,400   Yonkers Industrial Development Agency, New York, Revenue          2/11 at 100.00      Baa3 (4)         1,505,420
                      Bonds, Community Development Properties - Yonkers Inc.
                      Project, Series 2001A, 6.625%, 2/01/26 (Pre-refunded
                      2/01/11)
------------------------------------------------------------------------------------------------------------------------------------
           6,595   Total U.S. Guaranteed                                                                                  6,989,443
------------------------------------------------------------------------------------------------------------------------------------
                   UTILITIES - 5.4% (3.6% OF TOTAL INVESTMENTS)
                   Long Island Power Authority, New York, Electric System
                   General Revenue Bonds, Series 2006A:
           2,500      5.000%, 12/01/23 - FGIC Insured                                6/16 at 100.00             A         2,658,500
             500      5.000%, 12/01/24 - FGIC Insured                                6/16 at 100.00             A           529,290
           1,400   Nassau County Industrial Development Authority, New York,         6/13 at 100.00            A-         1,371,496
                      Keyspan Glenwood Energy Project, Series 2003, 5.250%,
                      6/01/27 (Alternative Minimum Tax)
             250   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2           249,388
                      Solid Waste Disposal Facility Revenue Bonds, American
                      Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%,
                      11/15/24 (Mandatory put 11/15/14) (Alternative Minimum
                      Tax)
             600   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2           590,022
                      Solid Waste Disposal Facility Revenue Refunding Bonds,
                      American Ref-Fuel Company of Niagara LP, Series 2001B,
                      5.550%, 11/15/24 (Mandatory put 11/15/13) (Alternative
                      Minimum Tax)
           2,000   Power Authority of the State of New York, General Revenue        11/10 at 100.00           Aa2         2,030,659
                      Bonds, Series 2000A, 5.250%, 11/15/30
------------------------------------------------------------------------------------------------------------------------------------
           7,250   Total Utilities                                                                                        7,429,355
------------------------------------------------------------------------------------------------------------------------------------


                                                           Nuveen Investments 45



NAN | Nuveen New York Dividend Advantage Municipal Fund (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   WATER AND SEWER - 0.9% (0.6% OF TOTAL INVESTMENTS)
$          1,130   New York City Municipal Water Finance Authority, New York,        6/12 at 100.00           AAA   $     1,237,767
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2003A, 5.375%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
$        190,490   Total Long-Term Investments (cost $191,808,447) - 142.8%                                             195,948,986
================--------------------------------------------------------------------------------------------------------------------
                   SHORT-TERM INVESTMENTS - 6.3% (4.2% OF TOTAL INVESTMENTS)
$          8,674   State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09                 N/A           N/A         8,673,657
================--------------------------------------------------------------------------------------------------------------------
                   Total Short-Term Investments (cost $8,673,657)                                                         8,673,657
                   -----------------------------------------------------------------------------------------------------------------
                   Total Investments (cost $200,482,104) - 149.1%                                                       204,622,643
                   -----------------------------------------------------------------------------------------------------------------
                   Floating Rate Obligations - (12.9)%                                                                  (17,735,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Other Assets Less Liabilities - 1.2%                                                                   1,780,484
                   -----------------------------------------------------------------------------------------------------------------
                   Preferred Shares, at Liquidation Value - (37.4)% (5)                                                 (51,400,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Net Assets Applicable to Common Shares - 100%                                                    $   137,268,127
                   =================================================================================================================


(1)   All percentages shown in the Portfolio of Investments are based on net
      assets applicable to Common shares unless otherwise noted.

(2)   Optional Call Provisions (not covered by the report of independent
      registered public accounting firm): Dates (month and year) and prices of
      the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.

(3)   Ratings (not covered by the report of independent registered public
      accounting firm): Using the higher of Standard & Poor's Group ("Standard &
      Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
      below BBB by Standard & Poor's or Baa by Moody's are considered to be
      below investment grade.

(4)   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. Such investments are normally considered to be equivalent to
      AAA rated securities.

(5)   Preferred Shares, at Liquidation Value as a percentage of Total
      Investments is 25.1%.

N/A   Not applicable.

N/R   Not rated.

WI/DD Purchased on a when-issued or delayed delivery basis.

(ETM) Escrowed to maturity.

(IF)  Inverse floating rate investment.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction. See Notes to Financial Statements, Footnote 1 - Inverse
      Floating Rate Securities for more information.

                                 See accompanying notes to financial statements.

46 Nuveen Investments



NXK | Nuveen New York Dividend Advantage Municipal Fund 2
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   CONSUMER DISCRETIONARY - 1.9% (1.3% OF TOTAL INVESTMENTS)
$            275   New York City Industrial Development Agency, New York,            9/15 at 100.00           BB+   $       191,230
                      Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005,
                      5.000%, 9/01/35
           1,950   Seneca Nation of Indians Capital Improvements Authority, New      6/17 at 100.00            BB         1,638,000
                      York, Special Obligation Bonds, Series 2007A, 5.000%,
                      12/01/23
------------------------------------------------------------------------------------------------------------------------------------
           2,225   Total Consumer Discretionary                                                                           1,829,230
------------------------------------------------------------------------------------------------------------------------------------
                   CONSUMER STAPLES - 2.4% (1.7% OF TOTAL INVESTMENTS)
             300   New York Counties Tobacco Trust II, Tobacco Settlement            6/11 at 101.00           BBB           293,709
                      Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
             500   New York Counties Tobacco Trust III, Tobacco Settlement           6/13 at 100.00           BBB           486,725
                      Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
             150   Rensselaer Tobacco Asset Securitization Corporation, New          6/12 at 100.00           BBB           146,070
                      York, Tobacco Settlement Asset-Backed Bonds, Series
                      2001A, 5.200%, 6/01/25
                   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
                   2006:
             600      4.750%, 6/01/22                                                6/16 at 100.00           BBB           601,320
             835      5.000%, 6/01/26                                                6/16 at 100.00           BBB           789,751
------------------------------------------------------------------------------------------------------------------------------------
           2,385   Total Consumer Staples                                                                                 2,317,575
------------------------------------------------------------------------------------------------------------------------------------
                   EDUCATION AND CIVIC ORGANIZATIONS - 16.4% (11.4% OF TOTAL
                      INVESTMENTS)
             260   Albany Industrial Development Agency, New York, Revenue           7/17 at 100.00           BBB           243,916
                      Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
             110   Albany Industrial Development Agency, New York, Revenue           4/17 at 100.00           N/R            87,338
                      Bonds, Brighter Choice Charter Schools, Series 2007A,
                      5.000%, 4/01/37
           1,975   Amherst Industrial Development Agency, New York, Revenue          8/11 at 102.00           N/R         1,999,451
                      Bonds, UBF Faculty/Student Housing Corporation,
                      University of Buffalo Village Green Project, Series
                      2001A, 5.250%, 8/01/31 - AMBAC Insured
              90   Cattaraugus County Industrial Development Agency, New York,       5/16 at 100.00          BBB-            80,863
                      Revenue Bonds, St. Bonaventure University, Series 2006,
                      5.000%, 5/01/23
           1,125   Dormitory Authority of the State of New York, General             7/17 at 100.00          BBB-         1,042,481
                      Revenue Bonds, Manhattan College, Series 2007A, 5.000%,
                      7/01/41 - RAAI Insured
           2,000   Dormitory Authority of the State of New York, Insured             1/10 at 100.50             A         2,015,860
                      Revenue Bonds, New York Medical College, Series 1998,
                      5.000%, 7/01/21 - NPFG Insured
           1,000   Dormitory Authority of the State of New York, Lease Revenue         No Opt. Call           AA-         1,093,000
                      Bonds, State University Dormitory Facilities, Series
                      2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
                      GTY Insured
             485   Dormitory Authority of the State of New York, Lease Revenue       7/15 at 100.00           AA-           496,398
                      Bonds, State University Dormitory Facilities, Series
                      2004A, 5.000%, 7/01/29 - NPFG Insured
           1,000   Dormitory Authority of the State of New York, Revenue Bonds,      7/11 at 101.00             A         1,005,760
                      Canisius College, Series 2000, 5.250%, 7/01/30 - NPFG
                      Insured
           1,265   Dormitory Authority of the State of New York, Third General       1/10 at 101.00           AA-         1,274,475
                      Resolution Consolidated Revenue Bonds, City University
                      System, Series 1998-1, 5.250%, 7/01/25 - FGIC Insured
             120   Dutchess County Industrial Development Agency, New York,          8/17 at 100.00          Baa1           103,411
                      Civic Facility Revenue Bonds, Bard College Project,
                      Series 2007-A2, 4.500%, 8/01/36
             265   Hempstead Town Industrial Development Agency, New York,          10/15 at 100.00             A           272,462
                      Revenue Bonds, Adelphi University, Civic Facility
                      Project, Series 2005, 5.000%, 10/01/35
           2,190   Monroe County Industrial Development Agency, New York, Civic      6/11 at 102.00          BBB-         2,199,242
                      Facility Revenue Bonds, St. John Fisher College, Series
                      2001, 5.250%, 6/01/26 - RAAI Insured
             245   New York City Industrial Development Agency, New York, Civic     10/14 at 100.00            A-           240,541
                      Facility Revenue Bonds, St. Francis College, Series 2004,
                      5.000%, 10/01/34
           1,100   New York City Industrial Development Agency, New York, Civic      2/11 at 100.00            A-         1,114,366
                      Facility Revenue Bonds, YMCA of Greater New York, Series
                      2002, 5.250%, 8/01/21
           1,120   New York City Industrial Development Agency, New York, PILOT      1/17 at 100.00           BBB         1,038,206
                      Revenue Bonds, Queens Baseball Stadium Project, Series
                      2006, 4.750%, 1/01/42 - AMBAC Insured


                                                           Nuveen Investments 47



NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   EDUCATION AND CIVIC ORGANIZATIONS (continued)
$          1,460   New York City Industrial Development Authority, New York,         9/16 at 100.00          BBB-   $     1,292,801
                      PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                      4.500%, 3/01/39 - FGIC Insured
             170   Seneca County Industrial Development Authority, New York,        10/17 at 100.00           BBB           152,476
                      Revenue Bonds, New York Chiropractic College, Series
                      2007, 5.000%, 10/01/27
------------------------------------------------------------------------------------------------------------------------------------
          15,980   Total Education and Civic Organizations                                                               15,753,047
------------------------------------------------------------------------------------------------------------------------------------
                   FINANCIALS - 2.0% (1.4% OF TOTAL INVESTMENTS)
             500   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1           515,120
                      Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
           1,305   Liberty Development Corporation, New York, Goldman Sachs            No Opt. Call            A1         1,394,549
                      Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
           1,805   Total Financials                                                                                       1,909,669
------------------------------------------------------------------------------------------------------------------------------------
                   HEALTH CARE - 23.1% (16.0% OF TOTAL INVESTMENTS)
           3,000   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 101.00           N/R         3,033,690
                      Mortgage Hospital Revenue Bonds, Montefiore Medical
                      Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
           2,505   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 101.00           N/R         2,533,432
                      Mortgage Revenue Bonds, New York Hospital Medical Center
                      of Queens, Series 1999, 5.550%, 8/15/29 - AMBAC Insured
           1,500   Dormitory Authority of the State of New York, FHA-Insured         2/10 at 100.00           N/R         1,505,610
                      Mortgage Revenue Refunding Bonds, United Health Services,
                      Series 1997, 5.375%, 8/01/27 - AMBAC Insured
           1,620   Dormitory Authority of the State of New York, FHA-Insured         2/15 at 100.00             A         1,724,279
                      Revenue Bonds, Montefiore Medical Center, Series 2005,
                      5.000%, 2/01/22 - FGIC Insured
           1,700   Dormitory Authority of the State of New York, FHA-Insured         8/15 at 100.00            A-         1,756,304
                      Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005,
                      4.900%, 8/15/31
             500   Dormitory Authority of the State of New York, Insured             1/10 at 100.00            A3           500,570
                      Revenue Bonds, Franciscan Health Partnership Obligated
                      Group - Frances Shervier Home and Hospital, Series 1997,
                      5.500%, 7/01/17 - RAAI Insured
             500   Dormitory Authority of the State of New York, Revenue Bonds,      7/11 at 101.00           Ba1           423,800
                      Lenox Hill Hospital Obligated Group, Series 2001, 5.500%,
                      7/01/30
           2,300   Dormitory Authority of the State of New York, Revenue Bonds,      7/16 at 100.00            AA         2,398,831
                      Memorial Sloan Kettering Cancer Center, Series 2006,
                      5.000%, 7/01/35 (UB)
           1,250   Dormitory Authority of the State of New York, Revenue Bonds,      1/10 at 100.00            A2         1,250,738
                      Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
             520   Dormitory Authority of the State of New York, Revenue Bonds,      8/14 at 100.00           AAA           569,046
                      New York and Presbyterian Hospital, Series 2004A, 5.250%,
                      8/15/15 - FSA Insured
           1,500   Dormitory Authority of the State of New York, Revenue Bonds,      7/17 at 100.00          Baa2         1,505,925
                      NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37
             500   Dormitory Authority of the State of New York, Revenue Bonds,      7/13 at 100.00          Baa1           475,080
                      Winthrop-South Nassau University Hospital Association,
                      Series 2003A, 5.500%, 7/01/32
             290   Livingston County Industrial Development Agency, New York,        7/10 at 100.00            BB           250,256
                      Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital,
                      Series 2005, 6.000%, 7/01/30
                   Madison County Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Oneida Health System, Series 2007A:
             275      5.250%, 2/01/27                                                  No Opt. Call          BBB-           253,215
             250      5.500%, 2/01/32                                                  No Opt. Call          BBB-           229,533
             365   Nassau County Industrial Development Agency, New York,              No Opt. Call          Baa1           376,972
                      Revenue Refunding Bonds, North Shore Health System
                      Obligated Group, Series 2001B, 5.875%, 11/01/11
             850   New York City Health and Hospitals Corporation, New York,         2/10 at 100.00            A+           855,542
                      Health System Revenue Bonds, Series 1999A, 5.250%, 2/15/17
             500   New York City Health and Hospitals Corporation, New York,         2/13 at 100.00            A+           520,710
                      Health System Revenue Bonds, Series 2003A, 5.250%,
                      2/15/22 - AMBAC Insured
             480   New York City Industrial Development Agency, New York, Civic      7/12 at 100.00           Ba2           447,533
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2001B, 6.375%, 7/01/31
             485   New York City Industrial Development Agency, New York, Civic      7/12 at 101.00           Ba2           451,928
                      Facility Revenue Bonds, Staten Island University
                      Hospital, Series 2002C, 6.450%, 7/01/32


48 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   HEALTH CARE (continued)
                   Suffolk County Industrial Development Agency, New York,
                   Revenue Bonds, Huntington Hospital, Series 2002C:
$            425      6.000%, 11/01/22                                              11/12 at 100.00          Baa1   $       438,711
             610      5.875%, 11/01/32                                              11/12 at 100.00          Baa1           616,551
------------------------------------------------------------------------------------------------------------------------------------
          21,925   Total Health Care                                                                                     22,118,256
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/MULTIFAMILY - 2.6% (1.8% OF TOTAL INVESTMENTS)
           1,000   New York City Housing Development Corporation, New York,         11/11 at 100.00            AA         1,005,370
                      Multifamily Housing Revenue Bonds, Series 2001C-2,
                      5.400%, 11/01/33 (Alternative Minimum Tax)
                   New York City Housing Development Corporation, New York,
                   Multifamily Housing Revenue Bonds, Series 2002A:
             455      5.375%, 11/01/23 (Alternative Minimum Tax)                     5/12 at 100.00            AA           462,376
             225      5.500%, 11/01/34 (Alternative Minimum Tax)                     5/12 at 100.00            AA           226,386
             500   New York City Housing Development Corporation, New York,          5/14 at 100.00            AA           514,735
                      Multifamily Housing Revenue Bonds, Series 2004A, 5.250%,
                      11/01/30
             290   New York State Housing Finance Agency, Affordable Housing        11/17 at 100.00           Aa2           291,502
                      Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative
                      Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
           2,470   Total Housing/Multifamily                                                                              2,500,369
------------------------------------------------------------------------------------------------------------------------------------
                   HOUSING/SINGLE FAMILY - 2.9% (2.0% OF TOTAL INVESTMENTS)
             335   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/17 at 100.00           Aa1           333,764
                      Bonds, 2007 Series 145, 5.125%, 10/01/37 (Alternative
                      Minimum Tax)
             950   New York State Mortgage Agency, Homeowner Mortgage Revenue        4/15 at 100.00           Aa1           907,250
                      Bonds, Series 130, 4.650%, 4/01/27
                      (Alternative Minimum Tax)
             350   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/17 at 100.00           Aa1           352,961
                      Bonds, Series 148, 2007, 5.200%, 10/01/32
                      (Alternative Minimum Tax)
           1,140   New York State Mortgage Agency, Homeowner Mortgage Revenue       10/09 at 100.00           Aa1         1,140,513
                      Bonds, Series 82, 5.650%, 4/01/30
                      (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
           2,775   Total Housing/Single Family                                                                            2,734,488
------------------------------------------------------------------------------------------------------------------------------------
                   LONG-TERM CARE - 5.6% (3.9% OF TOTAL INVESTMENTS)
             450   Dormitory Authority of the State of New York, GNMA                2/17 at 103.00            A-           466,151
                      Collateralized Revenue Bonds, Cabrini of
                      Westchester Project, Series 2006, 5.200%, 2/15/41
           2,150   Dormitory Authority of the State of New York, Insured             7/11 at 102.00            A3         2,214,285
                      Revenue Bonds, Rehabilitation Association Pooled Loan
                      Program 1, Series 2001A, 5.000%, 7/01/23 - AMBAC Insured
             255   Dormitory Authority of the State of New York, Non-State          11/16 at 100.00            A1           257,412
                      Supported Debt, Ozanam Hall of Queens Nursing Home
                      Revenue Bonds, Series 2006, 5.000%, 11/01/31
                   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            35,593
             175      5.000%, 7/01/35 - ACA Insured                                  7/15 at 100.00           N/R           115,036
             635   East Rochester Housing Authority, New York, Senior Living         8/16 at 101.00           N/R           523,354
                      Revenue Bonds, Woodland Village Project,
                      Series 2006, 5.500%, 8/01/33
             525   New York City Industrial Development Agency, New York, Civic      7/11 at 101.00           N/R           534,476
                      Facility Revenue Bonds, Special
                      Needs Facilities Pooled Program, Series 2001A-1, 7.250%,
                      7/01/16
                   New York City Industrial Development Agency, New York, Civic
                   Facility Revenue Bonds, Special Needs Facilities Pooled
                   Program, Series 2008A-1:
             355      5.500%, 7/01/18                                                7/16 at 101.00           N/R           324,232
             440      5.800%, 7/01/23                                                7/16 at 101.00           N/R           390,949
             430   Suffolk County Industrial Development Agency, New York,           7/16 at 100.00           N/R           392,732
                      Civic Facility Revenue Bonds, Special
                      Needs Facilities Pooled Program, Series 2008-B1, 5.500%,
                      7/01/18
             170   Yonkers Industrial Development Agency, New York, Civic            7/16 at 101.00           N/R           151,048
                      Facilities Revenue Bonds, Special Needs
                      Facilities Pooled Program Bonds, Series 2008-C1, 5.800%,
                      7/01/23
------------------------------------------------------------------------------------------------------------------------------------
           5,635   Total Long-Term Care                                                                                   5,405,268
------------------------------------------------------------------------------------------------------------------------------------
                   MATERIALS - 0.2% (0.2% OF TOTAL INVESTMENTS)
             230   Jefferson County Industrial Development Agency, New York,        12/13 at 100.00           BBB           224,618
                      Solid Waste Disposal Revenue Bonds, International Paper
                      Company Project, Series 2003A, 5.200%, 12/01/20
                      (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                                                           Nuveen Investments 49



NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/GENERAL - 17.6% (12.2% OF TOTAL INVESTMENTS)
$          1,775   Bath Central School District, Steuben County, New York,           6/12 at 100.00             A   $     1,829,936
                      General Obligation Bonds, Series 2002, 4.000%, 6/15/18 -
                      FGIC Insured
           3,605   New York City, New York, General Obligation Bonds, Fiscal         2/10 at 100.50            AA         3,627,492
                      Series 1998H, 5.375%, 8/01/27 - MBIA Insured
           2,000   New York City, New York, General Obligation Bonds, Fiscal         9/15 at 100.00            AA         2,209,720
                      Series 2005F-1, 5.000%, 9/01/19 - SYNCORA GTY Insured
           2,600   New York City, New York, General Obligation Bonds, Fiscal         6/16 at 100.00            AA         2,804,386
                      Series 2006J-1, 5.000%, 6/01/25 (UB)
           4,540   New York City, New York, General Obligation Bonds, Fiscal        12/17 at 100.00            AA         5,005,759
                      2007D-1, 5.125%, 12/01/25 (UB)
             750   New York City, New York, General Obligation Bonds, Series         8/14 at 100.00            AA           834,578
                      2004C-1, 5.250%, 8/15/16 (UB)
                   United Nations Development Corporation, New York, Senior
                   Lien Revenue Bonds, Series 2004A:
             250      5.250%, 7/01/23                                                1/10 at 100.00            A3           250,288
             250      5.250%, 7/01/24                                                1/10 at 100.00            A3           250,273
------------------------------------------------------------------------------------------------------------------------------------
          15,770   Total Tax Obligation/General                                                                          16,812,432
------------------------------------------------------------------------------------------------------------------------------------
                   TAX OBLIGATION/LIMITED - 26.9% (18.6% OF TOTAL INVESTMENTS)
           1,000   Battery Park City Authority, New York, Senior Revenue Bonds,     11/13 at 100.00           AAA         1,123,540
                      Series 2003A, 5.250%, 11/01/21
             125   Dormitory Authority of the State of New York, State Personal      3/15 at 100.00           AAA           137,605
                      Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                      FSA Insured
           1,750   Metropolitan Transportation Authority, New York, Dedicated       11/12 at 100.00           AAA         1,836,660
                      Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA
                      Insured
             560   Monroe Newpower Corporation, New York, Power Facilities           1/13 at 102.00           BBB           462,554
                      Revenue Bonds, Series 2003, 5.500%, 1/01/34
                   New York City Sales Tax Asset Receivable Corporation, New
                   York, Dedicated Revenue Bonds, Local Government Assistance
                   Corporation, Series 2004:
           1,140      5.000%, 10/15/25 - NPFG Insured (UB)                          10/14 at 100.00           AAA         1,229,159
             835      5.000%, 10/15/26 - NPFG Insured (UB)                          10/14 at 100.00           AAA           897,007
             750      5.000%, 10/15/29 - AMBAC Insured (UB)                         10/14 at 100.00           AAA           797,475
           1,300   New York City Transitional Finance Authority, New York,           1/17 at 100.00           AA-         1,395,901
                      Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                      5.000%, 1/15/28 - FGIC Insured
           1,000   New York City Transitional Finance Authority, New York,           2/13 at 100.00           AAA         1,077,180
                      Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%,
                      2/01/23
           1,460   New York City Transitional Finance Authority, New York,          11/17 at 100.00           AAA         1,613,037
                      Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%,
                      11/01/27
           1,000   New York City Transitional Finance Authority, New York,           2/13 at 100.00           AAA         1,071,220
                      Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
                      5.000%, 2/01/22 - NPFG Insured
           1,000   New York State Environmental Facilities Corporation,              3/14 at 100.00           AA-         1,067,190
                      Infrastructure Revenue Bonds, Series 2003A, 5.000%,
                      3/15/21
           2,020   New York State Environmental Facilities Corporation, State       12/17 at 100.00           AAA         2,226,868
                      Personal Income Tax Revenue Bonds, Series 2008A, 5.000%,
                      12/15/27 (UB)
             840   New York State Housing Finance Agency, State Personal Income      9/15 at 100.00           AAA           883,672
                      Tax Revenue Bonds, Economic Development and Housing,
                      Series 2006A, 5.000%, 3/15/36
                   New York State Municipal Bond Bank Agency, Buffalo, Special
                   Program Revenue Bonds, Series 2001A:
           1,070      5.250%, 5/15/23 - AMBAC Insured                                5/11 at 100.00             A         1,096,654
           1,125      5.250%, 5/15/24 - AMBAC Insured                                5/11 at 100.00             A         1,142,786
             300   New York State Thruway Authority, General Revenue Bonds,          7/15 at 100.00           AAA           316,209
                      Series 2005G, 5.000%, 1/01/30 - FSA Insured (UB)
           2,300   New York State Thruway Authority, Highway and Bridge Trust          No Opt. Call            AA         2,827,091
                      Fund Bonds, Series 2005B, 5.500%, 4/01/20 - AMBAC Insured
                      (UB)
           1,125   New York State Thruway Authority, Highway and Bridge Trust       10/17 at 100.00            AA         1,221,446
                      Fund Bonds, Series 2007, 5.000%, 4/01/27


50 Nuveen Investments





       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   TAX OBLIGATION/LIMITED (continued)
$          2,100   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-   $     2,235,030
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
                      AMBAC Insured
           1,000   New York State Tobacco Settlement Financing Corporation,          6/13 at 100.00           AA-         1,075,070
                      Tobacco Settlement Asset-Backed and State Contingency
                      Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
          23,800   Total Tax Obligation/Limited                                                                          25,733,354
------------------------------------------------------------------------------------------------------------------------------------
                   TRANSPORTATION - 17.1% (11.8% OF TOTAL INVESTMENTS)
             895   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00          BBB+           925,162
                      2001A, 5.625%, 7/15/20
           2,500   Metropolitan Transportation Authority, New York,                 11/17 at 100.00             A         2,627,575
                      Transportation Revenue Bonds, Series 2007B, 5.000%,
                      11/15/33
             460   Metropolitan Transportation Authority, New York,                 11/12 at 100.00             A           475,277
                      Transportation Revenue Refunding Bonds, Series 2002A,
                      5.000%, 11/15/25 - FGIC Insured
           1,250   New York City Industrial Development Agency, New York,            8/16 at 101.00            B-         1,281,075
                      American Airlines-JFK International Airport Special
                      Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31
                      (Alternative Minimum Tax)
              50   New York City Industrial Development Agency, New York,           12/09 at 101.00            BB            35,967
                      Special Facilities Revenue Bonds, British Airways PLC,
                      Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
           1,000   New York City Industrial Development Agency, New York,            8/12 at 101.00            B-         1,026,760
                      Special Facilities Revenue Bonds, JFK Airport - American
                      Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
                      Minimum Tax)
                   New York City Industrial Development Authority, New York,
                   JetBlue,:
              50      5.000%, 5/15/20 (Alternative Minimum Tax)                      5/12 at 100.00            B-            41,891
             250      5.125%, 5/15/30 (Alternative Minimum Tax)                      5/12 at 100.00            B-           185,835
           3,400   Niagara Frontier Airport Authority, New York, Airport            10/09 at 101.00             A         3,416,252
                      Revenue Bonds, Buffalo Niagara International Airport,
                      Series 1999A, 5.625%, 4/01/29 - NPFG Insured (Alternative
                      Minimum Tax)
                   Port Authority of New York and New Jersey, Consolidated
                   Revenue Bonds, One Hundred Fortieth Series 2005:
           1,000      5.000%, 12/01/28 - SYNCORA GTY Insured                         6/15 at 101.00           AA-         1,077,200
             280      5.000%, 12/01/31 - SYNCORA GTY Insured                         6/15 at 101.00           AA-           298,648
             310   Port Authority of New York and New Jersey, Consolidated           8/17 at 100.00           AAA           406,900
                      Revenue Bonds, One Hundred Forty Eighth Series 2008,
                      Trust 2920, 16.962%, 8/15/32 - FSA Insured (IF)
           2,500   Triborough Bridge and Tunnel Authority, New York, General        11/12 at 100.00           Aa2         2,720,725
                      Purpose Revenue Refunding Bonds, Series 2002B, 5.000%,
                      11/15/21
             780   Triborough Bridge and Tunnel Authority, New York,                   No Opt. Call           Aa3           961,514
                      Subordinate Lien General Purpose Revenue Refunding Bonds,
                      Series 2002E, 5.500%, 11/15/20 - NPFG Insured
             750   Triborough Bridge and Tunnel Authority, New York,                11/18 at 100.00           Aa2           869,625
                      Subordinate Lien General Purpose Revenue Refunding Bonds,
                      Tender Option Bond Trust 1184, 9.031%, 11/15/33 (IF)
------------------------------------------------------------------------------------------------------------------------------------
          15,475   Total Transportation                                                                                  16,350,406
------------------------------------------------------------------------------------------------------------------------------------
                   U.S. GUARANTEED - 10.2% (7.1% OF TOTAL INVESTMENTS) (4)
           2,750   Albany Industrial Development Agency, New York, Revenue           7/11 at 101.00       N/R (4)         3,009,105
                      Bonds, St. Rose College, Series 2001A, 5.375%, 7/01/31
                      (Pre-refunded 7/01/11) - AMBAC Insured
           1,105   Albany Parking Authority, New York, Revenue Bonds, Series         7/11 at 101.00      BBB+ (4)         1,211,743
                      2001A, 5.625%, 7/15/20 (Pre-refunded 7/15/11)
           1,905   Dormitory Authority of the State of New York, Service             4/12 at 100.00       AA- (4)         2,122,284
                      Contract Bonds, Child Care Facilities Development
                      Program, Series 2002, 5.375%, 4/01/17 (Pre-refunded
                      4/01/12)
           3,205   New York State Urban Development Corporation, Service             1/11 at 100.00           AAA         3,389,255
                      Contract Revenue Bonds, Correctional Facilities, Series
                      2000C, 5.125%, 1/01/21 (Pre-refunded 1/01/11) - FSA
                      Insured
------------------------------------------------------------------------------------------------------------------------------------
           8,965   Total U.S. Guaranteed                                                                                  9,732,387
------------------------------------------------------------------------------------------------------------------------------------
                   UTILITIES - 11.3% (7.8% OF TOTAL INVESTMENTS)
                   Long Island Power Authority, New York, Electric System
                   General Revenue Bonds, Series 2006A:
           1,700      5.000%, 12/01/23 - FGIC Insured                                6/16 at 100.00             A         1,807,780
           1,700      5.000%, 12/01/24 - FGIC Insured                                6/16 at 100.00             A         1,799,586
             250   Long Island Power Authority, New York, Electric System            6/16 at 100.00            A-           258,865
                      General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
                      CIFG Insured
             900   Nassau County Industrial Development Authority, New York,         6/13 at 100.00            A-           881,676
                      Keyspan Glenwood Energy Project, Series 2003, 5.250%,
                      6/01/27 (Alternative Minimum Tax)


                                                           Nuveen Investments 51



NXK | Nuveen New York Dividend Advantage Municipal Fund 2 (continued)
    | Portfolio of Investments September 30, 2009



       PRINCIPAL                                                                      OPTIONAL CALL
    AMOUNT (000)   DESCRIPTION (1)                                                    PROVISIONS (2)   RATINGS (3)            VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
                   UTILITIES (continued)
$            450   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2   $       444,011
                      Solid Waste Disposal Facility Revenue Bonds, American
                      Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%,
                      11/15/26 (Mandatory put 11/15/12) (Alternative Minimum
                      Tax)
           2,000   Niagara County Industrial Development Agency, New York,          11/11 at 101.00          Baa2         1,928,500
                      Solid Waste Disposal Facility Revenue Refunding Bonds,
                      American Ref-Fuel Company of Niagara LP, Series 2001D,
                      5.550%, 11/15/24 (Mandatory put 11/15/15)
           2,000   Power Authority of the State of New York, General Revenue        11/10 at 100.00           Aa2         2,025,840
                      Bonds, Series 2000A, 5.250%, 11/15/40
                   Suffolk County Industrial Development Agency, New York,
                   Revenue Bonds, Nissequogue Cogeneration Partners
                   Facility, Series 1998:
           1,075      5.300%, 1/01/13 (Alternative Minimum Tax)                      1/10 at 100.50           N/R         1,009,919
             750      5.500%, 1/01/23 (Alternative Minimum Tax)                      1/10 at 100.50           N/R           632,812
------------------------------------------------------------------------------------------------------------------------------------
          10,825   Total Utilities                                                                                       10,788,989
------------------------------------------------------------------------------------------------------------------------------------
                   WATER AND SEWER - 1.1% (0.8% OF TOTAL INVESTMENTS)
           1,000   New York City Municipal Water Finance Authority, New York,        6/11 at 101.00           AAA         1,085,989
                      Water and Sewerage System Revenue Bonds, Fiscal Series
                      2001D, 5.500%, 6/15/17
------------------------------------------------------------------------------------------------------------------------------------
$        131,265   Total Long-Term Investments (cost $132,791,395) - 141.3%                                             135,296,077
================--------------------------------------------------------------------------------------------------------------------
                   SHORT-TERM INVESTMENTS - 2.9% (2.0% OF TOTAL INVESTMENTS)
$          2,743   State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09                 N/A           N/A         2,742,583
================--------------------------------------------------------------------------------------------------------------------
                   Total Short-Term Investments (cost $2,742,583)                                                         2,742,583
                   -----------------------------------------------------------------------------------------------------------------
                   Total Investments (cost $135,533,978) - 144.2%                                                       138,038,660
                   -----------------------------------------------------------------------------------------------------------------
                   Floating Rate Obligations - (12.7)%                                                                  (12,155,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Other Assets Less Liabilities - 4.1%                                                                   3,966,857
                   -----------------------------------------------------------------------------------------------------------------
                   Preferred Shares, at Liquidation Value - (35.6)% (5)                                                 (34,100,000)
                   -----------------------------------------------------------------------------------------------------------------
                   Net Assets Applicable to Common Shares - 100%                                                    $    95,750,517
                   =================================================================================================================


(1)   All percentages shown in the Portfolio of Investments are based on net
      assets applicable to Common shares unless otherwise noted.

(2)   Optional Call Provisions (not covered by the report of independent
      registered public accounting firm): Dates (month and year) and prices of
      the earliest optional call or redemption. There may be other call
      provisions at varying prices at later dates. Certain mortgage-backed
      securities may be subject to periodic principal paydowns.

(3)   Ratings (not covered by the report of independent registered public
      accounting firm): Using the higher of Standard & Poor's Group ("Standard &
      Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
      below BBB by Standard & Poor's or Baa by Moody's are considered to be
      below investment grade.

(4)   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. Such investments are normally considered to be equivalent to
      AAA rated securities.

(5)   Preferred Shares, at Liquidation Value as a percentage of Total
      Investments is 24.7%.

N/A   Not applicable.

N/R   Not rated.

(IF)  Inverse floating rate investment.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction. See Notes to Financial Statements, Footnote 1 - Inverse
      Floating Rate Securities for more information.

                                 See accompanying notes to financial statements.

52 Nuveen Investments



| Statement of
| Assets & Liabilities September 30, 2009



                                                                                             NEW YORK       NEW YORK       NEW YORK
                                                              NEW YORK       NEW YORK     PERFORMANCE       DIVIDEND       DIVIDEND
                                                                 VALUE        VALUE 2            PLUS      ADVANTAGE    ADVANTAGE 2
                                                                  (NNY)          (NYV)           (NNP)          (NAN)          (NXK)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
ASSETS
Investments, at value (cost $146,000,783,
   $33,133,925, $340,157,060, $200,482,104
   and $135,533,978, respectively)                      $  150,556,728  $  37,001,831  $  353,023,498  $ 204,622,643  $ 138,038,660
Receivables:
   Interest                                                  2,103,654        507,466       5,061,167      2,959,257      2,062,736
   Investments sold                                          1,242,300             --         390,000      3,513,450      2,365,531
Other assets                                                     3,302            560          80,697         31,441         45,942
------------------------------------------------------------------------------------------------------------------------------------
     Total assets                                          153,905,984     37,509,857     358,555,362    211,126,791    142,512,869
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations                                    3,255,000             --      34,645,000     17,735,000     12,155,000
Payables:
   Investments purchased                                            --             --              --      4,000,000             --
   Common share dividends                                      455,549        111,646         830,675        564,368        403,372
   Preferred share dividends                                       N/A            N/A           5,147          2,379          3,492
Accrued expenses:
   Management fees                                              65,640         19,526         183,158        106,152         62,400
   Offering costs                                                   --          7,000              --             --             --
   Other                                                        66,666         24,280         133,801         50,765         38,088
------------------------------------------------------------------------------------------------------------------------------------
     Total liabilities                                       3,842,855        162,452      35,797,781     22,458,664     12,662,352
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value                             N/A            N/A      87,650,000     51,400,000     34,100,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                  $  150,063,129  $  37,347,405  $  235,107,581  $ 137,268,127  $  95,750,517
====================================================================================================================================
Common shares outstanding                                   15,143,721      2,347,000      15,039,571      9,265,330      6,488,517
====================================================================================================================================
Net asset value per Common share outstanding
   (net assets applicable to Common shares,
   divided by Common shares outstanding)                $         9.91  $       15.91  $        15.63  $       14.82  $       14.76
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share                 $      151,437  $      23,470  $      150,396  $      92,653  $      64,885
Paid-in surplus                                            144,471,732     33,527,105     219,751,087    131,847,314     92,363,720
Undistributed (Over-distribution of) net
   investment income                                           546,665        (63,670)      2,472,895      1,124,909        855,114
Accumulated net realized gain (loss) from investments
   and derivative transactions                                 337,350         (7,406)       (133,235)        62,712        (37,884)
Net unrealized appreciation (depreciation)
   of investments                                            4,555,945      3,867,906      12,866,438      4,140,539      2,504,682
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                  $  150,063,129  $  37,347,405  $  235,107,581  $ 137,268,127  $  95,750,517
====================================================================================================================================
Authorized shares:
   Common                                                  250,000,000      Unlimited     200,000,000      Unlimited      Unlimited
   Preferred                                                       N/A            N/A       1,000,000      Unlimited      Unlimited
====================================================================================================================================


N/A   Fund is not authorized to issue Preferred shares.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 53



| Statement of
| Operations Year Ended September 30, 2009



                                                                                             NEW YORK       NEW YORK       NEW YORK
                                                              NEW YORK       NEW YORK     PERFORMANCE       DIVIDEND       DIVIDEND
                                                                 VALUE        VALUE 2            PLUS      ADVANTAGE    ADVANTAGE 2
                                                                  (NNY)          (NYV)*          (NNP)          (NAN)          (NXK)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
INVESTMENT INCOME                                       $    7,437,860  $     660,067   $  17,425,100  $  10,202,044  $   6,957,470
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees                                                792,511         93,458       1,973,808      1,146,424        797,938
Preferred shares - auction fees                                    N/A            N/A         181,873        106,498         70,215
Preferred shares - dividend disbursing agent fees                  N/A            N/A          40,000         10,000         10,000
Shareholders' servicing agent fees and expenses                 29,967            806          28,262          3,151          1,432
Interest expense on floating rate obligations                   42,520             --         480,739        245,668        167,988
Custodian's fees and expenses                                   36,415          4,092          66,707         41,528         32,700
Directors'/Trustees' fees and expenses                           3,966            574           8,107          4,665          3,218
Professional fees                                               14,326         18,759          29,042         18,554         15,203
Shareholders' reports - printing and mailing expenses           42,335          1,284          46,220         31,978         24,111
Stock exchange listing fees                                      9,213             --           9,244          9,229            917
Investor relations expense                                      18,373          1,902          28,242         16,469         11,285
Other expenses                                                   7,923          2,216          32,607         20,178         18,984
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
   expense reimbursement                                       997,549        123,091       2,924,851      1,654,342      1,153,991
   Custodian fee credit                                         (7,460)          (186)        (17,089)        (8,760)        (6,751)
   Expense reimbursement                                            --             --              --        (72,293)      (152,015)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses                                                   990,089        122,905       2,907,762      1,573,289        995,225
------------------------------------------------------------------------------------------------------------------------------------
Net investment income                                        6,447,771        537,162      14,517,338      8,628,755      5,962,245
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
   Investments                                                 132,227         (7,406)        209,269        237,884         32,039
   Futures                                                     176,461             --              --             --             --
Change in net unrealized appreciation (depreciation)
   of:
   Investments                                              10,734,027      3,867,906      28,157,222     15,279,735     10,675,788
   Futures                                                      13,211             --              --             --             --
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)                     11,055,926      3,860,500      28,366,491     15,517,619     10,707,827
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income                                         N/A            N/A        (815,348)      (544,164)      (303,512)
From accumulated net realized gains                                N/A            N/A        (608,160)      (276,265)      (241,933)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
   shares from distributions to Preferred shareholders             N/A            N/A      (1,423,508)      (820,429)      (545,445)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
   Common shares from operations                        $   17,503,697  $   4,397,662   $  41,460,321  $  23,325,945  $  16,124,627
====================================================================================================================================


*     For the period April 28, 2009 (commencement of operations) through
      September 30, 2009.

N/A   Fund is not authorized to issue Preferred shares.

                                 See accompanying notes to financial statements.

54 Nuveen Investments



| Statement of
| Changes in Net Assets



                                               NEW YORK VALUE (NNY)        NEW YORK VALUE 2 (NYV)    NEW YORK PERFORMANCE PLUS (NNP)
                                          ---------------------------- ---------------------------  -------------------------------
                                                                            FOR THE PERIOD 4/28/09
                                             YEAR ENDED     YEAR ENDED (COMMENCEMENT OF OPERATIONS)    YEAR ENDED        YEAR ENDED
                                                9/30/09        9/30/08             THROUGH 9/30/09        9/30/09           9/30/08
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
OPERATIONS
Net investment income                     $   6,447,771  $   6,538,133  $                  537,162  $  14,517,338  $     14,829,808
Net realized gain (loss) from:
   Investments                                  132,227        637,972                      (7,406)       209,269         1,501,901
   Forward swaps                                     --        643,914                          --             --         1,157,352
   Futures                                      176,461        205,254                          --             --                --
Change in net unrealized appreciation
   (depreciation) of:
   Investments                               10,734,027    (11,120,133)                  3,867,906     28,157,222       (27,654,000)
   Forward swaps                                     --       (323,848)                          --            --          (657,782)
   Futures                                       13,211        (13,211)                          --            --                --
Distributions to Preferred Shareholders:
   From net investment income                       N/A            N/A                         N/A       (815,348)       (3,995,402)
   From accumulated net realized gains              N/A            N/A                         N/A       (608,160)         (158,639)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from operations                           17,503,697     (3,431,919)                  4,397,662     41,460,321       (14,976,762)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income                   (6,448,739)    (6,441,276)                   (600,832)   (11,090,805)      (10,862,069)
From accumulated net realized gains          (1,484,820)      (163,300)                         --     (1,928,624)         (442,981)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions
   to Common shareholders                    (7,933,559)    (6,604,576)                   (600,832)   (13,019,429)      (11,305,050)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
   Proceeds from sale of shares, net of
     offering costs adjustments                      --             --                  33,450,300             --                --
   Net proceeds from shares issued to
     shareholders due to reinvestment
     of distributions                           208,108             --                          --             --                --
   Repurchased                                       --             --                          --       (309,124)               --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from capital share transactions              208,108             --                  33,450,300       (309,124)               --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares                9,778,246    (10,036,495)                 37,247,130     28,131,768       (26,281,812)
Net assets applicable to Common
   shares at the beginning of period        140,284,883    150,321,378                     100,275    206,975,813       233,257,625
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
   shares at the end of period            $ 150,063,129  $ 140,284,883  $               37,347,405  $ 235,107,581  $    206,975,813
====================================================================================================================================
Undistributed (Over-distribution of)
   net investment income at the
   end of period                          $     546,665  $     569,746  $                  (63,670) $   2,472,895  $       (128,758)
====================================================================================================================================


N/A   Fund is not authorized to issue Preferred shares.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 55



| Statement of
| Changes in Net Assets (continued)



                                                       NEW YORK                        NEW YORK
                                                DIVIDEND ADVANTAGE (NAN)       DIVIDEND ADVANTAGE 2 (NXK)
                                           ------------------------------    ------------------------------
                                              YEAR ENDED       YEAR ENDED       YEAR ENDED       YEAR ENDED
                                                 9/30/09          9/30/08          9/30/09          9/30/08
------------------------------------------------------------------------------------------------------------
                                                                                  
OPERATIONS
Net investment income                      $   8,628,755    $   8,918,978    $   5,962,245    $   6,142,237
Net realized gain (loss) from:
   Investments                                   237,884          329,463           32,039          681,579
   Forward swaps                                      --          790,334               --          568,424
   Futures                                            --               --               --               --
Change in net unrealized appreciation
   (depreciation) of:
   Investments                                15,279,735      (17,070,552)      10,675,788      (11,597,726)
   Forward swaps                                      --         (423,860)              --         (284,292)
   Futures                                            --               --               --               --
Distributions to Preferred Shareholders:
   From net investment income                   (544,164)      (2,186,301)        (303,512)      (1,522,297)
   From accumulated net realized gains          (276,265)        (197,285)        (241,933)         (81,611)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from operations                            23,325,945       (9,839,223)      16,124,627       (6,093,686)
------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income                    (6,777,589)      (6,499,628)      (4,735,461)      (4,449,564)
From accumulated net realized gains             (813,496)        (631,896)        (901,605)        (261,128)
------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions
   to Common shareholders                     (7,591,085)      (7,131,524)      (5,637,066)      (4,710,692)
------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
   Proceeds from sale of shares, net of
     offering costs adjustments                       --               --               --               --
   Net proceeds from shares issued to
     shareholders due to reinvestment
     of distributions                                 --               --               --               --
   Repurchased                                        --               --          (76,617)              --
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from capital share transactions                    --               --          (76,617)              --
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares                15,734,860      (16,970,747)      10,410,944      (10,804,378)
Net assets applicable to Common
   shares at the beginning of period         121,533,267      138,504,014       85,339,573       96,143,951
------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
   shares at the end of period             $ 137,268,127    $ 121,533,267    $  95,750,517    $  85,339,573
============================================================================================================
Undistributed (Over-distribution of)
   net investments income at the
   end of period                           $   1,124,909    $    (163,537)   $     855,114    $     (67,993)
============================================================================================================


                                 See accompanying notes to financial statements.

56 Nuveen Investments



| Statement of
| Cash Flows Year ended September 30, 2009



                                                                              NEW YORK        NEW YORK        NEW YORK
                                                                           PERFORMANCE        DIVIDEND        DIVIDEND
                                                                                  PLUS       ADVANTAGE     ADVANTAGE 2
                                                                                  (NNP)           (NAN)           (NXK)
-----------------------------------------------------------------------------------------------------------------------
                                                                                                
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
   SHARES FROM OPERATIONS                                                $  41,460,321   $  23,325,945   $  16,124,627
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                                                 (2,298,551)     (6,837,149)       (375,000)
   Proceeds from sales and maturities of investments                        14,781,200      14,306,190       5,814,043
   Proceeds from (Purchases of) short-term investments, net                (11,317,285)     (8,673,657)     (2,742,583)
   Amortization (Accretion) of premiums and discounts, net                     234,347         170,148         166,265
   (Increase) Decrease in interest receivable                                    9,843          21,326         (11,713)
   (Increase) Decrease in receivable for investments sold                      920,808      (3,513,450)     (2,365,531)
   (Increase) Decrease in other assets                                         327,578         115,858          61,990
   Increase (Decrease) in payable for investments purchased                   (987,141)      4,000,000              --
   Increase (Decrease) in payable for Preferred share dividends               (112,706)        (30,653)        (66,937)
   Increase (Decrease) in accrued management fees                               23,195          18,743          12,045
   Increase (Decrease) in accrued other liabilities                             14,657            (816)         (1,370)
   Net realized (gain) loss from investments                                  (209,269)       (237,884)        (32,039)
   Change in net unrealized (appreciation) depreciation of investments     (28,157,222)    (15,279,735)    (10,675,788)
   Taxes paid on undistributed capital gains                                   (32,153)         (2,713)        (20,096)
-----------------------------------------------------------------------------------------------------------------------
   Net cash provided by (used in) operating activities                      14,657,622       7,382,153       5,887,913
-----------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations                            (2,705,000)     (1,140,000)       (990,000)
Cash distributions paid to Common shareholders                             (12,905,186)     (7,538,313)     (5,588,064)
Cost of Common shares repurchased                                             (309,124)             --         (76,617)
-----------------------------------------------------------------------------------------------------------------------
   Net cash provided by (used in) financing activities                     (15,919,310)     (8,678,313)     (6,654,681)
-----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH                                             (1,261,688)     (1,296,160)       (766,768)
Cash at the beginning of year                                                1,261,688       1,296,160         766,768
-----------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF YEAR                                                  $          --   $          --   $          --
=======================================================================================================================


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for interest on floating rate obligations was as follows:



                                                                              NEW YORK        NEW YORK        NEW YORK
                                                                           PERFORMANCE        DIVIDEND        DIVIDEND
                                                                                  PLUS       ADVANTAGE     ADVANTAGE 2
                                                                                  (NNP)           (NAN)           (NXK)
-----------------------------------------------------------------------------------------------------------------------
                                                                                                
Cash paid for interest                                                   $     480,739   $     245,668   $     167,988
=======================================================================================================================


                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 57



| Notes to
| Financial Statements

1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen
New York Municipal Value Fund 2 (NYV), Nuveen New York Performance Plus
Municipal Fund, Inc. (NNP), Nuveen New York Dividend Advantage Municipal Fund
(NAN) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)
(collectively, the "Funds"). Common shares of New York Value (NNY), New York
Performance Plus (NNP) and New York Dividend Advantage (NAN) are traded on the
New York Stock Exchange while Common shares of New York Municipal Value 2 (NYV)
and New York Dividend Advantage 2 (NXK) are traded on the NYSE Amex. The Funds
are registered under the Investment Company Act of 1940, as amended, as
closed-end management investment companies.

Prior to the commencement of operations, New York Value 2 (NYV) had no
operations other than those related to organizational matters, the initial
capital contribution of $100,275 by Nuveen Asset Management (the "Adviser"), a
wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and the
recording of the organization expense ($15,000) and its reimbursement by Nuveen
Investments, LLC, also a wholly owned subsidiary of Nuveen.

Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes 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.

In June 2009, the Financial Accounting Standards Board (FASB) established the
FASB Accounting Standards Codification(TM) (the "Codification") as the single
source of authoritative accounting principles recognized by the FASB in the
preparation of financial statements in conformity with US generally accepted
accounting principles (GAAP). The Codification supersedes existing
non-grandfathered, non-SEC accounting and reporting standards. The Codification
did not change GAAP but rather organized it into a hierarchy where all guidance
within the Codification carries an equal level of authority. The Codification
became effective for financial statements issued for interim and annual periods
ending after September 15, 2009. The Codification did not have a material effect
on the Funds' financial statements.

The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles.

Investment Valuation

The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Prices
of forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. Futures contracts are
valued using the closing settlement price, or, in the absence of such a price,
at the mean of the bid and asked prices. When market price quotes are not
readily available (which is usually the case for municipal securities), the
pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including 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. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
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
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At September 30, 2009, New
York Dividend Advantage (NAN) had outstanding when-issued/delayed delivery
commitments of $4,000,000. There were no such outstanding purchase commitments
in any of the other Funds.

Investment Income

Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.

58 Nuveen Investments



Income Taxes

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 which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, to retain such tax-exempt status when distributed to shareholders
of the Funds. 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.

Dividends and Distributions to Common Shareholders

Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.

Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from US
generally accepted accounting principles.

Preferred Shares

New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue
Preferred shares. The following Funds have issued and outstanding Preferred
shares, $25,000 stated value per share, as a means of effecting financial
leverage. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate paid by the Funds on each Series is determined every seven days,
pursuant to a dutch auction process overseen by the auction agent, and is
payable at the end of each rate period. As of September 30, 2009, the number of
Preferred shares outstanding, by Series and in total, for each Fund is as
follows:



                                                      NEW YORK          NEW YORK        NEW YORK
                                                   PERFORMANCE          DIVIDEND        DIVIDEND
                                                          PLUS         ADVANTAGE     ADVANTAGE 2
                                                          (NNP)             (NAN)           (NXK)
-------------------------------------------------------------------------------------------------
                                                                                  
Number of shares:
   Series M                                              1,129                --              --
   Series T                                                564                --              --
   Series W                                              1,410                --           1,364
   Series F                                                403             2,056              --
-------------------------------------------------------------------------------------------------
Total                                                    3,506             2,056           1,364
=================================================================================================


Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds than there were
offers to buy. This meant that these auctions "failed to clear," and that many
Preferred shareholders who wanted to sell their shares in these auctions were
unable to do so. Preferred shareholders unable to sell their shares received
distributions at the "maximum rate" applicable to failed auctions as calculated
in accordance with the pre-established terms of the Preferred shares.

These developments have generally not affected the management or investment
policies of the Funds. However, one continuing implication of these auction
failures for Common shareholders is that the Funds' cost of leverage will likely
be higher at times than it otherwise would have been had the auctions continued
to be successful. As a result, the Funds' future Common share earnings may
likely have been incrementally lower than they otherwise would have been. As of
September 30, 2009, the aggregate amount of outstanding Preferred shares
redeemed by each Fund is as follows:



                                                      NEW YORK          NEW YORK        NEW YORK
                                                   PERFORMANCE          DIVIDEND        DIVIDEND
                                                          PLUS         ADVANTAGE     ADVANTAGE 2
                                                          (NNP)             (NAN)           (NXK)
-------------------------------------------------------------------------------------------------
                                                                                  
Preferred shares redeemed, at liquidation value   $ 36,650,000   $    17,600,000   $  12,900,000
=================================================================================================


Effective May 1, 2009, auction participation fees for Nuveen
Preferred shares with respect to auctions that have failed have been reduced
from 25 bps (annualized) to 15 bps (annualized). All auction participants have
signed new agreements incorporating this change.

                                                           Nuveen Investments 59



| Notes to
| Financial Statements (continued)

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and recognizes the related interest paid to the holders of the
short-term floating rate certificates as "Interest expense on floating rate
obligations" on the Statement of Operations.

During the fiscal year ended September 30, 2009, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.

At September 30, 2009, the Funds were not invested in externally-deposited
Recourse Trusts.



                                                                              NEW YORK       NEW YORK       NEW YORK
                                                   NEW YORK    NEW YORK    PERFORMANCE       DIVIDEND       DIVIDEND
                                                      VALUE     VALUE 2           PLUS      ADVANTAGE    ADVANTAGE 2
                                                       (NNY)       (NYV)          (NNP)          (NAN)          (NXK)
---------------------------------------------------------------------------------------------------------------------
                                                                                         
Maximum exposure to Recourse Trusts             $        --   $      --   $         --   $         --   $         --
=====================================================================================================================


The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the fiscal year
ended September 30, 2009, were as follows:



                                                                              NEW YORK       NEW YORK       NEW YORK
                                                   NEW YORK    NEW YORK    PERFORMANCE       DIVIDEND       DIVIDEND
                                                      VALUE     VALUE 2           PLUS      ADVANTAGE    ADVANTAGE 2
                                                       (NNY)       (NYV)*         (NNP)          (NAN)          (NXK)
---------------------------------------------------------------------------------------------------------------------
                                                                                         
Average floating rate obligations outstanding   $ 3,264,644   $      --   $ 34,808,466   $ 17,896,808   $ 12,218,219
Average annual interest rate and fees                  1.30%         --%          1.38%          1.37%          1.37%
=====================================================================================================================


*     Fund did not invest in self-deposited inverse floaters during the period
      April 28, 2009 (commencement of operations) through September 30, 2009.

Swap Contracts

Each Fund is authorized to enter into forward interest rate swap contracts
consistent with their investment objectives and policies to reduce, increase or
otherwise alter its risk profile or to alter its portfolio characteristics (i.e.
duration, yield curve positioning and credit quality).

Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives. Each Fund's use of forward interest rate swap
transactions is intended to help the Fund manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Fund's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve each Fund's agreement with a

60 Nuveen Investments



counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Fund a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the swap contract and the termination date of the swap (which is akin to a
bond's maturity). The value of the Fund's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
Forward interest rate swap contracts are valued daily. The net amount recorded
on these transactions for each counterparty is recognized on the Statement of
Assets and Liabilities as "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."

The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." Each Fund intends,
but is not obligated, to terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. The Funds did not invest in forward interest rate swap transactions
during the fiscal year ended September 30, 2009.

Futures Contracts

Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in order
to gain exposure to, or hedge against changes in interest rates. Upon entering
into a futures contract, a Fund is required to deposit with the broker an amount
of cash or liquid securities equal to a specified percentage of the contract
amount. This is known as the "initial margin." Cash held by the broker to cover
initial margin requirements on open futures contracts, if any, is recognized as
"Deposits with brokers for open futures contracts" on the Statement of Assets
and Liabilities. Subsequent payments ("variation margin") are made or received
by a Fund each day, depending on the daily fluctuation of the value of the
contract. Variation margin is recognized as a receivable or payable for
"Variation Margin on futures contracts" on the Statement of Assets and
Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the difference between
the value of the contract on the closing date and value of the contract when
originally entered into and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations. New York Value (NNY) was the
only Fund to invest in futures contracts during the fiscal year ended September
30, 2009.

Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices.

The average number of futures contracts outstanding for New York Value (NNY)
during the fiscal year ended September 30, 2009, were as follows:

                                                                       NEW YORK
                                                                          VALUE
                                                                           (NNY)
--------------------------------------------------------------------------------
Average number of futures contracts outstanding                               9*
================================================================================

*     The average number of contracts is calculated based on the outstanding
      contracts at the beginning of the fiscal year end and at the end of each
      fiscal quarter within the current fiscal year. New York Value (NNY) was
      not invested in futures contracts at the end of the current fiscal year.

Refer to Footnote 3 -- Derivative Instruments and Hedging Activities for further
details on futures contract activity.

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. 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. Futures contracts expose a
Fund to minimal counterparty credit risk as they are exchange traded and the
exchange's clearinghouse, which is counterparty to all exchange traded futures,
guarantees the futures contracts against default.

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

                                                           Nuveen Investments 61



| Notes to
| Financial Statements (continued)

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 predetermined threshold
amount.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt 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. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.

Organizational and Offering Costs

Nuveen Investments, LLC has agreed to reimburse all organizational costs
($15,000) and pay all Common share offering costs (other than the sales load)
that exceed $.03 per share for New York Value 2 (NYV). New York Value 2 (NYV)
common share offering costs ($70,200) were recorded as reductions of the
proceeds from the sale of common shares.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with US generally accepted
accounting principles 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. FAIR VALUE MEASUREMENTS

During the current fiscal period, the Funds adopted authoritative guidance under
GAAP on determining fair value measurements. This guidance defines fair value,
establishes a framework for measuring fair value in generally accepted
accounting principles, and expands disclosure about fair value measurements. In
determining the value of each Fund's investments various inputs are used. These
inputs are summarized in the three broad levels listed below:

      Level 1 - Quoted prices in active markets for identical securities.

      Level 2 - Other significant observable inputs (including quoted prices for
      similar securities, interest rates, prepayment speeds, credit risk, etc.).

      Level 3 - Significant unobservable inputs (including management's
      assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of September 30, 2009:



NEW YORK VALUE (NNY)                          LEVEL 1         LEVEL 2         LEVEL 3           TOTAL
------------------------------------------------------------------------------------------------------
                                                                            
Investments:
   Municipal Bonds                     $           --   $ 140,013,496   $          --   $ 140,013,496
   Short-Term Investments                   5,543,232       5,000,000              --      10,543,232
------------------------------------------------------------------------------------------------------
Total                                  $    5,543,232   $ 145,013,496   $          --   $ 150,556,728
======================================================================================================

NEW YORK VALUE 2 (NYV)                        LEVEL 1         LEVEL 2         LEVEL 3           TOTAL
------------------------------------------------------------------------------------------------------
Investments:
   Municipal Bonds                     $           --   $  35,362,292   $          --   $  35,362,292
   Short-Term Investments                   1,639,539              --              --       1,639,539
------------------------------------------------------------------------------------------------------
Total                                  $    1,639,539   $  35,362,292   $          --   $  37,001,831
======================================================================================================


62 Nuveen Investments





NEW YORK PERFORMANCE PLUS (NNP)               LEVEL 1         LEVEL 2         LEVEL 3           TOTAL
------------------------------------------------------------------------------------------------------
                                                                            
Investments:
   Municipal Bonds                     $           --   $ 338,706,213   $          --   $ 338,706,213
   Short-Term Investments                  12,817,285       1,500,000              --      14,317,285
------------------------------------------------------------------------------------------------------
Total                                  $   12,817,285   $ 340,206,213   $          --   $ 353,023,498
======================================================================================================

NEW YORK DIVIDEND ADVANTAGE (NAN)             LEVEL 1         LEVEL 2         LEVEL 3           TOTAL
------------------------------------------------------------------------------------------------------
Investments:
   Municipal Bonds                     $           --   $ 195,948,986   $          --   $ 195,948,986
   Short-Term Investments                   8,673,657              --              --       8,673,657
------------------------------------------------------------------------------------------------------
Total                                  $    8,673,657   $ 195,948,986   $          --   $ 204,622,643
======================================================================================================

NEW YORK DIVIDEND ADVANTAGE 2 (NXK)           LEVEL 1         LEVEL 2         LEVEL 3           TOTAL
------------------------------------------------------------------------------------------------------
Investments:
   Municipal Bonds                     $           --   $ 135,296,077   $          --   $ 135,296,077
   Short-Term Investments                   2,742,583              --              --       2,742,583
------------------------------------------------------------------------------------------------------
Total                                  $    2,742,583   $ 135,296,077   $          --   $ 138,038,660
======================================================================================================


3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

During the current fiscal period, the Funds adopted amendments to authoritative
guidance under GAAP on disclosures about derivative instruments and hedging
activities. This guidance is intended to enhance financial statement disclosures
for derivative instruments and hedging activities and enable investors to better
understand: a) how and why a fund uses derivative instruments; b) how derivative
instruments are accounted for; and c) how derivative instruments affect a fund's
financial position, results of operations and cash flows, if any. 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, under this
guidance they are considered to be non-hedge transactions for financial
reporting purposes. For additional information on the derivative instruments in
which each Fund was invested during and at the end of the reporting period,
refer to the Portfolio of Investments, Financial Statements and Footnote 1 -
General Information and Significant Accounting Policies.

The following tables present the amount of net realized gain (loss) and change
in net unrealized appreciation (depreciation) recognized for the fiscal year
ended September 30, 2009, on derivative instruments, as well as the primary risk
exposure associated with each. New York Value (NNY) held derivative instruments
during the fiscal year ended September 30, 2009. None of the Funds had
outstanding derivative contracts at September 30, 2009.



                                                                                    NEW YORK
                                                                                       VALUE
NET REALIZED GAIN (LOSS) FROM FUTURES CONTRACTS                                         (NNY)
---------------------------------------------------------------------------------------------
                                                                             
RISK EXPOSURE
   Interest Rate                                                                $    176,461
=============================================================================================




                                                                                    NEW YORK
                                                                                       VALUE
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) OF FUTURES CONTRACTS               (NNY)
---------------------------------------------------------------------------------------------
                                                                             
RISK EXPOSURE
   Interest Rate                                                                $     13,211
=============================================================================================


                                                           Nuveen Investments 63



| Notes to
| Financial Statements (continued)

4. FUND SHARES

Common Shares

Transactions in Common shares were as follows:



                                                                                                         NEW YORK
                                          NEW YORK VALUE (NNY)        NEW YORK VALUE 2 (NYV)       PERFORMANCE PLUS (NNP)
                                        -----------------------    ----------------------------   ------------------------
                                              YEAR          YEAR         FOR THE PERIOD 4/28/09          YEAR         YEAR
                                             ENDED         ENDED    (COMMENCEMENT OF OPERATIONS)        ENDED        ENDED
                                           9/30/09       9/30/08                THROUGH 9/30/09       9/30/09      9/30/08
---------------------------------------------------------------------------------------------------------------------------
                                                                                                        
Common shares:
   Sold*                                        --            --                      2,340,000            --           --
   Issued to shareholders due
     to reinvestment of distributions       23,357            --                             --            --           --
   Repurchased                                  --            --                             --       (27,800)          --
---------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
   Price per share repurchased                  --            --                             --   $     11.10           --
   Discount per share repurchased               --            --                             --         19.25%          --
===========================================================================================================================




                                                NEW YORK                    NEW YORK
                                        DIVIDEND ADVANTAGE (NAN)   DIVIDEND ADVANTAGE 2 (NXK)
                                        ------------------------   --------------------------
                                              YEAR          YEAR          YEAR           YEAR
                                             ENDED         ENDED         ENDED          ENDED
                                           9/30/09       9/30/08       9/30/09        9/30/08
----------------------------------------------------------------------------------------------
                                                                              
Common shares:
   Issued to shareholders due
     to reinvestment of distributions           --            --            --             --
   Repurchased                                  --            --        (7,200)            --
----------------------------------------------------------------------------------------------
Weighted average Common share:
   Price per share repurchased                  --            --   $     10.62             --
   Discount per share repurchased               --            --         18.33%            --
==============================================================================================


*     New York Value 2 (NYV) was the only Fund to sell Common shares during the
      fiscal year ended September 30, 2009.

Preferred Shares

New York Value (NNY) and New York Value 2 (NYV) are not authorized to issue
Preferred shares. Transactions in Preferred shares were as follows:



                                                 NEW YORK                                        NEW YORK
                                          PERFORMANCE PLUS (NNP)                          DIVIDEND ADVANTAGE (NAN)
                             -----------------------------------------------   ---------------------------------------------
                                 YEAR ENDED               YEAR ENDED               YEAR ENDED              YEAR ENDED
                                    9/30/09                  9/30/08                  9/30/09                 9/30/08
                             -----------------------------------------------------------------------------------------------
                              SHARES       AMOUNT     SHARES          AMOUNT    SHARES      AMOUNT    SHARES          AMOUNT
----------------------------------------------------------------------------------------------------------------------------
                                                                                       
Preferred shares redeemed:
   Series M                       --   $       --        471   $  11,775,000        --   $      --        --   $          --
   Series T                       --           --        236       5,900,000        --          --        --              --
   Series W                       --           --        590      14,750,000        --          --        --              --
   Series F                       --           --        169       4,225,000        --          --       704      17,600,000
----------------------------------------------------------------------------------------------------------------------------
Total                             --   $       --      1,466   $  36,650,000        --   $      --       704   $  17,600,000
============================================================================================================================


                                       NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
                                 -----------------------------------------------
                                     YEAR ENDED               YEAR ENDED
                                        9/30/09                  9/30/08
                                 -----------------------------------------------
                                  SHARES       AMOUNT     SHARES          AMOUNT
--------------------------------------------------------------------------------

Preferred shares redeemed:
   Series W                           --   $       --        516   $  12,900,000
================================================================================

64 Nuveen Investments



5. INVESTMENT TRANSACTIONS

Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the fiscal year ended September 30, 2009,
were as follows:



                                                               NEW YORK         NEW YORK         NEW YORK
                             NEW YORK         NEW YORK      PERFORMANCE         DIVIDEND         DIVIDEND
                                VALUE          VALUE 2             PLUS        ADVANTAGE      ADVANTAGE 2
                                (NNY)             (NYV)*           (NNP)            (NAN)            (NXK)
----------------------------------------------------------------------------------------------------------
                                                                            
Purchases              $    3,960,820   $   32,671,969   $    2,298,551   $    6,837,149   $      375,000
Sales and maturities        7,589,800        1,196,328       14,781,200       14,306,190        5,814,043
==========================================================================================================


*     For the period April 28, 2009 (commencement of operations) through
      September 30, 2009.

6. INCOME TAX INFORMATION

The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to 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 on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.

At September 30, 2009, the cost of investments was as follows:



                                                                                        NEW YORK         NEW YORK         NEW YORK
                                                  NEW YORK         NEW YORK          PERFORMANCE         DIVIDEND         DIVIDEND
                                                     VALUE          VALUE 2                 PLUS        ADVANTAGE      ADVANTAGE 2
                                                      (NNY)            (NYV)                (NNP)            (NAN)            (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
Cost of investments                         $  142,419,558   $   33,120,439       $  305,077,755   $  182,642,266   $  123,252,062
===================================================================================================================================


Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2009, were as follows:



                                                                                        NEW YORK         NEW YORK         NEW YORK
                                                  NEW YORK         NEW YORK          PERFORMANCE         DIVIDEND         DIVIDEND
                                                     VALUE          VALUE 2                 PLUS        ADVANTAGE      ADVANTAGE 2
                                                      (NNY)            (NYV)                (NNP)            (NAN)            (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
Gross unrealized:
   Appreciation                             $    6,437,827   $    3,881,392       $   17,492,545   $    7,099,095   $    4,415,272
   Depreciation                                 (1,558,326)              --           (4,203,294)      (2,844,826)      (1,777,939)
-----------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
   (depreciation) of investments            $    4,879,501   $    3,881,392       $   13,289,251   $    4,254,269   $    2,637,333
===================================================================================================================================


The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2009, the Funds' tax year end,
were as follows:



                                                                                        NEW YORK         NEW YORK         NEW YORK
                                                  NEW YORK         NEW YORK          PERFORMANCE         DIVIDEND         DIVIDEND
                                                     VALUE          VALUE 2                 PLUS        ADVANTAGE      ADVANTAGE 2
                                                      (NNY)            (NYV)***             (NNP)            (NAN)            (NXK)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
Undistributed net tax-exempt income *       $      755,511   $       73,053       $    3,090,862   $    1,616,659   $    1,202,209
Undistributed net ordinary income **                81,069               --                   --               --            5,541
Undistributed net long-term capital gains          261,484               --              248,364          258,801           52,301
===================================================================================================================================


*     Undistributed net tax-exempt income (on a tax basis) has not been reduced
      for the dividend declared on September 1, 2009, paid on October 1, 2009.

**    Net ordinary income consists of taxable market discount income and net
      short-term capital gains, if any.

***   For the period April 28, 2009 (commencement of operations) through
      September 30, 2009.

                                                           Nuveen Investments 65



| Notes to
| Financial Statements (continued)

The tax character of distributions paid during the Funds' tax years ended
September 30, 2009 and September 30, 2008, was designated for purposes of the
dividends paid deduction as follows:



                                                                                           NEW YORK       NEW YORK       NEW YORK
                                                         NEW YORK       NEW YORK        PERFORMANCE        DIVIDEND      DIVIDEND
                                                            VALUE        VALUE 2               PLUS       ADVANTAGE   ADVANTAGE 2
2009                                                         (NNY)          (NYV)*****         (NNP)           (NAN)         (NXK)
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
Distributions from net tax-exempt income***          $  6,447,404   $    450,624       $ 11,827,384   $  7,301,446   $  5,057,663
Distributions from net ordinary income **                 535,895             --          1,105,907        651,694        466,316
Distributions from net long-term capital gains****        949,431             --          1,488,610        438,066        677,222
==================================================================================================================================




                                                                        NEW YORK           NEW YORK       NEW YORK
                                                         NEW YORK    PERFORMANCE           DIVIDEND       DIVIDEND
                                                            VALUE           PLUS          ADVANTAGE    ADVANTAGE 2
2008                                                         (NNY)          (NNP)              (NAN)          (NXK)
-------------------------------------------------------------------------------------------------------------------
                                                                                          
Distributions from net tax-exempt income             $  6,441,276   $ 14,832,086       $  8,711,129   $  5,933,482
Distributions from net ordinary income**                       --         18,150                 --             --
Distributions from net long-term capital gains            163,300        601,620            829,181        342,739
===================================================================================================================


**    Net ordinary income consists of taxable market discount income and net
      short-term capital gains, if any.

***   The Funds hereby designate these amounts paid during the fiscal year ended
      September 30, 2009, as Exempt Interest Dividends.

****  The Funds designated as a long-term capital gain dividend, pursuant to the
      Internal Revenue Code Section 852(b)(3), the amount necessary to reduce
      earnings and profits of the Funds related to net capital gain to zero for
      the tax year ended September 30, 2009.

***** For the period April 28, 2009 (commencement of operations) through
      September 30, 2009.

New York Value 2 (NYV) has elected to defer net realized losses from investments
incurred from April 28, 2009 (commencement of operations) through September 30,
2009, the Fund's tax year end, ("post-October losses") in accordance with
federal income tax regulations. Post-October capital losses of $7,406 are
treated as having arisen on the first day of the following fiscal year.

7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund's management fee is separated into two components -- a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual Fund, and for New York Value (NNY) a gross interest
income component. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser.

New York Value (NNY) pays an annual fund-level fee, payable monthly, of .15% of
the average daily net assets of the Fund, as well as 4.125% of the gross
interest income (excluding interest on bonds underlying a "self-deposited
inverse floater" trust that is attributed to the Fund over and above the net
interest earned on the inverse floater itself) of the Fund.

The annual fund-level fee, payable monthly, for New York Performance Plus (NNP),
New York Dividend Advantage (NAN) and New York Dividend Advantage 2 (NXK) is
based upon the average daily net assets of each Fund as follows:

                                                 NEW YORK PERFORMANCE PLUS (NNP)
AVERAGE DAILY NET ASSETS (1)                                FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million                                                .4500%
For the next $125 million                                                 .4375
For the next $250 million                                                 .4250
For the next $500 million                                                 .4125
For the next $1 billion                                                   .4000
For the next $3 billion                                                   .3875
For net assets over $5 billion                                            .3750
================================================================================

                                               NEW YORK DIVIDEND ADVANTAGE (NAN)
                                             NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
AVERAGE DAILY NET ASSETS (1)                                FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million                                                .4500%
For the next $125 million                                                 .4375
For the next $250 million                                                 .4250
For the next $500 million                                                 .4125
For the next $1 billion                                                   .4000
For net assets over $2 billion                                            .3750
================================================================================

66 Nuveen Investments



The annual fund-level fee, payable monthly, for New York Value 2 (NYV) is based
upon the average daily managed net assets of the Fund as follows:

                                                          NEW YORK VALUE 2 (NYV)
AVERAGE DAILY MANAGED NET ASSETS (1)                        FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million                                                .4000%
For the next $125 million                                                 .3875
For the next $250 million                                                 .3750
For the next $500 million                                                 .3625
For the next $1 billion                                                   .3500
For net assets over $2 billion                                            .3375
================================================================================

The annual complex-level fee, payable monthly, which is
additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is
based on the aggregate amount of total fund net assets managed as stated in the
following table. As of September 30, 2009, the complex-level fee rate was
..1901%.

The complex-level fee schedule is as follows:

COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL (1)  EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion                                                               .2000%
$56 billion                                                               .1996
$57 billion                                                               .1989
$60 billion                                                               .1961
$63 billion                                                               .1931
$66 billion                                                               .1900
$71 billion                                                               .1851
$76 billion                                                               .1806
$80 billion                                                               .1773
$91 billion                                                               .1691
$125 billion                                                              .1599
$200 billion                                                              .1505
$250 billion                                                              .1469
$300 billion                                                              .1445
================================================================================

(1)   The complex-level fee component of the management fee for the funds is
      calculated based upon the aggregate daily managed net assets of all Nuveen
      funds, with such daily managed net assets defined separately for each fund
      in its management agreement, but excluding assets attributable to
      investments in other Nuveen funds. For the complex-level and fund-level
      fee components, daily managed net assets include assets managed by the
      Adviser that are attributable to financial leverage. For these purposes,
      financial leverage includes the funds 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 the TOB trust that has
      been effectively financed by the trust's issuance of floating rate
      securities, subject to an agreement by the Adviser to limit the amount of
      such assets for determining managed net assets in certain circumstances.

The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.

For the first ten years of New York Dividend Advantage's (NAN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                                    YEAR ENDING
JULY 31,                                       JULY 31,
--------------------------------------------------------------------------------
1999*                       .30%               2005                         .25%
2000                        .30                2006                         .20
2001                        .30                2007                         .15
2002                        .30                2008                         .10
2003                        .30                2009                         .05
2004                        .30
================================================================================

*     From the commencement of operations.

                                                           Nuveen Investments 67



| Notes to
| Financial Statements (continued)

The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for
any portion of its fees and expenses beyond July 31, 2009.

For the first ten years of New York Dividend Advantage 2's (NXK) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                                    YEAR ENDING
MARCH 31,                                      MARCH 31,
--------------------------------------------------------------------------------
2001*                       .30%               2007                         .25%
2002                        .30                2008                         .20
2003                        .30                2009                         .15
2004                        .30                2010                         .10
2005                        .30                2011                         .05
2006                        .30
================================================================================

*     From the commencement of operations.

The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for
any portion of its fees and expenses beyond March 31, 2011.

8. NEW ACCOUNTING STANDARDS

Accounting for Transfers of Financial Assets

During June 2009, the FASB issued changes to the authoritative guidance under
GAAP on accounting for transfers of financial assets. The objective of this
guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.

This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.

9. SUBSEQUENT EVENTS

Distributions to Common Shareholders

The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 2, 2009, to shareholders of record
on October 15, 2009, as follows:



                                                                       NEW YORK     NEW YORK         NEW YORK
                                        NEW YORK      NEW YORK      PERFORMANCE     DIVIDEND         DIVIDEND
                                           VALUE       VALUE 2             PLUS    ADVANTAGE      ADVANTAGE 2
                                            (NNY)         (NYV)            (NNP)        (NAN)            (NXK)
--------------------------------------------------------------------------------------------------------------
                                                                                   
Dividend per share                      $  .0355      $  .0640      $     .0670    $   .0645      $     .0655
==============================================================================================================


Municipal Term Preferred Shares (MTP)

On November 16, 2009, NAN filed with the Securities and Exchange Commission a
registration statement seeking to register MTP, a new form of closed-end fund
preferred shares. This registration statement, if declared effective by the SEC,
may enable the Fund to issue to the public shares of MTP to refinance all or a
portion of NAN's auction rate preferred shares. The issuance of MTP by NAN is
subject to market conditions, the receipt of ratings, and on final approval by
NAN's Board of Trustees. There is no assurance that MTP will be issued.

Evaluation Date

In May 2009, the FASB issued changes to authoritative guidance under GAAP for
subsequent events. This guidance requires an entity to recognize in the
financial statements the effects of all subsequent events that provide
additional evidence about conditions that existed at the date of the balance
sheet. This guidance is intended to establish general standards of accounting
and for disclosure of events that occur after the balance sheet date but before
financial statements are issued or are available to be issued. This guidance
requires the disclosure of the date through which an entity has evaluated
subsequent events and the basis for that date - that is, whether that date
represents the date the financial statements were issued or were available to be
issued. This guidance is effective for interim and annual periods ending after
June 15, 2009. The Funds have performed an evaluation of subsequent events
through November 25, 2009, which is the date the financial statements were
issued.

68 Nuveen Investments



| Financial
| Highlights

                                                           Nuveen Investments 69



| Financial
| Highlights

Selected data for a Common share outstanding throughout each period:



                                                          INVESTMENT OPERATIONS
                                     -------------------------------------------------------------------
                                                                DISTRIBUTIONS   DISTRIBUTIONS
                                                                     FROM NET            FROM
                         BEGINNING                                 INVESTMENT         CAPITAL
                            COMMON                        NET       INCOME TO        GAINS TO
                             SHARE          NET     REALIZED/       PREFERRED       PREFERRED
                         NET ASSET   INVESTMENT    UNREALIZED          SHARE-          SHARE-
                             VALUE       INCOME   GAIN (LOSS)         HOLDERS+        HOLDERS+     TOTAL
---------------------------------------------------------------------------------------------------------
                                                                              
NEW YORK VALUE (NNY)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                     $    9.28   $      .43   $       .73             N/A             N/A   $   1.16
2008                          9.94          .43          (.65)            N/A             N/A       (.22)
2007                         10.09          .43          (.15)            N/A             N/A        .28
2006                         10.07          .44           .01             N/A             N/A        .45
2005                         10.01          .45           .04             N/A             N/A        .49

NEW YORK VALUE 2 (NYV)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(a)                      14.33          .23          1.64             N/A             N/A       1.87
=========================================================================================================


                                 LESS DISTRIBUTIONS
                         ------------------------------------
                                 NET
                          INVESTMENT       CAPITAL                               ENDING
                           INCOME TO      GAINS TO                               COMMON
                              COMMON        COMMON                                SHARE    ENDING
                              SHARE-        SHARE-               OFFERING     NET ASSET    MARKET
                             HOLDERS       HOLDERS      TOTAL       COSTS         VALUE     VALUE
-------------------------------------------------------------------------------------------------
                                                                        
NEW YORK VALUE (NNY)
-------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                     $      (.43)  $      (.10)  $   (.53)  $      --   $      9.91   $  9.51
2008                            (.43)         (.01)      (.44)         --          9.28      9.01
2007                            (.43)           --       (.43)         --          9.94      9.50
2006                            (.43)           --       (.43)         --         10.09      9.51
2005                            (.43)           --       (.43)         --         10.07      9.26

NEW YORK VALUE 2 (NYV)
-------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(a)                         (.26)           --       (.26)       (.03)        15.91     14.84
=================================================================================================


70 Nuveen Investments





                                                                    RATIOS/SUPPLEMENTAL DATA
                                                  ----------------------------------------------------------------
                                                                            RATIOS TO AVERAGE NET ASSETS
                                                                             APPLICABLE TO COMMON SHARES
                              TOTAL RETURNS                                  BEFORE REIMBURSEMENT/REFUND
                         ----------------------                   ------------------------------------------------
                                          BASED         ENDING
                                             ON             NET
                           BASED         COMMON          ASSETS
                              ON      SHARE NET      APPLICABLE        EXPENSES        EXPENSES                NET
                          MARKET          ASSET       TO COMMON       INCLUDING       EXCLUDING         INVESTMENT
                           VALUE**        VALUE**  SHARES (000)        INTEREST++(b)   INTEREST++           INCOME++
---------------------------------------------------------------------------------------------------------------------
                                                                                            
NEW YORK VALUE (NNY)
---------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                       11.78%         13.00%  $     150,063             .71%            .68%              4.58%
2008                        (.62)         (2.38)        140,285             .71             .68               4.39
2007                        4.40           2.79         150,321             .69             .65               4.32
2006                        7.50           4.56         152,573             .66             .66               4.35
2005                        5.88           4.95         152,236             .66             .66               4.44

NEW YORK VALUE 2 (NYV)
---------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009(a)                      .73          12.99          37,347             .84*            .84*              3.66*
=====================================================================================================================


                                         RATIOS/SUPPLEMENTAL DATA
                         ---------------------------------------------------------
                                RATIOS TO AVERAGE NET ASSETS
                                 APPLICABLE TO COMMON SHARES
                                AFTER REIMBURSEMENT/REFUND***
                         -------------------------------------------
                            EXPENSES         EXPENSES            NET     PORTFOLIO
                            INCLUDING       EXCLUDING     INVESTMENT      TURNOVER
                             INTEREST++(b)   INTEREST++       INCOME++        RATE
-----------------------------------------------------------------------------------
                                                                   
NEW YORK VALUE (NNY)
-----------------------------------------------------------------------------------
Year Ended 9/30:
2009                              .71%            .68%          4.58%            3%
2008                              .71             .68           4.39            16
2007                              .69             .65           4.32            15
2006                              .65             .65           4.38            13
2005                              .66             .66           4.46            18

NEW YORK VALUE 2 (NYV)
-----------------------------------------------------------------------------------
Year Ended 9/30:
2009(a)                          . 84*            .84*          3.66*            4
===================================================================================


N/A   Fund is not authorized to issue Preferred shares.

*     Annualized.

**    Total Return Based on Market Value is the combination of changes in the
      market price per share and the effect of reinvested dividend income and
      reinvested capital gains distributions, if any, at the average price paid
      per share at the time of reinvestment. The last dividend declared in the
      period, which is typically paid on the first business day of the following
      month, is assumed to be reinvested at the ending market price. The actual
      reinvestment for the last dividend declared in the period may take place
      over several days, and in some instances may not be based on the market
      price, so the actual reinvestment price may be different from the price
      used in the calculation. Total returns are not annualized.

      Total Return Based on Common Share Net Asset Value is the combination of
      changes in Common share net asset value, reinvested dividend income at net
      asset value and reinvested capital gains distributions at net asset value,
      if any. The last dividend declared in the period, which is typically paid
      on the first business day of the following month, is assumed to be
      reinvested at the ending net asset value. The actual reinvest price for
      the last dividend declared in the period may often be based on the Fund's
      market price (and not its net asset value), and therefore may be different
      from the price used in the calculation. Total returns are not annualized.

***   After expense reimbursement, legal fee refund, where applicable. Expense
      ratios do not reflect the reduction of custodian fee credits earned on the
      Fund's net cash on deposit with the custodian bank, where applicable.

+     The amounts shown are based on Common share equivalents.

++    Ratios do not reflect the effect of dividend payments to Preferred
      shareholders; Net Investment Income ratios reflect income earned and
      expenses incurred on assets attributable to Preferred shares.

(a)   For the period April 28, 2009 (commencement of operations) through
      September 30, 2009.

(b)   The expense ratios in the above table 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, as described in Footnote 1 - Inverse
      Floating Rate Securities.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 71



| Financial
| Highlights (continued)

Selected data for a Common share outstanding throughout each period:



                                                                            INVESTMENT OPERATIONS
                                                    ---------------------------------------------------------------------
                                                                                  DISTRIBUTIONS  DISTRIBUTIONS
                                                                                       FROM NET           FROM
                                        BEGINNING                                    INVESTMENT        CAPITAL
                                           COMMON                          NET        INCOME TO       GAINS TO
                                            SHARE            NET     REALIZED/        PREFERRED      PREFERRED
                                        NET ASSET     INVESTMENT    UNREALIZED           SHARE-         SHARE-
                                            VALUE         INCOME   GAIN (LOSS)          HOLDERS+       HOLDERS+     TOTAL
--------------------------------------------------------------------------------------------------------------------------
                                                                                                
NEW YORK PERFORMANCE PLUS (NNP)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                $       13.74   $        .96   $      1.89     $       (.05)  $       (.04)   $  2.76
2008                                        15.48            .98         (1.69)            (.27)          (.01)      (.99)
2007                                        16.01            .99          (.41)            (.27)          (.01)       .30
2006                                        16.44           1.01            --***          (.20)          (.05)       .76
2005                                        16.50           1.05           .10             (.14)            --***    1.01

NEW YORK DIVIDEND ADVANTAGE (NAN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                        13.12            .93          1.68             (.06)          (.03)      2.52
2008                                        14.95            .96         (1.76)            (.24)          (.02)     (1.06)
2007                                        15.49            .97          (.39)            (.24)          (.02)       .32
2006                                        15.83            .98            --***          (.21)          (.03)       .74
2005                                        15.83           1.03           .09             (.13)            --        .99
==========================================================================================================================


                                            LESS DISTRIBUTIONS
                                    ----------------------------------
                                           NET
                                    INVESTMENT      CAPITAL                                 ENDING
                                     INCOME TO     GAINS TO                                 COMMON
                                        COMMON       COMMON                                  SHARE       ENDING
                                        SHARE-       SHARE-                OFFERING      NET ASSET       MARKET
                                       HOLDERS      HOLDERS      TOTAL        COSTS          VALUE        VALUE
----------------------------------------------------------------------------------------------------------------
                                                                                   
NEW YORK PERFORMANCE PLUS (NNP)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                $     (.74)  $     (.13)  $   (.87)  $       --   $      15.63   $    14.77
2008                                      (.72)        (.03)      (.75)          --          13.74        11.16
2007                                      (.77)        (.06)      (.83)          --          15.48        14.30
2006                                      (.89)        (.30)     (1.19)          --          16.01        15.88
2005                                      (.99)        (.08)     (1.07)          --          16.44        16.01

NEW YORK DIVIDEND ADVANTAGE (NAN)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                      (.73)        (.09)      (.82)          --          14.82        13.38
2008                                      (.70)        (.07)      (.77)          --          13.12        11.36
2007                                      (.77)        (.09)      (.86)          --          14.95        14.33
2006                                      (.89)        (.19)     (1.08)          --          15.49        15.60
2005                                      (.99)          --       (.99)          --          15.83        16.11
================================================================================================================




                                             PREFERRED SHARES AT END OF PERIOD
                                     ------------------------------------------------
                                         AGGREGATE       LIQUIDATION
                                            AMOUNT        AND MARKET            ASSET
                                       OUTSTANDING             VALUE         COVERAGE
                                             (000)         PER SHARE        PER SHARE
-------------------------------------------------------------------------------------
                                                               
NEW YORK PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                 $      87,650    $       25,000    $      92,059
2008                                        87,650            25,000           84,035
2007                                       124,300            25,000           71,914
2006                                       124,300            25,000           73,395
2005                                       124,300            25,000           74,528

NEW YORK DIVIDEND ADVANTAGE (NAN)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                        51,400            25,000           91,765
2008                                        51,400            25,000           84,112
2007                                        69,000            25,000           75,183
2006                                        69,000            25,000           76,865
2005                                        69,000            25,000           77,790
=====================================================================================


72 Nuveen Investments





                                                                                   RATIOS/SUPPLEMENTAL DATA
                                                                 -----------------------------------------------------------
                                                                                       RATIOS TO AVERAGE NET ASSETS
                                                                                        APPLICABLE TO COMMON SHARES
                                           TOTAL RETURNS                                  BEFORE REIMBURSEMENT
                                    --------------------------                  --------------------------------------------
                                                         BASED        ENDING
                                                            ON           NET
                                          BASED         COMMON        ASSETS
                                             ON      SHARE NET    APPLICABLE        EXPENSES        EXPENSES             NET
                                         MARKET          ASSET     TO COMMON       INCLUDING       EXCLUDING      INVESTMENT
                                          VALUE*         VALUE*  SHARES (000)       INTEREST++(a)   INTEREST++        INCOME++
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
NEW YORK PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                      42.29%         21.05%  $   235,108            1.39%           1.17%           6.91%
2008                                     (17.61)         (6.71)      206,976            1.42            1.27            6.48
2007                                      (5.02)          1.90       233,258            1.29            1.22            6.33
2006                                       6.69           4.91       240,618            1.22            1.22            6.33
2005                                       9.37           6.29       246,255            1.20            1.20            6.36

NEW YORK DIVIDEND ADVANTAGE (NAN)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                      26.58          20.29       137,268            1.37            1.17            7.07
2008                                     (16.02)         (7.45)      121,533            1.36            1.23            6.45
2007                                      (2.86)          2.07       138,504            1.29            1.19            6.15
2006                                       3.49           4.91       143,147            1.18            1.18            6.11
2005                                      14.24           6.38       145,701            1.16            1.16            6.13
===============================================================================================================================


                                                        RATIOS/SUPPLEMENTAL DATA
                                    ------------------------------------------------------------------
                                               RATIOS TO AVERAGE NET ASSETS
                                                APPLICABLE TO COMMON SHARES
                                                   AFTER REIMBURSEMENT**
                                    --------------------------------------------------
                                        EXPENSES            EXPENSES               NET       PORTFOLIO
                                       INCLUDING           EXCLUDING        INVESTMENT        TURNOVER
                                        INTEREST++(a)       INTEREST++          INCOME++          RATE
-------------------------------------------------------------------------------------------------------
                                                                                       
NEW YORK PERFORMANCE PLUS (NNP)
-------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                        1.39%               1.17%             6.91%              1%
2008                                        1.42                1.27              6.48              16
2007                                        1.29                1.22              6.33              14
2006                                        1.22                1.22              6.33              13
2005                                        1.20                1.20              6.36              16

NEW YORK DIVIDEND ADVANTAGE (NAN)
-------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                        1.31                1.11              7.13               4
2008                                        1.22                1.09              6.59              17
2007                                        1.07                 .97              6.36              18
2006                                         .89                 .89              6.40              15
2005                                         .81                 .81              6.49              20
=======================================================================================================


*     Total Return Based on Market Value is the combination of changes in the
      market price per share and the effect of reinvested dividend income and
      reinvested capital gains distributions, if any, at the average price paid
      per share at the time of reinvestment. The last dividend declared in the
      period, which is typically paid on the first business day of the following
      month, is assumed to be reinvested at the ending market price. The actual
      reinvestment for the last dividend declared in the period may take place
      over several days, and in some instances may not be based on the market
      price, so the actual reinvestment price may be different from the price
      used in the calculation. Total returns are not annualized.

      Total Return Based on Common Share Net Asset Value is the combination of
      changes in Common share net asset value, reinvested dividend income at net
      asset value and reinvested capital gains distributions at net asset value,
      if any. The last dividend declared in the period, which is typically paid
      on the first business day of the following month, is assumed to be
      reinvested at the ending net asset value. The actual reinvest price for
      the last dividend declared in the period may often be based on the Fund's
      market price (and not its net asset value), and therefore may be different
      from the price used in the calculation. Total returns are not annualized.

**    After expense reimbursement, where applicable. Expense ratios do not
      reflect the reduction of custodian fee credits earned on the Fund's net
      cash on deposit with the custodian bank, where applicable.

***   Rounds to less than $.01 per share.

+     The amounts shown are based on Common share equivalents.

++    Ratios do not reflect the effect of dividend payments to Preferred
      shareholders; Net Investment Income ratios reflect income earned and
      expenses incurred on assets attributable to Preferred shares.

(a)   The expense ratios in the above table 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, as described in Footnote 1 - Inverse
      Floating Rate Securities.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 73



| Financial
| Highlights (continued)

Selected data for a Common share outstanding throughout each period:



                                                                           INVESTMENT OPERATIONS
                                                  ------------------------------------------------------------------------
                                                                                DISTRIBUTIONS    DISTRIBUTIONS
                                                                                     FROM NET             FROM
                                      BEGINNING                                    INVESTMENT          CAPITAL
                                         COMMON                         NET         INCOME TO         GAINS TO
                                          SHARE          NET      REALIZED/         PREFERRED        PREFERRED
                                      NET ASSET   INVESTMENT     UNREALIZED            SHARE-           SHARE-
                                          VALUE       INCOME    GAIN (LOSS)           HOLDERS+         HOLDERS+      TOTAL
---------------------------------------------------------------------------------------------------------------------------
                                                                                                 
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                  $   13.14   $      .92   $       1.66   $          (.05)  $         (.04)    $  2.49
2008                                      14.80          .95          (1.64)             (.23)            (.01)       (.93)
2007                                      15.29          .95           (.34)             (.24)            (.02)        .35
2006                                      15.57          .97            .05              (.20)            (.03)        .79
2005                                      15.60         1.01            .10              (.13)              --***      .98
===========================================================================================================================


                                              LESS DISTRIBUTIONS
                                      -----------------------------------

                                              NET
                                       INVESTMENT      CAPITAL                              ENDING
                                        INCOME TO     GAINS TO                              COMMON
                                           COMMON       COMMON                                SHARE      ENDING
                                           SHARE-       SHARE-                OFFERING    NET ASSET      MARKET
                                          HOLDERS      HOLDERS      TOTAL        COSTS        VALUE       VALUE
----------------------------------------------------------------------------------------------------------------
                                                                                    
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                  $      (.73)  $     (.14)  $   (.87)  $       --   $    14.76   $   13.41
2008                                         (.69)        (.04)      (.73)          --        13.14       11.15
2007                                         (.76)        (.08)      (.84)          --        14.80       14.16
2006                                         (.87)        (.20)     (1.07)          --        15.29       15.47
2005                                         (.95)        (.06)     (1.01)          --        15.57       15.34
================================================================================================================




                                            PREFERRED SHARES AT END OF PERIOD
                                      ---------------------------------------------
                                           AGGREGATE      LIQUIDATION
                                              AMOUNT       AND MARKET         ASSET
                                         OUTSTANDING            VALUE      COVERAGE
                                               (000)        PER SHARE     PER SHARE
-----------------------------------------------------------------------------------
                                                                
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
-----------------------------------------------------------------------------------
Year Ended 9/30:
2009                                  $       34,100    $      25,000    $   95,198
2008                                          34,100           25,000        87,566
2007                                          47,000           25,000        76,140
2006                                          47,000           25,000        77,695
2005                                          47,000           25,000        78,514
===================================================================================


74 Nuveen Investments





                                                                                    RATIOS/SUPPLEMENTAL DATA
                                                                 ----------------------------------------------------------------
                                                                                            RATIOS TO AVERAGE NET ASSETS
                                                                                             APPLICABLE TO COMMON SHARES
                                            TOTAL RETURNS                                       BEFORE REIMBURSEMENT
                                      ------------------------                    -----------------------------------------------
                                                         BASED           ENDING
                                                            ON              NET
                                          BASED         COMMON           ASSETS
                                             ON      SHARE NET       APPLICABLE      EXPENSES           EXPENSES              NET
                                         MARKET          ASSET        TO COMMON     INCLUDING          EXCLUDING       INVESTMENT
                                          VALUE*         VALUE*    SHARES (000)      INTEREST++(a)      INTEREST++         INCOME++
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                      29.95%         20.06%  $       95,751          1.36%              1.16%            6.83%
2008                                     (16.79)         (6.63)          85,340          1.37               1.23             6.25
2007                                      (3.20)          2.35           96,144          1.32               1.22             5.98
2006                                       7.96           5.37           99,067          1.19               1.19             5.96
2005                                      10.61           6.45          100,606          1.18               1.18             6.01
====================================================================================================================================


                                                  RATIOS/SUPPLEMENTAL DATA
                                      ------------------------------------------------
                                                RATIOS TO AVERAGE NET ASSETS
                                                 APPLICABLE TO COMMON SHARES
                                                     AFTER REIMBURSEMENT**
                                      ------------------------------------------------

                                        EXPENSES           EXPENSES                NET         PORTFOLIO
                                       INCLUDING          EXCLUDING         INVESTMENT          TURNOVER
                                        INTEREST++(a)      INTEREST++           INCOME++            RATE
---------------------------------------------------------------------------------------------------------
                                                                                         
NEW YORK DIVIDEND ADVANTAGE 2 (NXK)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009                                        1.18%               .98%              7.01%                0%
2008                                        1.11                .97               6.51                17
2007                                         .99                .89               6.31                17
2006                                         .78                .78               6.36                14
2005                                         .74                .74               6.45                19
=========================================================================================================


*     Total Return Based on Market Value is the combination of changes in the
      market price per share and the effect of reinvested dividend income and
      reinvested capital gains distributions, if any, at the average price paid
      per share at the time of reinvestment. The last dividend declared in the
      period, which is typically paid on the first business day of the following
      month, is assumed to be reinvested at the ending market price. The actual
      reinvestment for the last dividend declared in the period may take place
      over several days, and in some instances may not be based on the market
      price, so the actual reinvestment price may be different from the price
      used in the calculation. Total returns are not annualized.

      Total Return Based on Common Share Net Asset Value is the combination of
      changes in Common share net asset value, reinvested dividend income at net
      asset value and reinvested capital gains distributions at net asset value,
      if any. The last dividend declared in the period, which is typically paid
      on the first business day of the following month, is assumed to be
      reinvested at the ending net asset value. The actual reinvest price for
      the last dividend declared in the period may often be based on the Fund's
      market price (and not its net asset value), and therefore may be different
      from the price used in the calculation. Total returns are not annualized.

**    After expense reimbursement, where applicable. Expense ratios do not
      reflect the reduction of custodian fee credits earned on the Fund's net
      cash on deposit with the custodian bank, where applicable.

***   Rounds to less than $.01 per share.

+     The amounts shown are based on Common share equivalents.

++    Ratios do not reflect the effect of dividend payments to Preferred
      shareholders; Net Investment Income ratios reflect Net Investment Income
      earned and expenses incurred on assets attributable to Preferred shares.

(a)   The expense ratios in the above table 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, as described in Footnote 1 - Inverse
      Floating Rate Securities.

                                 See accompanying notes to financial statements.

                                                           Nuveen Investments 75



Board Members & Officers

The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at nine. None of the board members who are not "interested" persons of the Funds
(referred to herein as "independent board members") has ever been a director or
employee of, or consultant to, Nuveen or its affiliates. The names and business
addresses of the board members and officers of the Funds, their principal
occupations and other affiliations during the past five years, the number of
portfolios each oversees and other directorships they hold are set forth below.



                                                                            NUMBER             PRINCIPAL
                                                           YEAR FIRST       OF PORTFOLIOS      OCCUPATION(S)
      NAME,                                                ELECTED OR       IN FUND COMPLEX    INCLUDING OTHER
      BIRTHDATE                   POSITION(S) HELD         APPOINTED        OVERSEEN BY        DIRECTORSHIPS
      & ADDRESS                   WITH THE FUNDS           AND TERM(1)      BOARD MEMBER       DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
INDEPENDENT BOARD MEMBERS:
o     ROBERT P. BREMNER                                                                        Private Investor and Management
      8/22/40                     Chairman of                                                  Consultant; Treasurer and Director,
      333 W. Wacker Drive         the Board                1997             197                Humanities Council of Washington D.C.
      Chicago, IL 60606           and Board Member

o     JACK B. EVANS                                                                            President, The Hall-Perrine
      10/22/48                                                                                 Foundation, a private philanthropic
      333 W. Wacker Drive         Board Member             1999             197                corporation (since 1996); Director
      Chicago, IL 60606                                                                        and Chairman, United Fire Group, a
                                                                                               publicly held company; President Pro
                                                                                               Tem of the Board of Regents for the
                                                                                               State of Iowa University System;
                                                                                               Director, Gazette Companies; Life
                                                                                               Trustee of Coe College and the Iowa
                                                                                               College Foundation; formerly,
                                                                                               Director, Alliant Energy; formerly,
                                                                                               Director, Federal Reserve Bank of
                                                                                               Chicago; formerly, President and
                                                                                               Chief Operating Officer, SCI
                                                                                               Financial Group, Inc., a regional
                                                                                               financial services firm.

o     WILLIAM C. HUNTER                                                                        Dean, Tippie College of Business,
      3/6/48                                                                                   University of Iowa (since 2006);
      333 W. Wacker Drive         Board Member             2004             197                Director (since 2004) of Xerox
      Chicago, IL 60606                                                                        Corporation; Director (since 2005),
                                                                                               Beta Gamma Sigma International Honor
                                                                                               Society; formerly, Dean and
                                                                                               Distinguished Professor of Finance,
                                                                                               School of Business at the University
                                                                                               of Connecticut (2003-2006);
                                                                                               previously, Senior Vice President and
                                                                                               Director of Research at the Federal
                                                                                               Reserve Bank of Chicago (1995-2003);
                                                                                               Director, SS&C Technologies, Inc.
                                                                                               (May 2005-October 2005); formerly,
                                                                                               Director (1997-2007), Credit Research
                                                                                               Center at Georgetown University.

o     DAVID J. KUNDERT                                                                         Director, Northwestern Mutual Wealth
      10/28/42                                                                                 Management Company; retired (since
      333 W. Wacker Drive         Board Member             2005             197                2004) as Chairman, JPMorgan Fleming
      Chicago, IL 60606                                                                        Asset Management, President and CEO,
                                                                                               Banc One Investment Advisors
                                                                                               Corporation, and President, One Group
                                                                                               Mutual Funds; prior thereto,
                                                                                               Executive Vice President, Banc One
                                                                                               Corporation and Chairman and CEO,
                                                                                               Banc One Investment Management Group;
                                                                                               Member, Board of Regents, Luther
                                                                                               College; member of the Wisconsin Bar
                                                                                               Association; member of Board of
                                                                                               Directors, Friends of Boerner
                                                                                               Botanical Gardens; member of
                                                                                               Investment Committee, Greater
                                                                                               Milwaukee Foundation.

o     WILLIAM J. SCHNEIDER                                                                     Chairman of Miller-Valentine Partners
      9/24/44                                                                                  Ltd., a real estate investment
      333 W. Wacker Drive              Board Member        1997             197                company; formerly, Senior Partner and
      Chicago, IL 60606                                                                        Chief Operating Officer (retired,
                                                                                               2004) of Miller-Valentine Group;
                                                                                               member, University of Dayton Business
                                                                                               School Advisory Council; member,
                                                                                               Dayton Philharmonic Orchestra
                                                                                               Association; formerly, member,
                                                                                               Business Advisory Council, Cleveland
                                                                                               Federal Reserve Bank; formerly,
                                                                                               Director, Dayton Development
                                                                                               Coalition.


76 Nuveen Investments





                                                                            NUMBER             PRINCIPAL
                                                           YEAR FIRST       OF PORTFOLIOS      OCCUPATION(S)
      NAME,                                                ELECTED OR       IN FUND COMPLEX    INCLUDING OTHER
      BIRTHDATE                   POSITION(S) HELD         APPOINTED        OVERSEEN BY        DIRECTORSHIPS
      & ADDRESS                   WITH THE FUNDS           AND TERM(1)      BOARD MEMBER       DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
INDEPENDENT BOARD MEMBERS:

o     JUDITH M. STOCKDALE                                                                      Executive Director, Gaylord and
      12/29/47                                                                                 Dorothy Donnelley Foundation (since
      333 W. Wacker Drive         Board Member             1997             197                1994); prior thereto, Executive
      Chicago, IL 60606                                                                        Director, Great Lakes Protection Fund
                                                                                               (from 1990 to 1994).

o     CAROLE E. STONE                                                                          Director, Chicago Board Options
      6/28/47                                                                                  Exchange (since 2006); Director, C2
      333 W. Wacker Drive         Board Member             2007             197                Options Exchange, Incorporated (since
      Chicago, IL 60606                                                                        2009); Commissioner, New York State
                                                                                               Commission on Public Authority Reform
                                                                                               (since 2005); formerly, Chair, New
                                                                                               York Racing Association Oversight
                                                                                               Board (2005-2007).

o     TERENCE J. TOTH                                                                          Director, Legal & General Investment
      9/29/59                                                                                  Management America, Inc. (since
      333 W. Wacker Drive         Board Member             2008             197                2008); Managing Partner, Musso
      Chicago, IL 60606                                                                        Capital Management (since 2008);
                                                                                               formerly, CEO and President, Northern
                                                                                               Trust Investments (2004-2007);
                                                                                               Executive Vice President,
                                                                                               Quantitative Management & Securities
                                                                                               Lending (2004-2007); prior thereto,
                                                                                               various positions with Northern Trust
                                                                                               Company (since 1994); Member: Goodman
                                                                                               Theatre Board (since 2004), Chicago
                                                                                               Fellowship Boards (since 2005),
                                                                                               University of Illinois Leadership
                                                                                               Council Board (since 2007) and
                                                                                               Catalyst Schools of Chicago Board
                                                                                               (since 2008); formerly, Member:
                                                                                               Northern Trust Mutual Funds Board
                                                                                               (2005-2007), Northern Trust
                                                                                               Investments Board (2004-2007),
                                                                                               Northern Trust Japan Board
                                                                                               (2004-2007), Northern Trust
                                                                                               Securities Inc. Board (2003-2007) and
                                                                                               Northern Trust Hong Kong Board
                                                                                               (1997-2004).

INTERESTED BOARD MEMBER:

o     JOHN P. AMBOIAN(2)                                                                       Chief Executive Officer (since July
      6/14/61                                                                                  2007) and Director (since 1999) of
      333 W. Wacker Drive         Board Member             2008             197                Nuveen Investments, Inc.; Chief
      Chicago, IL 60606                                                                        Executive Officer (since 2007) of
                                                                                               Nuveen Asset Management, Nuveen
                                                                                               Investments Advisors, Inc. formerly,
                                                                                               President (1999-2004) of Nuveen
                                                                                               Advisory Corp. and Nuveen
                                                                                               Institutional Advisory Corp.(3)


                                                           Nuveen Investments 77



Board Members & Officers (continued)



                                                                            NUMBER
                                                                            OF PORTFOLIOS
      NAME,                                                YEAR FIRST       IN FUND COMPLEX    PRINCIPAL
      BIRTHDATE                   POSITION(S) HELD         ELECTED OR       OVERSEEN           OCCUPATION(S)
      AND ADDRESS                 WITH THE FUNDS           APPOINTED(4)     BY OFFICER         DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
OFFICERS OF THE FUNDS:

o     GIFFORD R. ZIMMERMAN                                                                     Managing Director (since 2002),
      9/9/56                      Chief                                                        Assistant Secretary and Associate
      333 W. Wacker Drive         Administrative           1988             197                General Counsel of Nuveen
      Chicago, IL 60606           Officer                                                      Investments, LLC; Managing Director,
                                                                                               Associate General Counsel and
                                                                                               Assistant Secretary, of Nuveen Asset
                                                                                               Management (since 2002) and of
                                                                                               Symphony Asset Management LLC, (since
                                                                                               2003); Vice President and Assistant
                                                                                               Secretary of NWQ Investment
                                                                                               Management Company, LLC. (since
                                                                                               2002), Nuveen Investments Advisers
                                                                                               Inc. (since 2002), Tradewinds Global
                                                                                               Investors, LLC, and Santa Barbara
                                                                                               Asset Management, LLC (since 2006),
                                                                                               Nuveen HydePark Group LLC and Nuveen
                                                                                               Investment Solutions, Inc. (since
                                                                                               2007); Managing Director (since 2004)
                                                                                               and Assistant Secretary (since 1994)
                                                                                               of Nuveen Investments, Inc.;
                                                                                               formerly, Managing Director
                                                                                               (2002-2004), General Counsel
                                                                                               (1998-2004) and Assistant Secretary
                                                                                               of Nuveen Advisory Corp. and Nuveen
                                                                                               Institutional Advisory Corp.(3);
                                                                                               Chartered Financial Analyst.

o     WILLIAM ADAMS IV                                                                         Executive Vice President of Nuveen
      6/9/55                                                                                   Investments, Inc.; Executive Vice
      333 W. Wacker Drive         Vice President           2007             122                President, U.S. Structured Products
      Chicago, IL 60606                                                                        of Nuveen Investments, LLC, (since
                                                                                               1999), prior thereto, Managing
                                                                                               Director of Structured Investments.

o     MARK J.P. ANSON                                                                          President and Executive Director of
      6/10/59                                                                                  Nuveen Investments, Inc. (since
      333 W. Wacker Drive         Vice President           2009             197                2007); President of Nuveen
      Chicago, IL 60606                                                                        Investments Institutional Services
                                                                                               Group LLC (since 2007); previously,
                                                                                               Chief Executive Officer of the
                                                                                               British Telecom Pension Scheme
                                                                                               (2006-2007) and Chief Investment
                                                                                               Officer of Calpers (1999-2006); PhD,
                                                                                               Chartered Financial Analyst,
                                                                                               Chartered Alternative Investment
                                                                                               Analyst, Certified Public Accountant,
                                                                                               Certified Management Accountant and
                                                                                               Certified Internal Auditor.

o     CEDRIC H. ANTOSIEWICZ                                                                    Managing Director, (since 2004),
      1/11/62                                                                                  previously, Vice President
      333 W. Wacker Drive         Vice President           2007             122                (1993-2004) of Nuveen Investments,
      Chicago, IL 60606                                                                        LLC.

o     NIZIDA ARRIAGA                                                                           Vice President (since 2007) of Nuveen
      6/1/68                                                                                   Investments, LLC; previously,
      333 W. Wacker Drive         Vice President           2009             197                Portfolio Manager, Allstate
      Chicago, IL 60606                                                                        Investments, LLC (1996-2006);
                                                                                               Chartered Financial Analyst.

o     MICHAEL T. ATKINSON                                                                      Vice President (since 2002) of Nuveen
      2/3/66                      Vice President                                               Investments, LLC.; Vice President of
      333 W. Wacker Drive         and Assistant            2000             197                Nuveen Asset Management (since 2005).
      Chicago, IL 60606           Secretary

o     MARGO L. COOK                                                                            Executive Vice President (since Oct
      4/11/64                                                                                  2008) of Nuveen Investments, Inc.;
      333 W. Wacker Drive         Vice President           2009             197                previously, Head of Institutional
      Chicago, IL 60606                                                                        Asset Management (2007-2008) of Bear
                                                                                               Stearns Asset Management; Head of
                                                                                               Institutional Asset Mgt (1986-2007)
                                                                                               of Bank of NY Mellon; Chartered
                                                                                               Financial Analyst.

o     LORNA C. FERGUSON                                                                        Managing Director (since 2004) of
      10/24/45                                                                                 Nuveen Investments, LLC; Managing
      333 W. Wacker Drive         Vice President           1998             197                Director (since 2005) of Nuveen Asset
      Chicago, IL 60606                                                                        Management; Managing Director
                                                                                               (2004-2005), of Nuveen Advisory Corp.
                                                                                               and Nuveen Institutional Advisory
                                                                                               Corp.(3)


78 Nuveen Investments





                                                                            NUMBER
                                                                            OF PORTFOLIOS
      NAME,                                                YEAR FIRST       IN FUND COMPLEX    PRINCIPAL
      BIRTHDATE                   POSITION(S) HELD         ELECTED OR       OVERSEEN           OCCUPATION(S)
      AND ADDRESS                 WITH THE FUNDS           APPOINTED(4)     BY OFFICER         DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
OFFICERS OF THE FUNDS:

o     STEPHEN D. FOY                                                                           Vice President (since 1993) and Funds
      5/31/54                     Vice President                                               Controller (since 1998) of Nuveen
      333 W. Wacker Drive         and Controller           1998             197                Investments, LLC; Vice President
      Chicago, IL 60606                                                                        (since 2005) of Nuveen Asset
                                                                                               Management; Certified Public
                                                                                               Accountant.

o     WILLIAM T. HUFFMAN                                                                       Chief Operating Officer, Municipal
      5/7/69                                                                                   Fixed Income (since 2008) of Nuveen
      333 W. Wacker Drive         Vice President           2009             133                Asset Management; previously,
      Chicago, IL 60606                                                                        Chairman, President and Chief
                                                                                               Executive Officer (2002 - 2007) of
                                                                                               Northern Trust Global Advisors, Inc.
                                                                                               and Chief Executive Officer (2007) of
                                                                                               Northern Trust Global Investments
                                                                                               Limited; Certified Public Accountant.

o     WALTER M. KELLY                                                                          Senior Vice President (since 2008),
      2/24/70                     Chief Compliance                                             Vice President (2006-2008) formerly,
      333 W. Wacker Drive         Officer and              2003             197                Assistant Vice President and
      Chicago, IL 60606           Vice President                                               Assistant General Counsel (2003-2006)
                                                                                               of Nuveen Investments, LLC; Vice
                                                                                               President (since 2006) and Assistant
                                                                                               Secretary (since 2008) of Nuveen
                                                                                               Asset Management.

o     DAVID J. LAMB                                                                            Senior Vice President (since 2009),
      3/22/63                                                                                  formerly, Vice President (2000-2009)
      333 W. Wacker Drive         Vice President           2000             197                of Nuveen Investments, LLC; Vice
      Chicago, IL 60606                                                                        President (since 2005) of Nuveen
                                                                                               Asset Management; Certified Public
                                                                                               Accountant.

o     TINA M. LAZAR                                                                            Senior Vice President (since 2009),
      8/27/61                                                                                  formerly, Vice President of Nuveen
      333 W. Wacker Drive         Vice President           2002             197                Investments, LLC (1999-2009); Vice
      Chicago, IL 60606                                                                        President of Nuveen Asset Management
                                                                                               (since 2005).

o     LARRY W. MARTIN                                                                          Vice President, Assistant Secretary
      7/27/51                                                                                  and Assistant General Counsel of
      333 W. Wacker Drive         Vice President                                               Nuveen Investments, LLC; Vice
      Chicago, IL 60606           and Assistant            1988             197                President (since 2005) and Assistant
                                  Secretary                                                    Secretary of Nuveen Investments,
                                                                                               Inc.; Vice President (since 2005) and
                                                                                               Assistant Secretary (since 1997) of
                                                                                               Nuveen Asset Management; Vice
                                                                                               President and Assistant Secretary of
                                                                                               Nuveen Investments Advisers Inc.
                                                                                               (since 2002); NWQ Investment
                                                                                               Management Company, LLC (since 2002),
                                                                                               Symphony Asset Management LLC (since
                                                                                               2003), Tradewinds Global Investors,
                                                                                               LLC, Santa Barbara Asset Management
                                                                                               LLC (since 2006) and of Nuveen
                                                                                               HydePark Group, LLC and Nuveen
                                                                                               Investment Solutions, Inc. (since
                                                                                               2007); formerly, Vice President and
                                                                                               Assistant Secretary of Nuveen
                                                                                               Advisory Corp. and Nuveen
                                                                                               Institutional Advisory Corp.(3)

o     KEVIN J. MCCARTHY                                                                        Managing Director (since 2008),
      3/26/66                     Vice President                                               formerly, Vice President (2007-2008),
      333 W. Wacker Drive         and Secretary            2007             197                Nuveen Investments, LLC; Managing
      Chicago, IL 60606                                                                        Director (since 2008), formerly, Vice
                                                                                               President, and Assistant Secretary,
                                                                                               Nuveen Asset Management, and Nuveen
                                                                                               Investments Holdings, Inc.; Vice
                                                                                               President (since 2007) and Assistant
                                                                                               Secretary, Nuveen Investment Advisers
                                                                                               Inc., Nuveen Investment Institutional
                                                                                               Services Group LLC, NWQ Investment
                                                                                               Management Company, LLC, Tradewinds
                                                                                               Global Investors LLC, NWQ Holdings,
                                                                                               LLC, Symphony Asset Management LLC,
                                                                                               Santa Barbara Asset Management LLC,
                                                                                               Nuveen HydePark Group, LLC and Nuveen
                                                                                               Investment Solutions, Inc. (since
                                                                                               2007); prior thereto, Partner, Bell,
                                                                                               Boyd & Lloyd LLP (1997-2007).


                                                           Nuveen Investments 79



Board Members & Officers (continued)



                                                                            NUMBER
                                                                            OF PORTFOLIOS
      NAME,                                                YEAR FIRST       IN FUND COMPLEX    PRINCIPAL
      BIRTHDATE                   POSITION(S) HELD         ELECTED OR       OVERSEEN           OCCUPATION(S)
      AND ADDRESS                 WITH THE FUNDS           APPOINTED(4)     BY OFFICER         DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                   
OFFICERS OF THE FUNDS:

o     JOHN V. MILLER                                                                           Chief Investment Officer and Managing
      4/10/67                                                                                  Director (since 2007), formerly, Vice
      333 W. Wacker Drive         Vice President           2007             133                President (2002-2007) of Nuveen Asset
      Chicago, IL 60606                                                                        Management and Managing Director
                                                                                               (since 2007), formerly Vice President
                                                                                               (2002-2007) Nuveen Investments, LLC;
                                                                                               Chartered Financial Analyst.

o     GREGORY MINO                                                                             Vice President of Nuveen Investments,
      1/4/71                                                                                   LLC (since 2008); previously,
      333 W. Wacker Drive         Vice President           2009             197                Director (2004-2007) and Executive
      Chicago, IL 60606                                                                        Director (2007-2008) of UBS Global
                                                                                               Asset Management; previously, Vice
                                                                                               President (2000-2003) and Director
                                                                                               (2003-2004) of Merrill Lynch
                                                                                               Investment Managers; Chartered
                                                                                               Financial Analyst.

o     CHRISTOPHER M. ROHRBACHER                                                                Vice President, Nuveen Investments,
      8/1/71                      Vice President                                               LLC (since 2008); Vice President and
      333 W. Wacker Drive         and Assistant            2008             197                Assistant Secretary, Nuveen Asset
      Chicago, IL 60606           Secretary                                                    Management (since 2008); prior
                                                                                               thereto, Associate, Skadden, Arps,
                                                                                               Slate Meagher & Flom LLP (2002-2008).

o     JAMES F. RUANE                                                                           Vice President, Nuveen Investments,
      7/3/62                      Vice President                                               LLC (since 2007); prior thereto,
      333 W. Wacker Drive         and Assistant            2007             197                Partner, Deloitte & Touche USA LLP
      Chicago, IL 60606           Secretary                                                    (2005-2007), formerly, senior tax
                                                                                               manager (2002-2005); Certified Public
                                                                                               Accountant.

o     MARK L. WINGET                                                                           Vice President, Nuveen Investments,
      12/21/68                    Vice President                                               LLC (since 2008); Vice President and
      333 W. Wacker Drive         and Assistant            2008             197                Assistant Secretary, Nuveen Asset
      Chicago, IL 60606           Secretary                                                    Management (since 2008); prior
                                                                                               thereto, Counsel, Vedder Price P.C.
                                                                                               (1997-2007).


(1)   For New York Municipal Value (NNY) and New York Municipal Value 2 (NYV)
      Board Members serve three year terms. The Board of Trustees for NNY and
      NYV are divided into three classes, Class I, Class II, and Class III, with
      each being elected to serve until the third succeeding annual
      shareholders' meeting subsequent to its election or thereafter in each
      case when its respective successors are duly elected or appointed. For New
      York Dividend Advantage (NAN) and New York Dividend Advantage 2 (NXK),
      Board Members serve three year terms, except for two board members who are
      elected by the holders of Preferred Shares. The Board of Trustees for NAN
      and NXK is divided into three classes, Class I, Class II, and Class III,
      with each being elected to serve until the third succeeding annual
      shareholders' meeting subsequent to its election or thereafter in each
      case when its respective successors are duly elected or appointed, except
      two board members are elected by the holders of Preferred Shares to serve
      until the next annual shareholders' meeting subsequent to its election or
      thereafter in each case when its respective successors are duly elected or
      appointed. For New York Performance Plus (NNP), the Board Members serve a
      one year term to serve until the next annual meeting or until their
      successors shall have been duly elected and qualified. The first year
      elected or appointed represents the year in which the board member was
      first elected or appointed to any fund in the Nuveen Complex

(2)   Mr. Amboian is an interested trustee because of his position with Nuveen
      Investments, Inc. and certain of its subsidiaries, which are affiliates of
      the Nuveen Funds.

(3)   Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
      reorganized into Nuveen Asset Management, effective January 1, 2005.

(4)   Officers serve one year terms through July of each year. The year first
      elected or appointed represents the year in which the Officer was first
      elected or appointed to any fund in the Nuveen Complex.

80 Nuveen Investments



Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in
substance, that each investment advisory agreement between a fund and its
investment adviser will continue in effect from year to year only if its
continuance is approved at least annually by the fund's board members, including
by a vote of a majority of the board members who are not parties to the advisory
agreement or "interested persons" of any parties (the "Independent Board
Members"), cast in person at a meeting called for the purpose of considering
such approval. In connection with such approvals, the fund's board members must
request and evaluate, and the investment adviser is required to furnish, such
information as may be reasonably necessary to evaluate the terms of the advisory
agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May
Meeting"), the Boards of Trustees or Directors (as the case may be) (each, a
"Board" and each Trustee or Director, a "Board Member") of the Funds (other than
the Nuveen New York Municipal Value Fund 2 (the "Municipal Value Fund 2")),
including a majority of the Independent Board Members, considered and approved
the continuation of the advisory agreements (each an "Advisory Agreement")
between each Fund (other than the Municipal Value Fund 2) and Nuveen Asset
Management ("NAM") for an additional one-year period. In preparation for their
considerations at the May Meeting, such Boards also held a separate meeting on
April 21-22, 2009 (the "April Meeting"). Accordingly, the factors considered and
determinations made regarding the renewals by the Independent Board Members
include those made at the April Meeting. The Municipal Value Fund 2 is a new
Fund. Accordingly, the initial Advisory Agreement between NAM and the Municipal
Value Fund 2 was approved separately at meetings of the Board of such Fund held
on February 27, 2009 and March 16, 2009.

The discussion of the approvals for the Funds other than the Municipal Value
Fund 2 is set forth below in Section I, followed by the discussion in Section II
of the approval for the Municipal Value Fund 2.

                                       I.
                   NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
              NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
                NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
               NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND 2

With respect to the Funds listed above (for purposes of this Section I, the
"Funds"), in evaluating the applicable Advisory Agreements (for purposes of this
Section I, the "Advisory Agreements"), the Independent Board Members reviewed a
broad range of information relating to the Funds and NAM, including absolute
performance, fee and expense information for the Funds as well as comparative
performance, fee and expense information for a comparable peer group of funds,
the performance

                                                           Nuveen Investments 81



Annual Investment Management Agreement Approval Process (continued)

information of recognized and/or customized benchmarks (as applicable) of the
Funds, the profitability of Nuveen for its advisory activities (which includes
its wholly owned subsidiaries other than Winslow Capital Management, Inc.
("Winslow Capital"), which was recently acquired in December 2008), and other
information regarding the organization, personnel, and services provided by
NAM. The Independent Board Members also met quarterly as well as at other times
as the need arose during the year and took into account the information provided
at such meetings and the knowledge gained therefrom. Prior to approving the
renewal of the Advisory Agreements, the Independent Board Members reviewed the
foregoing information with their independent legal counsel and with
management, reviewed materials from independent legal counsel describing
applicable law and their duties in reviewing advisory contracts, and met with
independent legal counsel in private sessions without management present. The
Independent Board Members considered the legal advice provided by independent
legal counsel and relied upon their knowledge of NAM, its services and the Funds
resulting from their meetings and other interactions throughout the year and
their own business judgment in determining the factors to be considered in
evaluating the Advisory Agreements. Each Board Member may have accorded
different weight to the various factors in reaching his or her conclusions with
respect to a Fund's Advisory Agreement. The Independent Board Members did not
identify any single factor as all-important or controlling. The Independent
Board Members' considerations were instead based on a comprehensive
consideration of all the information presented. The principal factors considered
by the Board and its conclusions are described below.

A. NATURE, EXTENT AND QUALITY OF SERVICES

In considering renewal of the Advisory Agreements, the Independent Board Members
considered the nature, extent and quality of NAM's services, including advisory
services and administrative services. The Independent Board Members reviewed
materials outlining, among other things, NAM's organization and business; the
types of services that NAM or its affiliates provide and are expected to provide
to the Funds; the performance record of the applicable Fund (as described in
further detail below); and any initiatives Nuveen had taken for the applicable
fund product line.

In reviewing the services provided and the initiatives undertaken during the
past year, the Independent Board Members recognized the severe market turmoil
experienced in the capital markets during recent periods, including sustained
periods of high volatility, credit disruption and government intervention. The
Independent Board Members considered NAM's efforts, expertise and other actions
taken to address matters as they arose that impacted the Funds. The Independent
Board Members recognized the role of the Investment Services group which, among
other things, monitors the various positions throughout the Nuveen fund
complex to identify and address any systematic risks. In addition, the Capital
Markets Committee of NAM provides a multi-departmental venue for developing new
policies to mitigate any risks. The Independent Board Members further recognized
NAM's continuous review of the Nuveen funds' investment strategies and mandates
in seeking to continue to refine and improve the investment process for the
funds, particularly in light of market conditions. With respect to closed-end
funds that issued auction rate preferred shares ("ARPs") or that otherwise
utilize

82 Nuveen Investments



leverage, the Independent Board Members noted, in particular, NAM's efforts in
refinancing the preferred shares of such funds frozen by the collapse of the
auction rate market and managing leverage during a period of rapid market
declines, particularly for the non-equity funds. Such efforts included
negotiating and maintaining the availability of bank loan facilities and other
sources of credit used for investment purposes or to satisfy liquidity needs,
liquidating portfolio securities during difficult times to meet leverage
ratios, and seeking alternative forms of debt and other leverage that may over
time reduce financing costs associated with ARPs and enable the funds that have
issued ARPs to restore liquidity to ARPs holders. The Independent Board Members
also noted Nuveen's continued commitment and efforts to keep investors and
financial advisers informed as to its progress with the ARPs through, among
other things, conference calls, emails, press releases, information posted on
its website, and telephone calls and in-person meetings with financial
advisers. In addition to the foregoing, the Independent Board Members also noted
the additional services that NAM or its affiliates provide to closed-end funds,
including, in particular, Nuveen's continued commitment to supporting the
secondary market for the common shares of its closed-end funds through a variety
of programs designed to raise investor and analyst awareness and understanding
of closed-end funds. These efforts include maintaining an investor relations
program to provide timely information and education to financial advisers and
investors; providing advertising and marketing for the closed-end funds;
maintaining websites; and providing educational seminars.

As part of their review, the Independent Board Members also evaluated the
background, experience and track record of NAM's investment personnel. In this
regard, the Independent Board Members considered any changes in the personnel,
and the impact on the level of services provided to the Funds, if any. The
Independent Board Members also reviewed information regarding portfolio manager
compensation arrangements to evaluate NAM's ability to attract and retain high
quality investment personnel, preserve stability, and reward performance but not
provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the
quality of administrative services provided by NAM and its affiliates including
product management, fund administration, oversight of service providers,
shareholder services, administration of Board relations, regulatory and
portfolio compliance and legal support. Given the importance of compliance, the
Independent Board Members considered NAM's compliance program, including the
report of the chief compliance officer regarding the Funds' compliance policies
and procedures.

Based on their review, the Independent Board Members found that, overall, the
nature, extent and quality of services provided (and expected to be provided) to
the respective Funds under the Advisory Agreements were satisfactory.

B. THE INVESTMENT PERFORMANCE OF THE FUNDS AND NAM

The Board considered the investment performance of each Fund, including the
Fund's historic performance as well as its performance compared to funds with
similar investment objectives (the "Performance Peer Group") based on data
provided by an independent provider of mutual fund data as well as recognized
and/or customized benchmarks (as applicable). The Independent Board Members
reviewed performance

                                                           Nuveen Investments 83



Annual Investment Management Agreement Approval Process (continued)

information including, among other things, total return information compared
with the Fund's Performance Peer Group and recognized and/or customized
benchmarks (as applicable) for the quarter-, one-, three-and five-year periods
(as applicable) ending December 31, 2008 and for the same periods (as
applicable) ending March 31, 2009. The Independent Board Members also reviewed
performance information of the Nuveen municipal funds managed by NAM in the
aggregate ranked by peer group and the performance of such funds, in the
aggregate, relative to their benchmark. This information supplemented the Fund
performance information provided to the Board at each of its quarterly meetings.

In comparing a fund's performance with that of its Performance Peer Group, the
Independent Board Members took into account that the closest Performance Peer
Group in certain instances may not adequately reflect the respective fund's
investment objectives and strategies thereby hindering a meaningful comparison
of the fund's performance with that of the Performance Peer Group. The
Independent Board Members further considered the performance of the Funds in the
context of the volatile market conditions during the past year, and their impact
on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008,
the Independent Board Members determined that each Fund's investment performance
over time had been satisfactory.

C. FEES, EXPENSES AND PROFITABILITY

      1. FEES AND EXPENSES

      The Board evaluated the management fees and expenses of each Fund
      reviewing, among other things, such Fund's gross management fees, net
      management fees and total expense ratios (before and after expense
      reimbursements and/or waivers) in absolute terms as well as compared to
      the fee and expenses of a comparable universe of unaffiliated funds based
      on data provided by an independent fund data provider (the "Peer
      Universe") and in certain cases, to a more focused subset of funds in the
      Peer Universe (the "Peer Group").

      The Independent Board Members further reviewed data regarding the
      construction of the applicable Peer Universe and Peer Group. In reviewing
      the comparisons of fee and expense information, the Independent Board
      Members took into account that in certain instances various factors such
      as the asset level of a fund relative to peers, the size and particular
      composition of the Peer Universe or Peer Group, the investment objectives
      of the peers, expense anomalies, changes in the funds comprising the Peer
      Universe or Peer Group from year to year, levels of reimbursement and the
      timing of information used may impact the comparative data, thereby
      limiting the ability to make a meaningful comparison. In addition, the
      Independent Board Members considered, among other things, the differences
      in the use and type of leverage compared to the peers. The Independent
      Board Members also considered the differences in the states reflected in
      the respective Peer Group. In reviewing the fee schedule for a Fund, the
      Independent Board Members also considered the fund-level and complex-wide
      breakpoint schedules (described in further detail below) and

84 Nuveen Investments



      any fee waivers and reimbursements provided by Nuveen (applicable, in
      particular, for certain closed-end funds launched since 1999).

      Based on their review of the fee and expense information provided, the
      Independent Board Members determined that each Fund's management fees and
      net total expense ratio were reasonable in light of the nature, extent and
      quality of services provided to the Fund.

      2. COMPARISONS WITH THE FEES OF OTHER CLIENTS

      The Independent Board Members further reviewed information regarding the
      nature of services and fee rates offered by NAM to other clients. Such
      other clients include NAM's municipal separately managed accounts. In
      evaluating the comparisons of fees, the Independent Board Members noted
      that the fee rates charged to the Funds and other clients vary, among
      other things, because of the different services involved and the
      additional regulatory and compliance requirements associated with
      registered investment companies, such as the Funds. Accordingly, the
      Independent Board Members considered the differences in the product types,
      including, but not limited to, the services provided, the structure and
      operations, product distribution and costs thereof, portfolio investment
      policies, investor profiles, account sizes and regulatory requirements.
      The Independent Board Members noted, in particular, that the range of
      services provided to the Funds (as discussed above) is much more extensive
      than that provided to separately managed accounts. Given the inherent
      differences in the products, particularly the extensive services provided
      to the Funds, the Independent Board Members believe such facts justify the
      different levels of fees.

      3. PROFITABILITY OF NUVEEN

      In conjunction with its review of fees, the Independent Board Members also
      considered the profitability of Nuveen for its advisory activities
      (which incorporated Nuveen's wholly-owned affiliated sub-advisers other
      than Winslow Capital) and its financial condition. The Independent Board
      Members reviewed the revenues and expenses of Nuveen's advisory activities
      for the last two years, the allocation methodology used in preparing the
      profitability data and an analysis of the key drivers behind the changes
      in revenues and expenses that impacted profitability in 2008. In addition,
      the Independent Board Members reviewed information regarding the financial
      results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009.
      The Independent Board Members noted this information supplemented the
      profitability information requested and received during the year to help
      keep them apprised of developments affecting profitability (such as
      changes in fee waivers and expense reimbursement commitments). In this
      regard, the Independent Board Members noted that they had also appointed
      an Independent Board Member as a point person to review and keep them
      apprised of changes to the profitability analysis and/or methodologies
      during the year. The Independent Board Members also considered Nuveen's
      revenues for advisory activities, expenses, and profit margin compared to
      that of various unaffiliated management firms with similar amounts of
      assets under management and relatively comparable asset composition
      prepared by Nuveen.

      In reviewing profitability, the Independent Board Members recognized the
      subjective nature of determining profitability which may be affected by
      numerous factors including the allocation of expenses. Further, the
      Independent Board Members

                                                           Nuveen Investments 85



Annual Investment Management Agreement Approval Process (continued)

      recognized the difficulties in making comparisons as the profitability of
      other advisers generally is not publicly available and the profitability
      information that is available for certain advisers or management firms may
      not be representative of the industry and may be affected by, among other
      things, the adviser's particular business mix, capital costs, types of
      funds managed and expense allocations. Notwithstanding the foregoing,
      the Independent Board Members reviewed Nuveen's methodology and
      assumptions for allocating expenses across product lines to determine
      profitability. In reviewing profitability, the Independent Board Members
      recognized Nuveen's investment in its fund business.

      Based on their review, the Independent Board Members concluded that
      Nuveen's level of profitability for its advisory activities was reasonable
      in light of the services provided.

      In evaluating the reasonableness of the compensation, the Independent
      Board Members also considered other amounts paid to NAM by the Funds as
      well as any indirect benefits (such as soft dollar arrangements, if any)
      NAM and its affiliates receive, or are expected to receive, that are
      directly attributable to the management of the Funds, if any. See Section
      E below for additional information on indirect benefits NAM may receive
      as a result of its relationship with the Funds. Based on their review of
      the overall fee arrangements of each Fund, the Independent Board Members
      determined that the advisory fees and expenses of the respective Fund were
      reasonable.

D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

With respect to economies of scale, the Independent Board Members have
recognized the potential benefits resulting from the costs of a fund being
spread over a larger asset base, although economies of scale are difficult to
measure and predict with precision, particularly on a fund-by-fund basis. One
method to help ensure the shareholders share in these benefits is to include
breakpoints in the advisory fee schedule. Generally, management fees for funds
in the Nuveen complex are comprised of a fund-level component and a
complex-level component, subject to certain exceptions. Accordingly, the
Independent Board Members reviewed and considered the applicable fund-level
breakpoints in the advisory fee schedules that reduce advisory fees as asset
levels increase. In this regard, the Independent Board Members noted that
although closed-end funds may from time-to-time make additional share
offerings, the growth of their assets will occur primarily through the
appreciation of such funds' investment portfolio. While economies of scale
result when costs can be spread over a larger asset base, the Independent Board
Members also recognized that the asset levels generally declined in 2008 due to,
among other things, the market downturn. Accordingly, for funds with a reduction
in assets under management, advisory fee levels may have increased as
breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered
the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee
arrangement, the fees of the funds in the Nuveen complex generally are reduced
as the assets in the fund complex reach certain levels. The complex-wide fee
arrangement seeks to provide the

86 Nuveen Investments



benefits of economies of scale to fund shareholders when total fund complex
assets increase, even if assets of a particular fund are unchanged or have
decreased. The approach reflects the notion that some of Nuveen's costs are
attributable to services provided to all its funds in the complex and therefore
all funds benefit if these costs are spread over a larger asset base. Generally,
the complex-wide pricing reduces Nuveen's revenue because total complex fund
assets have consistently grown in prior years. As noted, however, total fund
assets declined in 2008 resulting in a smaller downward adjustment of revenues
due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the
breakpoint schedules and complex-wide fee arrangement were acceptable and
reflect economies of scale to be shared with shareholders when assets under
management increase.

E. INDIRECT BENEFITS

In evaluating fees, the Independent Board Members received and considered
information regarding potential "fall out" or ancillary benefits NAM or its
affiliates may receive as a result of its relationship with each Fund. In this
regard, the Independent Board Members considered revenues received by affiliates
of NAM for serving as agent at Nuveen's trading desk.

In addition to the above, the Independent Board Members considered whether NAM
received any benefits from soft dollar arrangements whereby a portion of the
commissions paid by a Fund for brokerage may be used to acquire research that
may be useful to NAM in managing the assets of the Funds and other clients. The
Independent Board Members noted that NAM does not currently have any soft dollar
arrangements; however, to the extent certain bona fide agency transactions that
occur on markets that traditionally trade on a principal basis and riskless
principal transactions are considered as generating "commissions," NAM intends
to comply with the applicable safe harbor provisions.

Based on their review, the Independent Board Members concluded that any indirect
benefits received by NAM as a result of its relationship with the Funds were
reasonable and within acceptable parameters.

F. OTHER CONSIDERATIONS

The Independent Board Members did not identify any single factor discussed
previously as all-important or controlling. The Board Members, including the
Independent Board Members, unanimously concluded that the terms of the Advisory
Agreements are fair and reasonable, that NAM's fees are reasonable in light of
the services provided to each Fund and that the Advisory Agreements be renewed.

                                                           Nuveen Investments 87



Annual Investment Management Agreement Approval Process (continued)

                                       II
                     NUVEEN NEW YORK MUNICIPAL VALUE FUND 2

The Board is responsible for approving the advisory arrangement of the Municipal
Value Fund 2 (for purposes of this Section II, the "Fund") and, at meetings held
on February 27, 2009 and March 16, 2009 (collectively, for purposes of this
Section II, the "Meeting"), the Board Members, including the Independent Board
Members, considered and approved the investment advisory agreement (for purposes
of this Section II, the "Advisory Agreement") between the Fund and NAM.

To assist the Board in its evaluation of the Advisory Agreement at the Meeting,
the Independent Board Members had received, in adequate time in advance of the
Meeting or at prior meetings, materials which outlined, among other things:

o     the nature, extent and quality of services expected to be provided by NAM;

o     the organization of NAM, including the responsibilities of various
      departments and key personnel;

o     the expertise and background of NAM with respect to the Fund's investment
      strategy;

o     the performance records of NAM and of certain similar Nuveen funds (as
      described below);

o     the profitability of Nuveen Investments, Inc. ("Nuveen") (which
      incorporated Nuveen's wholly-owned affiliated sub-advisers);

o     the proposed management fees of NAM, including comparisons of such fees
      with the management fees of comparable, unaffiliated funds, as well as
      comparable, affiliated funds;

o     the advisory fees NAM assesses to other types of investment products or
      clients;

o     the expected expenses of the Fund, including comparisons of the Fund's
      expected expense ratio with the expense ratios of comparable, unaffiliated
      funds, as well as comparable, affiliated funds; and

o     the soft dollar practices of NAM, if any.

At the Meeting, NAM made a presentation to and responded to questions from the
Board. During the Meeting, the Independent Board Members also met privately with
their legal counsel to review the Board's duties under the 1940 Act, the general
principles of state law in reviewing and approving advisory contracts, the
standards used by courts in determining whether investment company boards of
directors have fulfilled their duties, factors to be considered in voting on
advisory contracts and an adviser's fiduciary duty with respect to advisory
agreements and compensation. It is with this background that the Independent
Board Members considered the advisory agreement with NAM for the Fund. As
outlined in more detail below, the Independent Board Members considered all
factors they believed relevant with respect to the Fund, including the
following: (a) the nature, extent and quality of the services to be provided by
NAM; (b) investment performance, as described below; (c) the profitability of
Nuveen and its affiliates; (d) the extent to which economies of scale would be
realized; and (e) whether fee levels reflect these economies of scale for the
benefit of Fund investors.

88 Nuveen Investments



A. NATURE, EXTENT AND QUALITY OF SERVICES

The Independent Board Members considered the nature, extent and quality of NAM's
services, including advisory services and administrative services. As NAM
already serves as adviser to other Nuveen funds overseen by the Board Members,
the Board has a good understanding of NAM's organization, operations and
personnel. As the Independent Board Members meet regularly throughout the year
to oversee the Nuveen funds, including funds currently advised by NAM, the
Independent Board Members have relied upon their knowledge from their meetings
and any other interactions throughout the year of NAM and its services in
evaluating the Advisory Agreement.

At the Meeting and at prior meetings, the Independent Board Members reviewed
materials outlining, among other things, Nuveen's organization and business;
the types of services that NAM or its affiliates provide to the Nuveen funds and
are expected to provide to the Fund; and NAM's experience with applicable
investment strategies. The Independent Board Members further evaluated the
professional experience, qualifications and credentials of NAM's investment
personnel.

In addition to advisory services, the Independent Board Members considered the
quality of any administrative or non-advisory services to be provided. In this
regard, NAM is expected to provide the Fund with such administrative and other
services (exclusive of, and in addition to, any such services provided by others
for the Fund) and officers and other personnel as are necessary for the
operations of the Fund. In addition to investment management services, NAM and
its affiliates will provide the Fund with a wide range of services, including,
among other things, product management, fund administration, oversight of
service providers, shareholder services, administration of Board relations,
regulatory and portfolio compliance and legal support.

In addition to the foregoing services, the Independent Board Members also noted
the additional services that NAM or its affiliates provide to closed-end funds,
including, in particular, its secondary market support activities and the costs
of such activities. The Independent Board Members have recognized Nuveen's
continued commitment to supporting the secondary market for the common shares of
its closed-end funds through a variety of programs designed to raise investor
and analyst awareness and understanding of closed-end funds. These efforts
include maintaining an investor relations program to timely provide
information and education to financial advisers and investors; providing
advertising and marketing for the closed-end funds; maintaining its closed-end
fund website; and providing educational seminars.

Based on their review, the Independent Board Members found that, overall, the
nature, extent and quality of services expected to be provided to the Fund under
the Advisory Agreement were satisfactory.

B. INVESTMENT PERFORMANCE

The Fund is new and therefore does not have its own performance history.
However, the Independent Board Members are familiar with NAM's performance
record on other Nuveen funds, and the Fund is expected to employ a substantially
similar investment philosophy and strategies that have guided two other Nuveen
state municipal closed-

                                                           Nuveen Investments 89



Annual Investment Management Agreement Approval Process (continued)

end funds (specifically, the Nuveen New York Municipal Value Fund, Inc. (NNY)
and the Nuveen California Municipal Value Fund, Inc. (NCA)). Accordingly, the
Board Members were provided with certain performance information for these
comparable funds, including calendar year total returns for the years 2000
through 2008.

C. FEES, EXPENSES AND PROFITABILITY

      1. FEES AND EXPENSES

      In evaluating the management fees and expenses that the Fund was expected
      to bear, the Independent Board Members considered, among other things, the
      Fund's proposed management fee structure and its expected expense ratios
      in absolute terms as well as compared with the fees and expense ratios of
      comparable, unaffiliated funds and comparable, affiliated funds. In this
      regard, the Independent Board Members noted the limited universe of
      municipal funds with an unleveraged capital structure, and the even more
      limited universe of state municipal funds with an unleveraged capital
      structure (i.e., none other than for the states of California and New
      York), which made it difficult to make peer group comparisons.

      In addition, the Fund was not expected to issue preferred shares or debt
      instruments; however, the Board Members noted that the Fund may make
      investments in inverse floating rate securities (including inverse
      floating rate securities representing interests in so-called "tender
      option bond trusts" formed by third-party sponsors for the purpose of
      holding municipal bonds). The Independent Board Members recognized that
      assets financed through the creation of tender option bond trusts in which
      the Fund may invest or other financial leverage used would be included in
      the amount of assets upon which the advisory fee is calculated. In this
      regard, the Independent Board Members noted that the advisory fee is based
      on a percentage of average daily "Managed Assets." "Managed Assets"
      generally means the total assets of the Fund (including assets
      attributable to the Fund's use of financial leverage such as, but not
      limited to, proceeds from tender option bond trusts) minus the sum of
      accrued liabilities (other than Fund liabilities incurred for the express
      purpose of creating financial leverage). Accordingly, the advisory fees
      paid to NAM for investment advisory services will be higher if the Fund
      uses financial leverage, which may create a conflict of interest between
      NAM and the Fund's shareholders. This methodology is consistent with
      that used on Nuveen taxable leveraged funds and a Nuveen national
      municipal closed-end fund with a similar capital structure. The
      Independent Board Members also considered the fund-level breakpoint
      schedule and the complex-wide breakpoint schedule (described in further
      detail below) and any applicable expense reimbursements to be provided.
      Based on their review of the fee and expense information provided, the
      Independent Board Members determined that the Fund's management fees and
      net total expense ratio were reasonable in light of the nature, extent and
      quality of services to be provided to the Fund.

      2. COMPARISONS WITH THE FEES OF OTHER CLIENTS

      Due to their experience with other Nuveen funds, the Board Members were
      familiar with the fees NAM assesses to other clients of Nuveen or its
      affiliates, including NAM's municipal separately managed accounts. In
      evaluating the comparisons of fees, the Independent Board Members have
      noted, at the Meeting or at prior

90 Nuveen Investments



      meetings, that the fee rates charged to a fund (such as the Fund) and
      charged to other clients vary, among other things, because of the
      different services involved and the additional regulatory and compliance
      requirements associated with registered investment companies, such as the
      Fund. Accordingly, the Independent Board Members have considered the
      differences in the product types, including, but not limited to, the
      services to be provided, the structure and operations, product
      distribution and costs thereof, portfolio investment policies, investor
      profiles, account sizes and regulatory requirements. The Independent Board
      Members have noted, in particular, that the range of services as described
      above to be provided to a fund (such as the Fund) is much more extensive
      than that provided to separately managed accounts. Given the inherent
      differences in the products, particularly the extensive services to be
      provided to a fund, the Independent Board Members believe such facts
      justify the different levels of fees.

      3. PROFITABILITY OF NUVEEN

      In conjunction with its review of fees at prior meetings, the Independent
      Board Members have considered the profitability of Nuveen for its advisory
      activities (which incorporated Nuveen's wholly-owned affiliated
      sub-advisers) and its financial condition. At the Meeting or prior
      meetings, the Independent Board Members reviewed the revenues and expenses
      of Nuveen's advisory activities and the allocation methodology used in
      preparing the profitability data.

      The Independent Board Members have also considered, at the Meeting or at
      prior meetings, Nuveen's profitability compared with other fund sponsors
      prepared by two independent third party service providers as well as
      comparisons of the revenues, expenses and profit margins of various
      unaffiliated management firms with similar amounts of assets under
      management prepared by Nuveen.

      In reviewing profitability, the Independent Board Members have recognized
      the subjective nature of determining profitability, which may be affected
      by numerous factors, including the allocation of expenses. Further, the
      Independent Board Members have recognized the difficulties in making
      comparisons as the profitability of other advisers generally is not
      publicly available and the profitability information that is available for
      certain advisers or management firms may not be representative of the
      industry and may be affected by, among other things, the adviser's
      particular business mix, capital costs, types of funds managed and expense
      allocations. Notwithstanding the foregoing, the Independent Board Members
      reviewed Nuveen's methodology and assumptions for allocating expenses
      across product lines to determine profitability. In reviewing
      profitability, the Independent Board Members recognized Nuveen's
      investment in its fund business. The Independent Board Members further
      received the Form 8-K of Nuveen for the quarter ending September 30, 2008.
      Based on its review, the Independent Board Members concluded that Nuveen's
      level of profitability for its advisory activities was reasonable in light
      of the services to be provided.

      In evaluating the reasonableness of the compensation, the Independent
      Board Members also considered any other amounts expected to be paid to NAM
      as well as any indirect benefits (such as soft dollar arrangements, if
      any) NAM and its affiliates are expected to receive that are directly
      attributable to their management of the Fund, if any. See Section E below
      for additional information on indirect benefits NAM may

                                                           Nuveen Investments 91



Annual Investment Management Agreement Approval Process (continued)

      receive as a result of its relationship with the Fund. Based on their
      review of the overall fee arrangements of the Fund, the Independent Board
      Members determined that the advisory fees and expected expenses of the
      Fund were reasonable.

D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

With respect to economies of scale, the Independent Board Members recognized the
potential benefits resulting from the costs of the Fund being spread over a
larger asset base. The Independent Board Members therefore considered whether
the Fund could be expected to benefit from any economies of scale. In
considering economies of scale, the Independent Board Members have recognized
that economies of scale are difficult to measure and predict with precision.
Notwithstanding the foregoing, one method to help ensure that shareholders share
in these benefits is to include breakpoints in the advisory fee schedule.
Accordingly, the Independent Board Members received and reviewed the schedule of
proposed advisory fees for the Fund, including the fund-level breakpoints
thereto. In this regard, given that the Fund is a closed-end fund, the
Independent Board Members recognized that although the Fund may from time to
time make additional share offerings, the growth in its assets will occur
primarily through appreciation of its investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered
the Fund's complex-wide fee arrangement. Pursuant to the complex-wide fee
arrangement, the fees of the funds in the Nuveen complex, including the Fund,
are reduced as the assets in the fund complex reach certain levels. In
evaluating the complex-wide fee arrangement, the Independent Board Members have
considered that the complex-wide fee arrangement seeks to provide the benefits
of economies of scale to fund shareholders when total fund complex assets
increase, even if assets of a particular fund are unchanged or have decreased.
The approach reflects the notion that some of Nuveen's costs are attributable to
services provided to all its funds in the complex and therefore all funds
benefit if these costs are spread over a larger asset base. Based on their
review, the Independent Board Members concluded that the breakpoint schedule and
complex-wide fee arrangement were acceptable and desirable in providing benefits
from economies of scale to shareholders of the Fund.

E. INDIRECT BENEFITS

In evaluating fees, the Independent Board Members also considered information
regarding potential "fall out" or ancillary benefits NAM or its affiliates may
receive as a result of its relationship with the Fund. In this regard, the
Independent Board Members considered the revenues received by affiliates of
NAM for serving as agent at Nuveen's preferred trading desk and for serving as a
co-manager in the initial public offering of new closed-end exchange traded
funds.

In addition to the above, the Independent Board Members considered whether NAM
will receive any benefits from soft dollar arrangements whereby a portion of the
commissions paid by the Fund for brokerage may be used to acquire research that
may be useful to NAM in managing the assets of the Fund and other clients. The
Independent Board

92 Nuveen Investments



Members noted that NAM does not currently have any soft dollar arrangements;
however, to the extent certain bona fide agency transactions that occur on
markets that traditionally trade on a principal basis and riskless principal
transactions are considered as generating "commissions," NAM intends to comply
with the applicable safe harbor provisions.

Based on their review, the Independent Board Members concluded that any indirect
benefits received by NAM as a result of its relationship with the Fund were
reasonable and within acceptable parameters.

F. APPROVAL

The Independent Board Members did not identify any single factor discussed
previously as all-important or controlling. The Board Members, including a
majority of the Independent Board Members, concluded that the terms of the
Advisory Agreement were fair and reasonable, that NAM's fees are reasonable in
light of the services to be provided to the Fund and that the Advisory Agreement
should be and was approved on behalf of the Fund.

                                                           Nuveen Investments 93



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 DIVIDEND REINVESTMENT PLAN

Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.

EASY AND CONVENIENT

To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.

HOW SHARES ARE PURCHASED

The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
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. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price

94 Nuveen Investments



per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.

FLEXIBLE

You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.

You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.

CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.

                                                           Nuveen Investments 95



Glossary of Terms
Used in this Report

o     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.

o     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.

o     AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
      of the bonds in a Fund's portfolio, computed by weighting each bond's time
      to maturity (the date the security comes due) by the market value of the
      security. This figure does not account for the likelihood of prepayments
      or the exercise of call provisions unless an escrow account has been
      established to redeem the bond before maturity. The market value weighting
      for an investment in an inverse floating rate security is the value of the
      portfolio's residual interest in the inverse floating rate trust, and does
      not include the value of the floating rate securities issued by the trust.

o     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. Leverage-adjusted duration takes into account the leveraging
      process for a Fund and therefore is longer than the duration of the Fund's
      portfolio of bonds.

o     INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
      floaters, are created by depositing a municipal bond, typically with a
      fixed interest rate, into a special purpose trust created by a
      broker-dealer. This trust, in turn, (a) issues floating rate certificates
      typically paying short-term tax-exempt interest rates to third parties in
      amounts equal to some fraction of the deposited bond's par amount or
      market value, and (b) issues an inverse floating rate certificate
      (sometimes referred to as an "inverse floater") to an investor (such as a
      Fund) interested in gaining investment exposure to a long-term municipal
      bond. The income received by the holder of the inverse floater varies
      inversely with the short-term rate paid to the floating rate certificates'
      holders, and in most circumstances the holder of the inverse floater bears
      substantially all of the underlying bond's downside investment risk. The
      holder of the inverse floater typi-

96 Nuveen Investments



      cally 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.

o     MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
      investment's current annualized dividend divided by its current market
      price.

o     NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
      subtracting the liabilities of the Fund (including any Preferred shares
      issued in order to leverage the Fund) from its total assets and then
      dividing the remainder by the number of common shares outstanding. Fund
      NAVs are calculated at the end of each business day.

o     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.

o     TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
      investment to equal, on an after-tax basis, the yield of a municipal bond
      investment.

o     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 97



Notes

98 Nuveen Investments



Notes

                                                           Nuveen Investments 99



Notes

100 Nuveen Investments



Other Useful Information

BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth

FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

CUSTODIAN
State Street Bank & Trust
Company
Boston, MA

TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL

QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION

You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds 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 or on Nuveen's website
at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. 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 at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.

CEO CERTIFICATION DISCLOSURE

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.

COMMON AND PREFERRED SHARE INFORMATION

Each Fund intends to repurchase and/or redeem shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. During the period covered by this report, the Funds repurchased
and/or redeemed shares of their common and/or preferred stock as shown in the
accompanying table.

                                      COMMON SHARES             PREFERRED SHARES
FUND                                    REPURCHASED                     REDEEMED

NNY                                              --                          N/A
NYV                                              --                          N/A
NNP                                          27,800                           --
NAN                                              --                           --
NXK                                           7,200                           --

N/A - Fund is unleveraged.

Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.

                                                          Nuveen Investments 101



Nuveen Investments:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.

WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.

Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $141 billion of
assets on September 30, 2009.

FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.

To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For 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

o     Share prices

o     Fund details

o     Daily financial news

o     Investor education

o     Interactive planning tools

Distributed by
Nuveen Investments, LLC
333 West Wacker Drive                                    It's not what you earn,
Chicago, IL 60606                                         it's what you keep.(R)
www.nuveen.com

EAN-A-0909D



ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                Nuveen New York Dividend Advantage Municipal Fund

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

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

               SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND




                                    AUDIT FEES BILLED         AUDIT-RELATED FEES               TAX FEES             ALL OTHER FEES
FISCAL YEAR ENDED                      TO FUND (1)            BILLED TO FUND (2)          BILLED TO FUND (3)      BILLED TO FUND (4)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             
September 30, 2009                        $ 13,112                   $ 0                       $ 0                       $ 850
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved                             0%                    0%                        0%                          0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2008                        $ 13,472                   $ 0                       $ 0                       $ 850
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved                             0%                    0%                        0%                          0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------

(1)  "Audit Fees" are the aggregate fees billed for professional services for
     the audit of the Fund's annual financial statements and services provided
     in connection with statutory and regulatory filings or engagements.

(2)  "Audit Related Fees" are the aggregate fees billed for assurance and
     related services reasonably related to the performance of the audit or
     review of financial statements and are not reported under "Audit Fees."

(3)  "Tax Fees" are the aggregate fees billed for professional services for tax
     advice, tax compliance, and tax planning.

(4)  "All Other Fees" are the aggregate fees billed for products and services
     for agreed upon procedures engagements performed for leveraged funds.


                 SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
                  ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM that provides ongoing services to
the Fund ("Affiliated Fund Service Provider"), for engagements directly related
to the Fund's operations and financial reporting, during the Fund's last two
full fiscal years.

The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.




FISCAL YEAR ENDED                                     AUDIT-RELATED FEES           TAX FEES BILLED TO              ALL OTHER FEES
                                                    BILLED TO ADVISER AND              ADVISER AND                BILLED TO ADVISER
                                                       AFFILIATED FUND               AFFILIATED FUND             AND AFFILIATED FUND
                                                      SERVICE PROVIDERS             SERVICE PROVIDERS             SERVICE PROVIDERS
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
September 30, 2009                                          $ 0                             $ 0                           $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved                                          0%                              0%                            0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2008                                          $ 0                             $ 0                           $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved                                          0%                              0%                            0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------



                               NON-AUDIT SERVICES

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




FISCAL YEAR ENDED                                          TOTAL NON-AUDIT FEES
                                                           BILLED TO ADVISER AND
                                                          AFFILIATED FUND SERVICE         TOTAL NON-AUDIT FEES
                                                          PROVIDERS (ENGAGEMENTS          BILLED TO ADVISER AND
                                                          RELATED DIRECTLY TO THE        AFFILIATED FUND SERVICE
                              TOTAL NON-AUDIT FEES       OPERATIONS AND FINANCIAL         PROVIDERS (ALL OTHER
                                 BILLED TO FUND           REPORTING OF THE FUND)              ENGAGEMENTS)                TOTAL
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                
September 30, 2009                   $ 850                           $ 0                           $ 0                      $ 850
September 30, 2008                   $ 850                           $ 0                           $ 0                      $ 850

"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees"
and "All Other Fees" billed to Fund in their respective amounts from the
previous table.


Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. SCHEDULE OF INVESTMENTS.

      a)  See Portfolio of Investments in Item 1.

      b)  Not applicable.

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

The registrant invests its assets primarily in municipal bonds and cash
management securities. On rare occasions the registrant may acquire, directly or
through a special purpose vehicle, equity securities of a municipal bond issuer
whose bonds the registrant already owns when such bonds have deteriorated or are
expected shortly to deteriorate significantly in credit quality. The purpose of
acquiring equity securities generally will be to acquire control of the
municipal bond issuer and to seek to prevent the credit deterioration or
facilitate the liquidation or other workout of the distressed issuer's credit
problem. In the course of exercising control of a distressed municipal issuer,
NAM may pursue the registrant's interests in a variety of ways, which may entail
negotiating and executing consents, agreements and other arrangements, and
otherwise influencing the management of the issuer. NAM does not consider such
activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but
nevertheless provides reports to the registrant's Board on its control
activities on a quarterly basis.

In the rare event that a municipal issuer were to issue a proxy or that the
registrant were to receive a proxy issued by a cash management security, NAM
would either engage an independent third party to determine how the proxy should
be voted or vote the proxy with the consent, or based on the instructions, of
the registrant's Board or its representative. A member of NAM's legal department
would oversee the administration of the voting, and ensure that records were
maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on
Form N-PX, and the results provided to the registrant's Board and made available
to shareholders as required by applicable rules.

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

THE PORTFOLIO MANAGER

The following individual has primary responsibility for the day-to-day
implementation of the registrant's investment strategies:

NAME                           FUND
Cathryn P. Steeves             Nuveen New York Dividend Advantage Municipal Fund

Other Accounts Managed. In addition to managing the registrant, the portfolio
manager is also primarily responsible for the day-to-day portfolio management of
the following accounts:

                    TYPE OF ACCOUNT                    NUMBER OF
PORTFOLIO MANAGER       MANAGED                        ACCOUNTS   ASSETS
--------------------------------------------------------------------------------
Cathryn P. Steeves  Registered Investment Company      44         $8.095 billion
                    Other Pooled Investment Vehicles   0          $0
                    Other Accounts                     0          $0

*    Assets are as of September 30, 2009. None of the assets in these accounts
     are subject to an advisory fee based on performance.

Compensation. Each portfolio manager's compensation consists of three basic
elements--base salary, cash bonus and long-term incentive compensation. The
compensation strategy is to annually compare overall compensation, including
these three elements, to the market in order to create a compensation structure
that is competitive and consistent with similar financial services companies. As
discussed below, several factors are considered in determining each portfolio
manager's total compensation. In any year these factors may include, among
others, the effectiveness of the investment strategies recommended by the
portfolio manager's investment team, the investment performance of the accounts
managed by the portfolio manager, and the overall performance of Nuveen
Investments, Inc. (the parent company of NAM). Although investment performance
is a factor in determining the portfolio manager's compensation, it is not
necessarily a decisive factor. The portfolio manager's performance is evaluated
in part by comparing manager's performance against a specified investment
benchmark. This fund-specific benchmark is a customized subset (limited to bonds
in each Fund's specific state and with certain maturity parameters) of the
S&P/Investortools Municipal Bond index, an index comprised of bonds held by
managed municipal bond fund customers of Standard & Poor's Securities Pricing,
Inc. that are priced daily and whose fund holdings aggregate at least $2
million. As of September 30, 2009, the S&P/Investortools Municipal Bond index
was comprised of 54,220 securities with an aggregate current market value of
$1,130 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level
determined by NAM in accordance with its overall compensation strategy discussed
above. NAM is not under any current contractual obligation to increase a
portfolio manager's base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash
bonus. The level of this bonus is based upon evaluations and determinations made
by each portfolio manager's supervisors, along with reviews submitted by his
peers. These reviews and evaluations often take into account a number of
factors, including the effectiveness of the investment strategies recommended to
the NAM's investment team, the performance of the accounts for which he serves
as portfolio manager relative to any benchmarks established for those accounts,
his effectiveness in communicating investment performance to stockholders and
their representatives, and his contribution to the NAM's investment process and
to the execution of investment strategies. The cash bonus component is also
impacted by the overall performance of Nuveen Investments, Inc. in achieving its
business objectives.

Long-term incentive compensation. In connection with the acquisition of Nuveen
Investments by a group of investors led by Madison Dearborn Partners, LLC in
November 2007, certain employees, including portfolio managers, received profit
interests in the parent company of Nuveen Investments. These profit interests
entitle the holders to participate in the appreciation in the value of Nuveen
Investments beyond the issue date and vest over five to seven years, or earlier
in the case of a liquidity event. In addition, in July 2009, Nuveen Investments
created and funded a trust, as part of a newly-established incentive program,
which purchased shares of certain Nuveen Mutual Funds and awarded such shares,
subject to vesting, to certain employees, including portfolio managers.

Material Conflicts of Interest. Each portfolio manager's simultaneous management
of the registrant and the other accounts noted above may present actual or
apparent conflicts of interest with respect to the allocation and aggregation of
securities orders placed on behalf of the registrant and the other account. NAM,
however, believes that such potential conflicts are mitigated by the fact that
the NAM has adopted several policies that address potential conflicts of
interest, including best execution and trade allocation policies that are
designed to ensure (1) that portfolio management is seeking the best price for
portfolio securities under the circumstances, (2) fair and equitable allocation
of investment opportunities among accounts over time and (3) compliance with
applicable regulatory requirements. All accounts are to be treated in a
non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager, although the
allocation procedures may provide allocation preferences to funds with special
characteristics (such as favoring state funds versus national funds for
allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct
that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of September 30, 2009, the portfolio
manager beneficially owned the following dollar range of equity securities
issued by the registrant and other Nuveen Funds managed by NAM's municipal
investment team.



                                                                                                  DOLLAR RANGE OF
                                                                                                  EQUITY SECURITIES
                                                                                DOLLAR RANGE OF   BENEFICIALLY OWNED
                                                                                EQUITY            IN THE REMAINDER OF
                                                                                SECURITIES        NUVEEN FUNDS MANAGED
                                                                                BENEFICIALLY      BY NAM'S MUNICIPAL
NAME OF PORTFOLIO MANAGER  FUND                                                 OWNED IN FUND     INVESTMENT TEAM
----------------------------------------------------------------------------------------------------------------------
                                                                                         
Cathryn Steeves            Nuveen New York Dividend Advantage Municipal Fund    $0                $10,000-$50,000


PORTFOLIO MANAGER BIO:

Cathryn P. Steeves, PhD is currently a portfolio manager for 45 state-specific
municipal bond funds. She joined Nuveen in 1996 and worked as a senior analyst
in the healthcare sector. Ms. Steeves has an undergraduate degree from Wake
Forest University, an MA, MPhil and a PhD from Columbia University.

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. Letter or number the
exhibits in the sequence indicated.

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

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

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

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



                                   SIGNATURES


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

(Registrant) Nuveen New York Dividend Advantage Municipal Fund
            -----------------------------------------------------------

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

Date: December 7, 2009
    -------------------------------------------------------------------

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

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

Date: December 7, 2009
    -------------------------------------------------------------------

By (Signature and Title)  /s/ Stephen D. Foy
                         ----------------------------------------------
                          Stephen D. Foy
                          Vice President and Controller
                          (principal financial officer)

Date: December 7, 2009
    -------------------------------------------------------------------