Nuveen New York Dividend Advantage Municipal Fund, 2.70% MuniFund Term Preferred (MTP) Shares, Series 2015, with a liquidation preference of $10 per share. As of 1/1/2011, the MTP Shares will be subject to redemption at the option of the Fund, subject to payment of a premium of 1.00% through 6/30/2011, 0.5% through 12/31/2011, and at par thereafter. The fund is required to redeem the MTP shares at $10 per share on 1/1/2015. Distributions of 2.70% ($0.27) per annum are paid monthly on the first business day of the month to holders of record on the record date which will be the 15th day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The December dividend will be paid on the last business day of December. Dividends paid by the preferred are intended to be exempt from regular federal, New York State and New York City income taxes but a portion may be subject to the federal alternate minimum tax. If the dividend is not exempt for regular federal, New York State and New York City income taxes, the fund will make a supplemental payment to make the dividends equivalent on an after tax basis. Upon issuance, the shares will have a long term credit rating of Aaa from Moody's, AAA from S&P and AAA from Fitch. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. The firm has no submitted 13F filings and does not appear to be an investment advisor.