0000891804-19-000169.txt : 20190507 0000891804-19-000169.hdr.sgml : 20190507 20190507162842 ACCESSION NUMBER: 0000891804-19-000169 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20190228 FILED AS OF DATE: 20190507 DATE AS OF CHANGE: 20190507 EFFECTIVENESS DATE: 20190507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK MUNICIPAL VALUE FUND INC CENTRAL INDEX KEY: 0000818850 IRS NUMBER: 363529057 STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05238 FILM NUMBER: 19803523 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: 333 W. WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 N-CSR 1 ncsr.htm NNY

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 811-05238

Nuveen New York Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)

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

Gifford R. Zimmerman
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: February 28

Date of reporting period: February 28, 2019

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

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




ITEM 1. REPORTS TO STOCKHOLDERS.


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Table of Contents
   
Chairman's Letter to Shareholders 
4 
   
Portfolio Manager's Comments 
5 
   
Fund Leverage 
9 
   
Common Share Information 
11 
   
Risk Considerations 
13 
   
Performance Overview and Holding Summaries 
14 
   
Report of Independent Registered Public Accounting Firm 
18 
   
Portfolios of Investments 
19 
   
Statement of Assets and Liabilities 
51 
   
Statement of Operations 
52 
   
Statement of Changes in Net Assets 
53 
   
Statement of Cash Flows 
55 
   
Financial Highlights 
56 
   
Notes to Financial Statements 
61 
   
Additional Fund Information 
76 
   
Glossary of Terms Used in this Report 
77 
   
Reinvest Automatically, Easily and Conveniently 
79 
   
Board Members & Officers 
80 
 
3
Chairman's Letter to Shareholders
Dear Shareholders,
Financial markets rallied in the early months of 2019, in sharp contrast to the downturn at the end of 2018, leaving investors to wonder whether such bullishness is warranted or sustainable. By the close of 2018, economic softness in China, Europe and Japan had proven more persistent than expected. The temporary boost to the U.S. economy from tax law changes appeared to be fading. Corporate earnings and profits were slowing, and some corporate managements, especially at high-profile technology companies, were downgrading their outlooks. Politics remained unpredictable, most notably with the Brexit and U.S.-China trade talks ongoing. The European Central Bank (ECB) ended its crisis-era monetary stimulus program with pledges to keep interest rates low for an extended period, while the U.S. Federal Reserve (Fed) planned to continue raising interest rates into 2019.
As the new year began, economic data have remained a mixed bag, and investors will be closely watching the first quarter 2019 corporate earnings reports. However, market sentiment shifted significantly after both the Fed and ECB turned remarkably more dovish in their interest rate projections and lowered their growth forecasts. The U.S. and China appear to be making progress on trade talks, such that President Trump did not increase tariffs as initially planned in March 2019. While these events did reduce some of the markets' uncertainty, downside risks still appear to be rising.
Nevertheless, we believe the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it's still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
April 23, 2019
 
4
Portfolio Manager's Comments
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
Nuveen New York Quality Municipal Income Fund (NAN)
Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Scott R. Romans, PhD, discusses U.S. 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. Scott assumed portfolio management responsibility for these four Funds in 2011.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended February 28, 2019?
The U.S. economy continued to grow at a solid pace during the reporting period. Gross domestic product (GDP), which measures the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes, grew at an annualized rate of 2.2% in the fourth quarter of 2018, according to the Bureau of Economic Analysis "third" estimate. Consumer and business spending supported growth in the final months of 2018, while a weaker housing market and a larger trade deficit subtracted from GDP. For the full year 2018, U.S. GDP growth came in at 2.9%, as economic activity cooled over the second half of 2018 after peaking at 4.2% (annualized) in the second quarter of 2018.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.8% in February 2019 from 4.1% in February 2018 and job gains averaged around 209,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 3.4% in February 2019. However, falling energy prices led to a slower rate of inflation over the past twelve months. The Consumer Price Index (CPI) increased 1.5% over the twelve-month reporting period ended February 28, 2019 before seasonal adjustment, as reported by the Bureau of Labor Statistics.
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the pace of price increases has slowed as mortgage rates drifted higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 4.3% year-over-year in January 2019 (most recent data avail-
 
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.
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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Manager's Comments (continued)
able at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 3.2% and 3.6%, respectively.
As some data began pointing to slower momentum in the overall economy, the Federal Reserve (Fed) notably shifted its stance. From December 2015 through December 2018, the Fed had gradually lifted its main policy interest rate to prevent the economy from overheating. In its final meeting of 2018, the Fed indicated that two more rate hikes might be forthcoming in 2019, roiling the markets, which had expected a more dovish tone. However, as more recent data revealed a mixed picture of the economy, the Fed said it would adopt a more "patient" approach, signaling the possibility of no rate hikes in 2019. As expected, the Fed held rates steady at its January 2019 committee meeting. Subsequent to the end of the reporting period, at its March 2019 meeting, the Fed again kept rates unchanged and further clarified that it will discontinued rolling assets off its balance sheet in September 2019, sooner than many observers expected.
During the twelve-month reporting period, geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the European Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. At the November 2018 G-20 summit, the U.S. and China settled on a 90-day trade truce, and after the countries resumed trade talks in early 2019, President Trump said he would not increase the tariffs in March 2019 as planned. Brexit negotiations continued to be uncertain, and Prime Minister Theresa May faced significant difficulty getting a plan approved in Parliament. (Subsequent to the end of the reporting period, the European Union approved a conditional delay, allowing the U.K. more time to approve a plan.) Europe also contended with Italy's new euroskeptic coalition government, the "yellow vest" protests in France, immigration policy concerns and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and re-imposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S. and North Korea held a denuclearization summit in June 2018 and a second summit in February 2019 without securing an agreement. In late December 2018, the U.S. government entered a 35-day partial shutdown due to an impasse on border security funding. Concerns about a second shutdown were alleviated after the government passed a funding bill in February 2019.
Municipal bonds delivered positive performance in this reporting period. Interest rates were increasing through much of the reporting period, as a strong economic backdrop kept the Fed on its course of monetary tightening. The 10-year U.S. Treasury yield peaked at 3.24% in November 2018. However, in December 2018, market volatility spiked as uncertain trade policy, Brexit negotiations, and weak macro data in Europe and China weighed on the U.S. growth outlook. Equities and riskier segments of the bond market sold off sharply in the fourth quarter of 2018. Following the Fed's December meeting, investor expectations for a pause in rate increases drove repricing in the markets, driving long-term interest meaningfully lower through the end of the reporting period. While the U.S. Treasury yield curve flattened over this reporting period, the municipal yield curve "twisted" by flattening at the short end and steepening at the long end of the curve. For the twelve-month period overall, municipal bond yields were marginally lower, belying larger intra-period swings.
Supply and demand conditions in the municipal bond market were favorable to performance in this reporting period, particularly in the latter three months. Issuance has been subdued since the passage of the Tax Cuts and Jobs Act of 2017. Because new issue advance refunding bonds are no longer tax exempt under the new tax law, the total supply of municipal bonds has decreased, boosting the scarcity value of existing municipal bonds. Municipal bond issuance nationwide totaled $347.3 billion in this reporting period, a 19.0% decrease from the issuance for the twelve-month reporting period ended February 28, 2018. Nevertheless, the overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have
6
ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. The Fed's pivot to a more dovish stance in early 2019 also brought investors back to fixed income markets, including municipal bonds, driving large inflows into the asset class in the early months of 2019. Additionally, as tax payers have begun to assess the impact of the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes, is expected to increase.
How were the economic and market environments in New York during the reporting period ended February 28, 2019?
New York State's $1.5 trillion economy represents 8.0% of U.S. gross domestic product and, according to the International Monetary Fund, would be the eleventh largest economy in the world on a stand-alone basis. As of February 2019, the state's unemployment rate registered 3.9%, above the national average of 3.8%. New York State's financial condition has generally improved over the past decade, and Fiscal Year 2018 posted a General Fund surplus. On a significantly positive note, New York State has collected approximately $11 billion in various settlements and assessments from the financial industry over the past four years. Proceeds from those settlements have been used to bolster reserves, foster economic development upstate and provide funds for the replacement of the Tappan Zee Bridge. The adopted $175.5 billion budget for Fiscal Year 2020 is 4.3% higher than the adopted Fiscal Year 2019 budget. The Fiscal Year 2020 budget contains a new transfer tax on multi-million dollar homes. It also lays the groundwork for a commuter tax in Manhattan, though the details of that tax are to be worked out later. The 2020 budget also raises education spending by $1.2 billion, a 4.5% increase. It makes permanent the 2% property tax cap and extends the temporary "millionaire's tax" on wealthy individuals for an additional five years. New York is a high-income state, with per-capita income at 121% of the U.S. average, the third-highest among the 50 states. New York is also a heavily indebted state. According to Moody's, New York ranked fifth in the nation in debt per capita in 2017 (NY: $3,082; median: $987), eighth in debt per capita as a percentage of personal income (NY: 5.2%; median: 2.3%) and ninth in debt to gross state domestic product (NY: 4.1%; median: 2.1%). The state's pensions have traditionally been well funded, though the funding ratios have declined in recent years. As of February 2019, Moody's rates New York Aa1 with a stable outlook. Moody's upgraded New York State from Aa2 to Aa1 on June 16, 2014, citing the State's sustained improvements in fiscal governance. S&P rates the state AA+ with a stable outlook. S&P upgraded New York State from AA to AA+ on July 23, 2014, citing the State's improved budget framework. New York municipal bond issuance totaled $42 billion for the twelve-month period ended February 28, 2019, an 11.4% decrease from the same period a year earlier. This ranked New York second among state issuers behind only California.
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 28, 2019?
Municipal bonds performed well during the reporting period amid positive fundamental credit conditions and a favorable technical supply-demand balance. New York's municipal bond market underperformed the national market in this reporting period.
We also note that New York is among the states with the highest personal income and property taxes, which will be more meaningfully affected by the new limits on state and local tax, or SALT, deductions. In early 2019, as individuals were beginning to file their tax returns under the new caps, some were likely to see higher-than-expected tax liabilities, especially in New York and other high income tax states. As a result, demand for in-state municipal bonds, which offer both state and federal tax advantages, is expected to grow.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. During the reporting period, we added higher grade bonds offering 5% coupon rates from the tax-supported (including general obligation bonds), higher education, ports and utilities sectors. We also
7
Portfolio Manager's Comments (continued)
took advantage of prevailing market conditions in the fourth quarter of 2018, when credit spreads widened and yields rose, to buy several lower investment grade (i.e., BBB rated) credits in the higher education, health care and airports sectors. The proceeds from called and maturing bonds funded most of our purchase activity in the reporting period.
As of February 28, 2019, NNY, NAN and NRK continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NRK also used forward interest rates swaps during part of the reporting period to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. The swap position had a negligible impact on performance and was eliminated before the end of this reporting period.
How did the New York Funds perform during the twelve-month reporting period ended February 28, 2019?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year, ten-year and/or since inception periods ended February 28, 2019. Each Fund's total returns at net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
For the twelve-month reporting period ended February 28, 2019, the total return at common share NAV for all four Funds exceeded the returns for both the S&P Municipal Bond New York Index and the national S&P Municipal Bond Index.
The Funds' performance over this reporting period was mainly driven by individual credit selection. NNY's, NAN's and NRK's holdings in insured Puerto Rico sales tax bonds, known as COFINA bonds, significantly outperformed in this reporting period on news that a COFINA settlement agreement was finalized. (NYV did not have any Puerto Rico exposure during this reporting period.) Another standout performer was Bronx Parking Development Company, which owns parking facilities around Yankee Stadium. Bronx Parking defaulted on its debt several years ago when utilization was significantly lower than expected. However, the bond rebounded recently on improving utilization due to the Yankees winning more and optimism for a potential bondholder-friendly redevelopment project. Among the four Funds, NAN held the largest position in Bronx Parking bonds, NNY and NYV owned smaller positions and NRK had no exposure to the credits.
Yield curve and duration positioning, credit ratings allocations and sector allocations had minimal impact on performance in this reporting period. The Funds benefited from positive returns in higher education bonds, health care credits and tender option bonds, but negative returns in pre-refunded bonds detracted from performance.
The use of regulatory leverage was a factor affecting the performance of NAN and NRK. NNY and NYV do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
8
Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares' net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage from inverse floating rate securities had a negligible impact on performance for NNY over this reporting period. Leverage had a positive impact on the performance of NAN and NRK over this reporting period.
As of February 28, 2019, the Funds' percentages of leverage are as shown in the accompanying table.
         
 
NNY 
NYV 
NAN 
NRK 
Effective Leverage* 
1.21% 
0.00% 
38.94% 
38.69% 
Regulatory Leverage* 
0.00% 
0.00% 
34.24% 
37.65% 
 
*     
Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
9
Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of February 28, 2019, the following Funds have issued and outstanding preferred shares as shown in the accompanying table. As mentioned previously, NNY and NYV do not use regulatory leverage.
                   
 
        
Variable Rate
       
 
  
Variable Rate
   
Remarketed
       
 
  
Preferred*
   
Preferred**
       
 
  
Shares
   
Shares
       
 
  
Issued at
   
Issued at
       
 
  
Liquidation
   
Liquidation
       
 
  
Preference
   
Preference
   
Total
 
NAN 
  
$
147,000,000
    
$
89,000,000
    
$
236,000,000
  
NRK 
  
$
—
    
$
743,800,000
    
$
743,800,000
  
 
*     
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 - Fund Shares, Preferred Shares for further details.
**     
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in special rate mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 - Fund Shares, Preferred Shares for further details.
 
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on preferred shares and each Funds' respective transactions.
10
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of February 28, 2019. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
                         
 
        
Per Common Share Amounts
       
Monthly Distributions (Ex-Dividend Date) 
  
NNY
   
NYV
   
NAN
   
NRK
 
March 2018 
  
$
0.0300
    
$
0.0425
    
$
0.0480
    
$
0.0450
  
April 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
May 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
June 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
July 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
August 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
September 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
October 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
November 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
December 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
January 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
February 2019 
    
0.0300
      
0.0425
      
0.0480
      
0.0450
  
Total Distributions from Net Investment Income 
  
$
0.3600
    
$
0.5100
    
$
0.5760
    
$
0.5400
  
   
Yields 
                                
Market Yield* 
    
3.72
%
    
3.73
%
    
4.48
%
    
4.37
%
Taxable-Equivalent Yield* 
    
5.33
%
    
5.32
%
    
6.44
%
    
6.29
%
 
*     
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%, 29.9%, 30.4% and 30.5% for NNY, NYV, NAN and NRK, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund's income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to invest- ments that generate qualified dividend income, which is taxable at a rate lower than an individual's ordinary graduated tax rate, the fund's Taxable-Equivalent Yield would be lower.
 
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund's distributions for the reporting period are presented in this report's Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
11
Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2018, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of February 28, 2019, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
         
 
NNY 
NYV 
NAN 
NRK 
Common shares cumulatively repurchased and retired 
— 
— 
277,714 
390,000 
Common shares authorized for repurchase 
1,520,000 
235,000 
3,110,000 
8,760,000 
 
During the current reporting period, the following Fund repurchased and retired its common shares at a weighted average price per share and a weighted average discount per share as shown in the accompanying table.
             
 
  
NAN
   
NRK
 
Common shares repurchased and retired 
    
275,214
      
383,200
  
Weighted average price per common share repurchased and retired 
  
$
12.29
    
$
11.60
  
Weighted average discount per common share repurchased and retired 
    
15.03
%
    
15.49
%
 
OTHER COMMON SHARE INFORMATION
As of February 28, 2019, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                         
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Common share NAV 
  
$
9.87
    
$
15.34
    
$
14.69
    
$
14.12
  
Common share price 
  
$
9.67
    
$
13.68
    
$
12.87
    
$
12.36
  
Premium/(Discount) to NAV 
    
(2.03
)%
    
(10.82
)%
    
(12.39
)%
    
(12.46
)%
12-month average premium/(discount) to NAV 
    
(5.33
)%
    
(10.85
)%
    
(14.08
)%
    
(14.03
)%
 
12
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen New York Municipal Value Fund, Inc. (NNY)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NNY.
Nuveen New York Municipal Value Fund 2 (NYV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NYV.
Nuveen New York Quality Municipal Income Fund (NAN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NAN.
Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NRK.
13
NNY
Nuveen New York Municipal Value Fund, Inc.
Performance Overview and Holding Summaries as of February 28, 2019
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 28, 2019 
 
 
   Average Annual
 
  
1-Year
   
5-Year
   
10-Year
 
NNY at Common Share NAV 
    
4.37
%
    
4.03
%
    
4.79
%
NNY at Common Share Price 
    
8.52
%
    
4.45
%
    
5.03
%
S&P Municipal Bond New York Index 
    
3.64
%
    
3.35
%
    
4.53
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
4.77
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
 
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
100.2% 
Other Assets Less Liabilities 
1.0% 
Net Assets Plus Floating Rate 
 
Obligations 
101.2% 
Floating Rate Obligations 
(1.2)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
23.6% 
Education and Civic Organizations 
18.5% 
Tax Obligation/Limited 
15.9% 
Water and Sewer 
11.5% 
U.S. Guaranteed 
10.7% 
Utilities 
6.7% 
Consumer Staples 
6.2% 
Other 
6.9% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.7% 
AAA 
15.3% 
AA 
35.0% 
A 
11.2% 
BBB 
12.2% 
BB or Lower 
9.6% 
N/R (not rated) 
6.0% 
Total 
100% 
 
14
NYV
Nuveen New York Municipal Value Fund 2
Performance Overview and Holding Summaries as of February 28, 2019
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 28, 2019 
 
 
   Average Annual
 
  
1-Year
   
5-Year
   
Since Inception
 
NYV at Common Share NAV 
    
5.05
%
    
3.85
%
    
5.07
%
NYV at Common Share Price 
    
3.08
%
    
3.71
%
    
3.64
%
S&P Municipal Bond New York Index 
    
3.64
%
    
3.35
%
    
4.37
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
4.60
%
 
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
88.7% 
Short-Term Municipal Bonds 
6.9% 
Other Assets Less Liabilities 
4.4% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
24.5% 
Education and Civic Organizations 
18.6% 
Water and Sewer 
14.5% 
Tax Obligation/Limited 
11.1% 
U.S. Guaranteed 
8.9% 
Consumer Staples 
5.0% 
Utilities 
4.5% 
Other 
12.9% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.9% 
AAA 
8.9% 
AA 
52.3% 
A 
10.5% 
BBB 
5.9% 
BB or Lower 
7.3% 
N/R (not rated) 
6.2% 
Total 
100% 
 
15
NAN
Nuveen New York Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 28, 2019 
 
 
   Average Annual
 
  
1-Year
   
5-Year
   
10-Year
 
NAN at Common Share NAV 
    
4.46
%
    
4.78
%
    
6.56
%
NAN at Common Share Price 
    
3.49
%
    
4.61
%
    
6.93
%
S&P Municipal Bond New York Index 
    
3.64
%
    
3.35
%
    
4.53
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
4.77
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
 
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.3% 
Other Assets Less Liabilities 
1.1% 
Net Assets Plus Floating Rate Obligations, 
 
AMTP Shares, net of deferred offering 
 
costs & VRDP Shares, net of deferred 
 
offering costs 
159.4% 
Floating Rate Obligations 
(7.6)% 
AMTP Shares, net of deferred offering costs 
(32.4)% 
VRDP Shares, net of deferred offering costs 
(19.4)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
19.0% 
Tax Obligation/Limited 
17.7% 
Education and Civic Organizations 
16.4% 
Water and Sewer 
9.4% 
U.S. Guaranteed 
8.9% 
Tax Obligation/General 
8.3% 
Utilities 
6.1% 
Consumer Staples 
5.6% 
Other 
8.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.7% 
AAA 
14.8% 
AA 
42.0% 
A 
9.1% 
BBB 
9.6% 
BB or Lower 
9.8% 
N/R (not rated) 
6.0% 
Total 
100% 
 
16
NRK
Nuveen New York AMT-Free Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 28, 2019 
 
 
   Average Annual
 
  
1-Year
   
5-Year
   
10-Year
 
NRK at Common Share NAV 
    
4.75
%
    
5.10
%
    
5.22
%
NRK at Common Share Price 
    
5.01
%
    
4.71
%
    
6.14
%
S&P Municipal Bond New York Index 
    
3.64
%
    
3.35
%
    
4.53
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
4.77
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes averages are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
 
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
161.4% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate Obligations, 
 
MFP Shares, net of deferred offering 
 
costs & VRDP Shares, net of deferred 
 
offering costs 
162.9% 
Floating Rate Obligations 
(2.7)% 
MFP Shares, net of deferred offering costs 
(6.5)% 
VRDP Shares, net of deferred offering costs 
(53.7)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
26.5% 
Education and Civic Organizations 
17.8% 
Water and Sewer 
11.0% 
Transportation 
10.1% 
U.S. Guaranteed 
8.2% 
Utilities 
7.5% 
Tax Obligation/General 
7.3% 
Consumer Staples 
6.4% 
Other 
5.2% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.2% 
AAA 
15.5% 
AA 
45.7% 
A 
8.8% 
BBB 
6.8% 
BB or Lower 
6.1% 
N/R (not rated) 
8.9% 
Total 
100% 
 
17
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors/Trustees of
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Municipal Value Fund 2
Nuveen New York Quality Municipal Income Fund
Nuveen New York AMT-Free Quality Municipal Income Fund:


Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Municipal Value Fund 2, Nuveen New York Quality Municipal Income Fund, and Nuveen New York AMT-Free Quality Municipal Income Fund (the "Funds"), including the portfolios of investments, as of February 28, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, the statements of cash flows (Nuveen New York Quality Municipal Income Fund and Nuveen New York AMT-Free Quality Municipal Income Fund) for the year then ended, and the related notes (collectively, the "financial statements") and the financial highlights for each of the years in the two year period then ended, the five-month period from October 1, 2016 through February 28, 2017, and each of the years in the three-year period ended September 30, 2016. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations and their cash flows (where applicable) for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the two year period then ended, the five-month period from October 1, 2016 through February 28, 2017, and each of the years in the three-year period ended September 30, 2016, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, IL
April 26, 2019
 
18
NNY
Nuveen New York Municipal Value Fund, Inc.
Portfolio of Investments
February 28, 2019
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 100.2% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 100.2% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Staples – 6.3% (6.2% of Total Investments) 
 
 
 
$ 1,000 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
3/19 at 100.00 
BB+ 
$ 999,940 
 
  
Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 
 
 
 
500 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
2/19 at 100.00 
B– 
500,080 
 
  
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 
 
 
 
2,875 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
3/19 at 100.00 
B– 
2,790,762 
 
  
Bonds, Series 2006A-3, 5.000%, 6/01/35 
 
 
 
 
  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
 
 
 
 
  
Series Series 2016A-1: 
 
 
 
890 
  
5.625%, 6/01/35 
No Opt. Call 
BBB 
945,545 
3,060 
  
5.750%, 6/01/43 
No Opt. Call 
BBB 
3,395,529 
230 
  
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
221,088 
500 
  
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Series 2017B, 
No Opt. Call 
B+ 
540,245 
 
  
5.000%, 6/01/25 
 
 
 
9,055 
  
Total Consumer Staples 
 
 
9,393,189 
 
  
Education and Civic Organizations – 18.6% (18.5% of Total Investments) 
 
 
 
415 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
3/19 at 100.00 
B 
389,146 
 
  
Schools, Series 2007A, 5.000%, 4/01/37 
 
 
 
750 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
12/20 at 100.00 
B+ 
772,238 
 
  
Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 
 
 
 
1,250 
  
Build New York City Resource Corporation, New York, Revenue Bonds, City University of 
6/24 at 100.00 
Aa2 
1,392,312 
 
  
New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 
 
 
 
 
  
5.000%, 6/01/43 
 
 
 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter 
 
 
 
 
  
School for International Cultures and the Arts Project, Series 2013A: 
 
 
 
215 
  
5.000%, 4/15/33 
4/23 at 100.00 
BB+ 
220,040 
310 
  
5.000%, 4/15/43 
4/23 at 100.00 
BB+ 
314,817 
415 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/23 at 100.00 
A– 
452,255 
 
  
University, Series 2013A, 5.000%, 7/01/44 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute 
No Opt. Call 
Baa2 
1,193,840 
 
  
of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured 
 
 
 
 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
 
 
 
 
  
Dormitory Facilities, Series 2015A: 
 
 
 
235 
  
5.000%, 7/01/31 
7/25 at 100.00 
Aa3 
270,687 
265 
  
5.000%, 7/01/33 
7/25 at 100.00 
Aa3 
303,070 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at 
 
 
 
 
  
Mount Sinai, Refunding Series 2015A: 
 
 
 
1,330 
  
5.000%, 7/01/40 
7/25 at 100.00 
A– 
1,471,858 
2,180 
  
5.000%, 7/01/45 
7/25 at 100.00 
A– 
2,400,703 
1,955 
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/25 at 100.00 
A– 
2,159,982 
 
  
Series 2015A, 5.000%, 7/01/45 
 
 
 
760 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/25 at 100.00 
Aa2 
873,012 
 
  
2015A, 5.000%, 7/01/35 
 
 
 
2,385 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/26 at 100.00 
Aa2 
2,708,501 
 
  
2016A, 5.000%, 7/01/39 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/28 at 100.00 
Aa2 
1,161,730 
 
  
2018A, 5.000%, 7/01/40 
 
 
 
 
19
NNY 
Nuveen New York Municipal Value Fund, Inc. 
Portfolio of Investments (continued) 
February 28, 2019 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 2,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/29 at 100.00 
Aa2 
$ 2,337,480 
 
  
2019A, 5.000%, 7/01/42 
 
 
 
280 
  
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph's College, 
7/20 at 100.00 
Ba1 
284,463 
 
  
Series 2010, 5.250%, 7/01/35 
 
 
 
680 
  
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of 
12/26 at 100.00 
BB– 
714,911 
 
  
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A 
 
 
 
580 
  
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point 
1/34 at 100.00 
N/R 
476,342 
 
  
Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 
 
 
 
300 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi 
9/23 at 100.00 
A– 
328,983 
 
  
University Project, Series 2013, 5.000%, 9/01/43 
 
 
 
 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John 
 
 
 
 
  
Fisher College, Series 2011: 
 
 
 
1,000 
  
6.000%, 6/01/30 
6/21 at 100.00 
A– 
1,085,710 
1,000 
  
6.000%, 6/01/34 
6/21 at 100.00 
A– 
1,085,710 
50 
  
New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College 
7/25 at 100.00 
BBB 
54,435 
 
  
Project, Series 2015A, 5.000%, 7/01/45 
 
 
 
 
  
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens 
 
 
 
 
  
Baseball Stadium Project, Series 2006: 
 
 
 
1,500 
  
5.000%, 1/01/39 – AMBAC Insured 
3/19 at 100.00 
BBB 
1,518,975 
1,175 
  
4.750%, 1/01/42 – AMBAC Insured 
3/19 at 100.00 
BBB 
1,175,787 
 
  
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee 
 
 
 
 
  
Stadium Project, Series 2006: 
 
 
 
1,610 
  
4.500%, 3/01/39 – FGIC Insured 
3/19 at 100.00 
Baa1 
1,611,352 
800 
  
4.750%, 3/01/46 – NPFG Insured 
3/19 at 100.00 
Baa1 
800,552 
300 
  
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic 
9/20 at 100.00 
A3 
312,687 
 
  
Institute, Series 2010A, 5.125%, 9/01/40 
 
 
 
25,740 
  
Total Education and Civic Organizations 
 
 
27,871,578 
 
  
Financials – 0.8% (0.8% of Total Investments) 
 
 
 
1,000 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds 
No Opt. Call 
A 
1,267,270 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
 
  
Health Care – 1.5% (1.5% of Total Investments) 
 
 
 
350 
  
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue 
7/20 at 100.00 
A 
363,069 
 
  
Bonds, Series 2010, 5.000%, 7/01/26 
 
 
 
650 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
7/26 at 100.00 
A– 
653,269 
 
  
Systems, Inc. Project, Series 2016B, 4.000%, 7/01/41 
 
 
 
290 
  
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
3/19 at 100.00 
BB 
293,135 
 
  
Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 
 
 
 
250 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
A– 
266,438 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 
 
 
 
460 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
460,175 
 
  
Hospital, Series 2001A, 7.125%, 7/01/31 
 
 
 
145 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
145,055 
 
  
Hospital, Series 2001B, 7.125%, 7/01/31 
 
 
 
2,145 
  
Total Health Care 
 
 
2,181,141 
 
  
Housing/Multifamily – 1.6% (1.6% of Total Investments) 
 
 
 
135 
  
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue 
3/19 at 100.00 
AA 
135,450 
 
  
Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 
 
 
 
1,000 
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
5/19 at 100.00 
AA+ 
1,005,810 
 
  
Bonds, Series 2009C-1, 5.500%, 11/01/34 
 
 
 
 
20
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Housing/Multifamily (continued) 
 
 
 
$ 1,250 
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
5/19 at 100.00 
AA+ 
$ 1,256,787 
 
  
Bonds, Series 2009M, 5.150%, 11/01/45 
 
 
 
2,385 
  
Total Housing/Multifamily 
 
 
2,398,047 
 
  
Industrials – 1.9% (1.9% of Total Investments) 
 
 
 
425 
  
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, 
1/25 at 100.00 
N/R 
452,183 
 
  
Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (AMT), 144A 
 
 
 
2,350 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
2,450,274 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
2,775 
  
Total Industrials 
 
 
2,902,457 
 
  
Long-Term Care – 0.3% (0.3% of Total Investments) 
 
 
 
270 
  
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of 
3/19 at 100.00 
A2 
270,353 
 
  
Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 
 
 
 
225 
  
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special 
3/19 at 100.00 
N/R 
223,540 
 
  
Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 
 
 
 
495 
  
Total Long-Term Care 
 
 
493,893 
 
  
Tax Obligation/General – 0.8% (0.8% of Total Investments) 
 
 
 
1,000 
  
New York City, New York, General Obligation Bonds, Series 2014A-1, 5.000%, 8/01/26 
8/23 at 100.00 
AA 
1,132,450 
90 
  
New York City, New York, General Obligation Bonds, Series 2017B-1, 5.000%, 12/01/41 
12/26 at 100.00 
AA 
101,737 
1,090 
  
Total Tax Obligation/General 
 
 
1,234,187 
 
  
Tax Obligation/Limited – 15.9% (15.9% of Total Investments) 
 
 
 
1,400 
  
Dormitory Authority of the State of New York, Second General Resolution Consolidated 
No Opt. Call 
AA 
1,448,342 
 
  
Revenue Bonds, City University System, Series 1993A, 6.000%, 7/01/20 
 
 
 
2,290 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/22 at 100.00 
AA+ 
2,469,101 
 
  
General Purpose Series 2012D, 5.000%, 2/15/37 
 
 
 
640 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/25 at 100.00 
AA+ 
731,315 
 
  
2015B. Group A,B&C, 5.000%, 3/15/35 
 
 
 
2,500 
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28 
11/25 at 100.00 
BB 
2,745,925 
3,000 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/25 at 100.00 
AA 
3,363,660 
 
  
Series 2015S-2, 5.000%, 7/15/40 
 
 
 
1,000 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
1,164,020 
 
  
Series 2017S-3, 5.250%, 7/15/45 
 
 
 
445 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
519,253 
 
  
Series 2019S-3A, 5.000%, 7/15/36 
 
 
 
1,680 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/23 at 100.00 
AAA 
1,858,013 
 
  
Series 2013I, 5.000%, 5/01/38 
 
 
 
1,225 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/24 at 100.00 
AAA 
1,376,692 
 
  
Series 2014D-1, 5.000%, 2/01/35 
 
 
 
1,020 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
8/28 at 100.00 
AAA 
1,183,700 
 
  
Series 2019A-1, 5.000%, 8/01/38 
 
 
 
2,450 
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, 
No Opt. Call 
AA+ 
2,552,753 
 
  
Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) 
 
 
 
600 
  
New York State Urban Development Corporation, Special Project Revenue Bonds, University 
No Opt. Call 
AA 
626,646 
 
  
Facilities Grants, Series 1995, 5.875%, 1/01/21 
 
 
 
1,107 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
 
 
 
 
  
Series 2007A Sr. Bond, 0.000%, 8/01/43 (8) 
No Opt. Call 
N/R 
928,068 
3,362 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Trust Tax-Exempt Trust 
No Opt. Call 
N/R 
2,967,133 
 
  
Unit, Series 2017A Sr. Bond, 0.000%, 8/01/43 (8) 
 
 
 
22,719 
  
Total Tax Obligation/Limited 
 
 
23,934,621 
 
21
NNY 
Nuveen New York Municipal Value Fund, Inc. 
Portfolio of Investments (continued) 
February 28, 2019 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation – 23.6% (23.6% of Total Investments) 
 
 
 
$ 2,500 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/25 at 100.00 
AA– 
$ 2,837,100 
 
  
Series 2015D-1, 5.000%, 11/15/30 
 
 
 
815 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/22 at 100.00 
A1 
873,786 
 
  
2012E, 5.000%, 11/15/42 
 
 
 
2,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/24 at 100.00 
AA– 
2,225,660 
 
  
2014B, 5.250%, 11/15/38 
 
 
 
5,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/26 at 100.00 
AA– 
5,664,550 
 
  
2016C-1, 5.000%, 11/15/34 
 
 
 
1,500 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
3/19 at 101.00 
N/R 
982,500 
 
  
Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (6) 
 
 
 
660 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
703,646 
 
  
Center Project, Series 2011, 5.000%, 11/15/44 
 
 
 
2,630 
  
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
7/24 at 100.00 
BBB 
2,785,696 
 
  
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) 
 
 
 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
  
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding 
 
 
 
 
  
Series 2016: 
 
 
 
765 
  
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
BB 
801,452 
2,020 
  
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
BB 
2,095,528 
2,000 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
1/28 at 100.00 
Baa3 
2,281,760 
 
  
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 
 
 
 
 
  
2018, 5.000%, 1/01/32 (AMT) 
 
 
 
5,900 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
5/25 at 100.00 
AA– 
6,644,285 
 
  
Eighty-Ninth Series 2015, 5.000%, 5/01/40 
 
 
 
1,575 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
1,763,716 
 
  
Seventy Ninth Series 2013, 5.000%, 12/01/43 
 
 
 
1,165 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
9/28 at 100.00 
AA– 
1,214,862 
 
  
Eleventh Series 2018, 4.000%, 9/01/43 
 
 
 
 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
  
Terminal LLC Project, Eighth Series 2010: 
 
 
 
225 
  
6.500%, 12/01/28 
3/19 at 100.00 
BBB+ 
234,779 
1,160 
  
6.000%, 12/01/36 
12/20 at 100.00 
BBB+ 
1,228,080 
780 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
No Opt. Call 
A+ 
830,310 
 
  
Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured 
 
 
 
2,000 
  
Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, Refunding 
11/28 at 100.00 
AA– 
2,357,800 
 
  
Series 2018C, 5.000%, 11/15/37 
 
 
 
32,695 
  
Total Transportation 
 
 
35,525,510 
 
  
U.S. Guaranteed – 10.7% (10.7% of Total Investments) (7) 
 
 
 
1,350 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ 
1,405,161 
 
  
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) 
 
 
 
525 
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/20 at 100.00 
A– 
550,436 
 
  
Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
2,100 
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, 
7/20 at 100.00 
A– 
2,222,325 
 
  
Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
880 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College 
7/19 at 100.00 
N/R 
892,083 
 
  
Project, Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
400 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– 
429,084 
 
  
5.000%, 5/01/38 (Pre-refunded 5/01/21) 
 
 
 
 
22
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (7) (continued) 
 
 
 
$ 1,500 
  
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA 
$ 1,536,345 
 
  
5.000%, 11/15/34 (Pre-refunded 11/15/19) 
 
 
 
2,685 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/22 at 100.00 
A1 
3,017,564 
 
  
2012E, 5.000%, 11/15/42 (Pre-refunded 11/15/22) 
 
 
 
1,100 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
AA– 
1,270,181 
 
  
2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) 
 
 
 
3,000 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University 
7/21 at 100.00 
AA– 
3,238,260 
 
  
of Rochester Project, Series 2011B, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
45 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
N/R 
48,466 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 
 
 
 
 
  
7/01/28 (Pre-refunded 7/01/21) 
 
 
 
1,345 
  
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 
1/21 at 100.00 
N/R 
1,436,178 
 
  
2011, 5.375%, 7/01/41 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
14,930 
  
Total U.S. Guaranteed 
 
 
16,046,083 
 
  
Utilities – 6.7% (6.7% of Total Investments) 
 
 
 
1,000 
  
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue 
2/20 at 100.00 
BBB– 
1,027,720 
 
  
Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 
 
 
 
90 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 
10/22 at 100.00 
BBB 
94,429 
135 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
A– 
148,831 
 
  
2014A, 5.000%, 9/01/44 
 
 
 
475 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A– 
532,266 
 
  
2017, 5.000%, 9/01/47 
 
 
 
1,250 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
1,354,200 
 
  
5.000%, 9/01/37 
 
 
 
400 
  
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue 
7/23 at 100.00 
B1 
397,164 
 
  
Refunding Bonds, Covanta Energy Project, Series 2018A, 4.750%, 11/01/42 (AMT), 144A 
 
 
 
295 
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue 
3/19 at 100.00 
N/R 
295,065 
 
  
Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) 
 
 
 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: 
 
 
 
4,440 
  
5.000%, 12/15/34 
12/23 at 100.00 
AAA 
5,012,138 
1,100 
  
5.000%, 12/15/41 
12/23 at 100.00 
AAA 
1,232,176 
9,185 
  
Total Utilities 
 
 
10,093,989 
 
  
Water and Sewer – 11.5% (11.5% of Total Investments) 
 
 
 
300 
  
Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, 
7/25 at 100.00 
A 
347,085 
 
  
Refunding Series 2015A, 5.000%, 7/01/29 
 
 
 
3,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/27 at 100.00 
AA+ 
3,386,280 
 
  
General Resolution Revenue Bonds, Series 2018CC-1, 5.000%, 6/15/48 
 
 
 
1,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
1,150,250 
 
  
General Resolution Revenue Bonds, Series 2018EE, 5.000%, 6/15/40 
 
 
 
 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
 
 
 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, 
 
 
 
 
  
Second Resolution Subordinated SRF Series 2015A: 
 
 
 
2,100 
  
5.000%, 6/15/36 
6/25 at 100.00 
AAA 
2,413,173 
2,500 
  
5.000%, 6/15/40 
6/25 at 100.00 
AAA 
2,843,175 
1,000 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/27 at 100.00 
AAA 
1,138,460 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2017A, 5.000%, 6/15/46 
 
 
 
 
23
NNY 
Nuveen New York Municipal Value Fund, Inc. 
Portfolio of Investments (continued) 
February 28, 2019 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
$ 4,300 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/27 at 100.00 
AAA 
$ 4,891,121 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2017E, 5.000%, 6/15/47 
 
 
 
1,000 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
2/22 at 100.00 
AAA 
1,079,991 
 
  
Bonds, 2010 Master Financing Program, Series 2012B, 5.000%, 2/15/42 
 
 
 
15,200 
  
Total Water and Sewer 
 
 
17,249,535 
$ 139,414 
  
Total Long-Term Investments (cost $144,551,027) 
 
 
150,591,500 
 
  
Floating Rate Obligations – (1.2)% 
 
 
(1,840,000) 
 
  
Other Assets Less Liabilities – 1.0% 
 
 
1,529,461 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 150,280,961 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond's accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.  
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 - Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
24
NYV
Nuveen New York Municipal Value Fund 2
Portfolio of Investments February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 88.7% (92.7% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 88.7% (92.7% of Total Investments) 
 
 
 
 
  
Consumer Staples – 4.8% (5.0% of Total Investments) 
 
 
 
$ 1,000 
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
No Opt. Call 
A– 
$ 1,084,170 
 
  
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
100 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
3/19 at 100.00 
BB+ 
99,994 
 
  
Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 
 
 
 
 
  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
 
 
 
 
  
Series Series 2016A-1: 
 
 
 
115 
  
5.625%, 6/01/35 
No Opt. Call 
BBB 
122,177 
380 
  
5.750%, 6/01/43 
No Opt. Call 
BBB 
421,667 
1,595 
  
Total Consumer Staples 
 
 
1,728,008 
 
  
Education and Civic Organizations – 17.7% (18.6% of Total Investments) 
 
 
 
1,200 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
3/19 at 100.00 
B 
1,125,240 
 
  
Schools, Series 2007A, 5.000%, 4/01/37 
 
 
 
80 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
No Opt. Call 
B+ 
80,690 
 
  
Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19 
 
 
 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter 
 
 
 
 
  
School for International Cultures and the Arts Project, Series 2013A: 
 
 
 
50 
  
5.000%, 4/15/33 
4/23 at 100.00 
BB+ 
51,172 
75 
  
5.000%, 4/15/43 
4/23 at 100.00 
BB+ 
76,166 
100 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/23 at 100.00 
A– 
108,977 
 
  
University, Series 2013A, 5.000%, 7/01/44 
 
 
 
200 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/25 at 100.00 
Aa2 
229,740 
 
  
2015A, 5.000%, 7/01/35 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/28 at 100.00 
Aa2 
1,147,020 
 
  
2018A, 5.000%, 7/01/48 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, 
7/20 at 100.00 
Aa1 
1,039,480 
 
  
Cornell University, Series 2010A, 5.000%, 7/01/40 
 
 
 
165 
  
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of 
12/26 at 100.00 
BB– 
173,471 
 
  
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A 
 
 
 
145 
  
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point 
1/34 at 100.00 
N/R 
119,086 
 
  
Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 
 
 
 
100 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi 
9/23 at 100.00 
A– 
110,195 
 
  
University Project, Series 2013, 5.000%, 9/01/38 
 
 
 
4,895 
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium 
No Opt. Call 
AA 
2,136,863 
 
  
Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured 
 
 
 
9,010 
  
Total Education and Civic Organizations 
 
 
6,398,100 
 
  
Financials – 1.1% (1.1% of Total Investments) 
 
 
 
300 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds 
No Opt. Call 
A 
380,181 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
 
  
Health Care – 1.0% (1.0% of Total Investments) 
 
 
 
50 
  
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue 
7/20 at 100.00 
A 
51,867 
 
  
Bonds, Series 2010, 5.000%, 7/01/26 
 
 
 
150 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
7/26 at 100.00 
A– 
150,755 
 
  
Systems, Inc. Project, Series 2016B, 4.000%, 7/01/41 
 
 
 
 
25
 

NYV 
Nuveen New York Municipal Value Fund 2
Portfolio of Investments (continued)
February 28, 2019 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Health Care (continued) 
 
 
 
$ 150 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
$ 150,057 
 
  
Hospital, Series 2001B, 7.125%, 7/01/31 
 
 
 
350 
  
Total Health Care 
 
 
352,679 
 
  
Housing/Multifamily – 4.0% (4.2% of Total Investments) 
 
 
 
1,000 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 
5/19 at 100.00 
Aa2 
1,005,950 
 
  
5.250%, 11/01/41 
 
 
 
450 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 
5/19 at 100.00 
Aa2 
452,147 
 
  
4.500%, 11/01/29 
 
 
 
1,450 
  
Total Housing/Multifamily 
 
 
1,458,097 
 
  
Industrials – 2.0% (2.1% of Total Investments) 
 
 
 
105 
  
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, 
1/25 at 100.00 
N/R 
111,716 
 
  
Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (AMT), 144A 
 
 
 
580 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
604,748 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
685 
  
Total Industrials 
 
 
716,464 
 
  
Tax Obligation/General – 4.3% (4.5% of Total Investments) 
 
 
 
1,000 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 
4/26 at 100.00 
A+ 
1,126,630 
 
  
5.000%, 4/01/35 
 
 
 
400 
  
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 – 
10/21 at 100.00 
AA 
435,124 
 
  
AGM Insured 
 
 
 
1,400 
  
Total Tax Obligation/General 
 
 
1,561,754 
 
  
Tax Obligation/Limited – 10.6% (11.1% of Total Investments) 
 
 
 
1,500 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/25 at 100.00 
AA+ 
1,714,020 
 
  
2015B. Group A,B&C, 5.000%, 3/15/35 
 
 
 
540 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture 
2/27 at 100.00 
Aa3 
609,800 
 
  
Series 2017A, 5.000%, 2/15/42 
 
 
 
300 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/24 at 100.00 
AAA 
337,149 
 
  
Series 2014D-1, 5.000%, 2/01/35 
 
 
 
1,000 
  
Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset 
10/24 at 100.00 
AA+ 
1,154,340 
 
  
Revenue Bonds, Series 2015A, 5.000%, 10/15/30 
 
 
 
3,340 
  
Total Tax Obligation/Limited 
 
 
3,815,309 
 
  
Transportation – 16.4% (17.2% of Total Investments) 
 
 
 
2,000 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
3/19 at 101.00 
N/R 
1,310,000 
 
  
Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5) 
 
 
 
155 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
165,250 
 
  
Center Project, Series 2011, 5.000%, 11/15/44 
 
 
 
645 
  
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
7/24 at 100.00 
BBB 
683,184 
 
  
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) 
 
 
 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
  
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding 
 
 
 
 
  
Series 2016: 
 
 
 
220 
  
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
BB 
230,483 
420 
  
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
BB 
435,704 
400 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
1/28 at 100.00 
Baa3 
456,352 
 
  
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 
 
 
 
 
  
2018, 5.000%, 1/01/32 (AMT) 
 
 
 
 
26
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation (continued) 
 
 
 
$ 765 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
9/28 at 100.00 
AA– 
$ 797,742 
 
  
Eleventh Series 2018, 4.000%, 9/01/43 
 
 
 
800 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth 
11/27 at 100.00 
AA– 
910,552 
 
  
Series 2017, 5.000%, 11/15/47 
 
 
 
 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
  
Terminal LLC Project, Eighth Series 2010: 
 
 
 
180 
  
6.500%, 12/01/28 
3/19 at 100.00 
BBB+ 
187,823 
140 
  
6.000%, 12/01/36 
12/20 at 100.00 
BBB+ 
148,217 
525 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
594,704 
 
  
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/47 
 
 
 
6,250 
  
Total Transportation 
 
 
5,920,011 
 
  
U.S. Guaranteed – 8.5% (8.9% of Total Investments) (6) 
 
 
 
290 
  
Albany Capital Resource Corporation, New York, St. Peter's Hospital Project, Series 
11/20 at 100.00 
N/R 
311,071 
 
  
2011, 6.000%, 11/15/25 (Pre-refunded 11/15/20) 
 
 
 
1,500 
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island 
5/19 at 100.00 
A– 
1,509,510 
 
  
Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37 (Pre-refunded 5/01/19) 
 
 
 
– 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/19 at 100.00 
AA+ 
– 
 
  
Education Series 2009A, 5.000%, 3/15/38 (Pre-refunded 3/15/19) 
 
 
 
1,200 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 
12/19 at 100.00 
N/R 
1,237,440 
 
  
12/01/34 (Pre-refunded 12/01/19) 
 
 
 
2,990 
  
Total U.S. Guaranteed 
 
 
3,058,021 
 
  
Utilities – 4.4% (4.5% of Total Investments) 
 
 
 
25 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 
10/22 at 100.00 
BBB 
26,230 
285 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
A– 
314,198 
 
  
2014A, 5.000%, 9/01/44 
 
 
 
105 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A– 
117,659 
 
  
2017, 5.000%, 9/01/47 
 
 
 
100 
  
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue 
7/23 at 100.00 
B1 
99,291 
 
  
Refunding Bonds, Covanta Energy Project, Series 2018A, 4.750%, 11/01/42 (AMT), 144A 
 
 
 
905 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 
12/23 at 100.00 
AAA 
1,013,745 
 
  
5.000%, 12/15/41 
 
 
 
1,420 
  
Total Utilities 
 
 
1,571,123 
 
  
Water and Sewer – 13.9% (14.5% of Total Investments) 
 
 
 
900 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
12/21 at 100.00 
AA+ 
966,042 
 
  
Revenue Bonds, Second Generation Resolution, Series 2012BB, 5.000%, 6/15/44 
 
 
 
2,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
2,300,500 
 
  
General Resolution Revenue Bonds, Series 2018EE, 5.000%, 6/15/40 
 
 
 
 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
 
 
 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2018B: 
 
 
 
500 
  
5.000%, 6/15/43 
6/28 at 100.00 
AAA 
578,560 
1,000 
  
5.000%, 6/15/48 
6/28 at 100.00 
AAA 
1,150,790 
4,400 
  
Total Water and Sewer 
 
 
4,995,892 
$ 33,190 
  
Total Long-Term Investments (cost $29,595,243) 
 
 
31,955,639 
 
27
NYV 
Nuveen New York Municipal Value Fund 2
Portfolio of Investments (continued)
February 28, 2019 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
SHORT-TERM INVESTMENTS – 6.9% (7.3% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 6.9% (7.3% of Total Investments) 
 
 
 
 
  
Transportation – 6.9% (7.3% of Total Investments) 
 
 
 
$ 2,500 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
4/19 at 100.00 
AA+ 
$ 2,500,000 
 
  
Bridges & Tunnels, Variable Rate Demand Obligation, Refunding Series 2002F, 
 
 
 
 
  
1.650%, 11/01/32 (7) 
 
 
 
$ 2,500 
  
Total Short-Term Investments (cost $2,500,000) 
 
 
2,500,000 
 
  
Total Investments (cost $32,095,243) – 95.6% 
 
 
34,455,639 
 
  
Other Assets Less Liabilities – 4.4% 
 
 
1,596,377 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 36,052,016 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(5)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records. 
(6) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(7) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
 
See accompanying notes to financial statements. 
 
28
 

   
NAN
Nuveen New York Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 158.3% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 158.3% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Staples – 8.8% (5.6% of Total Investments) 
 
 
 
 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
 
 
 
 
  
Asset-Backed Bonds, Series 2005A: 
 
 
 
$ 12,500 
  
5.000%, 6/01/38 
3/19 at 100.00 
BB+ 
$ 12,499,250 
3,210 
  
5.000%, 6/01/45 
3/19 at 100.00 
B+ 
3,141,113 
1,350 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
2/19 at 100.00 
B– 
1,350,216 
 
  
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 
 
 
 
12,415 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
3/19 at 100.00 
B– 
12,051,241 
 
  
Bonds, Series 2006A-3, 5.000%, 6/01/35 
 
 
 
 
  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
 
 
 
 
  
Series Series 2016A-1: 
 
 
 
335 
  
5.625%, 6/01/35 
No Opt. Call 
BBB 
355,907 
1,145 
  
5.750%, 6/01/43 
No Opt. Call 
BBB 
1,270,549 
 
  
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 
 
 
 
2,620 
  
5.000%, 6/01/45 
6/27 at 100.00 
B+ 
2,532,649 
7,155 
  
5.000%, 6/01/48 
6/27 at 100.00 
N/R 
6,877,744 
40,730 
  
Total Consumer Staples 
 
 
40,078,669 
 
  
Education and Civic Organizations – 26.0% (16.4% of Total Investments) 
 
 
 
1,855 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
3/19 at 100.00 
B 
1,739,434 
 
  
Schools, Series 2007A, 5.000%, 4/01/37 
 
 
 
3,265 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
12/20 at 100.00 
B+ 
3,361,807 
 
  
Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 
 
 
 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, City University of 
 
 
 
 
  
New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A: 
 
 
 
1,025 
  
5.000%, 6/01/32 
6/24 at 100.00 
Aa2 
1,163,713 
2,070 
  
5.000%, 6/01/43 
6/24 at 100.00 
Aa2 
2,305,670 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College 
 
 
 
 
  
of New York, Series 2014: 
 
 
 
1,405 
  
5.250%, 11/01/34 
11/24 at 100.00 
BB 
1,434,519 
1,300 
  
5.000%, 11/01/39 
11/24 at 100.00 
BB 
1,288,339 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter 
 
 
 
 
  
School for International Cultures and the Arts Project, Series 2013A: 
 
 
 
950 
  
5.000%, 4/15/33 
4/23 at 100.00 
BB+ 
972,268 
1,380 
  
5.000%, 4/15/43 
4/23 at 100.00 
BB+ 
1,401,445 
1,760 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/23 at 100.00 
A– 
1,917,995 
 
  
University, Series 2013A, 5.000%, 7/01/44 
 
 
 
2,000 
  
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute 
No Opt. Call 
Baa2 
2,370,600 
 
  
of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured 
 
 
 
3,915 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/23 at 100.00 
Aa3 
4,407,546 
 
  
Dormitory Facilities, Refunding Series 2013A, 5.000%, 7/01/27 
 
 
 
3,500 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/22 at 100.00 
Aa2 
3,799,670 
 
  
Dormitory Facilities, Series 2012A, 5.000%, 7/01/37 
 
 
 
 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
 
 
 
 
  
Dormitory Facilities, Series 2015A: 
 
 
 
1,120 
  
5.000%, 7/01/31 
7/25 at 100.00 
Aa3 
1,290,083 
1,245 
  
5.000%, 7/01/33 
7/25 at 100.00 
Aa3 
1,423,857 
5,090 
  
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at 
7/25 at 100.00 
A– 
5,632,899 
 
  
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 
 
 
 
 
29
 

         
NAN 
Nuveen New York Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 2,100 
  
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan 
7/19 at 100.00 
Baa2 
$ 2,120,853 
 
  
College, Series 2009, 5.250%, 7/01/29 
 
 
 
1,955 
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/25 at 100.00 
A– 
2,159,982 
 
  
Series 2015A, 5.000%, 7/01/45 
 
 
 
2,120 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
No Opt. Call 
Aa2 
2,230,494 
 
  
2001-1, 5.500%, 7/01/20 – AMBAC Insured 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2015A: 
 
 
 
1,000 
  
5.000%, 7/01/34 
7/25 at 100.00 
Aa2 
1,150,600 
2,300 
  
5.000%, 7/01/35 
7/25 at 100.00 
Aa2 
2,642,010 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2016A: 
 
 
 
5,100 
  
5.000%, 7/01/33 
7/26 at 100.00 
Aa2 
5,922,630 
3,765 
  
5.000%, 7/01/36 
7/26 at 100.00 
Aa2 
4,322,107 
1,055 
  
5.000%, 7/01/39 
7/26 at 100.00 
Aa2 
1,198,100 
2,500 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/29 at 100.00 
Aa2 
2,895,525 
 
  
2019A, 5.000%, 7/01/49 
 
 
 
8,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, 
7/20 at 100.00 
Aa1 
8,315,840 
 
  
Cornell University, Series 2010A, 5.000%, 7/01/40 
 
 
 
1,600 
  
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph's College, 
7/20 at 100.00 
Ba1 
1,625,504 
 
  
Series 2010, 5.250%, 7/01/35 
 
 
 
3,140 
  
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of 
12/26 at 100.00 
BB– 
3,301,208 
 
  
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A 
 
 
 
2,705 
  
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point 
1/34 at 100.00 
N/R 
2,221,562 
 
  
Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 
 
 
 
250 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi 
3/19 at 100.00 
A– 
250,590 
 
  
University Project, Series 2009B, 5.250%, 2/01/39 
 
 
 
 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi 
 
 
 
 
  
University Project, Series 2013: 
 
 
 
1,005 
  
5.000%, 9/01/38 
9/23 at 100.00 
A– 
1,107,460 
265 
  
5.000%, 9/01/43 
9/23 at 100.00 
A– 
290,602 
5,000 
  
Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University 
7/25 at 100.00 
AA 
5,652,750 
 
  
Project, Refunding Series 2015A, 5.000%, 7/01/40 
 
 
 
1,260 
  
Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University 
7/20 at 100.00 
AA 
1,312,277 
 
  
Project, Series 2010A, 5.000%, 7/01/40 
 
 
 
890 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John 
6/21 at 100.00 
A– 
966,282 
 
  
Fisher College, Series 2011, 6.000%, 6/01/30 
 
 
 
3,030 
  
New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College 
7/25 at 100.00 
BBB 
3,298,731 
 
  
Project, Series 2015A, 5.000%, 7/01/45 
 
 
 
 
  
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens 
 
 
 
 
  
Baseball Stadium Project, Series 2006: 
 
 
 
1,000 
  
5.000%, 1/01/31 – AMBAC Insured 
3/19 at 100.00 
BBB 
1,002,740 
235 
  
5.000%, 1/01/36 – AMBAC Insured 
3/19 at 100.00 
BBB 
235,618 
3,515 
  
5.000%, 1/01/39 – AMBAC Insured 
3/19 at 100.00 
BBB 
3,559,465 
5,050 
  
4.750%, 1/01/42 – AMBAC Insured 
3/19 at 100.00 
BBB 
5,053,383 
400 
  
5.000%, 1/01/46 – AMBAC Insured 
3/19 at 100.00 
BBB 
405,408 
 
  
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee 
 
 
 
 
  
Stadium Project, Series 2006: 
 
 
 
7,555 
  
4.500%, 3/01/39 – FGIC Insured 
3/19 at 100.00 
Baa1 
7,561,346 
2,750 
  
4.750%, 3/01/46 – NPFG Insured 
3/19 at 100.00 
Baa1 
2,751,898 
1,000 
  
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of 
1/21 at 100.00 
AA 
1,057,140 
 
  
American Art, Series 2011, 5.000%, 7/01/31 
 
 
 
1,500 
  
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife 
8/23 at 100.00 
AA– 
1,675,740 
 
  
Conservation Society, Series 2013A, 5.000%, 8/01/33 
 
 
 
 
30
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 1,515 
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College 
7/25 at 100.00 
Baa2 
$ 1,625,231 
 
  
Project, Series 2015, 5.000%, 7/01/40 
 
 
 
 
  
Saint Lawrence County Industrial Development Agency Civic Development Corporation, New 
 
 
 
 
  
York, Revenue Bonds, Clarkson University Project, Series 2012A: 
 
 
 
1,050 
  
5.250%, 9/01/33 
3/22 at 100.00 
Baa1 
1,133,276 
1,750 
  
5.000%, 9/01/41 
3/22 at 100.00 
Baa1 
1,863,750 
2,260 
  
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic 
9/20 at 100.00 
A3 
2,355,575 
 
  
Institute, Series 2010A, 5.125%, 9/01/40 
 
 
 
110,500 
  
Total Education and Civic Organizations 
 
 
117,775,522 
 
  
Financials – 3.2% (2.0% of Total Investments) 
 
 
 
4,725 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, 
No Opt. Call 
A 
5,805,796 
 
  
Series 2005, 5.250%, 10/01/35 
 
 
 
6,885 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds 
No Opt. Call 
A 
8,725,154 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
11,610 
  
Total Financials 
 
 
14,530,950 
 
  
Health Care – 3.8% (2.4% of Total Investments) 
 
 
 
 
  
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue 
 
 
 
 
  
Bonds, Series 2010: 
 
 
 
350 
  
5.000%, 7/01/26 
7/20 at 100.00 
A 
363,069 
350 
  
5.200%, 7/01/32 
7/20 at 100.00 
A 
363,045 
3,700 
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island 
5/25 at 100.00 
A– 
4,036,774 
 
  
Jewish Obligated Group, Series 2015A, 5.000%, 5/01/43 
 
 
 
500 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
7/20 at 100.00 
A– 
529,570 
 
  
Systems Inc, Series 2010A, 5.750%, 7/01/30 
 
 
 
4,120 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
7/26 at 100.00 
A– 
4,704,916 
 
  
Systems, Inc. Project, Series 2016B, 5.000%, 7/01/32 
 
 
 
710 
  
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
3/19 at 100.00 
BB 
717,675 
 
  
Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 
 
 
 
715 
  
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
771,464 
 
  
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35 
 
 
 
2,730 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
A– 
2,909,498 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 
 
 
 
2,080 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
2,080,790 
 
  
Hospital, Series 2001A, 7.125%, 7/01/31 
 
 
 
595 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
595,226 
 
  
Hospital, Series 2001B, 7.125%, 7/01/31 
 
 
 
15,850 
  
Total Health Care 
 
 
17,072,027 
 
  
Housing/Multifamily – 1.7% (1.0% of Total Investments) 
 
 
 
4,000 
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
5/19 at 100.00 
AA+ 
4,013,960 
 
  
Bonds, Series 2009J, 4.800%, 5/01/36 
 
 
 
705 
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
5/20 at 100.00 
AA+ 
727,200 
 
  
Bonds, Series 2010D-1A, 5.000%, 11/01/42 
 
 
 
600 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 
5/19 at 100.00 
Aa2 
602,862 
 
  
4.500%, 11/01/29 
 
 
 
2,000 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2010A, 
5/20 at 100.00 
Aa2 
2,030,280 
 
  
5.000%, 11/01/42 
 
 
 
190 
  
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing 
3/19 at 100.00 
Aa1 
190,502 
 
  
Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (AMT) 
 
 
 
7,495 
  
Total Housing/Multifamily 
 
 
7,564,804 
 
31
 

         
NAN 
Nuveen New York Quality Municipal Income Fund 
 
 
 Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Housing/Single Family – 0.1% (0.1% of Total Investments) 
 
 
 
$ 645 
  
Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage 
No Opt. Call 
N/R 
$ 654,707 
 
  
Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (AMT) 
 
 
 
 
  
Industrials – 4.4% (2.8% of Total Investments) 
 
 
 
1,935 
  
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, 
1/25 at 100.00 
N/R 
2,058,763 
 
  
Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (AMT), 144A 
 
 
 
17,145 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
17,876,577 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
19,080 
  
Total Industrials 
 
 
19,935,340 
 
  
Long-Term Care – 0.5% (0.3% of Total Investments) 
 
 
 
1,275 
  
Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of 
3/19 at 100.00 
A2 
1,276,670 
 
  
Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 
 
 
 
835 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
3/19 at 100.00 
N/R 
812,062 
 
  
Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 
 
 
 
170 
  
Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special 
3/19 at 100.00 
N/R 
168,897 
 
  
Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 
 
 
 
2,280 
  
Total Long-Term Care 
 
 
2,257,629 
 
  
Tax Obligation/General – 13.1% (8.3% of Total Investments) 
 
 
 
 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series, 
 
 
 
 
  
Refunding 2016A: 
 
 
 
3,630 
  
5.000%, 1/01/28 
1/26 at 100.00 
A+ 
4,238,787 
500 
  
5.000%, 1/01/38 
1/26 at 100.00 
A+ 
556,100 
 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C: 
 
 
 
1,395 
  
5.000%, 4/01/35 
4/26 at 100.00 
A+ 
1,571,649 
2,000 
  
5.000%, 4/01/43 
4/26 at 100.00 
A+ 
2,205,000 
400 
  
New York City, New York, General Obligation Bonds, Series 2009E, 5.000%, 8/01/28 
8/19 at 100.00 
AA 
405,472 
1,000 
  
New York City, New York, General Obligation Bonds, Series 2012B, 5.000%, 8/01/30 
8/22 at 100.00 
AA 
1,098,670 
980 
  
New York City, New York, General Obligation Bonds, Series 2012I, 5.000%, 8/01/32 
8/22 at 100.00 
AA 
1,073,982 
5,000 
  
New York City, New York, General Obligation Bonds, Series 2014A-1, 
8/23 at 100.00 
AA 
5,662,250 
 
  
5.000%, 8/01/26 
 
 
 
8,775 
  
New York City, New York, General Obligation Bonds, Series 2017B-1, 
12/26 at 100.00 
AA 
9,919,348 
 
  
5.000%, 12/01/41 
 
 
 
4,000 
  
New York City, New York, General Obligation Bonds, Series 2018B-1, 
10/27 at 100.00 
AA 
4,611,800 
 
  
5.000%, 10/01/37 
 
 
 
 
  
New York City, New York, General Obligation Bonds, Series 2018E-1: 
 
 
 
7,000 
  
5.000%, 3/01/38 (UB) (5) 
3/28 at 100.00 
AA 
8,103,830 
1,000 
  
5.000%, 3/01/39 
3/28 at 100.00 
AA 
1,150,320 
 
  
New York City, New York, General Obligation Bonds, Series 2018F-1: 
 
 
 
6,480 
  
5.000%, 4/01/40 
4/28 at 100.00 
AA 
7,430,487 
1,420 
  
5.000%, 4/01/43 
4/28 at 100.00 
AA 
1,617,536 
1,965 
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 
4/22 at 100.00 
AA 
2,147,666 
 
  
5.000%, 4/01/28 
 
 
 
 
  
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 2016-XG0082: 
 
 
 
3,125 
  
14.803%, 3/01/31, 144A (IF) (5) 
3/23 at 100.00 
AA 
4,515,125 
1,525 
  
14.803%, 3/01/31, 144A (IF) (5) 
3/23 at 100.00 
AA 
2,203,381 
720 
  
Rochester, New York, General Obligation Bonds, Series 1999, 5.250%, 10/01/19 – NPFG Insured 
No Opt. Call 
AA– 
735,221 
50,915 
  
Total Tax Obligation/General 
 
 
59,246,624 
 
  
Tax Obligation/Limited – 28.0% (17.7% of Total Investments) 
 
 
 
980 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/21 at 100.00 
AA+ 
1,036,321 
 
  
General Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
 
32
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
$ 1,000 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/22 at 100.00 
AA+ 
$ 1,082,080 
 
  
General Purpose Series 2012D, 5.000%, 2/15/33 
 
 
 
5,000 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/23 at 100.00 
AA+ 
5,494,400 
 
  
General Purpose Series 2013A, 5.000%, 2/15/43 
 
 
 
2,080 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/24 at 100.00 
AA+ 
2,327,104 
 
  
General Purpose Series 2014C. Group C, 5.000%, 3/15/44 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/25 at 100.00 
AA+ 
1,142,680 
 
  
2015B. Group A,B&C, 5.000%, 3/15/35 
 
 
 
6,000 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/28 at 100.00 
AA+ 
6,883,080 
 
  
2018E Group 4, 5.000%, 3/15/44 
 
 
 
 
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: 
 
 
 
3,225 
  
5.000%, 11/15/28 
11/25 at 100.00 
BB 
3,542,243 
2,355 
  
5.000%, 11/15/34 
11/25 at 100.00 
BB 
2,514,999 
3,750 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture 
2/27 at 100.00 
Aa3 
4,234,725 
 
  
Series 2017A, 5.000%, 2/15/42 
 
 
 
 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2011A: 
 
 
 
2,550 
  
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
2,734,569 
1,910 
  
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
2,021,792 
 
  
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding 
 
 
 
 
  
Series 2012A: 
 
 
 
1,815 
  
5.000%, 11/15/27 
11/22 at 100.00 
AA 
2,019,296 
2,250 
  
5.000%, 11/15/29 
11/22 at 100.00 
AA 
2,499,008 
3,500 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
4,050,760 
 
  
Series 2017S-3, 5.000%, 7/15/38 
 
 
 
9,000 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
10,741,590 
 
  
Series 2018S-4A, 5.250%, 7/15/36 
 
 
 
2,000 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
2,275,720 
 
  
Series 2019S-1, 5.000%, 7/15/45 
 
 
 
890 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
1,038,505 
 
  
Series 2019S-3A, 5.000%, 7/15/36 
 
 
 
1,870 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/22 at 100.00 
AA 
2,049,034 
 
  
Series 2013S-1, 5.000%, 7/15/31 
 
 
 
 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
 
 
 
 
  
Series 2012E-1: 
 
 
 
3,775 
  
5.000%, 2/01/37 
2/22 at 100.00 
AAA 
4,070,922 
3,950 
  
5.000%, 2/01/42 
2/22 at 100.00 
AAA 
4,248,067 
3,090 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/23 at 100.00 
AAA 
3,442,940 
 
  
Series 2013F-1, 5.000%, 2/01/29 
 
 
 
7,860 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/23 at 100.00 
AAA 
8,692,846 
 
  
Series 2013I, 5.000%, 5/01/38 
 
 
 
4,170 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/24 at 100.00 
AAA 
4,686,371 
 
  
Series 2014D-1, 5.000%, 2/01/35 
 
 
 
5,000 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
8/26 at 100.00 
AAA 
5,731,200 
 
  
Series 2017B-1, 5.000%, 8/01/36 
 
 
 
2,825 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
11/20 at 100.00 
AAA 
2,997,381 
 
  
Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 
 
 
 
2,000 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
2/21 at 100.00 
AAA 
2,116,300 
 
  
Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 
 
 
 
2,400 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
5/19 at 100.00 
AAA 
2,433,792 
 
  
Bonds, Tender Option Bond Trust 2015-XF0080, 11.310%, 5/01/38, 144A (IF) 
 
 
 
6,000 
  
New York City, New York, Educational Construction Fund Revenue Bonds, Series 2011A, 
4/21 at 100.00 
AA– 
6,448,080 
 
  
5.750%, 4/01/41 
 
 
 
 
33
         
NAN 
Nuveen New York Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
$ 11,300 
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, 
No Opt. Call 
AA+ 
$ 11,773,922 
 
  
Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) 
 
 
 
2,110 
  
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AA+ 
2,215,162 
 
  
5.000%, 3/15/29 
 
 
 
829 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 
No Opt. Call 
N/R 
695,109 
 
  
0.000%, 8/01/45 (10) 
 
 
 
1,181 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
No Opt. Call 
N/R 
989,939 
 
  
Series 2007A Sr. Bond, 0.000%, 8/01/43 (10) 
 
 
 
 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Trust Tax-Exempt Trust 
 
 
 
 
  
Unit, Series 2007A Sr. Bond: 
 
 
 
3,586 
  
0.000%, 8/01/43 (10) 
No Opt. Call 
N/R 
3,164,942 
2,518 
  
0.000%, 8/01/45 (10) 
No Opt. Call 
N/R 
2,222,325 
 
  
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
 
 
 
 
  
Center Project, Refunding Series 2016A: 
 
 
 
2,000 
  
5.000%, 1/01/29 (AMT) 
1/26 at 100.00 
A– 
2,228,040 
1,000 
  
5.000%, 1/01/35 (AMT) 
1/26 at 100.00 
A– 
1,081,120 
116,769 
  
Total Tax Obligation/Limited 
 
 
126,926,364 
 
  
Transportation – 30.1% (19.0% of Total Investments) 
 
 
 
7,500 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/25 at 100.00 
AA– 
8,511,300 
 
  
Series 2015D-1, 5.000%, 11/15/30 
 
 
 
1,540 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/22 at 100.00 
A1 
1,651,080 
 
  
2012E, 5.000%, 11/15/42 
 
 
 
5,425 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/25 at 100.00 
AA– 
5,902,888 
 
  
2015A-1, 5.000%, 11/15/45 
 
 
 
 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, 
 
 
 
 
  
Series 2016C-1: 
 
 
 
2,500 
  
5.000%, 11/15/34 
11/26 at 100.00 
AA– 
2,832,275 
12,560 
  
5.000%, 11/15/56 
11/26 at 100.00 
AA– 
13,681,357 
 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
 
 
 
 
  
Bronx Parking Development Company, LLC Project, Series 2007: 
 
 
 
200 
  
5.750%, 10/01/37 (6) 
3/19 at 101.00 
N/R 
131,000 
5,500 
  
5.875%, 10/01/46 (6) 
3/19 at 101.00 
N/R 
3,602,500 
2,850 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
3,038,471 
 
  
Center Project, Series 2011, 5.000%, 11/15/44 
 
 
 
1,350 
  
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, 
1/26 at 100.00 
A2 
1,477,616 
 
  
Series 2016A, 5.000%, 1/01/51 
 
 
 
12,110 
  
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
7/24 at 100.00 
BBB 
12,826,912 
 
  
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) 
 
 
 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
  
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding 
 
 
 
 
  
Series 2016: 
 
 
 
1,760 
  
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
BB 
1,843,864 
11,470 
  
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
BB 
11,898,863 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
  
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, 
 
 
 
 
  
Series 2018: 
 
 
 
3,000 
  
5.000%, 1/01/31 (AMT) 
1/28 at 100.00 
Baa3 
3,440,700 
8,500 
  
5.000%, 1/01/32 (AMT) 
1/28 at 100.00 
Baa3 
9,697,480 
8,780 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
5/25 at 100.00 
AA– 
9,824,293 
 
  
Eighty-Ninth Series 2015, 5.000%, 5/01/45 
 
 
 
5,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty 
1/21 at 100.00 
AA– 
5,250,200 
 
  
Sixth Series 2011, 5.000%, 1/15/41 
 
 
 
 
34
 

           
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, Two Hundred 
 
 
 
 
  
Eleventh Series 2018: 
 
 
 
$ 2,330 
  
4.000%, 9/01/43 
9/28 at 100.00 
AA– 
$ 2,429,724 
6,000 
  
5.000%, 9/01/48 (UB) (5) 
9/28 at 100.00 
AA– 
6,900,240 
4,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth 
11/27 at 100.00 
AA– 
4,552,760 
 
  
Series 2017, 5.000%, 11/15/47 
 
 
 
 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
 
 
 
 
  
Series 2017: 
 
 
 
4,000 
  
5.000%, 10/15/47 
4/27 at 100.00 
AA– 
4,520,560 
5,000 
  
5.250%, 10/15/57 
4/27 at 100.00 
AA– 
5,729,950 
 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
  
Terminal LLC Project, Eighth Series 2010: 
 
 
 
1,020 
  
6.500%, 12/01/28 
3/19 at 100.00 
BBB+ 
1,064,329 
5,000 
  
6.000%, 12/01/36 
12/20 at 100.00 
BBB+ 
5,293,450 
3,500 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
3,964,695 
 
  
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/47 
 
 
 
5,000 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
5/26 at 100.00 
AA– 
5,616,400 
 
  
Refunding Series 2016A, 5.000%, 11/15/46 
 
 
 
780 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
No Opt. Call 
A+ 
830,310 
 
  
Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured 
 
 
 
126,675 
  
Total Transportation 
 
 
136,513,217 
 
  
U.S. Guaranteed – 14.1% (8.9% of Total Investments) (7) 
 
 
 
 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
  
Bonds, Barclays Center Project, Series 2009: 
 
 
 
2,950 
  
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ 
3,070,537 
1,000 
  
6.375%, 7/15/43 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ 
1,041,930 
400 
  
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, 
5/20 at 100.00 
AA 
415,820 
 
  
Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40 (Pre-refunded 5/01/20) 
 
 
 
1,750 
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/20 at 100.00 
A– 
1,834,788 
 
  
Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island 
5/21 at 100.00 
A– 
1,072,710 
 
  
Jewish Obligated Group, Series 2011A, 5.000%, 5/01/41 (Pre-refunded 5/01/21) 
 
 
 
5,500 
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, 
7/20 at 100.00 
A– 
5,820,375 
 
  
Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
4,000 
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/20 at 100.00 
A– 
4,207,960 
 
  
2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
4,445 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College 
7/19 at 100.00 
N/R 
4,506,030 
 
  
Project, Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
  
Series 2011A: 
 
 
 
4,150 
  
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 
4,483,867 
90 
  
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 
96,380 
8,265 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– 
8,865,948 
 
  
5.000%, 5/01/38 (Pre-refunded 5/01/21) 
 
 
 
 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, 
 
 
 
 
  
Series 2010D: 
 
 
 
4,000 
  
5.000%, 11/15/34 (Pre-refunded 11/15/20) 
11/20 at 100.00 
AA– 
4,234,360 
1,560 
  
5.250%, 11/15/40 (Pre-refunded 11/15/20) 
11/20 at 100.00 
AA– 
1,657,906 
5,100 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/22 at 100.00 
A1 
5,731,686 
 
  
2012E, 5.000%, 11/15/42 (Pre-refunded 11/15/22) 
 
 
 
2,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
AA– 
2,309,420 
 
  
2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) 
 
 
 
 
35
         
NAN 
Nuveen New York Quality Municipal Income Fund 
 
 
 Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (7) (continued) 
 
 
 
$ 2,175 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
11/20 at 100.00 
N/R 
$ 2,315,440 
 
  
Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 (Pre-refunded 11/01/20) 
 
 
 
1,810 
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 
4/22 at 100.00 
N/R 
1,993,335 
 
  
5.000%, 4/01/28 (Pre-refunded 4/01/22) 
 
 
 
470 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
N/R 
506,204 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 
 
 
 
 
  
7/01/28 (Pre-refunded 7/01/21) 
 
 
 
560 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 
No Opt. Call 
AA+ 
576,139 
 
  
1993B, 5.000%, 1/01/20 (ETM) 
 
 
 
7,500 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 
1/22 at 100.00 
AA+ 
8,163,750 
 
  
1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22) 
 
 
 
1,000 
  
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah 
6/19 at 100.00 
BBB 
1,010,710 
 
  
Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41 (Pre-refunded 6/01/19) 
 
 
 
59,725 
  
Total U.S. Guaranteed 
 
 
63,915,295 
 
  
Utilities – 9.6% (6.1% of Total Investments) 
 
 
 
3,500 
  
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue 
2/20 at 100.00 
BBB– 
3,597,020 
 
  
Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 
 
 
 
370 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 
10/22 at 100.00 
BBB 
388,208 
1,460 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
A– 
1,609,577 
 
  
2014A, 5.000%, 9/01/44 
 
 
 
1,590 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A– 
1,781,690 
 
  
2017, 5.000%, 9/01/47 
 
 
 
1,250 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
1,354,200 
 
  
5.000%, 9/01/37 
 
 
 
1,920 
  
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue 
7/23 at 100.00 
B1 
1,906,387 
 
  
Refunding Bonds, Covanta Energy Project, Series 2018A, 4.750%, 11/01/42 (AMT), 144A 
 
 
 
2,435 
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue 
3/19 at 100.00 
N/R 
2,435,536 
 
  
Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) 
 
 
 
3,785 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 
12/25 at 100.00 
AAA 
4,340,222 
 
  
2015, 5.000%, 12/15/37 
 
 
 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: 
 
 
 
3,800 
  
5.000%, 12/15/33 
12/23 at 100.00 
AAA 
4,295,178 
1,060 
  
5.000%, 12/15/34 
12/23 at 100.00 
AAA 
1,196,591 
8,030 
  
5.000%, 12/15/41 
12/23 at 100.00 
AAA 
8,994,885 
1,515 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016A, 
6/26 at 100.00 
AAA 
1,751,310 
 
  
5.000%, 12/15/35 
 
 
 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017: 
 
 
 
4,500 
  
5.000%, 12/15/38 
12/27 at 100.00 
AAA 
5,241,330 
4,000 
  
5.000%, 12/15/39 
12/27 at 100.00 
AAA 
4,643,960 
39,215 
  
Total Utilities 
 
 
43,536,094 
 
  
Water and Sewer – 14.9% (9.4% of Total Investments) 
 
 
 
4,140 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
12/21 at 100.00 
AA+ 
4,443,793 
 
  
Revenue Bonds, Second Generation Resolution, Series 2012BB, 5.000%, 6/15/44 
 
 
 
5,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/24 at 100.00 
AA+ 
5,651,400 
 
  
General Resolution Revenue Bonds, Series 2014DD, 5.000%, 6/15/35 
 
 
 
10,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
11,355,000 
 
  
General Resolution Revenue Bonds, Series 2018DD1, 5.000%, 6/15/48 (UB) 
 
 
 
9,285 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
10,680,071 
 
  
General Resolution Revenue Bonds, Series 2018EE, 5.000%, 6/15/40 (UB) 
 
 
 
9,750 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/21 at 100.00 
AAA 
10,383,653 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects, Second Resolution Series 2011B, 5.000%, 6/15/41 
 
 
 
 
36
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
$ 1,000 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/25 at 100.00 
AAA 
$ 1,137,270 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects, Second Resolution Subordinated SRF Series 2015A, 5.000%, 6/15/40 
 
 
 
 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
 
 
 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2017E: 
 
 
 
5,590 
  
5.000%, 6/15/42 
6/27 at 100.00 
AAA 
6,396,134 
400 
  
5.000%, 6/15/47 
6/27 at 100.00 
AAA 
454,988 
 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
 
 
 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2018B: 
 
 
 
7,500 
  
5.000%, 6/15/43 
6/28 at 100.00 
AAA 
8,678,400 
3,680 
  
5.000%, 6/15/48 
6/28 at 100.00 
AAA 
4,234,907 
3,840 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
4/20 at 100.00 
AAA 
3,975,629 
 
  
Bonds, 2010 Master Financing Program, Series 2010C, 5.000%, 10/15/35 
 
 
 
60,185 
  
Total Water and Sewer 
 
 
67,391,245 
$ 661,674 
  
Total Long-Term Investments (cost $687,290,933) 
 
 
717,398,487 
 
  
Floating Rate Obligations – (7.6)% 
 
 
(34,300,000) 
 
  
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (32.4)% (8) 
 
 
(146,818,962) 
 
  
Variable Rate Demand Preferred Shares, net of deferred offering costs – (19.4)% (9) 
 
 
(88,045,718) 
 
  
Other Assets Less Liabilities – 1.1% 
 
 
4,946,431 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 453,180,238 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, 
Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.5%. 
(9) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.3%. 
(10) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond's accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.  
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 - Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
37
 

   
NRK
Nuveen New York AMT-Free Quality Municipal Income Fund
Portfolio of Investments February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 161.4% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 161.4% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Staples – 10.3% (6.4% of Total Investments) 
 
 
 
$ 8,000 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
3/19 at 19.57 
N/R 
$ 1,056,080 
 
  
Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 
 
 
 
 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
 
 
 
 
  
Asset-Backed Bonds, Series 2005A: 
 
 
 
27,580 
  
5.000%, 6/01/38 
3/19 at 100.00 
BB+ 
27,578,345 
13,500 
  
5.000%, 6/01/45 
3/19 at 100.00 
B+ 
13,210,290 
10,000 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
3/19 at 14.14 
N/R 
907,600 
 
  
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 
 
 
 
1,310 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
2/19 at 100.00 
B– 
1,310,210 
 
  
Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 
 
 
 
26,865 
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
3/19 at 100.00 
B– 
26,077,856 
 
  
Bonds, Series 2006A-3, 5.000%, 6/01/35 
 
 
 
4,680 
  
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
6/26 at 100.00 
N/R 
4,747,766 
 
  
Turbo Term Series 2016A. Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 
 
 
 
 
  
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: 
 
 
 
4,135 
  
5.000%, 6/01/45 
6/27 at 100.00 
B+ 
3,997,139 
49,715 
  
5.000%, 6/01/48 
6/27 at 100.00 
N/R 
47,788,544 
145,785 
  
Total Consumer Staples 
 
 
126,673,830 
 
  
Education and Civic Organizations – 28.7% (17.8% of Total Investments) 
 
 
 
3,150 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/27 at 100.00 
BBB– 
3,389,116 
 
  
Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 
 
 
 
 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
  
Bonds, Barclays Center Project, Series 2009: 
 
 
 
9,995 
  
0.000%, 7/15/45 
No Opt. Call 
BBB– 
2,923,338 
29,145 
  
0.000%, 7/15/47 
No Opt. Call 
BBB– 
7,990,102 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School 
 
 
 
 
  
for Excellence, Series 2013A: 
 
 
 
250 
  
5.000%, 4/01/33 
4/23 at 100.00 
BBB– 
260,070 
2,535 
  
5.500%, 4/01/43 
4/23 at 100.00 
BBB– 
2,654,272 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College 
 
 
 
 
  
of New York, Series 2014: 
 
 
 
1,000 
  
5.250%, 11/01/29 
11/24 at 100.00 
BB 
1,036,030 
5,705 
  
5.250%, 11/01/34 
11/24 at 100.00 
BB 
5,824,862 
1,500 
  
5.000%, 11/01/39 
11/24 at 100.00 
BB 
1,486,545 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter 
 
 
 
 
  
School for International Cultures and the Arts Project, Series 2013A: 
 
 
 
2,690 
  
5.000%, 4/15/33 
4/23 at 100.00 
BB+ 
2,753,054 
4,090 
  
5.000%, 4/15/43 
4/23 at 100.00 
BB+ 
4,153,559 
3,655 
  
Dobbs Ferry Local Development Corporation, New York, Revenue Bonds, Mercy College 
7/24 at 100.00 
A 
4,015,237 
 
  
Project, Series 2014, 5.000%, 7/01/44 
 
 
 
4,990 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/23 at 100.00 
A– 
5,437,952 
 
  
University, Series 2013A, 5.000%, 7/01/44 
 
 
 
1,655 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/25 at 100.00 
A– 
1,874,138 
 
  
University, Series 2015A, 5.000%, 7/01/37 
 
 
 
4,265 
  
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute 
No Opt. Call 
Baa2 
5,091,728 
 
  
of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured 
 
 
 
 
38
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 6,000 
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School 
No Opt. Call 
A– 
$ 6,755,040 
 
  
of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured 
 
 
 
 
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and 
 
 
 
 
  
University System, Series 2014A: 
 
 
 
1,685 
  
5.250%, 1/01/34 
7/24 at 100.00 
BBB– 
1,827,045 
2,185 
  
5.500%, 1/01/39 
7/24 at 100.00 
BBB– 
2,367,906 
2,820 
  
5.500%, 1/01/44 
7/24 at 100.00 
BBB– 
3,040,524 
14,585 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/23 at 100.00 
Aa3 
16,419,939 
 
  
Dormitory Facilities, Refunding Series 2013A, 5.000%, 7/01/27 
 
 
 
4,750 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/21 at 100.00 
Aa2 
5,061,220 
 
  
Dormitory Facilities, Series 2011A, 5.000%, 7/01/41 
 
 
 
3,750 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/22 at 100.00 
Aa2 
4,071,075 
 
  
Dormitory Facilities, Series 2012A, 5.000%, 7/01/37 
 
 
 
 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
 
 
 
 
  
Dormitory Facilities, Series 2015A: 
 
 
 
3,095 
  
5.000%, 7/01/31 
7/25 at 100.00 
Aa3 
3,565,007 
3,465 
  
5.000%, 7/01/33 
7/25 at 100.00 
Aa3 
3,962,782 
 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
 
 
 
 
  
Dormitory Facilities, Series 2017A: 
 
 
 
2,930 
  
5.000%, 7/01/34 
7/27 at 100.00 
Aa3 
3,408,293 
1,625 
  
5.000%, 7/01/46 
7/27 at 100.00 
Aa3 
1,835,714 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, 
 
 
 
 
  
Series 2007A: 
 
 
 
405 
  
5.000%, 7/01/25 – FGIC Insured 
3/19 at 100.00 
Baa2 
406,110 
1,320 
  
5.000%, 7/01/37 – NPFG Insured 
3/19 at 100.00 
Baa2 
1,323,551 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred 
 
 
 
 
  
Heart, Series 2011: 
 
 
 
1,000 
  
5.625%, 11/01/35 – AGM Insured 
5/21 at 100.00 
AA 
1,076,060 
5,980 
  
5.750%, 11/01/40 – AGM Insured 
5/21 at 100.00 
AA 
6,445,244 
12,970 
  
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at 
7/25 at 100.00 
A– 
14,353,380 
 
  
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan 
7/19 at 100.00 
Baa2 
1,009,930 
 
  
College, Series 2009, 5.250%, 7/01/29 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2001-1: 
 
 
 
1,500 
  
5.500%, 7/01/24 – AMBAC Insured 
No Opt. Call 
Aa2 
1,788,690 
4,000 
  
5.500%, 7/01/40 – AMBAC Insured 
No Opt. Call 
Aa2 
5,197,640 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2015A: 
 
 
 
9,000 
  
5.000%, 7/01/34 
7/25 at 100.00 
Aa2 
10,355,400 
8,955 
  
5.000%, 7/01/45 
7/25 at 100.00 
Aa2 
10,135,179 
10,850 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/26 at 100.00 
Aa2 
12,647,736 
 
  
2016A, 5.000%, 7/01/32 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2017A: 
 
 
 
4,000 
  
5.000%, 7/01/38 
7/27 at 100.00 
Aa2 
4,619,520 
5,620 
  
5.000%, 7/01/39 
7/27 at 100.00 
Aa2 
6,460,921 
11,175 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/28 at 100.00 
Aa2 
12,817,948 
 
  
2018A, 5.000%, 7/01/48 
 
 
 
5,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/29 at 100.00 
Aa2 
5,843,700 
 
  
2019A, 5.000%, 7/01/42 
 
 
 
2,800 
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, 
7/20 at 100.00 
Aa1 
2,911,664 
 
  
Cornell University, Series 2008C, 5.000%, 7/01/37 
 
 
 
 
39
 

         
NRK 
Nuveen New York AMT-Free Quality 
 
 
 
Municipal Income Fund 
 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, 
 
 
 
 
  
Cornell University, Series 2010A: 
 
 
 
$ 5,000 
  
5.000%, 7/01/35 
7/20 at 100.00 
Aa1 
$ 5,202,750 
11,560 
  
5.000%, 7/01/40 
7/20 at 100.00 
Aa1 
12,016,389 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, 
 
 
 
 
  
Series 2015A: 
 
 
 
800 
  
5.000%, 7/01/39 
7/24 at 100.00 
A2 
887,584 
1,500 
  
5.000%, 7/01/44 
7/24 at 100.00 
A2 
1,656,405 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of 
 
 
 
 
  
Technology, Series 2006A: 
 
 
 
2,500 
  
5.250%, 7/01/20 – AMBAC Insured 
No Opt. Call 
A1 
2,617,750 
2,000 
  
5.250%, 7/01/21 – AMBAC Insured 
No Opt. Call 
A1 
2,163,200 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph's College, 
 
 
 
 
  
Series 2010: 
 
 
 
1,815 
  
5.250%, 7/01/25 
3/19 at 100.00 
Ba1 
1,818,485 
2,000 
  
5.250%, 7/01/35 
7/20 at 100.00 
Ba1 
2,031,880 
8,925 
  
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of 
12/26 at 100.00 
BB– 
9,383,209 
 
  
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A 
 
 
 
1,000 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College 
7/23 at 100.00 
A2 
1,099,190 
 
  
Project, Series 2013A, 5.000%, 7/01/39 
 
 
 
7,695 
  
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point 
1/34 at 100.00 
N/R 
6,319,750 
 
  
Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 
 
 
 
 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi 
 
 
 
 
  
University Project, Series 2013: 
 
 
 
1,785 
  
5.000%, 9/01/38 
9/23 at 100.00 
A– 
1,966,981 
1,785 
  
5.000%, 9/01/43 
9/23 at 100.00 
A– 
1,957,449 
1,400 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John 
6/24 at 100.00 
A– 
1,603,756 
 
  
Fisher College, Series 2014A, 5.500%, 6/01/39 
 
 
 
1,220 
  
New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College 
7/25 at 100.00 
BBB 
1,328,202 
 
  
Project, Series 2015A, 5.000%, 7/01/45 
 
 
 
 
  
New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
  
Bonds, Queens Baseball Stadium Project, Series 2009: 
 
 
 
1,000 
  
6.125%, 1/01/29 – AGC Insured 
3/19 at 100.00 
AA 
1,003,370 
1,000 
  
6.375%, 1/01/39 – AGC Insured 
3/19 at 100.00 
AA 
1,003,340 
 
  
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens 
 
 
 
 
  
Baseball Stadium Project, Series 2006: 
 
 
 
6,815 
  
5.000%, 1/01/31 – AMBAC Insured 
3/19 at 100.00 
BBB 
6,833,673 
5,000 
  
5.000%, 1/01/36 – AMBAC Insured 
3/19 at 100.00 
BBB 
5,013,150 
1,030 
  
4.750%, 1/01/42 – AMBAC Insured 
3/19 at 100.00 
BBB 
1,030,690 
14,500 
  
5.000%, 1/01/46 – AMBAC Insured 
3/19 at 100.00 
BBB 
14,696,040 
4,730 
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium 
3/19 at 100.00 
AA 
4,751,900 
 
  
Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 
 
 
 
 
  
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee 
 
 
 
 
  
Stadium Project, Series 2006: 
 
 
 
4,280 
  
5.000%, 3/01/31 – FGIC Insured 
3/19 at 100.00 
Baa1 
4,310,559 
31,650 
  
5.000%, 3/01/36 – NPFG Insured 
3/19 at 100.00 
Baa1 
31,709,185 
20,210 
  
4.500%, 3/01/39 – FGIC Insured 
3/19 at 100.00 
Baa1 
20,226,976 
3,400 
  
New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of 
1/21 at 100.00 
AA 
3,594,276 
 
  
American Art, Series 2011, 5.000%, 7/01/31 
 
 
 
 
  
Niagara Area Development Corporation, New York, Niagara University Project, 
 
 
 
 
  
Series 2012A: 
 
 
 
600 
  
5.000%, 5/01/35 
5/22 at 100.00 
BBB+ 
643,470 
1,000 
  
5.000%, 5/01/42 
5/22 at 100.00 
BBB+ 
1,060,900 
 
40
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 1,450 
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College 
7/22 at 100.00 
Baa2 
$ 1,512,118 
 
  
Project, Series 2012, 5.000%, 7/01/42 
 
 
 
1,000 
  
Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse 
12/21 at 100.00 
AA– 
1,077,660 
 
  
University Project, Series 2011, 5.000%, 12/01/36 
 
 
 
3,700 
  
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic 
9/20 at 100.00 
A3 
3,856,473 
 
  
Institute, Series 2010A, 5.125%, 9/01/40 
 
 
 
359,440 
  
Total Education and Civic Organizations 
 
 
352,973,981 
 
  
Financials – 1.6% (1.0% of Total Investments) 
 
 
 
1,615 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, 
No Opt. Call 
A 
1,984,415 
 
  
Series 2005, 5.250%, 10/01/35 
 
 
 
13,835 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds 
No Opt. Call 
A 
17,532,681 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
15,450 
  
Total Financials 
 
 
19,517,096 
 
  
Health Care – 3.2% (2.0% of Total Investments) 
 
 
 
1,250 
  
Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist 
7/24 at 100.00 
A 
1,408,912 
 
  
Hospital Project, Refunding Series 2014, 5.000%, 7/01/27 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
 
 
 
 
  
Center Obligated Group, Series 2017: 
 
 
 
1,000 
  
5.000%, 12/01/34, 144A 
6/27 at 100.00 
BBB– 
1,115,540 
300 
  
5.000%, 12/01/36, 144A 
6/27 at 100.00 
BBB– 
331,929 
900 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
7/20 at 100.00 
A– 
950,526 
 
  
Systems Inc, Series 2010A, 5.750%, 7/01/40 
 
 
 
 
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest 
 
 
 
 
  
Systems, Inc. Project, Series 2016B: 
 
 
 
2,000 
  
4.000%, 7/01/41 
7/26 at 100.00 
A– 
2,010,060 
7,940 
  
5.000%, 7/01/46 
7/26 at 100.00 
A– 
8,697,000 
1,875 
  
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
2,023,069 
 
  
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35 
 
 
 
3,900 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester 
12/22 at 100.00 
A– 
4,190,121 
 
  
General Hospital Project, Series 2013A, 5.000%, 12/01/42 
 
 
 
2,800 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester 
12/26 at 100.00 
A– 
3,071,152 
 
  
General Hospital Project, Series 2017, 5.000%, 12/01/46 
 
 
 
5,585 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
A– 
5,952,214 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 
 
 
 
565 
  
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 
11/20 at 100.00 
Baa2 
598,798 
 
  
2010-C2, 6.125%, 11/01/37 
 
 
 
2,260 
  
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester 
11/25 at 100.00 
Baa2 
2,421,387 
 
  
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 
 
 
 
5,275 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
5,277,004 
 
  
Hospital, Series 2001A, 7.125%, 7/01/31 
 
 
 
1,870 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside 
3/19 at 100.00 
B– 
1,870,711 
 
  
Hospital, Series 2001B, 7.125%, 7/01/31 
 
 
 
37,520 
  
Total Health Care 
 
 
39,918,423 
 
  
Housing/Multifamily – 0.1% (0.1% of Total Investments) 
 
 
 
1,040 
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
5/20 at 100.00 
AA+ 
1,072,750 
 
  
Bonds, Series 2010D-1A, 5.000%, 11/01/42 
 
 
 
450 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 
5/19 at 100.00 
Aa2 
452,146 
 
  
4.500%, 11/01/29 
 
 
 
1,490 
  
Total Housing/Multifamily 
 
 
1,524,896 
 
41
 

         
NRK 
Nuveen New York AMT-Free Quality 
 
 
 
Municipal Income Fund 
 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Industrials – 3.2% (2.0% of Total Investments) 
 
 
 
$ 38,030 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
$ 39,652,740 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
 
  
Long-Term Care – 0.1% (0.1% of Total Investments) 
 
 
 
1,225 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic 
12/20 at 100.00 
BBB– 
1,285,135 
 
  
Landing At Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40 
 
 
 
 
  
Tax Obligation/General – 11.9% (7.3% of Total Investments) 
 
 
 
 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C: 
 
 
 
985 
  
5.000%, 10/01/29 – AGC Insured 
10/19 at 100.00 
AA 
1,004,542 
15 
  
5.000%, 10/01/29 – AGC Insured 
10/19 at 100.00 
AA 
15,298 
11,365 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2018B, 
7/28 at 100.00 
AA 
12,808,128 
 
  
5.000%, 7/01/49 – AGM Insured 
 
 
 
 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series, 
 
 
 
 
  
Refunding 2016A: 
 
 
 
5,860 
  
5.000%, 1/01/31 
1/26 at 100.00 
A+ 
6,696,632 
500 
  
5.000%, 1/01/38 
1/26 at 100.00 
A+ 
556,100 
5,030 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 
4/26 at 100.00 
A+ 
5,710,056 
 
  
5.000%, 4/01/33 
 
 
 
5 
  
New York City, New York, General Obligation Bonds, Series 2004E, 5.000%, 
3/19 at 100.00 
AA 
5,015 
 
  
11/01/20 – AGM Insured 
 
 
 
1,200 
  
New York City, New York, General Obligation Bonds, Series 2009E, 5.000%, 8/01/28 
8/19 at 100.00 
AA 
1,216,416 
 
  
New York City, New York, General Obligation Bonds, Series 2012A-1: 
 
 
 
6,085 
  
5.000%, 10/01/31 
10/22 at 100.00 
AA 
6,704,209 
1,000 
  
5.000%, 10/01/33 
10/22 at 100.00 
AA 
1,099,950 
1,570 
  
5.000%, 10/01/34 
10/22 at 100.00 
AA 
1,725,210 
8,665 
  
New York City, New York, General Obligation Bonds, Series 2012B, 5.000%, 8/01/30 
8/22 at 100.00 
AA 
9,519,975 
 
  
New York City, New York, General Obligation Bonds, Series 2012I: 
 
 
 
1,000 
  
5.000%, 8/01/30 
8/22 at 100.00 
AA 
1,098,670 
2,000 
  
5.000%, 8/01/31 
8/22 at 100.00 
AA 
2,193,880 
 
  
New York City, New York, General Obligation Bonds, Series 2013F-1: 
 
 
 
5,000 
  
5.000%, 3/01/29 
3/23 at 100.00 
AA 
5,572,300 
3,400 
  
5.000%, 3/01/31 
3/23 at 100.00 
AA 
3,778,114 
2,190 
  
5.000%, 3/01/32 
3/23 at 100.00 
AA 
2,430,878 
1,000 
  
5.000%, 3/01/33 
3/23 at 100.00 
AA 
1,108,780 
3,735 
  
New York City, New York, General Obligation Bonds, Series 2014A-1, 
8/23 at 100.00 
AA 
4,229,701 
 
  
5.000%, 8/01/26 
 
 
 
8,000 
  
New York City, New York, General Obligation Bonds, Series 2014D-1, 
8/23 at 100.00 
AA 
8,976,640 
 
  
5.000%, 8/01/30 
 
 
 
7,665 
  
New York City, New York, General Obligation Bonds, Series 2015A, 5.000%, 8/01/33 
8/24 at 100.00 
AA 
8,728,749 
9,600 
  
New York City, New York, General Obligation Bonds, Series 2017B-1, 
12/26 at 100.00 
AA 
10,851,936 
 
  
5.000%, 12/01/41 
 
 
 
7,560 
  
New York City, New York, General Obligation Bonds, Series 2018B-1, 
10/27 at 100.00 
AA 
9,049,169 
 
  
5.250%, 10/01/33 
 
 
 
 
  
New York City, New York, General Obligation Bonds, Series 2018E-1: 
 
 
 
7,000 
  
5.000%, 3/01/37 
3/28 at 100.00 
AA 
8,133,720 
3,580 
  
5.000%, 3/01/39 
3/28 at 100.00 
AA 
4,118,146 
11,355 
  
5.000%, 3/01/41 
3/28 at 100.00 
AA 
12,979,560 
 
  
New York City, New York, General Obligation Bonds, Series 2011D-I: 
 
 
 
2,785 
  
5.000%, 10/01/30 
10/21 at 100.00 
AA 
3,001,005 
2,880 
  
5.000%, 10/01/34 
10/21 at 100.00 
AA 
3,095,078 
1,740 
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 
4/22 at 100.00 
AA 
1,901,750 
 
  
5.000%, 4/01/28 
 
 
 
 
42
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/General (continued) 
 
 
 
 
  
Rensselaer County, New York, General Obligation Bonds, Series 1991: 
 
 
 
$ 960 
  
6.700%, 2/15/20 – AMBAC Insured 
No Opt. Call 
AA 
$ 1,006,762 
747 
  
6.700%, 2/15/21 – AMBAC Insured 
No Opt. Call 
AA 
821,110 
 
  
Rochester, New York, General Obligation Bonds, Series 1999: 
 
 
 
735 
  
5.250%, 10/01/20 – NPFG Insured 
No Opt. Call 
AA– 
777,145 
735 
  
5.250%, 10/01/21 – NPFG Insured 
No Opt. Call 
AA– 
802,620 
730 
  
5.250%, 10/01/22 – NPFG Insured 
No Opt. Call 
AA– 
822,652 
730 
  
5.250%, 10/01/23 – NPFG Insured 
No Opt. Call 
AA– 
845,814 
730 
  
5.250%, 10/01/24 – NPFG Insured 
No Opt. Call 
AA– 
867,685 
730 
  
5.250%, 10/01/25 – NPFG Insured 
No Opt. Call 
AA– 
887,935 
725 
  
5.250%, 10/01/26 – NPFG Insured 
No Opt. Call 
AA– 
897,630 
129,592 
  
Total Tax Obligation/General 
 
 
146,038,960 
 
  
Tax Obligation/Limited – 42.7% (26.5% of Total Investments) 
 
 
 
105 
  
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing 
10/19 at 100.00 
AA 
107,304 
 
  
Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured 
 
 
 
335 
  
Dormitory Authority of the State of New York, Revenue Bonds, State University 
No Opt. Call 
Aa2 
337,646 
 
  
Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured 
 
 
 
 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
 
 
 
 
  
General Purpose Series 2011C: 
 
 
 
995 
  
5.000%, 3/15/34 
3/21 at 100.00 
AA+ 
1,054,839 
24,000 
  
5.000%, 3/15/41 
3/21 at 100.00 
AA+ 
25,379,280 
 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
 
 
 
 
  
General Purpose Series 2012D: 
 
 
 
7,550 
  
5.000%, 2/15/33 
2/22 at 100.00 
AA+ 
8,169,704 
10,000 
  
5.000%, 2/15/40 
2/22 at 100.00 
AA+ 
10,770,200 
 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
 
 
 
 
  
General Purpose Series 2014A: 
 
 
 
5,000 
  
5.000%, 2/15/29 
2/24 at 100.00 
AA+ 
5,706,050 
10,000 
  
5.000%, 2/15/30 
2/24 at 100.00 
AA+ 
11,351,500 
7,000 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/24 at 100.00 
AA+ 
7,831,600 
 
  
General Purpose Series 2014C. Group C, 5.000%, 3/15/44 
 
 
 
2,500 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/25 at 100.00 
AA+ 
2,850,750 
 
  
General Purpose Series 2015A, 5.000%, 3/15/33 
 
 
 
7,500 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/27 at 100.00 
AA+ 
8,550,525 
 
  
General Purpose, Series 2017A, 5.000%, 2/15/38 
 
 
 
28,280 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
3/23 at 100.00 
AA+ 
31,140,522 
 
  
2013A, 5.000%, 3/15/43 
 
 
 
12,045 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/25 at 100.00 
AA+ 
13,717,087 
 
  
2015B. Group A,B&C, 5.000%, 3/15/36 
 
 
 
3,000 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
3/27 at 100.00 
AA+ 
3,441,660 
 
  
2017A, 5.000%, 3/15/37 
 
 
 
10,000 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
3/28 at 100.00 
AA+ 
10,358,600 
 
  
2018C, 4.000%, 3/15/45 
 
 
 
1,080 
  
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, 
5/23 at 100.00 
AA 
1,213,607 
 
  
Buffalo City School District, Refunding Series 2013A, 5.000%, 5/01/28 
 
 
 
 
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: 
 
 
 
5,045 
  
5.000%, 11/15/27 
11/25 at 100.00 
BB 
5,576,138 
6,770 
  
5.000%, 11/15/34 
11/25 at 100.00 
BB 
7,229,954 
 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture 
 
 
 
 
  
Series 2017A: 
 
 
 
8,185 
  
5.000%, 2/15/38 
2/27 at 100.00 
Aa3 
9,331,473 
21,015 
  
5.000%, 2/15/45 
2/27 at 100.00 
Aa3 
23,632,628 
 
43
 

         
NRK 
Nuveen New York AMT-Free Quality 
 
 
 
Municipal Income Fund 
 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
  
Series 2011A: 
 
 
 
$ 8,770 
  
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
$ 9,404,773 
5,735 
  
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
6,070,669 
1,765 
  
5.000%, 2/15/47 – AGM Insured 
2/21 at 100.00 
AA 
1,850,973 
3,675 
  
Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, 
5/23 at 100.00 
AA 
4,121,806 
 
  
Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28 
 
 
 
 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
 
 
 
 
  
Series 2015S-1: 
 
 
 
5,400 
  
5.000%, 7/15/33 
1/25 at 100.00 
AA 
6,106,806 
5,360 
  
5.000%, 7/15/43 
1/25 at 100.00 
AA 
5,947,563 
11,000 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/25 at 100.00 
AA 
12,333,420 
 
  
Series 2015S-2, 5.000%, 7/15/40 
 
 
 
7,500 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
1/26 at 100.00 
AA 
7,759,350 
 
  
Series 2016S-1, 4.000%, 7/15/40 
 
 
 
5,625 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
6,547,612 
 
  
Series 2017S-3, 5.250%, 7/15/45 
 
 
 
2,500 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
2,983,775 
 
  
Series 2018S-4A, 5.250%, 7/15/36 
 
 
 
7,945 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
AA 
9,270,703 
 
  
Series 2019S-3A, 5.000%, 7/15/36 
 
 
 
 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
 
 
 
 
  
Series 2012E-1: 
 
 
 
6,225 
  
5.000%, 2/01/37 
2/22 at 100.00 
AAA 
6,712,978 
24,155 
  
5.000%, 2/01/42 
2/22 at 100.00 
AAA 
25,977,736 
32,500 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/22 at 100.00 
AAA 
35,203,025 
 
  
Series 2012F-1, 5.000%, 5/01/39 
 
 
 
5,100 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/23 at 100.00 
AAA 
5,682,522 
 
  
Series 2013F-1, 5.000%, 2/01/29 
 
 
 
13,530 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/24 at 100.00 
AAA 
15,172,001 
 
  
Series 2014D-1, 5.000%, 2/01/37 
 
 
 
 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
 
 
 
 
  
Series 2015B-1: 
 
 
 
5,000 
  
5.000%, 8/01/33 
8/24 at 100.00 
AAA 
5,693,900 
3,960 
  
5.000%, 8/01/35 
8/24 at 100.00 
AAA 
4,490,165 
1,225 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/26 at 100.00 
AAA 
1,271,746 
 
  
Series 2017A-1, 4.000%, 5/01/42 
 
 
 
8,100 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
8/26 at 100.00 
AAA 
8,430,723 
 
  
Series 2017B-1, 4.000%, 8/01/41 
 
 
 
 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
 
 
 
 
  
Series 2019A-1: 
 
 
 
1,375 
  
5.000%, 8/01/38 
8/28 at 100.00 
AAA 
1,595,674 
4,000 
  
5.000%, 8/01/40 
8/28 at 100.00 
AAA 
4,608,560 
 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
 
 
 
 
  
Bonds, Subordinate Lien Series 2011C: 
 
 
 
5,645 
  
5.500%, 11/01/35 
11/20 at 100.00 
AAA 
5,989,458 
1,000 
  
5.000%, 11/01/39 
11/20 at 100.00 
AAA 
1,048,850 
8,490 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
2/21 at 100.00 
AAA 
8,983,693 
 
  
Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 
 
 
 
 
  
New York City, New York, Educational Construction Fund Revenue Bonds, Series 2011A: 
 
 
 
18,575 
  
5.750%, 4/01/33 – AGM Insured 
4/21 at 100.00 
N/R 
20,001,560 
4,000 
  
5.750%, 4/01/41 
4/21 at 100.00 
AA– 
4,298,720 
28,795 
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, 
No Opt. Call 
AA+ 
30,002,662 
 
  
Series 2005B, 5.500%, 4/01/20 – AMBAC Insured 
 
 
 
 
44
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
 
  
New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A: 
 
 
 
$ 1,600 
  
5.000%, 3/15/29 
9/20 at 100.00 
AA+ 
$ 1,679,744 
1,945 
  
5.000%, 3/15/30 
9/20 at 100.00 
AA+ 
2,041,336 
3,735 
  
New York State Urban Development Corporation, Revenue Bonds, State Facilities, Refunding 
No Opt. Call 
AA 
3,820,980 
 
  
Series 1995, 5.700%, 4/01/20 – AGM Insured (UB) (5) 
 
 
 
12,070 
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, 
3/23 at 100.00 
AA+ 
13,428,599 
 
  
General Purpose Series 2013C, 5.000%, 3/15/32 
 
 
 
1,320 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 
No Opt. Call 
N/R 
1,106,614 
 
  
0.000%, 8/01/45 (9) 
 
 
 
 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
 
 
 
 
  
Series 2007A Sr. Bond: 
 
 
 
319 
  
0.000%, 8/01/41 (9) 
No Opt. Call 
N/R 
267,447 
1,053 
  
0.000%, 8/01/42 (9) 
No Opt. Call 
N/R 
882,942 
699 
  
0.000%, 8/01/44 (9) 
No Opt. Call 
N/R 
585,937 
12,696 
  
0.000%, 8/01/46 (9) 
No Opt. Call 
N/R 
10,643,284 
 
  
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Trust Tax-Exempt Trust Unit, 
 
 
 
 
  
Series 2007A Sr. Bond: 
 
 
 
969 
  
0.000%, 8/01/41 (9) 
No Opt. Call 
N/R 
855,065 
3,199 
  
0.000%, 8/01/42 (9) 
No Opt. Call 
N/R 
2,822,804 
2,123 
  
0.000%, 8/01/44 (9) 
No Opt. Call 
N/R 
1,873,236 
4,009 
  
0.000%, 8/01/45 (9) 
No Opt. Call 
N/R 
3,537,940 
38,556 
  
0.000%, 8/01/46 (9) 
No Opt. Call 
N/R 
34,026,839 
185 
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays 
3/19 at 100.00 
Baa2 
185,518 
 
  
Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured 
 
 
 
2,730 
  
Suffolk County Judicial Facilities Agency, New York, Lease Revenue Bonds, H. Lee 
11/23 at 100.00 
BBB+ 
2,971,660 
 
  
Dennison Building, Series 2013, 5.000%, 11/01/33 
 
 
 
494,563 
  
Total Tax Obligation/Limited 
 
 
526,042,435 
 
  
Transportation – 16.4% (10.1% of Total Investments) 
 
 
 
4,910 
  
Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue 
1/27 at 100.00 
A+ 
5,474,748 
 
  
Bonds, Series 2017, 5.000%, 1/01/47 
 
 
 
10,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
5/26 at 100.00 
AA– 
10,942,200 
 
  
Climate Bond Certified Series 2016A-1, 5.000%, 11/15/46 
 
 
 
 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
 
 
 
 
  
Green Series 2016B: 
 
 
 
1,815 
  
4.000%, 11/15/34 
11/26 at 100.00 
AA– 
1,910,886 
4,000 
  
5.000%, 11/15/35 
11/26 at 100.00 
AA– 
4,514,840 
13,950 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/22 at 100.00 
AA– 
15,263,672 
 
  
Series 2012F, 5.000%, 11/15/30 
 
 
 
 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, 
 
 
 
 
  
Series 2013E: 
 
 
 
1,785 
  
5.000%, 11/15/32 
11/23 at 100.00 
AA– 
1,965,428 
10,000 
  
5.000%, 11/15/38 
11/23 at 100.00 
AA– 
10,890,900 
9,370 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/24 at 100.00 
AA– 
10,455,983 
 
  
2014B, 5.250%, 11/15/35 
 
 
 
2,700 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/25 at 100.00 
AA– 
2,937,843 
 
  
2015A-1, 5.000%, 11/15/45 
 
 
 
2,570 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/26 at 100.00 
AA– 
2,911,579 
 
  
2016C-1, 5.000%, 11/15/34 
 
 
 
8,055 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
8,587,677 
 
  
Center Project, Series 2011, 5.000%, 11/15/44 
 
 
 
 
45
 

         
NRK 
Nuveen New York AMT-Free Quality 
 
 
 
Municipal Income Fund 
 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation (continued) 
 
 
 
 
  
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, 
 
 
 
 
  
Series 2016A: 
 
 
 
$ 2,000 
  
5.000%, 1/01/36 
1/26 at 100.00 
A2 
$ 2,257,800 
7,500 
  
5.000%, 1/01/41 
1/26 at 100.00 
A2 
8,368,050 
1,285 
  
5.000%, 1/01/46 
1/26 at 100.00 
A2 
1,422,842 
19,230 
  
5.000%, 1/01/51 
1/26 at 100.00 
A2 
21,047,812 
 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
 
 
 
 
  
Eighty-Forth Series 2014: 
 
 
 
3,950 
  
5.000%, 9/01/34 
9/24 at 100.00 
AA– 
4,496,206 
1,000 
  
5.000%, 9/01/35 
9/24 at 100.00 
AA– 
1,136,620 
5,155 
  
5.000%, 9/01/36 
9/24 at 100.00 
AA– 
5,850,770 
9,755 
  
5.000%, 9/01/39 
9/24 at 100.00 
AA– 
11,028,710 
 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
 
 
 
 
  
Eighty-Ninth Series 2015: 
 
 
 
3,595 
  
5.000%, 5/01/35 
5/25 at 100.00 
AA– 
4,103,189 
10,780 
  
5.000%, 5/01/45 
5/25 at 100.00 
AA– 
12,062,173 
9,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
10/25 at 100.00 
AA– 
10,290,960 
 
  
Ninety-Fourth Series 2015, 5.250%, 10/15/55 
 
 
 
2,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
2,239,640 
 
  
Seventy Ninth Series 2013, 5.000%, 12/01/43 
 
 
 
1,515 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
9/28 at 100.00 
AA– 
1,579,842 
 
  
Eleventh Series 2018, 4.000%, 9/01/43 
 
 
 
1,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth 
11/27 at 100.00 
AA– 
1,138,190 
 
  
Series 2017, 5.000%, 11/15/47 
 
 
 
 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Ninth 
 
 
 
 
  
Series 2018: 
 
 
 
1,500 
  
5.000%, 7/15/36 
7/28 at 100.00 
AA– 
1,769,115 
1,200 
  
5.000%, 7/15/37 
7/28 at 100.00 
AA– 
1,408,980 
1,000 
  
5.000%, 7/15/38 
7/28 at 100.00 
AA– 
1,168,890 
2,000 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
4/27 at 100.00 
AA– 
2,260,280 
 
  
Series 2017, 5.000%, 10/15/47 
 
 
 
2,500 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
3/19 at 100.00 
BBB+ 
2,608,650 
 
  
Terminal LLC Project, Eighth Series 2010, 6.500%, 12/01/28 
 
 
 
1,500 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
1,732,710 
 
  
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/37 
 
 
 
500 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
11/27 at 100.00 
AA– 
573,145 
 
  
Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42 
 
 
 
 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
 
 
 
 
  
Bridges & Tunnels, Series 2018A: 
 
 
 
8,755 
  
5.000%, 11/15/43 
5/28 at 100.00 
AA– 
10,076,480 
10,000 
  
5.000%, 11/15/45 
5/28 at 100.00 
AA– 
11,481,400 
5,480 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
No Opt. Call 
A+ 
5,833,460 
 
  
Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured 
 
 
 
181,355 
  
Total Transportation 
 
 
201,791,670 
 
  
U.S. Guaranteed – 13.2% (8.2% of Total Investments) (6) 
 
 
 
5,315 
  
Albany Capital Resource Corporation, New York, St. Peter's Hospital Project, Series 
11/20 at 100.00 
N/R 
5,712,243 
 
  
2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20) 
 
 
 
 
  
Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, 
 
 
 
 
  
Grasse River LLC at SUNY Canton Project Series 2010A: 
 
 
 
1,000 
  
5.000%, 5/01/40 (Pre-refunded 5/01/20) 
5/20 at 100.00 
AA 
1,039,550 
1,000 
  
5.000%, 5/01/45 (Pre-refunded 5/01/20) – AGM Insured 
5/20 at 100.00 
AA 
1,039,550 
 
46
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (6) (continued) 
 
 
 
$ 2,455 
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue 
8/19 at 100.00 
N/R 
$ 2,506,088 
 
  
Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34 (Pre-refunded 8/15/19) 
 
 
 
6,215 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 
7/19 at 100.00 
Aa2 
6,285,292 
 
  
Dormitory Facilities, Series 2009A, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Master BOCES Program Lease Revenue Bonds, 
8/19 at 100.00 
AA 
1,015,710 
 
  
Nassau County Board of Cooperative Educational Services, Series 2009, 5.000%, 8/15/28 
 
 
 
 
  
(Pre-refunded 8/15/19) – AGC Insured 
 
 
 
875 
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/20 at 100.00 
A– 
917,394 
 
  
Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, 
 
 
 
 
  
Series 2009A: 
 
 
 
10,000 
  
5.250%, 7/01/34 (Pre-refunded 7/01/19) 
7/19 at 100.00 
Aa2 
10,121,200 
3,890 
  
5.000%, 7/01/39 (Pre-refunded 7/01/19) 
7/19 at 100.00 
Aa2 
3,933,996 
13,500 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/19 at 100.00 
Aa2 
13,652,685 
 
  
2009B, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
4,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island 
5/21 at 100.00 
A– 
4,290,840 
 
  
Jewish Obligated Group, Series 2011A, 5.000%, 5/01/41 (Pre-refunded 5/01/21) 
 
 
 
895 
  
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing 
10/19 at 100.00 
AA 
916,203 
 
  
Program, Series 2009A, 5.625%, 10/01/29 (Pre-refunded 10/01/19) – AGC Insured 
 
 
 
10,125 
  
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, 
5/19 at 100.00 
AA 
10,182,004 
 
  
Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31 (Pre-refunded 5/01/19) 
 
 
 
3,000 
  
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 (Pre-refunded 
10/20 at 100.00 
AA 
3,158,460 
 
  
10/01/20) – AGM Insured 
 
 
 
 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2011A: 
 
 
 
14,260 
  
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 
15,407,217 
265 
  
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 
283,786 
85 
  
5.000%, 2/15/47 (Pre-refunded 2/15/21) – AGM Insured 
2/21 at 100.00 
AA 
90,619 
3,310 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 
5/19 at 100.00 
AA+ 
3,330,985 
 
  
5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured 
 
 
 
5,000 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– 
5,363,550 
 
  
5.000%, 5/01/38 (Pre-refunded 5/01/21) 
 
 
 
27,285 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/20 at 100.00 
AA– 
28,997,407 
 
  
2010D, 5.250%, 11/15/40 (Pre-refunded 11/15/20) 
 
 
 
6,090 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/23 at 100.00 
AA– 
6,937,789 
 
  
2013B, 5.000%, 11/15/30 (Pre-refunded 5/15/23) 
 
 
 
480 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/23 at 100.00 
AA– 
546,821 
 
  
2013C, 5.000%, 11/15/32 (Pre-refunded 5/15/23) 
 
 
 
1,900 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
AA– 
2,215,381 
 
  
2013D, 5.250%, 11/15/30 (Pre-refunded 11/15/23) 
 
 
 
14,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
AA– 
16,165,940 
 
  
2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) 
 
 
 
4,355 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue 
11/20 at 100.00 
N/R 
4,636,202 
 
  
Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 (Pre-refunded 11/01/20) 
 
 
 
1,605 
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 
4/22 at 100.00 
N/R 
1,767,570 
 
  
5.000%, 4/01/28 (Pre-refunded 4/01/22) 
 
 
 
955 
  
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic 
7/21 at 100.00 
N/R 
1,028,564 
 
  
Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 
 
 
 
 
  
7/01/28 (Pre-refunded 7/01/21) 
 
 
 
 
47
 

         
NRK 
Nuveen New York AMT-Free Quality 
 
 
 
Municipal Income Fund 
 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (6) (continued) 
 
 
 
 
  
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, 
 
 
 
 
  
Series 2011: 
 
 
 
$ 1,390 
  
5.500%, 7/01/33 (Pre-refunded 1/01/21) – AGM Insured 
1/21 at 100.00 
N/R 
$ 1,487,342 
1,000 
  
5.250%, 7/01/36 (Pre-refunded 1/01/21) – AGM Insured 
1/21 at 100.00 
N/R 
1,065,560 
4,000 
  
5.375%, 7/01/41 (Pre-refunded 1/01/21) – AGM Insured 
1/21 at 100.00 
N/R 
4,271,160 
4,485 
  
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 
11/20 at 100.00 
N/R 
4,816,486 
 
  
2010-C2, 6.125%, 11/01/37 (Pre-refunded 11/01/20) 
 
 
 
153,735 
  
Total U.S. Guaranteed 
 
 
163,183,594 
 
  
Utilities – 12.2% (7.5% of Total Investments) 
 
 
 
2,450 
  
Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue 
2/20 at 100.00 
BBB– 
2,517,914 
 
  
Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 
 
 
 
1,045 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 
10/22 at 100.00 
BBB 
1,096,424 
 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, 
 
 
 
 
  
Series 2000A: 
 
 
 
8,000 
  
0.000%, 6/01/24 – AGM Insured 
No Opt. Call 
AA 
7,108,080 
8,000 
  
0.000%, 6/01/25 – AGM Insured 
No Opt. Call 
AA 
6,913,360 
20,000 
  
0.000%, 6/01/26 – AGM Insured 
No Opt. Call 
AA 
16,748,000 
10,000 
  
0.000%, 6/01/27 – AGM Insured 
No Opt. Call 
AA 
8,061,000 
15,000 
  
0.000%, 6/01/28 – AGM Insured 
No Opt. Call 
AA 
11,613,750 
10,000 
  
0.000%, 6/01/29 – AGM Insured 
No Opt. Call 
AA 
7,494,700 
2,590 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
A– 
2,855,346 
 
  
2014A, 5.000%, 9/01/44 
 
 
 
6,520 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/27 at 100.00 
A– 
7,306,051 
 
  
2017, 5.000%, 9/01/47 
 
 
 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015: 
 
 
 
5,090 
  
5.000%, 12/15/36 
12/25 at 100.00 
AAA 
5,853,704 
8,925 
  
5.000%, 12/15/37 
12/25 at 100.00 
AAA 
10,234,208 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: 
 
 
 
9,500 
  
5.000%, 12/15/32 
12/23 at 100.00 
AAA 
10,761,125 
22,290 
  
5.000%, 12/15/41 
12/23 at 100.00 
AAA 
24,968,366 
7,000 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016A, 
6/26 at 100.00 
AAA 
8,091,860 
 
  
5.000%, 12/15/35 
 
 
 
 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016B: 
 
 
 
3,750 
  
5.000%, 12/15/33 
6/26 at 100.00 
AAA 
4,368,300 
3,575 
  
5.000%, 12/15/34 
6/26 at 100.00 
AAA 
4,150,039 
3,275 
  
5.000%, 12/15/35 
6/26 at 100.00 
AAA 
3,785,835 
5,000 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017, 
12/27 at 100.00 
AAA 
5,804,950 
 
  
5.000%, 12/15/39 
 
 
 
152,010 
  
Total Utilities 
 
 
149,733,012 
 
  
Water and Sewer – 17.8% (11.0% of Total Investments) 
 
 
 
5,160 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
12/21 at 100.00 
AA+ 
5,538,641 
 
  
Revenue Bonds, Second Generation Resolution, Series 2012BB, 5.000%, 6/15/44 
 
 
 
4,085 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/23 at 100.00 
AA+ 
4,532,185 
 
  
General Resolution Revenue Bonds, Series 2013DD, 5.000%, 6/15/35 
 
 
 
10,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/24 at 100.00 
AA+ 
11,302,800 
 
  
General Resolution Revenue Bonds, Series 2014DD, 5.000%, 6/15/35 
 
 
 
 
48
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
$ 5,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/25 at 100.00 
AA+ 
$ 5,636,950 
 
  
General Resolution Revenue Bonds, Series 2015HH, 5.000%, 6/15/39 
 
 
 
15,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/26 at 100.00 
AA+ 
16,811,550 
 
  
General Resolution Revenue Bonds, Series 2017CC-1, 5.000%, 6/15/46 
 
 
 
 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
 
 
 
 
  
General Resolution Revenue Bonds, Series 2018AA: 
 
 
 
5,000 
  
5.000%, 6/15/37 
6/27 at 100.00 
AA+ 
5,771,050 
3,000 
  
5.000%, 6/15/38 
6/27 at 100.00 
AA+ 
3,450,960 
3,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/27 at 100.00 
AA+ 
3,386,280 
 
  
General Resolution Revenue Bonds, Series 2018CC-1, 5.000%, 6/15/48 
 
 
 
25,000 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
28,387,500 
 
  
General Resolution Revenue Bonds, Series 2018DD1, 5.000%, 6/15/48 (UB) 
 
 
 
1,400 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/27 at 100.00 
AA+ 
1,610,350 
 
  
General Resolution Revenue Bonds, Series 2018EE, 5.000%, 6/15/40 
 
 
 
 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
 
 
 
 
  
General Resolution Revenue Bonds, Series 2018FF: 
 
 
 
13,815 
  
5.000%, 6/15/38 
6/28 at 100.00 
AA+ 
16,110,224 
10,000 
  
5.000%, 6/15/40 
6/28 at 100.00 
AA+ 
11,576,700 
2,580 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/24 at 100.00 
AAA 
2,964,472 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects, Second Resolution Subordinated Series 2014A, 5.000%, 6/15/30 
 
 
 
3,110 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/25 at 100.00 
AAA 
3,573,794 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects, Second Resolution Subordinated SRF Series 2015A, 5.000%, 6/15/36 
 
 
 
1,940 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/26 at 100.00 
AAA 
2,009,200 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Series 2016A, 4.000%, 6/15/46 
 
 
 
7,350 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/27 at 100.00 
AAA 
8,409,943 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2017A, 5.000%, 6/15/42 
 
 
 
 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
 
 
 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2017E: 
 
 
 
3,500 
  
5.000%, 6/15/42 
6/27 at 100.00 
AAA 
4,004,735 
4,000 
  
5.000%, 6/15/47 
6/27 at 100.00 
AAA 
4,549,880 
13,500 
  
5.000%, 6/15/47 (UB) (5) 
6/27 at 100.00 
AAA 
15,355,845 
10,430 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/28 at 100.00 
AAA 
12,002,740 
 
  
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
  
Projects-Second Resolution Bonds, Subordinated SRF Series 2018B, 5.000%, 6/15/48 
 
 
 
22,340 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
5/24 at 100.00 
AAA 
25,097,426 
 
  
Bonds, 2010 Master Financing Program, Green Series 2014B, 5.000%, 5/15/44 
 
 
 
5,000 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
8/26 at 100.00 
AAA 
5,686,700 
 
  
Bonds, 2010 Master Financing Program, Green Series 2016B, 5.000%, 8/15/41 
 
 
 
3,845 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
4/20 at 100.00 
AAA 
3,980,805 
 
  
Bonds, 2010 Master Financing Program, Series 2010C, 5.000%, 10/15/35 
 
 
 
3,095 
  
New York State Environmental Facilities Corporation, State Revolving Funds Revenue 
2/22 at 100.00 
AAA 
3,342,569 
 
  
Bonds, 2010 Master Financing Program, Series 2012B, 5.000%, 2/15/42 
 
 
 
7,020 
  
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2015A, 
6/25 at 100.00 
AAA 
8,328,388 
 
  
5.250%, 6/01/36 
 
 
 
2,230 
  
Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue 
No Opt. Call 
A1 
2,057,376 
 
  
Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured 
 
 
 
 
49
 

   
NRK 
Nuveen New York AMT-Free Quality 
 
Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 28, 2019 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
 
  
Water Authority of Western Nassau County, New York, Water System Revenue Bonds, 
 
 
 
 
  
Series 2015A: 
 
 
 
$ 1,325 
  
5.000%, 4/01/40 
4/25 at 100.00 
AA– 
$ 1,488,889 
1,950 
  
5.000%, 4/01/45 
4/25 at 100.00 
AA– 
2,180,802 
193,675 
  
Total Water and Sewer 
 
 
219,148,754 
$ 1,903,870 
  
Total Long-Term Investments (cost $1,880,715,169) 
 
 
1,987,484,526 
 
  
Floating Rate Obligations – (2.7)% 
 
 
(33,600,000) 
 
  
MuniFund Preferred Shares, net of deferred offering costs – (6.5)% (7) 
 
 
(79,524,811) 
 
  
Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.7)% (8) 
 
 
(661,148,650) 
 
  
Other Assets Less Liabilities – 1.5% 
 
 
18,560,216 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 1,231,771,281 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, 
Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(7) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 4.0%. 
(8) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.3%. 
(9) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond's accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.  
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 - Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
50
Statement of Assets and Liabilities
February 28, 2019
                         
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Assets 
                        
Long-term investments, at value (cost $144,551,027, $29,595,243 
                        
$687,290,933 and $1,880,715,169, respectively) 
  
$
150,591,500
    
$
31,955,639
    
$
717,398,487
    
$
1,987,484,526
  
Short-term investments, at value (cost approximates value) 
    
—
      
2,500,000
      
—
      
—
  
Cash 
    
466,859
      
104,518
      
—
      
825,535
  
Receivable for: 
                                
Interest 
    
1,599,475
      
439,833
      
8,365,429
      
22,139,606
  
Investments sold 
    
—
      
1,200,000
      
—
      
—
  
Other assets 
    
749
      
369
      
126,221
      
714,929
  
Total assets 
    
152,658,583
      
36,200,359
      
725,890,137
      
2,011,164,596
  
Liabilities 
                                
Cash overdraft 
    
—
      
—
      
1,289,750
      
—
  
Floating rate obligations 
    
1,840,000
      
—
      
34,300,000
      
33,600,000
  
Payable for: 
                                
Dividends 
    
422,369
      
95,334
      
1,368,665
      
3,705,945
  
Interest 
    
—
      
—
      
296,525
      
—
  
Offering costs 
    
—
      
—
      
68,288
      
—
  
Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, net of deferred offering 
                                
costs (liquidation preference $—, $—, $147,000,000 and $—, respectively) 
    
—
      
—
      
146,818,962
      
—
  
MuniFund Preferred ("MFP") Shares, net of deferred offering 
                                
costs (liquidation preference $—, $—, $— and $80,000,000, respectively) 
    
—
      
—
      
—
      
79,524,811
  
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering 
                                
costs (liquidation preference $—, $—, $89,000,000 and $663,800,000, 
                                
respectively) 
    
—
      
—
      
88,045,718
      
661,148,650
  
Accrued expenses: 
                                
Management fees 
    
56,188
      
15,442
      
333,174
      
876,130
  
Directors/Trustees fees 
    
745
      
179
      
68,754
      
266,700
  
Professional fees 
    
23,384
      
22,757
      
28,558
      
35,632
  
Other 
    
34,936
      
14,631
      
91,505
      
235,447
  
Total liabilities 
    
2,377,622
      
148,343
      
272,709,899
      
779,393,315
  
Net assets applicable to common shares 
  
$
150,280,961
    
$
36,052,016
    
$
453,180,238
    
$
1,231,771,281
  
Common shares outstanding 
    
15,218,656
      
2,349,612
      
30,851,332
      
87,235,304
  
Net asset value ("NAV") per common share outstanding 
  
$
9.87
    
$
15.34
    
$
14.69
    
$
14.12
  
Net assets applicable to common shares consist of: 
                                
Common shares, $0.01 par value per share 
  
$
152,187
    
$
23,496
    
$
308,513
    
$
872,353
  
Paid-in-surplus 
    
145,257,846
      
33,599,476
      
435,802,132
      
1,173,961,689
  
Total distributable earnings 
    
4,870,928
      
2,429,044
      
17,069,593
      
56,937,239
  
Net assets applicable to common shares 
  
$
150,280,961
    
$
36,052,016
    
$
453,180,238
    
$
1,231,771,281
  
Authorized shares: 
                                
Common 
    
250,000,000
    
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
    
N/A
      
N/A
    
Unlimited
   
Unlimited
 
N/A – Fund is not authorized to issue preferred shares.        
                  
 
See accompanying notes to financial statements.
51
 
Statement of Operations 
 
Year Ended February 28, 2019 
 
 
 
 
   
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Investment Income 
  
$
6,289,877
    
$
1,515,328
    
$
29,833,035
    
$
80,430,949
  
Expenses 
                                
Management fees 
    
718,989
      
199,356
      
4,301,027
      
11,411,635
  
Interest expense and amortization of offering costs 
    
36,789
      
—
      
5,525,750
      
12,368,754
  
Liquidity fees 
    
—
      
—
      
789,632
      
5,284,727
  
Remarketing fees 
    
—
      
—
      
90,236
      
884,769
  
Custodian fees 
    
25,621
      
10,538
      
78,495
      
189,586
  
Directors/Trustees fees 
    
4,416
      
1,055
      
20,354
      
58,310
  
Professional fees 
    
26,539
      
23,244
      
49,401
      
94,520
  
Shareholder reporting expenses 
    
23,332
      
12,106
      
41,134
      
80,172
  
Shareholder servicing agent fees 
    
12,917
      
134
      
28,276
      
35,704
  
Stock exchange listing fees 
    
6,799
      
6,742
      
8,599
      
24,214
  
Investor relations expenses 
    
3,111
      
1,144
      
12,489
      
34,822
  
Other 
    
15,639
      
12,171
      
105,824
      
202,505
  
Total expenses 
    
874,152
      
266,490
      
11,051,217
      
30,669,718
  
Net investment income (loss) 
    
5,415,725
      
1,248,838
      
18,781,818
      
49,761,231
  
Realized and Unrealized Gain (Loss) 
                                
Net realized gain (loss) from: 
                                
Investments 
    
648,737
      
(97,223
)
    
458,444
      
(3,649,148
)
Swaps 
    
—
      
—
      
—
      
719,434
  
Change in net unrealized appreciation 
                                
(depreciation) of: 
                                
Investments 
    
382,665
      
610,192
      
(184,137
)
    
9,909,799
  
Swaps 
    
—
      
—
      
—
      
(627,281
)
Net realized and unrealized gain (loss) 
    
1,031,402
      
512,969
      
274,307
      
6,352,804
  
Net increase (decrease) in net assets 
                                
applicable to common shares 
                                
from operations 
  
$
6,447,127
    
$
1,761,807
    
$
19,056,125
    
$
56,114,035
  
 
See accompanying notes to financial statements.
52
 

Statement of Changes in Net Assets
                         
 
  
NNY
   
NYV
 
 
  
Year Ended
   
Year Ended(1)
   
Year Ended
   
Year Ended(1)
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Operations 
                        
Net investment income (loss) 
  
$
5,415,725
    
$
5,592,374
    
$
1,248,838
    
$
1,283,958
  
Net realized gain (loss) from: 
                                
Investments 
    
648,737
      
(18,325
)
    
(97,223
)
    
428,386
  
Swaps 
    
—
      
—
      
—
      
—
  
Change in net unrealized appreciation 
                                
(depreciation) of: 
                                
Investments 
    
382.665
      
(1,047,218
)
    
610,192
      
(910,750
)
Swaps 
    
—
      
—
      
—
      
—
  
Net increase (decrease) in net assets 
                                
applicable to common shares 
                                
from operations 
    
6,447,127
      
4,526,831
      
1,761,807
      
801,594
  
Distributions to Common Shareholders(2) 
                                
Dividends(3) 
    
(5,478,716
)
    
(5,733,138
)
    
(1,198,302
)
    
(1,641,674
)
Decrease in net assets applicable to 
                                
common shares from distributions 
                                
to common shareholders 
    
(5,478,716
)
    
(5,733,138
)
    
(1,198,302
)
    
(1,641,674
)
Capital Share Transactions 
                                
Common shares: 
                                
Net proceeds from shares issued 
                                
to shareholders due to 
                                
reinvestment of distributions 
    
—
      
160,451
      
—
      
—
  
Cost of shares repurchased and retired 
    
—
      
—
      
—
      
—
  
Net increase (decrease) in net assets 
                                
applicable to common shares from 
                                
capital share transactions 
    
—
      
160,451
      
—
      
—
  
Net increase (decrease) in net assets 
                                
applicable to common shares 
    
968,411
      
(1,045,856
)
    
563,505
      
(840,080
)
Net assets applicable to common 
                                
shares at the beginning of period 
    
149,312,550
      
150,358,406
      
35,488,511
      
36,328,591
  
Net assets applicable to common 
                                
shares at the end of period 
  
$
150,280,961
    
$
149,312,550
    
$
36,052,016
    
$
35,488,511
  
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)
The composition and per share amounts of the Funds' distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)
For the fiscal year ended February 28, 2018, NNY's, NAN's and NRK's distributions to shareholders were paid from net investment income, while NYV's distributions were paid from net investment income and accumulated net realized gains.
See accompanying notes to financial statements.
53
 
Statement of Changes in Net Assets (continued) 
 
 
 
 
   
 
  
NAN
   
NRK
 
 
  
Year Ended
   
Year Ended(1)
   
Year Ended
   
Year Ended(1)
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Operations 
                        
Net investment income (loss) 
  
$
18,781,818
    
$
20,706,021
    
$
49,761,231
    
$
54,014,720
  
Net realized gain (loss) from: 
                                
Investments 
    
458,444
      
14,211
      
(3,649,148
)
    
(3,657,093
)
Swaps 
    
—
      
—
      
719,434
      
—
  
Change in net unrealized appreciation 
                                
(depreciation) of: 
                                
Investments 
    
(184,137
)
    
(5,818,305
)
    
9,909,799
      
(14,283,185
)
Swaps 
    
—
      
—
      
(627,281
)
    
627,281
  
Net increase (decrease) in net assets 
                                
applicable to common shares 
                                
from operations 
    
19,056,125
      
14,901,927
      
56,114,035
      
36,701,723
  
Distributions to Common Shareholders(2) 
                                
Dividends(3) 
    
(17,862,975
)
    
(21,695,203
)
    
(47,247,461
)
    
(54,016,808
)
Decrease in net assets applicable to 
                                
common shares from distributions 
                                
to common shareholders 
    
(17,862,975
)
    
(21,695,203
)
    
(47,247,461
)
    
(54,016,808
)
Capital Share Transactions 
                                
Common shares: 
                                
Net proceeds from shares issued 
                                
to shareholders due to 
                                
reinvestment of distributions 
    
—
      
—
      
—
      
—
  
Cost of shares repurchased and retired 
    
(3,387,483
)
    
—
      
(4,453,608
)
    
—
  
Net increase (decrease) in net assets 
                                
applicable to common shares from 
                                
capital share transactions 
    
(3,387,483
)
    
—
      
(4,453,608
)
    
—
  
Net increase (decrease) in net assets 
                                
applicable to common shares 
    
(2,194,333
)
    
(6,793,276
)
    
4,412,966
      
(17,315,085
)
Net assets applicable to common 
                                
shares at the beginning of period 
    
455,374,571
      
462,167,847
      
1,227,358,315
      
1,244,673,400
  
Net assets applicable to common 
                                
shares at the end of period 
  
$
453,180,238
    
$
455,374,571
    
$
1,231,771,281
    
$
1,227,358,315
  
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)
The composition and per share amounts of the Funds' distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)
For the fiscal year ended February 28, 2018, NNY's, NAN's and NRK's distributions to shareholders were paid from net investment income, while NYV's distributions were paid from net investment income and accumulated net realized gains.
See accompanying notes to financial statements.
54
     
Statement of Cash Flows 
 
 
 
Year Ended February 28, 2019 
 
 
 
 
 
 
   
 
  
NAN
   
NRK
 
Cash Flows from Operating Activities: 
            
Net Increase (Decrease) in Net Assets Applicable to Common Shares 
            
from Operations 
  
$
19,056,125
    
$
56,114,035
  
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 
    
(189,071,559
)
    
(434,925,411
)
Proceeds from sales and maturities of investments 
    
162,464,021
      
410,128,695
  
Taxes paid 
    
(802
)
    
(269
)
Amortization (Accretion) of premiums and discounts, net 
    
3,697,012
      
5,934,283
  
Amortization of deferred offering costs 
    
49,361
      
133,912
  
(Increase) Decrease in: 
                
Receivable for interest 
    
(199,128
)
    
(38,240
)
Receivable for investments sold 
    
8,210,771
      
6,524,915
  
Other assets 
    
11,054
      
29,928
  
Increase (Decrease) in: 
                
Payable for interest 
    
72,400
      
—
  
Payable for investments purchased 
    
(9,204,760
)
    
(6,657,586
)
Payable for offering costs 
    
68,288
      
—
  
Accrued management fees 
    
7,204
      
4,851
  
Accrued Directors/Trustees fees 
    
(6,474
)
    
(26,649
)
Accrued professional fees 
    
567
      
1,645
  
Accrued other expenses 
    
(31,229
)
    
(135,409
)
Net realized (gain) loss from Investments 
    
(458,444
)
    
3,649,148
  
Change in net unrealized (appreciation) depreciation of: 
                
Investments 
    
184,137
      
(9,909,799
)
Swaps 
    
—
      
627,281
  
Net cash provided by (used in) operating activities 
    
(5,151,456
)
    
31,455,330
  
Cash Flows from Financing Activities: 
                
Proceeds from borrowings 
    
20,509,309
      
18,200,000
  
Repayments for borrowings 
    
(20,509,309
)
    
(18,200,000
)
Proceeds from AMTP Shares issued, at liquidation preference 
    
147,000,000
      
—
  
(Payments for) VMTP Shares redeemed, at liquidation preference 
    
(147,000,000
)
    
—
  
(Payments for) deferred offering cost 
    
(185,000
)
    
—
  
Increase (Decrease) in: 
                
Cash overdraft 
    
922,166
      
—
  
Floating rate obligations 
    
25,825,000
      
20,745,000
  
Cash distributions paid to common shareholders 
    
(18,023,227
)
    
(47,442,485
)
Cost of common shares repurchased and retired 
    
(3,387,483
)
    
(4,453,608
)
Net cash provided by (used in) financing activities 
    
5,151,456
      
(31,151,093
)
Net Increase (Decrease) in Cash 
    
—
      
304,237
  
Cash at the beginning of period 
    
—
      
521,298
  
Cash at the end of period 
  
$
—
    
$
825,535
  
   
Supplemental Disclosure of Cash Flow Information 
  
NAN
   
NRK
 
Cash paid for interest (excluding amortization of offering costs) 
  
$
5,403,989
    
$
12,231,937
  
   
   
See accompanying notes to financial statements.
 
55
 
Financial Highlights 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 
 
 
   
 
        
Investment Operations
   
Less Distributions to
Common Shareholders
   
Common Share
 
 
  
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Ending
NAV
   
Ending
Share
Price
 
NNY 
                                                      
Year Ended 2/28-2/29:
             
2019 
  
$
9.81
    
$
0.36
    
$
0.06
    
$
0.42
    
$
(0.36
)
  
$
—
    
$
(0.36
)
  
$
9.87
    
$
9.67
  
2018 
    
9.89
      
0.37
      
(0.07
)
    
0.30
      
(0.38
)
    
—
      
(0.38
)
    
9.81
      
9.26
  
2017(d) 
    
10.33
      
0.16
      
(0.44
)
    
(0.28
)
    
(0.16
)
    
—
      
(0.16
)
    
9.89
      
9.70
  
Year Ended 9/30:
  
2016 
    
10.01
      
0.41
      
0.30
      
0.71
      
(0.39
)
    
—
      
(0.39
)
    
10.33
      
10.33
  
2015 
    
10.08
      
0.40
      
(0.08
)
    
0.32
      
(0.39
)
    
—
      
(0.39
)
    
10.01
      
9.71
  
2014 
    
9.65
      
0.41
      
0.41
      
0.82
      
(0.39
)
    
—
      
(0.39
)
    
10.08
      
9.71
  
   
NYV 
                                                                        
Year Ended 2/28-2/29:
 
2019 
    
15.10
      
0.53
      
0.22
      
0.75
      
(0.51
)
    
—
      
(0.51
)
    
15.34
      
13.68
  
2018 
    
15.46
      
0.55
      
(0.21
)
    
0.34
      
(0.59
)
    
(0.11
)
    
(0.70
)
    
15.10
      
13.78
  
2017(d) 
    
16.14
      
0.25
      
(0.64
)
    
(0.39
)
    
(0.29
)
    
—
      
(0.29
)
    
15.46
      
14.87
  
Year Ended 9/30:
 
2016 
    
15.89
      
0.81
      
0.07
      
0.88
      
(0.63
)
    
—
      
(0.63
)
    
16.14
      
15.90
  
2015 
    
15.94
      
0.67
      
(0.08
)
    
0.59
      
(0.64
)
    
—
      
(0.64
)
    
15.89
      
14.85
  
2014 
    
15.16
      
0.68
      
0.76
      
1.44
      
(0.66
)
    
—
      
(0.66
)
    
15.94
      
14.44
  
 
(a)     
Total Return Based on Common share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first busi- ness 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.
 
56
 

                                 
Common Share
Total Returns
   
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
       
Ratios to Average Net Assets
       
   
     
Based
                         
Based
   
on
   
Ending
         
Net
   
Portfolio
 
on
   
Share
   
Net
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
   
Assets (000)
   
Expenses(b)
   
Income (Loss)
   
Rate(c)
 
   
   
 
4.37
%
    
8.52
%
  
$
150,281
      
0.59
%
    
3.63
%
    
17
%
 
3.01
      
(0.80
)
    
149,313
      
0.60
      
3.69
      
12
  
 
(2.71
)
    
(4.54
)
    
150,358
      
0.63
*
    
3.77
*
    
14
  
   
 
7.23
      
10.56
      
156,939
      
0.60
      
4.04
      
15
  
 
3.22
      
4.05
      
152,137
      
0.60
      
3.98
      
31
  
 
8.63
      
12.76
      
153,087
      
0.63
      
4.13
      
23
  
   
   
   
 
5.05
      
3.08
      
36,052
      
0.75
      
3.50
      
34
  
 
2.17
      
(2.83
)
    
35,489
      
0.75
      
3.53
      
27
  
 
(2.41
)
    
(4.67
)
    
36,329
      
0.85
*
    
3.90
*
    
13
  
   
 
5.62
      
11.45
      
37,927
      
0.76
      
5.01
      
8
  
 
3.74
      
7.34
      
37,326
      
0.75
      
4.19
      
11
  
 
9.69
      
8.12
      
37,455
      
0.76
      
4.37
      
19
  
 
(b)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
         
NNY 
 
  
NYV 
 
Year Ended 2/28-2/29: 
 
  
Year Ended 2/28-2/29: 
 
2019 
0.02% 
  
2019 
—% 
2018 
0.03 
  
2018 
— 
2017(d) 
0.03* 
  
2017(d) 
— 
Year Ended 9/30: 
 
  
Year Ended 9/30: 
 
2016 
0.02 
  
2016 
— 
2015 
0.01 
  
2015 
— 
2014 
0.01 
  
2014 
— 
 
(c)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)     
For the five months ended February 28, 2017.
*     
Annualized.
See accompanying notes to financial statements.
57
 
Financial Highlights (continued) 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 
 
 
   
 
        
Investment Operations
   
Less Distributions to
Common Shareholders
   
Common Share
 
 
  
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumulated Net
Realized
Gains
   
Total
   
Discount
per
Share
Repurchased
and
Retired
   
Ending
NAV
   
Ending
Share
Price
 
NAN 
                                                            
Year Ended 2/28-2/29:
        
2019 
  
$
14.63
    
$
0.61
    
$
0.01
    
$
0.62
    
$
(0.58
)
  
$
—
    
$
(0.58
)
  
$
0.02
    
$
14.69
    
$
12.87
  
2018 
    
14.85
      
0.67
      
(0.19
)
    
0.48
      
(0.70
)
    
—
      
(0.70
)
    
—
      
14.63
      
13.02
  
2017(e) 
    
15.78
      
0.29
      
(0.92
)
    
(0.63
)
    
(0.30
)
    
—
      
(0.30
)
    
—
      
14.85
      
13.75
  
Year Ended 9/30:
         
2016 
    
15.26
      
0.76
      
0.55
      
1.31
      
(0.79
)
    
—
*
    
(0.79
)
    
—
      
15.78
      
15.33
  
2015 
    
15.36
      
0.71
      
(0.04
)
    
0.67
      
(0.77
)
    
—
      
(0.77
)
    
—
*
    
15.26
      
13.42
  
2014 
    
14.33
      
0.67
      
1.12
      
1.79
      
(0.76
)
    
—
      
(0.76
)
    
—
      
15.36
      
13.33
  
   
NRK 
                                                                                
Year Ended 2/28-2/29:
                                 
2019 
    
14.01
      
0.57
      
0.07
      
0.64
      
(0.54
)
    
—
      
(0.54
)
    
0.01
      
14.12
      
12.36
  
2018 
    
14.21
      
0.62
      
(0.20
)
    
0.42
      
(0.62
)
    
—
      
(0.62
)
    
—
      
14.01
      
12.31
  
2017(e) 
    
15.17
      
0.27
      
(0.96
)
    
(0.69
)
    
(0.27
)
    
—
      
(0.27
)
    
—
      
14.21
      
12.93
  
Year Ended 9/30:
                 
2016 
    
14.36
      
0.69
      
0.82
      
1.51
      
(0.70
)
    
—
      
(0.70
)
    
—
      
15.17
      
14.12
  
2015 
    
14.39
      
0.72
      
(0.02
)
    
0.70
      
(0.73
)
    
—
      
(0.73
)
    
—
      
14.36
      
12.59
  
2014 
    
13.57
      
0.76
      
0.88
      
1.64
      
(0.82
)
    
—
      
(0.82
)
    
—
      
14.39
      
12.80
  
 
(a)     
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distri- butions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
*     
Rounds to less than $0.01 per share.
 
58
 

                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
         
Ratios to Average Net Assets(b)
       
   
   
   
     
Based
                         
Based
   
on
   
Ending
         
Net
   
Portfolio
 
on
   
Share
   
Net
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
   
Assets (000)
   
Expenses(c)
   
Income (Loss)
   
Rate(d)
 
   
   
 
4.46
%
    
3.49
%
  
$
453,180
      
2.45
%
    
4.16
%
    
23
%
 
3.19
      
(0.44
)
    
455,375
      
2.10
      
4.43
      
14
  
 
(3.97
)
    
(8.32
)
    
462,128
      
2.01
**
    
4.74
**
    
20
  
   
 
8.77
      
20.51
      
491,272
      
1.62
      
4.86
      
16
  
 
4.47
      
6.53
      
474,842
      
1.70
      
4.71
      
17
  
 
12.79
      
9.29
      
142,279
      
2.55
      
4.54
      
20
  
   
   
   
 
4.75
      
5.01
      
1,231,771
      
2.51
      
4.08
      
21
  
 
2.90
      
(0.18
)
    
1,227,358
      
2.13
      
4.28
      
13
  
 
(4.52
)
    
(6.49
)
    
1,244,673
      
2.03
**
    
4.60
**
    
13
  
   
 
10.71
      
18.04
      
1,329,069
      
1.55
      
4.66
      
10
  
 
4.98
      
4.06
      
1,257,927
      
1.43
      
5.01
      
18
  
 
12.48
      
11.53
      
1,260,498
      
1.57
      
5.50
      
25
  
 
(b)     
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)     
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
         
NAN 
 
  
NRK 
 
Year Ended 2/28-2/29: 
 
  
Year Ended 2/28-2/29: 
 
2019 
1.42% 
  
2019 
1.52% 
2018 
1.07 
  
2018 
1.14 
2017(e) 
0.96** 
  
2017(e) 
1.02** 
Year Ended 9/30: 
 
  
Year Ended 9/30: 
 
2016 
0.65 
  
2016 
0.62 
2015 
0.50 
  
2015 
0.48 
2014 
1.20 
  
2014 
0.58 
 
(d)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)     
For the five months ended February 28, 2017.
**     
Annualized.
See accompanying notes to financial statements.
59
Financial Highlights (continued)
                                                                               
 
  
iMTP Shares
at the
End of Period
   
MFP Shares
at the
End of Period
   
MTP Shares
at the
End of Period(a)
   
AMTP Shares
at the
End of Period
   
VMTP Shares
at the
End of Period
   
VRDP Shares
at the
End of Period
   
iMTP, MFP,
MTP, AMTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
 
  
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$5,000
Share
    Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$10
Share
    Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
    Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
NAN 
                                                                              
Year Ended 2/28-2/29:
                   
2019 
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
147,000
    
$
292,026
    
$
—
    
$
—
    
$
89,000
    
$
292,026
    
$
2.92
  
2018 
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
147,000
      
292,955
      
89,000
      
292,955
      
2.93
  
2017(b) 
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
147,000
      
295,834
      
89,000
      
295,834
      
2.96
  
Year Ended 9/30:
                                         
2016 
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
147,000
      
308,166
      
89,000
      
308,166
      
3.08
  
2015 
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
94,000
      
359,477
      
89,000
      
359,477
      
3.59
  
2014 
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
56,000
      
354,070
      
—
      
—
      
—
  
   
NRK 
                                                                                                        
Year Ended 2/28-2/29:
                                                 
2019 
    
—
      
—
      
80,000
      
265,605
      
—
      
—
      
—
      
—
      
—
      
—
      
663,800
      
265,605
      
2.66
  
2018 
    
—
      
—
      
80,000
      
265,012
      
—
      
—
      
—
      
—
      
—
      
—
      
663,800
      
265,012
      
2.65
  
2017(b) 
    
79,000
      
13,378
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
663,800
      
267,565
      
2.68
  
Year Ended 9/30:
                         
2016 
    
79,000
      
13,946
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
663,800
      
278,927
      
2.79
  
2015 
    
79,000
      
16,077
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
488,800
      
321,544
      
3.22
  
2014 
    
79,000
      
16,100
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
488,800
      
321,997
      
3.22
  
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows: 
 
   
 
  
2014
 
NAN 
      
Series 2015 (NAN PRC) 
      
Ending Market Value per Share 
  
$
—
  
Average Market Value per Share 
    
10.04
Ω
Series 2016 (NAN PRD) 
        
Ending Market Value per Share 
    
—
  
Average Market Value per Share 
    
10.05
Ω
       
NRK 
        
Series 2015 (NRK PRC) 
        
Ending Market Value per Share 
    
—
  
Average Market Value per Share 
    
10.04
Ω
 
(b)     
For the five months ended February 28, 2017.
Ω
For the period October 1, 2013 through June 13, 2014.
See accompanying notes to financial statements.
60
Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):
●
Nuveen New York Municipal Value Fund, Inc. (NNY)
●
Nuveen New York Municipal Value Fund 2 (NYV)
●
Nuveen New York Quality Municipal Income Fund (NAN)
●
Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)
The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as diversified closed-end management investment companies. NNY was incorporated under the state laws of Minnesota on July 14, 1987. NYV, NAN and NRK were organized as Massachusetts business trusts on January 26, 2009, December 1, 1998 and April 9, 2002, respectively.
The end of the reporting period for the Funds is February 28, 2019, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2019 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of NRK the alternative minimum tax ("AMT") applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of New York or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state's personal income tax. Each Fund may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state's income tax if, in the Sub-Adviser's judgement, such purchases are expected to enhance the Fund's after-tax total return potential. To the extent that each Fund invest in bonds of municipal issuers located in other states, each Fund may have income that is not exempt from state personal income tax.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any when-issued/delayed delivery purchase commitments.
Investment Income
Dividend Income is recorded on the ex-dividend date. Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
61
Notes to Financial Statements (continued)
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
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 Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent directors/trustees that enables 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.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spread, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
62
 

Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Board. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:
                         
NNY 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                        
Municipal Bonds 
  
$
—
    
$
150,591,500
    
$
—
    
$
150,591,500
  
NYV 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
31,955,639
    
$
—
    
$
31,955,639
  
Short-Term Investments*: 
                                
Municipal Bonds 
    
—
      
2,500,000
      
—
      
2,500,000
  
Total 
  
$
—
    
$
34,455,639
    
$
—
    
$
34,455,639
  
NAN 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
717,398,487
    
$
—
    
$
717,398,487
  
NRK 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
1,987,484,526
    
$
—
    
$
1,987,484,526
  
*     
Refer to the Fund's Portfolio of Investments for industry classifications.
 
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse
63
Notes to Financial Statements (continued)
Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations Outstanding 
  
NNY
   
NYV
   
NAN
   
NRK
 
Floating rate obligations: self-deposited Inverse Floaters 
  
$
1,840,000
    
$
—
    
$
34,300,000
    
$
33,600,000
  
Floating rate obligations: externally-deposited Inverse Floaters 
    
—
      
—
      
18,750,000
      
—
  
Total 
  
$
1,840,000
    
$
—
    
$
53,050,000
    
$
33,600,000
  
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
                         
Self-Deposited Inverse Floaters 
  
NNY
   
NYV
   
NAN
   
NRK
 
Average floating rate obligations outstanding 
  
$
1,840,000
    
$
—
    
$
24,284,041
    
$
33,588,151
  
Average annual interest rate and fees 
    
2.00
%
    
—
%
    
2.01
%
    
2.04
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
64
 

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations — Recourse Trusts 
  
NNY
   
NYV
   
NAN
   
NRK
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
  
$
1,840,000
    
$
—
    
$
34,300,000
    
$
33,600,000
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
    
—
      
—
      
13,950,000
      
—
  
Total 
  
$
1,840,000
    
$
—
    
$
48,250,000
    
$
33,600,000
  
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a 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 for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps."
65
 
Notes to Financial Statements (continued)
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers for investments in swaps" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums received and/or paid" on the Statement of Assets and Liabilities.
During the current fiscal period, NRK invested in forward interest rate swap contracts to help reduce the Fund's duration.
The average notional amount of interest rate swaps contracts outstanding during the current fiscal period was as follows:
       
 
  
NRK
 
Average notional amount of interest rate swap contracts outstanding* 
  
$
6,200,000
  
*
The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
             
 
 
 
    
Unrealized 
 
 
   
Net Realized 
Appreciation 
 
Underlying 
Derivative 
Gain (Loss) from 
(Depreciation) of 
Fund 
Risk Exposure 
Instrument 
Swaps 
Swaps 
NRK 
Interest rate 
Swaps 
$719,434 
$(627,281) 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
66
 
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:
                                     
 
  
NNY
   
NAN
   
NRK
 
 
  
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Common shares: 
                                    
Issued to shareholders due to reinvestment of distributions 
    
—
      
16,015
      
—
      
—
      
—
      
—
  
Repurchased and retired 
    
—
      
—
      
(275,214
)
    
—
      
(383,200
)
    
—
  
Weighted average common share: 
                                                
Price per share repurchased and retired 
    
—
      
—
    
$
12.29
      
—
    
$
11.60
      
—
  
Discount per share repurchased and retired 
    
—
      
—
      
15.03
%
    
—
      
15.49
%
    
—
  
 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
NAN has issued and has outstanding Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
The details of NAN's AMTP Shares outstanding as of the end of the reporting period, were as follows:
             
 
 
 
    
Liquidation 
 
 
 
    
Preference 
 
 
 
    
Net of 
 
  
Shares 
Liquidation 
Deferred 
Fund 
Series 
Outstanding 
Preference 
Offering Costs 
NAN 
2028 
1,470 
$147,000,000 
$146,818,962 
 
The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund's AMTP Shares are as follows:
                        
 
  
Liquidation
 
Notice 
      
 Term 
Premium 
Fund 
  
Preference
 
Period 
  
Series
 
Redemption Date 
Expiration Date 
NAN 
  
$
147,000,000
  
360-day 
    
2028
  
December 1, 2028* 
November 30, 2019 
* Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
       
 
  
NAN*
 
Average liquidation preference of AMTP Shares outstanding 
  
$
147,000,000
  
Annualized dividend rate 
    
2.58
%
*     
For the period December 13, 2018 through February 28, 2019.
 
67
Notes to Financial Statements (continued)
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the AMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of "Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
NAN incurred offering costs of $185,000 in connection with its offering of AMTP Shares were recorded as deferred charges which are amortized over the life of the shares and are recognized as components of "Adjustable Rate MuniFund Term Preferred ("AMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
MuniFund Preferred Shares
NRK has issued and has outstanding MuniFund Preferred ("MFP") Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
●
Variable Rate Remarketed Mode ("VRRM") – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.
●
Variable Rate Mode ("VRM") – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed "spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
●
Variable Rate Demand Mode ("VRDM") – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of "MuniFund Preferred ("MFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
68
 

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Fund's offering of MFP Shares were recorded as deferred charges which are amortized over the life of the shares. These offering costs are recognized as a component of "MuniFund Preferred ("MFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
As of the end of the reporting period, details of the Fund's MFP Shares outstanding were as follows:
                      
 
 
   
Liquidation 
 
 
 
    
 
 
   
Preference, 
 
 
 
    
 
  
Shares 
net of deferred 
Liquidation 
Term 
 
 Mode 
Fund 
Series 
Outstanding 
offering costs 
Preference 
Redemption Date 
Mode 
Termination Date 
NRK 
A 
800 
$79,524,811 
$80,000,000 
May 1, 2047 
VRRM 
N/A 
 
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
       
 
  
NRK
 
Average liquidation preference of MFP Shares outstanding 
  
$
80,000,000
  
Annualized dividend rate 
    
1.76
%
 
Variable Rate MuniFund Term Preferred Shares
The following Fund had issued and had outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
On December 13, 2018, NAN redeemed all of its outstanding Series 2019 VMTP Shares. The Fund's VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of AMTP Shares (as described above in Adjustable Rate MuniFund Term Preferred Shares).
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
       
 
  
NAN*
 
Average liquidation preference of VMTP Shares outstanding 
  
$
147,000,000
  
Annualized dividend rate 
    
2.39
%
*  
For the period March 1, 2018 through December 12, 2018.
 
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred in connection with each Fund's offering of VMTP Shares were recorded as deferred charges, and were amortized over the life of the shares and are recognized as components of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
69
Notes to Financial Statements (continued)
As of the end of the reporting period, NAN and NRK had $88,045,718 and $661,148,650 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund's MFP Shares outstanding as of the end of the reporting period, were as follows:
         
 
 
Shares 
Liquidation 
 
Fund 
Series 
Outstanding 
Preference 
Maturity 
NAN 
1 
890 
$ 89,000,000 
March 1, 2040 
NRK 
 
 
 
 
 
1 
1,123 
$112,300,000 
August 1, 2040 
 
2 
1,648 
$164,800,000 
August 1, 2040 
 
3 
1,617 
$161,700,000 
December 1, 2040 
 
4 
500 
$ 50,000,000 
June 1, 2040 
 
5 
1,750 
$175,000,000 
June 1, 2046 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
             
 
  
NAN
   
NRK
 
Average liquidation preference of VRDP Shares outstanding 
  
$
89,000,000
    
$
663,800,000
  
Annualized dividend rate 
    
1.59
%
    
1.53
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
               
 
Year Ended
 
 
February 28, 2019
 
NAN 
Series 
  
Shares
   
Amount
 
VMTP Shares redeemed 
2019 
    
(1,470
)
  
$
(147,000,000
)
                   
 
Year Ended
 
 
February 28, 2019
 
NAN 
Series 
  
Shares
   
Amount
 
AMTP Shares issued 
2028 
    
1,470
    
$
147,000,000
  
 
70
 

5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
                         
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Purchases 
  
$
25,173,360
    
$
11,756,130
    
$
189,071,559
    
$
434,925,411
  
Sales and maturities 
    
24,729,910
      
15,485,476
      
162,464,021
      
410,128,695
  
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of NRK the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
         
 
NNY 
NYV 
NAN 
NRK 
Tax cost of investments 
$142,636,785 
$31,873,963 
$652,682,896 
$1,846,330,225 
Gross unrealized: 
 
 
 
 
Appreciation 
$ 6,494,787 
$ 2,611,902 
$ 31,956,140 
$ 109,091,793 
Depreciation 
(380,504) 
(30,226) 
(1,540,631) 
(1,537,503) 
Net unrealized appreciation (depreciation) of investments 
$ 6,114,283 
$ 2,581,676 
$ 30,415,509 
$ 107,554,290 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds' components of common share net assets as of February 28, 2019, the Funds' tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2019, the Funds' tax year end, were as follows:
                         
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Undistributed net tax-exempt income1 
  
$
398,834
    
$
88,708
    
$
1,324,400
    
$
1,861,573
  
Undistributed net ordinary income2 
    
168,676
      
—
      
175,434
      
183,998
  
Undistributed net long-term capital gains 
    
—
      
—
      
—
      
—
  
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2019, and paid on March 1, 2019.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
71
Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds' tax years ended February 28, 2019 and February 28, 2018 was designated for purposes of the dividends paid deduction as follows:
                         
2019 
  
NNY
   
NYV
   
NAN
   
NRK
 
Distributions from net tax-exempt income3 
  
$
5,430,441
    
$
1,193,590
    
$
22,899,246
    
$
59,010,927
  
Distributions from net ordinary income2 
    
48,275
      
4,712
      
64,052
      
20,610
  
Distributions from net long-term capital gains 
    
—
      
—
      
—
      
—
  
   
2018 
  
NNY
   
NYV
   
NAN
   
NRK
 
Distributions from net tax-exempt income 
  
$
5,703,718
    
$
1,346,669
    
$
25,379,025
    
$
62,250,319
  
Distributions from net ordinary income2 
    
51,743
      
63,843
      
171,196
      
19,932
  
Distributions from net long-term capital gains 
    
—
      
248,784
      
—
      
—
  
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 
3
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2019, as Exempt Interest Dividends. 
 
As of February 28, 2019, the Funds' tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
                         
 
  
NNY
   
NYV
   
NAN4
   
NRK
 
Not subject to expiration: 
                        
Short-term 
  
$
1,354,305
    
$
141,481
    
$
10,739,381
    
$
37,853,446
  
Long-term 
    
—
      
—
      
2,328,980
      
10,883,587
  
Total 
  
$
1,354,305
    
$
141,481
    
$
13,068,361
    
$
48,737,033
  
4
A portion of NAN's capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
 
During the Funds' tax year ended February 28, 2019, the following Funds utilized capital loss carryforwards as follows:
             
 
  
NNY
   
NAN
 
Utilized capital loss carryforwards 
  
$
649,711
    
$
520,185
  
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components — a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NNY a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
NNY pays an annual fund-level fee, payable monthly, of 0.15% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.
72
 

The annual fund-level fee, payable monthly, for each Fund (excluding NNY) is calculated according to the following schedules:
       
 
  
NYV
 
Average Daily Net Assets* 
  
Fund-Level Fee Rate
 
For the first $125 million 
    
0.4000
%
For the next $125 million 
    
0.3875
  
For the next $250 million 
    
0.3750
  
For the next $500 million 
    
0.3625
  
For the next $1 billion 
    
0.3500
  
For the next $3 billion 
    
0.3250
  
For managed assets over $5 billion 
    
0.3125
  
       
 
  
NAN
 
 
  
NRK
 
Average Daily Managed Assets* 
  
Fund-Level Fee Rate
 
For the first $125 million 
    
0.4500
%
For the next $125 million 
    
0.4375
  
For the next $250 million 
    
0.4250
  
For the next $500 million 
    
0.4125
  
For the next $1 billion 
    
0.4000
  
For the next $3 billion 
    
0.3750
  
For managed assets over $5 billion 
    
0.3625
  
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets (net assets for NNY and NYV):
       
Complex-Level Eligible Asset Breakpoint Level* 
  
Effective Complex-Level Fee Rate at Breakpoint Level
 
$55 billion 
    
0.2000
%
$56 billion 
    
0.1996
  
$57 billion 
    
0.1989
  
$60 billion 
    
0.1961
  
$63 billion 
    
0.1931
  
$66 billion 
    
0.1900
  
$71 billion 
    
0.1851
  
$76 billion 
    
0.1806
  
$80 billion 
    
0.1773
  
$91 billion 
    
0.1691
  
$125 billion 
    
0.1599
  
$200 billion 
    
0.1505
  
$250 billion 
    
0.1469
  
$300 billion 
    
0.1445
  
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2019, the complex-level fee for each Fund was 0.1591%.
 
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
73
Notes to Financial Statements (continued)
During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:
                         
Inter-Fund Trades 
  
NNY
   
NYV
   
NAN
   
NRK
 
Purchases 
  
$
2,000,608
    
$
2,825,833
    
$
12,436,533
    
$
69,570,668
  
Sales 
    
2,008,438
      
2,827,901
      
12,100,886
      
63,227,567
  
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as follows:
                   
 
  
NYV
   
NAN
   
NRK
 
Maximum Outstanding Balance 
  
$
59,902
    
$
18,900,000
    
$
6,600,000
  
 
During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
                   
 
  
NYV
   
NAN
   
NRK
 
Average daily balance outstanding 
  
$
59,902
    
$
7,137,039
    
$
3,892,157
  
Average annual interest rate 
    
3.50
%
    
3.50
%
    
3.21
%
 
Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities. NNY did not utilize this facility during the current fiscal period.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
74
 

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification ("Final Rule Release No. 33-10532"). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income ("UNII"), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds' Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund's Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as "Dividends" on the Statement of Changes in Net Assets.
As of February 28, 2018, the Fund's Statement of Changes in Net Assets reflected the following balances.
                         
 
  
NNY
   
NYV
   
NAN
   
NRK
 
Distributions to Common Shareholders 
                        
From net investment income 
  
$
(5,733,138
)
  
$
(1,392,615
)
  
$
(21,695,203
)
  
$
(54,016,808
)
From accumulated net realized gains 
    
—
      
(249,059
)
    
—
      
—
  
Decrease in net assets applicable to common shares from distributions to common shareholders 
    
(5,733,138
)
    
(1,641,674
)
    
(21,695,203
)
    
(54,016,808
)
UNII at the end of period 
  
$
343,453
    
$
182,040
    
$
(479,302
)
  
$
(1,813,300
)
 
FASB Accounting Standards Update ("ASU") 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 ("ASU 2018-13"), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds' financial statements.
75
Additional Fund Information (Unaudited)
           
Board of Directors/Trustees 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert C. Young 
 
 
 
* Interested Board Member. 
 
 
 
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
         
 
NNY 
NYV 
NAN 
NRK 
Common shares repurchased 
— 
— 
275,214 
383,200 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
76
Glossary of Terms Used in this Report (Unaudited)
 
 
■
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
■
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
■
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
■
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
■
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
■
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value.
Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
■
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
■
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
■
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.
77
Glossary of Terms Used in this Report (Unaudited) (continued)
 
 
■
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
■
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
■
S&P Municipal Bond New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New York municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
■
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
■
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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.
78
Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
79
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at ten. None of the trustees 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 trustees 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.
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members: 
 
■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, 
 
1959 
 
 
Fulcrum IT Service LLC (since 2010) and Quality Control Corporation 
 
333 W. Wacker Drive 
Chairman and 
2008 
(since 2012); member: Catalyst Schools of Chicago Board (since 2008) 
168 
Chicago, IL 6o6o6 
Board Member 
Class II 
and Mather Foundation Board (since 2012), and chair of its Investment 
 
 
 
 
Committee; formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc. (2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice President, 
 
 
 
 
Quantitative Management & Securities Lending (2000-2004); prior 
 
 
 
 
thereto, various positions with Northern Trust Company (since 1994); 
 
 
 
 
formerly, Member, Northern Trust Mutual Funds Board (2005-2007), 
 
 
 
 
Northern Trust Global 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). 
 
 
■ JACK B. EVANS 
 
 
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine 
 
1948 
 
 
Foundation, a private philanthropic corporation; Director and Chairman, 
 
333 W. Wacker Drive 
Board Member 
1999 
United Fire Group, a publicly held company; Director, Public Member, 
168 
Chicago, IL 6o6o6 
 
Class III 
American Board of Orthopaedic Surgery (since 2015); Life Trustee of 
 
 
 
 
Coe College and the Iowa College Foundation; formerly, President 
 
 
 
 
Pro-Tem of the Board of Regents for the State of Iowa University 
 
 
 
 
System; formerly, Director, Alliant Energy and The Gazette Company; 
 
 
 
 
formerly, Director, Federal Reserve Bank of Chicago; formerly, 
 
 
 
 
President and Chief Operating Officer, SCI Financial Group, Inc., a 
 
 
 
 
regional financial services firm. 
 
 
■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of 
 
1948 
 
 
Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
168 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; 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); formerly, Director (1997-2007), 
 
 
 
 
Credit Research Center at Georgetown University. 
 
 
■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); Chairman (since 2019), 
 
333 W. Wacker Drive 
Board Member 
2016 
and Director (since 2012), USA Technologies, Inc., a provider of solutions 
168 
Chicago, IL 6o6o6 
 
Class III 
and services to facilitate electronic payment transactions (since 2012); 
 
 
 
 
formerly, Director, Wintrust Financial Corporation (1996-2016); previously, 
 
 
 
 
held positions at Leap Wireless International, Inc., including Consultant 
 
 
 
 
(2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing 
 
 
 
 
Officer (2004-2008); formerly, President, Verizon Card Services division of 
 
 
 
 
Verizon Communications, Inc. (2000-2003); formerly, President, One Point 
 
 
 
 
Services at One Point Communications (1999- 2000); formerly, Vice 
 
 
 
 
Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various 
 
 
 
 
executive positions (1991-1996) and Chief Executive Officer (1995-1996) of 
 
 
 
 
Zenith Electronics Corporation. 
 
 
80
 
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies for 
 
333 W. Wacker Drive 
Board Member 
2013 
clients; serves on The President’s Council, Fordham University (since 
168 
Chicago, IL 6o6o6 
 
Class II 
2010); and previously was a Director of The Curran Center for Catholic 
 
 
 
 
American Studies (2009-2018) formerly, senior external advisor to the 
 
 
 
 
financial services practice of Deloitte Consulting LLP (2012-2014): 
 
 
 
 
formerly, Chairman of the Board of Trustees of Marian University (2010 
 
 
 
 
as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of 
 
 
 
 
ABN AMRO N.V. North America, and Global Head of its Financial Markets 
 
 
 
 
Division (2007-2008); prior senior positions held at ABN AMRO include 
 
 
 
 
Corporate Executive Vice President and Head of Global Markets-the 
 
 
 
 
Americas (2006-2007), CEO of Wholesale Banking North America and 
 
 
 
 
Global Head of Foreign Exchange and Futures Markets (2001-2006), and 
 
 
 
 
Regional Commercial Treasurer and Senior Vice President Trading-North 
 
 
 
 
America (1996-2001); formerly, Trustee at St. Edmund Preparatory 
 
 
 
 
School in New York City. 
 
 
■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for 
 
1947 
 
 
Forestry and Communities (since 2013); formerly, Executive Director 
 
333 W. Wacker Drive 
Board Member 
1997 
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, 
168 
Chicago, IL 6o6o6 
 
Class I 
Executive Director, Great Lakes Protection Fund (1990-1994). 
 
 
■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, 
 
333 W. Wacker Drive 
Board Member 
2007 
L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
168 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
168 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions 
 
 
 
 
Group) (2005-2014); Member of the Board of Trustees of New York- 
 
 
 
 
Presbyterian Hospital (since 2005); Member (since 2004) and Chair 
 
 
 
 
(since 2015) of the Board of Trustees of The John A. Hartford Foundation 
 
 
 
 
(a philanthropy dedicated to improving the care of older adults); 
 
 
 
 
formerly, Member (2005-2015) and Vice Chair (2011-2015) of the 
 
 
 
 
Board of Trustees of Mt. Holyoke College. 
 
 
■ ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal 
 
333 W. Wacker Drive 
Board Member 
2017 
Executive Officer (2013-2016), and Senior Vice President and Chief 
166 
Chicago, IL 6o6o6 
 
Class II 
Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director 
 
 
 
 
and various officer positions for J.P.Morgan Investment Management 
 
 
 
 
Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One 
 
 
 
 
Group Administrative Services) and JPMorgan Distribution Services, 
 
 
 
 
Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). 
 
 
81
Board Members & Officers (Unaudited) (continued)

 
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Interested Board Member: 
 
■ MARGO L. COOK(3) 
 
 
President (since 2017), formerly, Co-Chief Executive Officer and 
 
1964 
 
 
Co-President (2016-2017), formerly, Senior Executive Vice President of 
 
333 W. Wacker Drive 
Board Member 
2016 
Nuveen Investments, Inc.; President, Global Products and Solutions 
168 
Chicago, IL 6o6o6 
 
Class III 
(since 2017), and, Co-Chief Executive Officer (since 2015), formerly, 
 
 
 
 
Executive Vice President (2013-2015), of Nuveen Securities, LLC; 
 
 
 
 
Executive Vice President (since 2017) of Nuveen, LLC; President (since 
 
 
 
 
August 2017), formerly Co-President (2016- 2017), formerly, Senior 
 
 
 
 
Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice 
 
 
 
 
President since 2011); President (since 2017), Nuveen Alternative 
 
 
 
 
Investments, LLC; Chartered Financial Analyst. 
 
 
 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds: 
 
■ CEDRIC H. ANTOSIEWICZ 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 
333 W. Wacker Drive 
Administrative 
2007 
2017), formerly, Managing Director (2014-2017) of Nuveen Fund 
Chicago, IL 6o6o6 
Officer 
 
Advisors, LLC. 
 
■ NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1979 
 
 
(2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
333 W. Wacker Drive 
Vice President 
2016 
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
■ WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
333 W. Wacker Drive 
Officer and 
2003 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
■ DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
333 W. Wacker Drive 
Vice President 
2015 
 
Chicago, IL 6o6o6 
 
 
 
 
■ TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
333 W. Wacker Drive 
Vice President 
2002 
 
Chicago, IL 6o6o6 
 
 
 
82
 
 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds (continued): 
 
■ KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice 
333 W. Wacker Drive 
and Assistant 
2007 
President (2016-2017) and Managing Director and Assistant Secretary 
Chicago, IL 6o6o6 
Secretary 
 
(2008-2016); Senior Managing Director (since 2017) and Assistant 
 
 
 
Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive 
 
 
 
Vice President (2016-2017) and Managing Director (2008-2016); Senior 
 
 
 
Managing Director (since 2017), Secretary (since 2016) and Co-General 
 
 
 
Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive 
 
 
 
Vice President (2016-2017), Managing Director (2008-2016) and 
 
 
 
Assistant Secretary (2007-2016); Senior Managing Director (since 2017), 
 
 
 
Secretary (since 2016) and Associate General Counsel (since 2011) of 
 
 
 
Nuveen Asset Management, LLC, formerly Executive Vice President 
 
 
 
(2016-2017) and Managing Director and Assistant Secretary (2011-2016); 
 
 
 
Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
Nuveen Investments Advisers, LLC, formerly Executive Vice President 
 
 
 
(2016-2017); Vice President (since 2007) and Secretary (since 2016), 
 
 
 
formerly, Assistant Secretary, of NWQ Investment Management 
 
 
 
Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset 
 
 
 
Management, LLC and Winslow Capital Management, LLC (since 2010). 
 
 
 
Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
Nuveen Alternative Investments, LLC. 
 
■ WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1966 
Vice President 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; 
333 W. Wacker Drive 
 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President 
 
 
 
(2010-2016) of Nuveen, has held various positions with Nuveen since 1991. 
 
■ MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, 
 
 
 
Managing Director (2010-2015) of UBS Securities, LLC. 
 
■ CHRISTOPHER M. ROHRBACHER 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017) and Assistant Secretary (since 2016) of 
Chicago, IL 6o6o6 
Secretary 
 
Nuveen Fund Advisors, LLC. 
 
■ WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
333 W. Wacker Drive 
Vice President 
2017 
 
Chicago, IL 6o6o6 
 
 
 
 
■ JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, 
1978 
Vice President 
 
Vice President of Morgan Stanley Investment Management, Inc., 
333 W. Wacker Drive 
and Assistant 
2013 
Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
Chicago, IL 6o6o6 
Secretary 
 
 
 
■ E. SCOTT WICKERHAM 
 
 
Senior Managing Director, Head of Fund Administration at Nuveen, LLC 
1973 
Vice President 
 
(since 2019), formerly, Managing Director; Principal Financial Officer, 
TIAA 
and Controller 
2019 
Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF 
730 Third Avenue 
 
 
Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the 
New York, NY 10017 
 
 
Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF 
 
 
 
Fund Administration (2014-2015); has held various positions with TIAA 
 
 
 
since 2006. 
 
83
Board Members & Officers (Unaudited) (continued)

 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds (continued): 
 
 
 
■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC 
1968 
Vice President 
 
(since 2008); Vice President (since 2010) and Associate General 
333 W. Wacker Drive 
and Assistant 
2008 
Counsel (since 2008) of Nuveen. 
Chicago, IL 60606 
Secretary 
 
 
 
■ GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
Chicago, IL 60606 
 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 
 
 
 
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant 
 
 
 
Secretary and Associate General Counsel of Nuveen Asset 
 
 
 
Management, LLC (since 2011); Vice President (since 2017), formerly, 
 
 
 
Managing Director (2003-2017) and Assistant Secretary (since 2003) of 
 
 
 
Symphony Asset Management LLC; Managing Director and Assistant 
 
 
 
Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice 
 
 
 
President and Assistant Secretary of NWQ Investment Management 
 
 
 
Company, LLC (since 2002), Santa Barbara Asset Management, LLC 
 
 
 
(since 2006), and of Winslow Capital Management, LLC, (since 2010); 
 
 
 
Chartered Financial Analyst. 
 
   
(1) 
The Board of Trustees 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, when applicable, 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. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. 
(2) 
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. 
(3) 
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. 
(4) 
Officers serve one year terms through August 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. 
 
84
Notes
85
Notes
86
Notes
87

Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 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/closed-end funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
EAN-C-0219D 803991-INV-Y-04/20

 


 
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/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, 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 experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
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.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen New York Municipal Value Fund, Inc.

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG 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
  
February 28, 2019
  
$
22,560
    
$
0
    
$
0
    
$
0
  
                                 
Percentage approved
    
0
%
    
0
%
    
0
%
    
0
%
pursuant to
                                
pre-approval
                                
exception
                                
                                 
February 28, 2018
  
$
22,560
    
$
0
    
$
0
    
$
0
  
                                 
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 that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
         
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
    

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 KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser 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 KPMG 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.
 
   
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
  
Fiscal Year Ended
  
Service Providers
    
Service Providers
    
Service Providers
  
February 28, 2019
  
$
0
    
$
0
    
$
0
  
                         
Percentage approved
    
0
%
    
0
%
    
0
%
pursuant to
                        
pre-approval
                        
exception
                        
February 28, 2018
  
$
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 KPMG 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 KPMG 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 KPMG LLP about any non-audit services that KPMG 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 KPMG LLP’s independence.

   
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
  
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
February 28, 2019
 $                            0
 $                                  0
 $                                0
 $                        0
February 28, 2018
 $                            0
 $                                  0
 $                                0
 $                        0
 
“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.
        
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
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.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the Fund’s investment strategy:

Scott R. Romans, PhD, Senior Vice President of Nuveen Asset Management, joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds.  Currently, he manages investments for 14 Nuveen-sponsored investment companies.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER
 
Portfolio Manager
Type of Account
 Managed
Number of
 Accounts
Assets*
Scott R. Romans
Registered Investment Company
13
$13.77 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
3
$4.9 million
*
Assets are as of February 28, 2019.  None of the assets in these accounts are subject to an advisory fee based on performance.
 
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary portfolio manager’s compensation is as follows:

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NNY SECURITIES AS OF FEBRUARY 28, 2019

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Scott R. Romans
X
            
 
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 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on 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.
 
(a)(4)
Change in the registrant’s independent public accountant. 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 Municipal Value Fund, Inc.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: May 7, 2019

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/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: May 7, 2019
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: May 7, 2019
 
 


 EX-99.CERT 2 ex99cert.htm CERTIFICATIONS

Exhibit 99.CERT
CERTIFICATION

I, Cedric H. Antosiewicz, certify that:

1.  
I have reviewed this report on Form N-CSR of Nuveen New York Municipal Value Fund, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5.  
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 7, 2019
 
/s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)


CERTIFICATION

I, E. Scott Wickerham, certify that:

1.  
I have reviewed this report on Form N-CSR of Nuveen New York Municipal Value Fund, Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5.  
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 7, 2019
 
/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)


 EX-99.906 CERT 3 ex99906cert.htm CERTIFICATION
Exhibit 99.906CERT
 
Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen New York Municipal Value Fund, Inc. (the “Fund”) certify that, to the best of each such officer’s knowledge and belief:

1.  
The Form N-CSR of the Fund for the period ended February 28, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.


Date: May 7, 2019
 
/s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President, Controller
(principal financial officer)

 EX-99.CODE ETH 4 ex99proxypolicy.htm PROXY POLICY

Nuveen Asset Management, LLC

Proxy Voting Policies and Procedures
Effective Date:  January 1, 2011, as last amended October 24, 2018


I. General Principles

A. Nuveen Asset Management, LLC (“NAM”) is an investment sub-adviser for certain of the Nuveen Funds (the “Funds”) and investment adviser for institutional and other separately managed accounts (collectively, with the Funds, “Accounts”). As such, Accounts may confer upon NAM complete discretion to vote proxies.1

B. When NAM has proxy voting authority, it is NAM’s duty to vote proxies in the best interests of its clients (which may involve affirmatively deciding that voting the proxies may not be in the best interests of certain clients on certain matters). In voting proxies, NAM also seeks to enhance total investment return for its clients.

C. If NAM contracts with another investment adviser to act as a sub-adviser for an Account, NAM may delegate proxy voting responsibility to the sub-adviser. Where NAM has delegated proxy voting responsibility, the sub-adviser will be responsible for developing and adhering to its own proxy voting policies, subject to oversight by NAM.

D. NAM’s Proxy Voting Committee (“PVC”) provides oversight of NAM’s proxy voting policies and procedures, including  (1) providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws; and (2) approving the proxy voting policies and procedures.

II. Policies

The PVC after reviewing and concluding that such policies are reasonably designed to vote proxies in the best interests of clients, has approved and adopted the proxy voting policies (“Policies”) of Institutional Shareholder Services, Inc. (“ISS”), a leading national provider of proxy voting administrative and research services.i As a result, such Policies set forth NAM’s positions on recurring proxy issues and criteria for addressing non-recurring issues. These Policies are reviewed periodically by ISS, and therefore are subject to change. Even though it has
 


1
NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its Policies in effect from time to time.  Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost.
i ISS has separate polices for Taft Hartley plans and it is NAM’s policy to apply the Taft Hartley polices to accounts that are Taft Hartley plans and have requested the application of such policies.
1
adopted the Policies as drafted by ISS, NAM maintains the fiduciary responsibility for all proxy voting decisions.

III. Procedures

A. Supervision of Proxy Voting.  Day-to-day administration of proxy voting may be provided internally or by a third-party service provider, depending on client type, subject to the ultimate oversight of the PVC.  The PVC shall supervise the relationships with NAM’s proxy voting services, ISS. ISS apprises Nuveen Global Operations (“NGO”) of shareholder meeting dates, and casts the actual proxy votes. ISS also provides research on proxy proposals and voting recommendations.   ISS serves as NAM’s proxy voting record keepers and generate reports on how proxies were voted.  NGO periodically reviews communications from ISS to determine whether ISS voted the correct amount of proxies, whether the votes were cast in a timely manner, and whether the vote was in accordance with the Policies or NAM’s specific instructions

B. General Avoidance of Conflicts of Interest.

1.
NAM believe that most conflicts of interest faced by NAM in voting proxies can be avoided by voting in accordance with the Policies.  Examples of such conflicts of interest are as follows:2

a.
The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.

b.
The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.

c.
The issuer is a registered or unregistered fund or other client for which NAM or another affiliated adviser has a material relationship as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds) or an institutional separate account.

d.
Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
 


2
A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer.

2
2.
To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest ISS may face.

3.
In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.

4.
Where ISS is determined to have a conflict of interest, or NAM determines to override the Policies and is determined to have a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:

a.
Obtaining instructions from the affected client(s) on how to vote the proxy;

b. 
Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;

c.
Voting in proportion to the other shareholders;

e.
Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or

f.
Following the recommendation of a different independent third party.

5.
In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries   with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to the PVC and, if deemed appropriate, to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.

3
C. Proxy Vote Override.  From time to time, a portfolio manager of an account (a “Portfolio Manager”) may initiate action to override the Policies’ recommendation for a particular vote. Any such override by a NAM Portfolio Manager (but not a sub-adviser Portfolio Manager) shall be reviewed by NAM’s Legal Department for material conflicts. If the Legal Department determines that no material conflicts exist, the approval of one member of the PVC shall authorize the override.  If a material conflict exists, the conflict and, ultimately, the override recommendation will be rejected and will revert to the original Policies recommendation or will be addressed pursuant to the procedures described above under “Conflicts of Interest.”

In addition, the PVC may determine from time to time that a particular recommendation in the Policies should be overridden based on a determination that the recommendation is inappropriate and not in the best interests of shareholders.  Any such determination shall be reflected in the minutes of a meeting of the PVC at which such decision is made.
D. Securities Lending.

1.
In order to generate incremental revenue, some clients may participate in a securities lending program.  If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date.  A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time.  Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.

2.
Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.
 
E. Proxy Voting Records.  As required by Rule 204-2 of the Investment Advisers Act of 1940, NAM shall make and retain five types of records relating to proxy voting; (1) NAM’s Policies; (2) proxy statements received for securities in client accounts; (3) records of proxy votes cast by NAM on behalf of clients accounts; (4) records of written requests from clients about how NAM voted their proxies, and written responses from NAM to either a written or oral request by clients; and (5) any documents prepared by the adviser that were material to
4
making a proxy voting decision or that memorialized the basis for the decision.  NAM relies on ISS to make and retain on NAM’s behalf certain records pertaining to Rule 204-2.

F.        Fund of Funds Provision.  In instances where NAM provides investment advice to a fund of funds that acquires shares of affiliated funds or three percent or more of the outstanding voting securities of an unaffiliated fund, the acquiring fund shall vote the shares in the same proportion as the vote of all other shareholders of the acquired fund.  If compliance with this procedure results in a vote of any shares in a manner different than the Policies’ recommendation, such vote will not require compliance with the Proxy Vote Override procedures set forth above.

    G.       Legacy Securities.  To the extent that NAM receives proxies for securities that are transferred into an account’s portfolio that were not recommended or selected by it and are sold or expected to be sold promptly in an orderly manner (“legacy securities”), NAM will generally refrain from voting such proxies. In such circumstances, since legacy securities are expected to be sold promptly, voting proxies on such securities would not further NAM’s interest in maximizing the value of client investments. NAM may agree to an account’s special request to vote a legacy security proxy, and would vote such proxy in accordance with the Policies.

H.       Terminated Accounts.  Proxies received after the termination date of an account generally will not be voted.  An exception will be made if the record date is for a period in which an account was under NAM’s discretionary management or if a separately managed account (“SMA”) custodian failed to remove the account’s holdings from its aggregated voting list.

   I.         Non-votes.  NGO shall be responsible for obtaining reasonable assurance from ISS that it voted proxies on NAM’s behalf, and that any special instructions from NAM about a given proxy or proxies are submitted to ISS in a timely manner.  It should not be considered a breach of this responsibility if NGO or NAM does not receive a proxy from ISS or a custodian with adequate time to analyze and direct to vote or vote a proxy by the required voting deadline.

NAM may determine not to vote proxies associated with the securities of any issuer if as a result of voting such proxies, subsequent purchases or sales of such securities would be blocked. However, NAM may decide, on an individual security basis that it is in the best interests of its clients to vote the proxy associated with such a security, taking into account the loss of liquidity.  In addition, NAM may determine not to vote proxies where the voting would in NAM’s judgment result in some other financial, legal, regulatory disability or burden to the client (such as imputing control with respect to the issuer) or to NAM or its affiliates.

NAM may determine not to vote securities held by SMAs where voting would require the transfer of the security to another custodian designated by the issuer.  Such transfer is generally outside the scope of NAM’s authority and may result in significant operational limitations on NAM’s ability to conduct transactions relating to the securities during the period of transfer.  From time to time, situations may arise (operational or otherwise) that prevent NAM from voting proxies after reasonable attempts have been made.
5

J.
Review and Reports.

1.
The PVC shall maintain a review schedule. The schedule shall include reviews of the Policies and the policies of any Sub-adviser engaged by NAM, the proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.

2.
The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub‑advised.  NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.

K. Vote Disclosure to Clients.  NAM’s institutional and SMA clients can contact their relationship manager for more information on NAM’s Policies and the proxy voting record for their account. The information available includes name of issuer, ticker/CUSIP, shareholder meeting date, description of item and NAM’s vote.
IV. Responsible Parties
PVC
NGO
NAM Compliance
Legal Department
 
6
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