Nuveen New York Dividend Advantage Municipal Fund (the Fund) is a closed-ended fund. The Fund seeks to provide monthly tax-free income, portfolio diversification and after tax total returns. The Fund seeks to provide current income exempt from regular federal, and New York State and New York City income tax and to enhance portfolio value. The Fund invests at least 80% of its net assets in investment grade quality municipal bonds (Baa/BBB or better) or bonds that are unrated but judged to be of comparable quality by the Fund's investment adviser. The Fund uses leverage. The Fund's investment advisor is Nuveen Fund Advisors, Inc.