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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Manager’s Comments | 5 |
| Fund Leverage | 10 |
| Common Share Information | 12 |
| Risk Considerations | 14 |
| Performance Overview and Holding Summaries | 15 |
| Report of Independent Registered Public Accounting Firm | 19 |
| Portfolios of Investments | 20 |
| Statement of Assets and Liabilities | 53 |
| Statement of Operations | 54 |
| Statement of Changes in Net Assets | 55 |
| Statement of Cash Flows | 57 |
| Financial Highlights | 58 |
| Notes to Financial Statements | 63 |
| Additional Fund Information | 79 |
| Glossary of Terms Used in this Report | 80 |
| Reinvest Automatically, Easily and Conveniently | 82 |
| Board Members & Officers | 83 |
Chairman’s Letter to Shareholders
Dear Shareholders,
After a prolonged absence, volatility has returned to the markets in 2018. Last year, the markets seemed willing to shrug off any bad news. But in the first few months of 2018, a backdrop of greater economic uncertainty has made markets more reactive to daily headlines. Interest rates in the U.S. have started to move off of historic lows, inflation is expected to finally pick up and the tax reform passed in late December 2017 could extend, and possibly bolster, the economy’s growth streak. How the U.S. Federal Reserve (Fed) will manage these conditions is under intense scrutiny, particularly in light of the Fed’s leadership change in February 2018.
At the same time, trade protectionism could upend sentiment and growth assumptions for the global economy. Investors are also concerned about the potential for increased government regulation on technology companies, whose shares recently declined due to a data privacy scandal and other negative news. Trade and tech do merit watching, but with few policy specifics at the moment, the long-term implications remain difficult to assess.
While the risks surrounding trade, monetary and fiscal policy may have increased, there is still opportunity for upside. Recession risk continues to look low, global economies are still expanding and corporate profits have continued to be healthy. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. 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,
William J. Schneider
Chairman of the Board
April 23, 2018
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, 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, 2018?
The U.S. economy began 2017 at a sluggish pace but gained momentum mid-year, growing at an annualized rate above 3% in the second and third quarters of 2017. In the final three months of 2017, the economy slowed slightly to 2.9%, as reported by the Bureau of Economic Analysis “third” estimate of fourth-quarter gross domestic product (GDP). GDP is 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.
Consumer spending, boosted by employment and wage gains, continued to drive the economy. The Atlantic coast hurricanes in September and October temporarily weakened shopping and dining out activity, but rebuilding efforts had a positive impact on the economy. Business investment, which had been lackluster in the recovery so far, accelerated in 2017, and hiring continued to boost employment. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in February 2018 from 4.7% in February 2017 and job gains averaged around 190,000 per month for the past twelve months. While the jobs market has continued to tighten, wage growth has remained lackluster during this economic recovery. However, the January jobs report revealed an unexpected pick-up in wages, which triggered a broad sell-off in equities, despite tame inflation readings. The Consumer Price Index (CPI) increased 2.2% over the twelve-month reporting period ended February 28, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 1.8% during the same period, slightly below the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%.
| This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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.
Portfolio Manager’s Comments (continued)
The housing market also continued to improve with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.2% annual gain in January 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 6.0% and 6.4%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Fed’s policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in March 2018 (after the close of this reporting period), was the sixth rate hike since December 2015. In addition, in October 2017, the Fed began reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Investors carefully watched the transition of leadership from outgoing Fed Chair Janet Yellen, whose term expired in February 2018, to the new Chairman Jerome Powell. While Chairman Powell was largely expected to stay on the path set by his predecessor, his first public address was perceived as somewhat more hawkish than the market expected, which led to some near-term volatility at the end of the reporting period.
Investors also sought to gauge the Fed’s reaction to the Tax Cuts and Jobs Act, which was signed into law in late December 2017. While it is still too early to know the full impact of the tax reform, which lowers the tax rates on individuals and corporations, investors worried about the Fed stepping up the pace of rate increases to temper a potentially overheating economy.
With the tax overhaul accomplished, the Trump administration resumed focus on some of its other policies. The surprise announcement of steel and aluminum tariffs sparked fears of a trade war and added uncertainty to the ongoing North American Free Trade Agreement (NAFTA) negotiations. Protectionist rhetoric also garnered attention across Europe, as anti-European Union sentiment featured prominently (although did not win a majority) in the Dutch, French, German and Italian elections held in 2017 and early 2018. In the U.K., Brexit talks have progressed but uncertainties remain.
The municipal bond market produced a positive return over this reporting period, although not without volatility. For most of the reporting period, municipal bonds continued to rebound from the post-election sell-off in the fourth quarter of 2016. After President Trump’s surprising win, bond markets repriced his reflationary fiscal agenda, driving interest rates higher. Municipal bonds suffered a surge in investor outflows due to speculation that the Trump administration’s tax reform proposals could adversely impact municipal bonds.
However, the economy sustained its moderate growth with low inflation, an improving jobs market and modest wage growth, and progress on the White House’s agenda was slow. This backdrop helped municipal bond yields and valuations return to pre-election levels and reverse the trend of outflows. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.
After the new administration’s health care and immigration reforms met obstacles, Congress refocused on tax reform initiatives in the latter months of 2017. Early drafts of the bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20 to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $453.6 billion in this reporting period, an 8.8% drop from the issuance for the twelve-month reporting period ended February 28, 2017. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates moved higher. Despite the increase, the overall level of interest rates still remained low, encouraging 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 ranged from 40%-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.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows steadily increased in 2017 overall.
How were the economic and market environments in New York during the twelve-month reporting period ended February 28, 2018?
New York State’s $1.5 trillion economy represents 8.1% of U.S. gross domestic product and, according to the International Monetary Fund, would be the 11th largest economy in the world on a stand-alone basis. As of February 2018, the state’s unemployment rate registered 4.6%, above the national average of 4.1%. While New York State’s financial profile is still sturdier than it was several years ago, both Fiscal Year 2016 and Fiscal Year 2017 posted General Fund deficits. On a significantly positive note, New York State has collected approximately $10 billion in various settlements and assessments from the financial industry over the past three 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 $164 billion budget for Fiscal Year 2018 is 4% higher than the adopted Fiscal Year 2017 budget. The Fiscal Year 2018 budget contains no new taxes but does extend the “millionaire’s tax” surcharge for two years. The budget includes a $1.1 billion increase in education spending. New York is a high-income state, with per capita income at 122% of the U.S. average, the fourth-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 2016 (NY: $3,070; median: $1,006), seventh in debt per capita as a percentage of personal income (NY: 5.3%; median: 2.5%) and eighth in debt to gross state domestic product (NY: 4.2%; median: 2.2%). The state’s pensions have traditionally been well funded, though the funding ratios have declined in recent years. As of March 2018, 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 supply totaled $47.1 billion for the twelve-month period ended February 28, 2018, a 5.8% increase 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 the New York Funds during the twelve-month reporting period ended February 28, 2018?
Municipal bonds benefited from a generally favorable macroeconomic backdrop, despite the uncertainties surrounding the tax reform bill. Credit spreads narrowed, as sentiment improved after the fourth-quarter sell-off and municipal bond fund flows reversed from net negative to net positive. While yields on the short end of the yield curve moved higher with the Fed’s rate hikes, rates on the long end declined slightly amid low inflation, resulting in a flatter yield curve over this reporting period. New York’s municipal bond market slightly trailed the national market.
Portfolio Manager’s Comments (continued)
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 SALT deductions (as discussed in the market conditions section of this commentary). While individual taxpayers in New York could see an increased tax burden, we also expect municipal bond demand to remain robust. Instate issues, which offer both state and federal tax advantages, are likely to be especially attractive to taxpayers in high income states. For state and local governments, the ability to raise taxes in the future may be more politically challenging. Bonds backed by tax revenues could face headwinds going forward, and state and local credit profiles could suffer if delays in tax increases hurt pension funding, capital investment or other government spending priorities.
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. Early in the reporting period, we had selective opportunities to buy attractively valued, lower rated credits while credit spreads were wider after the post-election sell-off. As the market recovery progressed, these opportunities dwindled as spreads narrowed and interest rates declined. We shifted our strategy toward buying higher grade, well-structured deals that we believe offer attractive risk-reward profiles in a rising interest rate environment and can be sold to fund future purchases when more attractive long-term opportunities present themselves. We emphasized bonds offering 5% coupons and 10-year calls from a range of revenue and tax-supported sectors. Most of the purchases were funded from the proceeds from called and maturing bonds. We also selectively sold some insured Puerto Rico bonds when the market conditions were favorable to do so.
As of February 28, 2018, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NRK also invested in forward interest rates swaps to help reduce the Fund’s duration. The swap position had a negligible impact on performance, as expected in the falling interest rate environment during this reporting period.
How did the New York Funds perform during the twelve-month reporting period ended February 28, 2018?
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 since inception periods ended February 28, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of corresponding market indexes.
For the twelve-month reporting period ended February 28, 2018, the total return at common share NAV for NNY, NAN and NRK exceeded the returns for both the S&P Municipal Bond New York Index and the national S&P Municipal Bond Index, while NYV’s performance trailed that of both indexes.
The factors influencing the Funds’ performance during this reporting period included yield curve and duration positioning, credit rating allocations and sector allocations. The Funds’ longer yield curve and duration positioning was the largest contributor to relative performance. In this reporting period, longer duration bonds outperformed those with shorter durations, and all four Funds held overweight exposures to longer duration credits and underweight exposures to shorter duration credits.
The Funds’ credit ratings allocations were also advantageous to relative performance. The Funds have continued to emphasize lower rated bonds over high grade bonds, which was favorable to performance as narrowing credit spreads helped lower credit quality bonds (A rated and lower) performed better than higher quality (AAA and AA rated) bonds in this reporting period. The Funds’ overweight allocations to BBB rated, sub-investment grade and non-rated bonds were especially beneficial to relative performance, as were the underweight allocations to AAA and AA rated bonds.
Sector allocations detracted slightly from the Funds’ relative performance. Exposures to lower credit quality sectors, including tobacco and health care, outperformed the broad market, while higher quality sectors, such as pre-refunded and tax-supported, underperformed.
In addition, 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.
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) was signed into law. The legislation established an independent Financial Oversight and Management Board (FOMB) charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow.
In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive damage across the island. The disruption in the local economy caused by the hurricanes and anticipated incoming federal aid created the need for revised fiscal plans for all Puerto Rican entities. These revised plans have not yet been approved by the Oversight Board. Importantly, federal resources dedicated to rebuilding and recovery efforts will not be available for bondholders in the revised fiscal plans. As of April 2018 (subsequent to the close of this reporting period), Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NYV had no exposure to Puerto Rico debt, NAN held 1.3%, NNY held 2.8% and NRK had an allocation of 3.8%, with all of the Funds’ Puerto Rico holdings in insured bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. Thus, the current net asset value of a Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017. The change of valuation methodologies due to that combination had little or no impact on the net asset value of each Fund’s shares.
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds 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. NNY and NYV do not use regulatory leverage. 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 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 also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage from inverse floating rate securities had a positive impact on performance for NNY, NAN and NRK over this reporting period. Regulatory leverage had a positive impact on the performance of NAN and NRK over this reporting period.
As of February 28, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
| NNY | NYV | NAN | NRK | |||||
| Effective Leverage* | 1.22% | 0.00% | 36.94% | 38.14% | ||||
| Regulatory Leverage* | 0.00% | 0.00% | 34.13% | 37.73% |
| * | 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. |
THE FUNDS’ REGULATORY LEVERAGE
As of February 28, 2018, 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 Preferred* |
Variable Rate Remarketed Preferred** |
|||||||||
| Shares Issued at Liquidation Preference |
Shares Issued at Liquidation 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 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.
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of February 28, 2018. 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 2017 | $ | 0.0315 | $ | 0.0500 | $ | 0.0595 | $ | 0.0535 | |||||
| April | 0.0315 | 0.0500 | 0.0595 | 0.0535 | |||||||||
| May | 0.0315 | 0.0500 | 0.0595 | 0.0535 | |||||||||
| June | 0.0315 | 0.0500 | 0.0595 | 0.0535 | |||||||||
| July | 0.0315 | 0.0500 | 0.0595 | 0.0535 | |||||||||
| August | 0.0315 | 0.0500 | 0.0595 | 0.0535 | |||||||||
| September | 0.0315 | 0.0460 | 0.0580 | 0.0510 | |||||||||
| October | 0.0315 | 0.0460 | 0.0580 | 0.0510 | |||||||||
| November | 0.0315 | 0.0460 | 0.0580 | 0.0510 | |||||||||
| December | 0.0300 | 0.0425 | 0.0535 | 0.0475 | |||||||||
| January | 0.0300 | 0.0425 | 0.0535 | 0.0475 | |||||||||
| February 2018 | 0.0300 | 0.0425 | 0.0535 | 0.0475 | |||||||||
| Total Monthly Per Share Distributions | 0.3735 | 0.5655 | 0.6915 | 0.6165 | |||||||||
| Ordinary Income Distribution* | 0.0034 | 0.0272 | 0.0055 | — | |||||||||
| Total Distributions from Net Investment Income | 0.3769 | 0.5927 | 0.6970 | 0.6165 | |||||||||
| Total Distributions from Long-Term Capital Gains* | — | 0.1060 | — | — | |||||||||
| Total Distributions | $ | 0.3769 | $ | 0.6987 | $ | 0.6970 | $ | 0.6165 | |||||
| Yields | |||||||||||||
| Market Yield** | 3.89 | % | 3.70 | % | 4.93 | % | 4.63 | % | |||||
| Taxable-Equivalent Yield** | 5.61 | % | 5.33 | % | 7.10 | % | 6.67 | % | |||||
| * | Distribution paid in November 2017. |
| ** | 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 30.6%.When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. |
Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of February 28, 2018, NRK had zero UNII balances while NNY, NYV and NAN had positive UNII balances for tax purposes. NNY and NYV had positive UNII balances while NAN and NRK had a negative UNII balance for financial reporting purposes.
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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. 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.
COMMON SHARE REPURCHASES
During August 2017, 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, 2018, 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 | — | — | 2,500 | 6,800 | ||||
| Common shares authorized for repurchase | 1,520,000 | 235,000 | 3,115,000 | 8,760,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of February 28, 2018, 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 | $ | 9.81 | $ | 15.10 | $ | 14.63 | $ | 14.01 | |||||
| Common share price | $ | 9.26 | $ | 13.78 | $ | 13.02 | $ | 12.31 | |||||
| Premium/(Discount) to NAV | (5.61 | )% | (8.74 | )% | (11.00 | )% | (12.13 | )% | |||||
| 12-month average premium/(discount) to NAV | (0.68 | )% | (5.92 | )% | (7.62 | )% | (9.69 | )% |
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.
| NNY | Nuveen New York Municipal Value Fund, Inc. |
| Performance Overview and Holding Summaries as of | |
| February 28, 2018 |
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, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | 10-Year | ||||
| NNY at Common Share NAV | 3.01% | 2.80% | 4.66% | |||
| NNY at Common Share Price | (0.80)% | 2.01% | 4.35% | |||
| S&P Municipal Bond New York Index | 2.29% | 2.61% | 4.58% | |||
| S&P Municipal Bond Index | 2.32% | 2.59% | 4.68% | |||
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.
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 | 100.3% | |
| Other Assets Less Liabilities | 0.9% | |
| Net Assets Plus Floating Rate Obligations | 101.2% | |
| Floating Rate Obligations | (1.2)% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Transportation | 22.2% | |
| Tax Obligation/Limited | 16.4% | |
| Education and Civic Organizations | 16.2% | |
| U.S. Guaranteed | 12.8% | |
| Water and Sewer | 8.6% | |
| Utilities | 8.3% | |
| Consumer Staples | 6.3% | |
| Other | 9.2% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 12.8% | |
| AAA | 17.7% | |
| AA | 31.0% | |
| A | 12.2% | |
| BBB | 13.6% | |
| BB or Lower | 9.3% | |
| N/R (not rated) | 3.4% | |
| Total | 100% |
| NYV | Nuveen New York Municipal Value Fund 2 |
| Performance Overview and Holding Summaries as of | |
| February 28, 2018 |
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, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | Since Inception | ||||
| NYV at Common Share NAV | 2.17% | 2.52% | 5.08% | |||
| NYV at Common Share Price | (2.83)% | 1.18% | 3.70% | |||
| S&P Municipal Bond New York Index | 2.29% | 2.61% | 4.46% | |||
| S&P Municipal Bond Index | 2.32% | 2.59% | 4.67% | |||
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.
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 | 99.3% | |
| Other Assets Less Liabilities | 0.7% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| U.S. Guaranteed | 19.4% | |
| Transportation | 17.9% | |
| Education and Civic Organizations | 14.6% | |
| Tax Obligation/Limited | 12.9% | |
| Water and Sewer | 9.3% | |
| Tax Obligation/General | 6.4% | |
| Utilities | 5.9% | |
| Consumer Staples | 5.6% | |
| Other | 8.0% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 15.9% | |
| AAA | 16.5% | |
| AA | 39.7% | |
| A | 10.5% | |
| BBB | 4.6% | |
| BB or Lower | 8.6% | |
| N/R (not rated) | 4.2% | |
| Total | 100% |
| NAN | Nuveen New York Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| February 28, 2018 |
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, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | 10-Year | ||||
| NAN at Common Share NAV | 3.19% | 3.23% | 6.02% | |||
| NAN at Common Share Price | (0.44)% | 1.99% | 5.81% | |||
| S&P Municipal Bond New York Index | 2.29% | 2.61% | 4.58% | |||
| S&P Municipal Bond Index | 2.32% | 2.59% | 4.68% | |||
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.
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 | 152.5% | |
| Other Assets Less Liabilities | 1.0% | |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 153.5% | |
| Floating Rate Obligations | (1.9)% | |
| VMTP Shares, net of deferred offering costs | (32.3)% | |
| VRDP Shares, net of deferred offering costs | (19.3)% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Education and Civic Organizations | 17.2% | |
| Transportation | 17.1% | |
| Tax Obligation/Limited | 15.9% | |
| U.S. Guaranteed | 11.1% | |
| Tax Obligation/General | 8.8% | |
| Utilities | 7.1% | |
| Water and Sewer | 6.9% | |
| Consumer Staples | 5.8% | |
| Other | 10.1% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 10.7% | |
| AAA | 16.1% | |
| AA | 38.1% | |
| A | 10.4% | |
| BBB | 8.5% | |
| BB or Lower | 10.6% | |
| N/R (not rated) | 5.6% | |
| Total | 100% |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Performance Overview and Holding Summaries as of | |
| February 28, 2018 |
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, 2018
| Average Annual | ||||||
| 1-Year | 5-Year | 10-Year | ||||
| NRK at Common Share NAV | 2.90% | 3.30% | 5.32% | |||
| NRK at Common Share Price | (0.18)% | 1.55% | 4.95% | |||
| S&P Municipal Bond New York Index | 2.29% | 2.61% | 4.58% | |||
| S&P Municipal Bond Index | 2.32% | 2.59% | 4.68% | |||
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.
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 | 159.9% | |
| 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 | 161.4% | |
| Floating Rate Obligations | (1.0)% | |
| MFP Shares, net of deferred offering costs | (6.5)% | |
| VRDP Shares, net of deferred offering costs | (53.9)% | |
| Net Assets | 100% |
| Portfolio Composition | ||
| (% of total investments) | ||
| Tax Obligation/Limited | 26.6% | |
| Education and Civic Organizations | 18.0% | |
| Transportation | 10.8% | |
| U.S. Guaranteed | 10.3% | |
| Water and Sewer | 8.7% | |
| Utilities | 7.1% | |
| Tax Obligation/General | 6.7% | |
| Consumer Staples | 6.5% | |
| Other | 5.3% | |
| Total | 100% |
| Portfolio Credit Quality | ||
| (% of total investment exposure) | ||
| U.S. Guaranteed | 10.4% | |
| AAA | 24.0% | |
| AA | 34.4% | |
| A | 10.6% | |
| BBB | 9.5% | |
| BB or Lower | 5.9% | |
| N/R (not rated) | 5.2% | |
| Total | 100% |
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, including the portfolios of investments, 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”) as of February 28, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, the five-month period from October 1, 2016 through February 28, 2017, and the year ended September 30, 2016, the statements of cash flows (where applicable) for the year then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for the year 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, 2018, the results of their operations and their cash flows for the year then ended, the changes in their net assets for the year then ended, the five-month period from October 1, 2016 through February 28, 2017, and the year ended September 30, 2016, and the financial highlights for the year 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. The financial highlights for the year September 30, 2013 were audited by other independent registered public accountants whose report dated November 26, 2013 expressed an unqualified opinion on those financial highlights.
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, 2018, by correspondence with the custodian 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 certain Nuveen investment companies since 2014.
Chicago, Illinois
April 25, 2018
| NNY | Nuveen New York Municipal Value Fund, Inc. |
| Portfolio of Investments | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 100.3% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 100.3% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 6.4% (6.3% of Total Investments) | |||||||||
| $ | 1,000 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 5/18 at 100.00 | BB+ | $ | 1,000,090 | |||
| 500 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 4/18 at 100.00 | B– | 500,085 | |||||
| 2,875 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 4/18 at 100.00 | B– | 2,834,261 | |||||
| New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1: | |||||||||
| 940 | 5.625%, 6/01/35 | No Opt. Call | BBB | 1,032,637 | |||||
| 3,060 | 5.750%, 6/01/43 | No Opt. Call | BBB | 3,361,073 | |||||
| 230 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 227,822 | |||||
| 500 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 5.000%, 6/01/25 | No Opt. Call | B+ | 549,285 | |||||
| 9,105 | Total Consumer Staples | 9,505,253 | |||||||
| Education and Civic Organizations – 16.3% (16.2% of Total Investments) | |||||||||
| 415 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 | 5/18 at 100.00 | B | 358,460 | |||||
| 750 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | 12/20 at 100.00 | B+ | 786,503 | |||||
| 1,250 | Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York New York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A, 5.000%, 6/01/43 | 6/24 at 100.00 | Aa2 | 1,395,175 | |||||
| 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+ | 221,740 | |||||
| 310 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 317,570 | |||||
| 415 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 453,877 | |||||
| 1,000 | Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured | No Opt. Call | Baa2 | 1,167,560 | |||||
| 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 | 267,869 | |||||
| 265 | 5.000%, 7/01/33 | 7/25 at 100.00 | Aa3 | 299,076 | |||||
| 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– | 1,459,755 | |||||
| 2,180 | 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 2,380,865 | |||||
| 1,955 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 2,164,381 | |||||
| 760 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | Aa2 | 866,301 | |||||
| 2,385 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2016A, 5.000%, 7/01/39 | 7/26 at 100.00 | Aa2 | 2,715,346 | |||||
| 280 | Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College, Series 2010, 5.250%, 7/01/35 | 7/20 at 100.00 | Ba1 | 288,084 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 680 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36 | 12/26 at 100.00 | BB– | $ | 681,809 | |||
| 580 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 474,730 | |||||
| 300 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/43 | 9/23 at 100.00 | A– | 328,923 | |||||
| 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– | 1,118,090 | |||||
| 1,000 | 6.000%, 6/01/34 | 6/21 at 100.00 | A– | 1,118,090 | |||||
| New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A: | |||||||||
| 25 | 5.000%, 7/01/40 | 7/25 at 100.00 | BBB | 26,986 | |||||
| 25 | 5.000%, 7/01/45 | 7/25 at 100.00 | BBB | 26,853 | |||||
| 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 | 5/18 at 100.00 | BBB | 1,511,730 | |||||
| 1,175 | 4.750%, 1/01/42 – AMBAC Insured | 5/18 at 100.00 | BBB | 1,175,717 | |||||
| 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 | 5/18 at 100.00 | Baa1 | 1,611,352 | |||||
| 800 | 4.750%, 3/01/46 – NPFG Insured | 5/18 at 100.00 | Baa1 | 801,216 | |||||
| 300 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40 | 9/20 at 100.00 | A3 | 316,710 | |||||
| 22,740 | Total Education and Civic Organizations | 24,334,768 | |||||||
| Financials – 0.8% (0.8% of Total Investments) | |||||||||
| 1,000 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 1,270,200 | |||||
| Health Care – 1.0% (1.0% of Total Investments) | |||||||||
| 350 | Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26 | 7/20 at 100.00 | A | 370,374 | |||||
| 290 | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | 5/18 at 100.00 | BB | 293,268 | |||||
| 250 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | 7/21 at 100.00 | A– | 271,130 | |||||
| 480 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 7/18 at 100.00 | BB– | 480,312 | |||||
| 150 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | 5/18 at 100.00 | BB– | 150,098 | |||||
| 1,520 | Total Health Care | 1,565,182 | |||||||
| Housing/Multifamily – 1.7% (1.7% of Total Investments) | |||||||||
| 175 | East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 | 4/18 at 100.00 | AA | 175,611 | |||||
| 1,000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009C-1, 5.500%, 11/01/34 | 5/19 at 100.00 | AA+ | 1,030,430 | |||||
| 1,250 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009M, 5.150%, 11/01/45 | 5/19 at 100.00 | AA+ | 1,269,538 | |||||
| 2,425 | Total Housing/Multifamily | 2,475,579 |
| NNY | Nuveen New York Municipal Value Fund, Inc. |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Industrials – 2.0% (2.0% of Total Investments) | |||||||||
| $ | 425 | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/25 at 100.00 | N/R | $ | 456,994 | |||
| 2,350 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 2,486,841 | |||||
| 2,775 | Total Industrials | 2,943,835 | |||||||
| Long-Term Care – 0.6% (0.6% of Total Investments) | |||||||||
| 270 | Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 | 5/18 at 100.00 | A3 | 270,305 | |||||
| 170 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18 | 5/18 at 100.50 | N/R | 169,818 | |||||
| 235 | Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23 | 7/18 at 100.00 | N/R | 178,915 | |||||
| 225 | Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 | 7/18 at 100.00 | N/R | 221,744 | |||||
| 900 | Total Long-Term Care | 840,782 | |||||||
| Tax Obligation/General – 3.1% (3.1% of Total Investments) | |||||||||
| 1,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26 | 8/23 at 100.00 | AA | 1,139,960 | |||||
| 3,090 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 3,488,641 | |||||
| 4,090 | Total Tax Obligation/General | 4,628,601 | |||||||
| Tax Obligation/Limited – 16.5% (16.4% of Total Investments) | |||||||||
| Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A: | |||||||||
| 220 | 5.750%, 7/01/18 | No Opt. Call | AA | 223,318 | |||||
| 1,400 | 6.000%, 7/01/20 | No Opt. Call | AA | 1,507,226 | |||||
| 2,290 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37 | 2/22 at 100.00 | AAA | 2,507,779 | |||||
| Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B Group A,B&C: | |||||||||
| 1,000 | 5.000%, 3/15/32 | 9/25 at 100.00 | AAA | 1,152,930 | |||||
| 640 | 5.000%, 3/15/35 | 9/25 at 100.00 | AAA | 732,250 | |||||
| 2,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28 | 11/25 at 100.00 | A | 2,762,875 | |||||
| 1,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39 | 1/19 at 100.00 | AA | 1,546,530 | |||||
| 3,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2, 5.000%, 7/15/40 | 7/25 at 100.00 | AA | 3,398,190 | |||||
| 1,680 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | AAA | 1,879,634 | |||||
| 1,225 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | 2/24 at 100.00 | AAA | 1,380,159 | |||||
| 2,450 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) | No Opt. Call | AA | 2,649,455 | |||||
| 600 | New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.875%, 1/01/21 | No Opt. Call | AA | 651,912 | |||||
| 20,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured | No Opt. Call | Baa2 | 4,200,600 | |||||
| 38,505 | Total Tax Obligation/Limited | 24,592,858 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Transportation – 22.2% (22.2% of Total Investments) | |||||||||
| $ | 2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2015D-1, 5.000%, 11/15/30 | 11/25 at 100.00 | AA– | $ | 2,871,150 | |||
| 815 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | 899,132 | |||||
| 2,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38 | 5/24 at 100.00 | AA– | 2,293,080 | |||||
| 5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 5.000%, 11/15/34 | 11/26 at 100.00 | AA– | 5,711,350 | |||||
| 1,500 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (6) | 10/37 at 100.00 | N/R | 465,000 | |||||
| 660 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | 719,202 | |||||
| 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 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 819,414 | |||||
| 2,020 | 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 2,140,675 | |||||
| 2,630 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,856,811 | |||||
| 5,900 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Ninth Series 2015, 5.000%, 5/01/40 | 5/25 at 100.00 | AA– | 6,651,304 | |||||
| 1,575 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | AA– | 1,777,325 | |||||
| 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 | 5/18 at 100.00 | Baa1 | 236,430 | |||||
| 1,160 | 6.000%, 12/01/36 | 12/20 at 100.00 | Baa1 | 1,274,886 | |||||
| 2,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/41 | 5/26 at 100.00 | AA– | 2,259,360 | |||||
| 1,165 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/46 | 5/28 at 100.00 | AA– | 1,337,502 | |||||
| 780 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured | No Opt. Call | A+ | 858,827 | |||||
| 30,695 | Total Transportation | 33,171,448 | |||||||
| U.S. Guaranteed – 12.8% (12.8% of Total Investments) (7) | |||||||||
| 1,350 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ | 1,465,128 | |||||
| Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008: | |||||||||
| 875 | 6.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 907,156 | |||||
| 565 | 6.125%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 584,413 | |||||
| 1,155 | 6.250%, 12/01/37 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 1,195,760 | |||||
| 525 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 568,906 | |||||
| 2,100 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 2,308,971 | |||||
| 880 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R | 929,069 |
| NNY | Nuveen New York Municipal Value Fund, Inc. |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| U.S. Guaranteed (7) (continued) | |||||||||
| $ | 400 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A– | $ | 440,224 | |||
| 1,500 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 (Pre-refunded 11/15/19) | 11/19 at 100.00 | AA | 1,587,900 | |||||
| 2,685 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 (Pre-refunded 11/15/22) | 11/22 at 100.00 | A1 | 3,061,598 | |||||
| 1,100 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA– | 1,276,341 | |||||
| 3,000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | AA– | 3,321,240 | |||||
| 45 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 49,664 | |||||
| 1,345 | Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | A2 | 1,483,360 | |||||
| 17,525 | Total U.S. Guaranteed | 19,179,730 | |||||||
| Utilities – 8.3% (8.3% of Total Investments) | |||||||||
| 1,000 | Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 | 2/20 at 100.00 | Baa3 | 1,040,730 | |||||
| 90 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 94,302 | |||||
| 135 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 150,242 | |||||
| 475 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42 | 9/27 at 100.00 | A– | 537,068 | |||||
| 1,250 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37 | 9/22 at 100.00 | A– | 1,381,025 | |||||
| 2,490 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax) | 5/18 at 100.00 | BB+ | 2,491,619 | |||||
| 350 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) | 7/18 at 100.00 | N/R | 350,144 | |||||
| Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | |||||||||
| 4,440 | 5.000%, 12/15/34 | 12/23 at 100.00 | AAA | 5,067,772 | |||||
| 1,100 | 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 1,246,619 | |||||
| 11,330 | Total Utilities | 12,359,521 | |||||||
| Water and Sewer – 8.6% (8.6% of Total Investments) | |||||||||
| 300 | Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/29 | 7/25 at 100.00 | A | 343,455 | |||||
| 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 | 2,423,442 | |||||
| 2,500 | 5.000%, 6/15/40 | 6/25 at 100.00 | AAA | 2,894,025 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Water and Sewer (continued) | |||||||||
| $ | 1,000 | 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 2017A, 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | $ | 1,148,770 | |||
| 4,300 | 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, 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 4,954,675 | |||||
| 1,000 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Series 2012B, 5.000%, 2/15/42 | 2/22 at 100.00 | AAA | 1,096,290 | |||||
| 11,200 | Total Water and Sewer | 12,860,657 | |||||||
| $ | 153,810 | Total Long-Term Investments (cost $144,070,606) | 149,728,414 | ||||||
| Floating Rate Obligations – (1.2)% | (1,840,000 | ) | |||||||
| Other Assets Less Liabilities – 0.9% | 1,424,136 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 149,312,550 |
| (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. |
| 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.
| NYV | Nuveen New York Municipal Value Fund 2 |
| Portfolio of Investments | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 99.3% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 99.3% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 5.6% (5.6% of Total Investments) | |||||||||
| $ | 1,180 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | A– | $ | 1,329,069 | |||
| 100 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 5/18 at 100.00 | BB+ | 100,009 | |||||
| New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1: | |||||||||
| 120 | 5.625%, 6/01/35 | No Opt. Call | BBB | 131,826 | |||||
| 380 | 5.750%, 6/01/43 | No Opt. Call | BBB | 417,388 | |||||
| 1,780 | Total Consumer Staples | 1,978,292 | |||||||
| Education and Civic Organizations – 14.5% (14.6% of Total Investments) | |||||||||
| 1,200 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 | 5/18 at 100.00 | B | 1,036,512 | |||||
| 145 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19 | No Opt. Call | B+ | 148,432 | |||||
| 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+ | 51,568 | |||||
| 75 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 76,832 | |||||
| 100 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 109,368 | |||||
| 200 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | Aa2 | 227,974 | |||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | Aa1 | 1,070,080 | |||||
| 165 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36 | 12/26 at 100.00 | BB– | 165,439 | |||||
| 145 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 118,683 | |||||
| 100 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 | 9/23 at 100.00 | A– | 110,280 | |||||
| 4,895 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured | No Opt. Call | AA | 2,030,691 | |||||
| 8,075 | Total Education and Civic Organizations | 5,145,859 | |||||||
| Financials – 1.1% (1.1% of Total Investments) | |||||||||
| 300 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 381,060 | |||||
| Health Care – 0.6% (0.6% of Total Investments) | |||||||||
| 50 | Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26 | 7/20 at 100.00 | A | 52,911 | |||||
| 155 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | 5/18 at 100.00 | BB– | 155,101 | |||||
| 205 | Total Health Care | 208,012 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Housing/Multifamily – 4.2% (4.2% of Total Investments) | |||||||||
| $ | 1,000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41 | 5/19 at 100.00 | Aa2 | $ | 1,033,890 | |||
| 450 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 456,665 | |||||
| 1,450 | Total Housing/Multifamily | 1,490,555 | |||||||
| Industrials – 2.0% (2.1% of Total Investments) | |||||||||
| 105 | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/25 at 100.00 | N/R | 112,904 | |||||
| 580 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 613,773 | |||||
| 685 | Total Industrials | 726,677 | |||||||
| Tax Obligation/General – 6.4% (6.4% of Total Investments) | |||||||||
| 1,000 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 5.000%, 4/01/35 | 4/26 at 100.00 | A+ | 1,127,250 | |||||
| 1,000 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 1,129,010 | |||||
| 2,000 | Total Tax Obligation/General | 2,256,260 | |||||||
| Tax Obligation/Limited – 12.8% (12.9% of Total Investments) | |||||||||
| 1,800 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B, Group A,B&C, 5.000%, 3/15/35 | 9/25 at 100.00 | AAA | 2,059,449 | |||||
| 540 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/45 | 2/27 at 100.00 | Aa3 | 609,309 | |||||
| 1,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39 | 1/19 at 100.00 | AA | 1,546,530 | |||||
| 300 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | 2/24 at 100.00 | AAA | 337,998 | |||||
| 4,140 | Total Tax Obligation/Limited | 4,553,286 | |||||||
| Transportation – 17.7% (17.9% of Total Investments) | |||||||||
| 1,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured | 1/24 at 100.00 | AA | 1,101,210 | |||||
| 2,000 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5) | 5/18 at 102.00 | N/R | 620,000 | |||||
| 155 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | 168,904 | |||||
| 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 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 235,649 | |||||
| 420 | 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 445,091 | |||||
| 645 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 700,625 | |||||
| 1,050 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth Series 2017, 5.000%, 11/15/47 | 11/27 at 100.00 | AA– | 1,201,820 |
| NYV | Nuveen New York Municipal Value Fund 2 |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Transportation (continued) | |||||||||
| 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 | 5/18 at 100.00 | Baa1 | $ | 189,144 | |||
| 140 | 6.000%, 12/01/36 | 12/20 at 100.00 | Baa1 | 153,866 | |||||
| 525 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A, 5.000%, 11/15/47 | 5/27 at 100.00 | AA– | 596,652 | |||||
| 765 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/46 | 5/28 at 100.00 | AA– | 878,274 | |||||
| 7,100 | Total Transportation | 6,291,235 | |||||||
| U.S. Guaranteed – 19.3% (19.4% of Total Investments) (6) | |||||||||
| 290 | Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.000%, 11/15/25 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R | 322,309 | |||||
| Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008: | |||||||||
| 235 | 6.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 243,636 | |||||
| 140 | 6.125%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 144,810 | |||||
| 245 | 6.250%, 12/01/37 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 253,646 | |||||
| 1,500 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | A | 1,567,875 | |||||
| 1,200 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38 (Pre-refunded 3/15/19) | 3/19 at 100.00 | AAA | 1,244,652 | |||||
| 1,200 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | BBB+ | 1,287,816 | |||||
| 1,325 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA– | 1,335,189 | |||||
| 400 | Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 (Pre-refunded 10/01/21) – AGM Insured | 10/21 at 100.00 | AA | 444,924 | |||||
| 6,535 | Total U.S. Guaranteed | 6,844,857 | |||||||
| Utilities – 5.9% (5.9% of Total Investments) | |||||||||
| 25 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 26,195 | |||||
| 285 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 317,177 | |||||
| 105 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42 | 9/27 at 100.00 | A– | 118,720 | |||||
| 605 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax) | 5/18 at 100.00 | BB+ | 605,393 | |||||
| 905 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 1,025,627 | |||||
| 1,925 | Total Utilities | 2,093,112 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||
| Water and Sewer – 9.2% (9.3% of Total Investments) | |||||||||
| $ | 900 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44 | 12/21 at 100.00 | AA+ | $ | 983,835 | |||
| 1,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 | 6/27 at 100.00 | AA+ | 1,149,640 | |||||
| 1,000 | 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 2017A, 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 1,152,250 | |||||
| 2,900 | Total Water and Sewer | 3,285,725 | |||||||
| $ | 37,095 | Total Long-Term Investments (cost $33,504,726) | 35,254,930 | ||||||
| Other Assets Less Liabilities – 0.7% | 233,581 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 35,488,511 |
| (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. |
See accompanying notes to financial statements.
| NAN | Nuveen New York Quality Municipal Income Fund |
| Portfolio of Investments | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 152.5% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 152.5% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 8.9% (5.8% 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 | 5/18 at 100.00 | BB+ | $ | 12,501,124 | |||
| 3,210 | 5.000%, 6/01/45 | 5/18 at 100.00 | B+ | 3,085,131 | |||||
| 1,350 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 5/18 at 100.00 | B– | 1,350,230 | |||||
| 12,415 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 5/18 at 100.00 | B– | 12,239,078 | |||||
| New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1: | |||||||||
| 355 | 5.625%, 6/01/35 | No Opt. Call | BBB | 389,985 | |||||
| 1,145 | 5.750%, 6/01/43 | No Opt. Call | BBB | 1,257,657 | |||||
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | |||||||||
| 2,620 | 5.000%, 6/01/45 | 6/27 at 100.00 | B+ | 2,615,913 | |||||
| 7,155 | 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 7,087,242 | |||||
| 40,750 | Total Consumer Staples | 40,526,360 | |||||||
| Education and Civic Organizations – 26.3 (17.2% of Total Investments) | |||||||||
| 1,855 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 | 5/18 at 100.00 | B | 1,602,275 | |||||
| 3,265 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | 12/20 at 100.00 | B+ | 3,423,908 | |||||
| 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 | 1,161,540 | |||||
| 2,070 | 5.000%, 6/01/43 | 6/24 at 100.00 | Aa2 | 2,310,410 | |||||
| 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 | 1,469,110 | |||||
| 1,300 | 5.000%, 11/01/39 | 11/24 at 100.00 | BB | 1,318,291 | |||||
| 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+ | 979,783 | |||||
| 1,380 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 1,413,700 | |||||
| 1,760 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 1,924,877 | |||||
| 2,000 | Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/29 – FGIC Insured | No Opt. Call | Baa2 | 2,302,700 | |||||
| 3,915 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Refunding Series 2013A, 5.000%, 7/01/27 | 7/23 at 100.00 | Aa3 | 4,461,299 | |||||
| 3,500 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37 | 7/22 at 100.00 | Aa2 | 3,838,800 | |||||
| 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 | 1,276,654 | |||||
| 1,245 | 5.000%, 7/01/33 | 7/25 at 100.00 | Aa3 | 1,405,095 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 4,000 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Aa3 | $ | 4,552,440 | |||
| 5,090 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 | 7/25 at 100.00 | A– | 5,586,580 | |||||
| 2,100 | Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29 | 7/19 at 100.00 | Baa2 | 2,174,760 | |||||
| 1,955 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 2,164,381 | |||||
| 2,120 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 – AMBAC Insured | No Opt. Call | Aa2 | 2,308,871 | |||||
| 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 | 1,143,420 | |||||
| 2,300 | 5.000%, 7/01/35 | 7/25 at 100.00 | Aa2 | 2,621,701 | |||||
| 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 | 5,899,629 | |||||
| 3,765 | 5.000%, 7/01/36 | 7/26 at 100.00 | Aa2 | 4,310,285 | |||||
| 1,055 | 5.000%, 7/01/39 | 7/26 at 100.00 | Aa2 | 1,201,128 | |||||
| 8,000 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | Aa1 | 8,560,640 | |||||
| 1,600 | Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College, Series 2010, 5.250%, 7/01/35 | 7/20 at 100.00 | Ba1 | 1,646,192 | |||||
| 3,140 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36 | 12/26 at 100.00 | BB– | 3,148,352 | |||||
| 2,705 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 2,214,043 | |||||
| 250 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39 | 2/19 at 100.00 | A– | 257,548 | |||||
| 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– | 1,108,314 | |||||
| 265 | 5.000%, 9/01/43 | 9/23 at 100.00 | A– | 290,549 | |||||
| 5,000 | Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University Project, Refunding Series 2015A, 5.000%, 7/01/40 | 7/25 at 100.00 | AA | 5,594,100 | |||||
| 1,260 | Madison County Capital Resource Corporation, New York, Revenue Bonds, Colgate University Project, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | AA | 1,347,406 | |||||
| 890 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/30 | 6/21 at 100.00 | A– | 995,100 | |||||
| New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A: | |||||||||
| 2,945 | 5.000%, 7/01/40 | 7/25 at 100.00 | BBB | 3,178,892 | |||||
| 85 | 5.000%, 7/01/45 | 7/25 at 100.00 | BBB | 91,299 | |||||
| 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 | 5/18 at 100.00 | BBB | 1,002,630 | |||||
| 235 | 5.000%, 1/01/36 – AMBAC Insured | 5/18 at 100.00 | BBB | 236,873 | |||||
| 3,515 | 5.000%, 1/01/39 – AMBAC Insured | 5/18 at 100.00 | BBB | 3,542,487 | |||||
| 5,050 | 4.750%, 1/01/42 – AMBAC Insured | 5/18 at 100.00 | BBB | 5,053,081 | |||||
| 400 | 5.000%, 1/01/46 – AMBAC Insured | 5/18 at 100.00 | BBB | 402,680 |
| NAN | Nuveen New York Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| 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 | 5/18 at 100.00 | Baa1 | $ | 7,561,346 | |||
| 2,750 | 4.750%, 3/01/46 – NPFG Insured | 5/18 at 100.00 | Baa1 | 2,754,180 | |||||
| 1,000 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31 | 1/21 at 100.00 | AA | 1,076,970 | |||||
| 1,500 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33 | 8/23 at 100.00 | AA– | 1,683,900 | |||||
| 1,515 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2015, 5.000%, 7/01/40 | 7/25 at 100.00 | Baa2 | 1,616,308 | |||||
| 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 | A3 | 1,157,510 | |||||
| 1,750 | 5.000%, 9/01/41 | 3/22 at 100.00 | A3 | 1,898,085 | |||||
| 2,260 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40 | 9/20 at 100.00 | A3 | 2,385,882 | |||||
| 112,000 | Total Education and Civic Organizations | 119,656,004 | |||||||
| Financials – 3.2% (2.1% of Total Investments) | |||||||||
| 4,725 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 5,817,751 | |||||
| 6,885 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 8,745,327 | |||||
| 11,610 | Total Financials | 14,563,078 | |||||||
| Health Care – 3.8% (2.5% 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 | 370,374 | |||||
| 350 | 5.200%, 7/01/32 | 7/20 at 100.00 | A | 369,719 | |||||
| 3,700 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2015A, 5.000%, 5/01/43 | 5/25 at 100.00 | A | 4,081,507 | |||||
| 500 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems Inc., Series 2010A, 5.750%, 7/01/30 | 7/20 at 100.00 | A– | 547,270 | |||||
| 4,120 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B, 5.000%, 7/01/32 | 7/26 at 100.00 | A– | 4,674,470 | |||||
| 710 | Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30 | 5/18 at 100.00 | BB | 718,002 | |||||
| 715 | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35 | 2/21 at 100.00 | AA | 797,168 | |||||
| 2,730 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | 7/21 at 100.00 | A– | 2,960,740 | |||||
| 2,175 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 7/18 at 100.00 | BB– | 2,176,414 | |||||
| 625 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | 5/18 at 100.00 | BB– | 625,406 | |||||
| 15,975 | Total Health Care | 17,321,070 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Housing/Multifamily – 2.5% (1.6% of Total Investments) | |||||||||
| $ | 4,000 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2009J, 4.800%, 5/01/36 | 5/19 at 100.00 | AA+ | $ | 4,067,800 | |||
| 705 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA+ | 742,943 | |||||
| 2,000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax) | 5/18 at 100.00 | Aa2 | 2,002,200 | |||||
| 600 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 608,886 | |||||
| 2,000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2010A, 5.000%, 11/01/42 | 5/20 at 100.00 | Aa2 | 2,052,240 | |||||
| 1,385 | New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax) | 5/18 at 100.00 | Aa2 | 1,386,357 | |||||
| 365 | New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax) | 8/18 at 100.00 | Aa1 | 366,051 | |||||
| 11,055 | Total Housing/Multifamily | 11,226,477 | |||||||
| Housing/Single Family – 0.1% (0.1% of Total Investments) | |||||||||
| 645 | Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, 5.750%, 9/01/31 (Alternative Minimum Tax) | No Opt. Call | N/R | 663,976 | |||||
| Industrials – 4.4% (2.9% of Total Investments) | |||||||||
| 1,935 | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/25 at 100.00 | N/R | 2,080,667 | |||||
| 17,145 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 18,143,348 | |||||
| 19,080 | Total Industrials | 20,224,015 | |||||||
| Long-Term Care – 1.4% (0.9% of Total Investments) | |||||||||
| 1,275 | Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 | 5/18 at 100.00 | A3 | 1,276,441 | |||||
| 3,130 | East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33 | 8/18 at 100.00 | N/R | 3,136,104 | |||||
| New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | |||||||||
| 295 | 5.500%, 7/01/18 | 5/18 at 100.00 | N/R | 294,684 | |||||
| 1,155 | 5.800%, 7/01/23 | 5/18 at 100.00 | N/R | 1,137,952 | |||||
| Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1: | |||||||||
| 80 | 5.500%, 7/01/18 | 5/18 at 100.00 | N/R | 77,306 | |||||
| 340 | 5.800%, 7/01/23 | 7/18 at 100.00 | N/R | 258,856 | |||||
| 170 | Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23 | 7/18 at 100.00 | N/R | 167,540 | |||||
| 6,445 | Total Long-Term Care | 6,348,883 | |||||||
| Tax Obligation/General – 13.4% (8.8% 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+ | 4,157,693 | |||||
| 500 | 5.000%, 1/01/38 | 1/26 at 100.00 | A+ | 558,945 | |||||
| Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C: | |||||||||
| 1,395 | 5.000%, 4/01/35 | 4/26 at 100.00 | A+ | 1,572,514 | |||||
| 2,000 | 5.000%, 4/01/43 | 4/26 at 100.00 | A+ | 2,230,380 |
| NAN | Nuveen New York Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| $ | 400 | New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28 | 8/19 at 100.00 | AA | $ | 418,816 | |||
| 1,000 | New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 | 8/22 at 100.00 | AA | 1,114,020 | |||||
| 980 | New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32 | 8/22 at 100.00 | AA | 1,086,526 | |||||
| 5,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26 | 8/23 at 100.00 | AA | 5,699,800 | |||||
| 8,365 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series B, 5.000%, 8/01/30 | 8/24 at 100.00 | AA | 9,591,644 | |||||
| 410 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 462,894 | |||||
| New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1: | |||||||||
| 6,050 | 5.250%, 10/01/30 | 10/27 at 100.00 | AA | 7,276,577 | |||||
| 4,145 | 5.250%, 10/01/31 | 10/27 at 100.00 | AA | 4,966,125 | |||||
| New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1: | |||||||||
| 7,000 | 5.000%, 3/01/38 (WI/DD, Settling 3/13/18) | 3/28 at 100.00 | AA | 8,054,970 | |||||
| 1,000 | 5.000%, 3/01/39 (WI/DD, Settling 3/13/18) | 3/28 at 100.00 | AA | 1,149,800 | |||||
| 3,775 | New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28 | 4/22 at 100.00 | AA | 4,177,528 | |||||
| New York City, New York, General Obligation Bonds, Tender Option Bond Trust 2016-XG0082: | |||||||||
| 3,125 | 15.165%, 3/01/31, 144A (IF) (5) | 3/23 at 100.00 | AA | 4,621,875 | |||||
| 1,525 | 15.165%, 3/01/31, 144A (IF) (5) | 3/23 at 100.00 | AA | 2,255,475 | |||||
| Rochester, New York, General Obligation Bonds, Series 1999: | |||||||||
| 720 | 5.250%, 10/01/18 – NPFG Insured | No Opt. Call | AA– | 736,092 | |||||
| 720 | 5.250%, 10/01/19 – NPFG Insured | No Opt. Call | AA– | 761,544 | |||||
| 51,740 | Total Tax Obligation/General | 60,893,218 | |||||||
| Tax Obligation/Limited – 24.1% (15.9% of Total Investments) | |||||||||
| 980 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 | 3/21 at 100.00 | AAA | 1,064,672 | |||||
| 1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/33 | 2/22 at 100.00 | AAA | 1,100,260 | |||||
| 5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43 | 2/23 at 100.00 | AAA | 5,498,050 | |||||
| 2,080 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C, Group C, 5.000%, 3/15/44 | 3/24 at 100.00 | AAA | 2,339,875 | |||||
| 1,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A,B&C, 5.000%, 3/15/35 | 9/25 at 100.00 | AAA | 1,144,140 | |||||
| Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | |||||||||
| 3,225 | 5.000%, 11/15/28 | 11/25 at 100.00 | A | 3,564,109 | |||||
| 2,355 | 5.000%, 11/15/34 | 11/25 at 100.00 | A | 2,560,874 | |||||
| 3,750 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/45 | 2/27 at 100.00 | Aa3 | 4,231,313 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 2,550 | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 2,792,072 | |||||
| 1,910 | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 2,052,944 | |||||
| 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 | 2,051,204 | |||||
| 2,250 | 5.000%, 11/15/29 | 11/22 at 100.00 | AA | 2,536,358 | |||||
| 2,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 | No Opt. Call | AA | 2,029,080 |
|
Principal
Amount (000)
|
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 1,870 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2013S-1, 5.000%, 7/15/31 | 7/22 at 100.00 | AA | $ | 2,084,470 | |||
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1: | |||||||||
| 3,775 | 5.000%, 2/01/37 | 2/22 at 100.00 | AAA | 4,145,441 | |||||
| 3,950 | 5.000%, 2/01/42 | 2/22 at 100.00 | AAA | 4,326,751 | |||||
| 3,090 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29 | 2/23 at 100.00 | AAA | 3,470,904 | |||||
| 7,860 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | AAA | 8,794,004 | |||||
| 4,170 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | 2/24 at 100.00 | AAA | 4,698,172 | |||||
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1: | |||||||||
| 4,960 | 5.000%, 8/01/34 | 8/26 at 100.00 | AAA | 5,672,851 | |||||
| 5,000 | 5.000%, 8/01/36 | 8/26 at 100.00 | AAA | 5,690,750 | |||||
| 2,825 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 | 11/20 at 100.00 | AAA | 3,111,144 | |||||
| 2,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 | 2/21 at 100.00 | AAA | 2,166,620 | |||||
| 2,400 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 11.563%, 5/01/38, 144A (IF) | 5/19 at 100.00 | AAA | 2,676,600 | |||||
| 6,000 | New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A, 5.750%, 4/01/41 | 4/21 at 100.00 | AA– | 6,640,380 | |||||
| 11,300 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) | No Opt. Call | AA | 12,219,933 | |||||
| 2,110 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/29 | 9/20 at 100.00 | AAA | 2,282,113 | |||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | |||||||||
| 16,000 | 0.000%, 8/01/43 – NPFG Insured | No Opt. Call | Baa2 | 3,360,480 | |||||
| 12,500 | 0.000%, 8/01/45 – NPFG Insured | No Opt. Call | Baa2 | 2,372,125 | |||||
| Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A: | |||||||||
| 2,000 | 5.000%, 1/01/30 (Alternative Minimum Tax) | 1/26 at 100.00 | A– | 2,193,780 | |||||
| 1,000 | 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/26 at 100.00 | A– | 1,075,660 | |||||
| 122,725 | Total Tax Obligation/Limited | 109,947,129 | |||||||
| Transportation – 26.1% (17.1% of Total Investments) | |||||||||
| 7,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2015D-1, 5.000%, 11/15/30 | 11/25 at 100.00 | AA– | 8,613,450 | |||||
| 1,540 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | 1,698,974 | |||||
| 5,425 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1, 5.000%, 11/15/45 | 5/25 at 100.00 | AA– | 6,026,361 |
| NAN | Nuveen New York Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Transportation (continued) | |||||||||
| Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1: | |||||||||
| $ | 2,500 | 5.000%, 11/15/34 | 11/26 at 100.00 | AA– | $ | 2,855,675 | |||
| 12,560 | 5.000%, 11/15/56 | 11/26 at 100.00 | AA– | 14,002,264 | |||||
| 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) | 5/18 at 100.00 | N/R | 62,000 | |||||
| 5,500 | 5.875%, 10/01/46 (6) | 10/37 at 100.00 | N/R | 1,705,000 | |||||
| 2,850 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | 3,105,645 | |||||
| 1,350 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 | 1/26 at 100.00 | A– | 1,488,564 | |||||
| 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 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 1,885,189 | |||||
| 11,470 | 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 12,155,218 | |||||
| 12,110 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 13,154,365 | |||||
| Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014: | |||||||||
| 6,000 | 5.000%, 9/01/33 | 9/24 at 100.00 | AA– | 6,863,460 | |||||
| 4,000 | 5.000%, 9/01/34 | 9/24 at 100.00 | AA– | 4,565,360 | |||||
| 8,780 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Ninth Series 2015, 5.000%, 5/01/45 | 5/25 at 100.00 | AA– | 9,855,989 | |||||
| 5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty Sixth Series 2011, 5.000%, 1/15/41 | 1/21 at 100.00 | AA– | 5,419,100 | |||||
| 5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundredth Series 2017, 5.250%, 10/15/57 | 4/27 at 100.00 | AA– | 5,749,500 | |||||
| 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 | 5/18 at 100.00 | Baa1 | 1,071,816 | |||||
| 5,000 | 6.000%, 12/01/36 | 12/20 at 100.00 | Baa1 | 5,495,200 | |||||
| Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2016A: | |||||||||
| 2,330 | 5.000%, 11/15/46 | 5/28 at 100.00 | AA– | 2,675,003 | |||||
| 5,000 | 5.000%, 11/15/46 | 5/26 at 100.00 | AA– | 5,629,200 | |||||
| 780 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured | No Opt. Call | A+ | 858,827 | |||||
| 3,500 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 2016-XG0004, 8.305%, 11/15/33, 144A (IF) (5) | 11/18 at 100.00 | AA– | 3,678,465 | |||||
| 111,175 | Total Transportation | 118,614,625 | |||||||
| U.S. Guaranteed – 16.9% (11.1% 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+ | 3,201,576 | |||||
| 1,000 | 6.375%, 7/15/43 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ | 1,087,580 | |||||
| 400 | Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40 (Pre-refunded 5/01/20) | 5/20 at 100.00 | AA | 429,068 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| U.S. Guaranteed (7) (continued) | |||||||||
| Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008: | |||||||||
| $ | 3,845 | 6.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | $ | 3,986,304 | |||
| 2,420 | 6.125%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 2,503,151 | |||||
| 4,800 | 6.250%, 12/01/37 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 4,969,392 | |||||
| 1,750 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 1,896,353 | |||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2011A, 5.000%, 5/01/41 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A | 1,098,940 | |||||
| 5,500 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 6,047,305 | |||||
| 4,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 4,364,840 | |||||
| 4,445 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R | 4,692,853 | |||||
| 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 | 4,624,387 | |||||
| 90 | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 | 99,135 | |||||
| Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A: | |||||||||
| 1,000 | 5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured | 5/21 at 100.00 | AA | 1,100,560 | |||||
| 8,265 | 5.000%, 5/01/38 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A– | 9,096,128 | |||||
| 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– | 4,362,680 | |||||
| 1,560 | 5.250%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | AA– | 1,711,726 | |||||
| 5,100 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42 (Pre-refunded 11/15/22) | 11/22 at 100.00 | A1 | 5,815,326 | |||||
| 2,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA– | 2,320,620 | |||||
| 2,175 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R | 2,388,716 | |||||
| 470 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 518,716 | |||||
| 1,090 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM) | No Opt. Call | AA+ | 1,136,696 | |||||
| 7,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA+ | 8,395,875 | |||||
| 1,000 | Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41 (Pre-refunded 6/01/19) | 6/19 at 100.00 | BBB | 1,054,470 | |||||
| 70,510 | Total U.S. Guaranteed | 76,902,397 | |||||||
| Utilities – 10.9% (7.1% of Total Investments) | |||||||||
| 3,500 | Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 | 2/20 at 100.00 | Baa3 | 3,642,555 | |||||
| 370 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 387,686 | |||||
| 1,460 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 1,624,834 |
| NAN | Nuveen New York Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Utilities (continued) | |||||||||
| $ | 1,590 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42 | 9/27 at 100.00 | A– | $ | 1,797,765 | |||
| 1,250 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37 | 9/22 at 100.00 | A– | 1,381,025 | |||||
| 11,760 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative Minimum Tax) | 5/18 at 100.00 | BB+ | 11,767,644 | |||||
| 2,880 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax) | 7/18 at 100.00 | N/R | 2,881,181 | |||||
| 3,785 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/32 | 12/25 at 100.00 | AAA | 4,406,913 | |||||
| Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | |||||||||
| 3,800 | 5.000%, 12/15/33 | 12/23 at 100.00 | AAA | 4,343,894 | |||||
| 1,060 | 5.000%, 12/15/34 | 12/23 at 100.00 | AAA | 1,209,873 | |||||
| 8,030 | 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 9,100,319 | |||||
| 1,515 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016A, 5.000%, 12/15/35 | 6/26 at 100.00 | AAA | 1,752,613 | |||||
| 4,500 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017, 5.000%, 12/15/39 | 12/27 at 100.00 | AAA | 5,241,555 | |||||
| 45,500 | Total Utilities | 49,537,857 | |||||||
| Water and Sewer – 10.5% (6.9% of Total Investments) | |||||||||
| 4,140 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44 | 12/21 at 100.00 | AA+ | 4,525,641 | |||||
| 5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series DD, 5.000%, 6/15/35 | 6/24 at 100.00 | AA+ | 5,707,150 | |||||
| 10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 | 6/27 at 100.00 | AA+ | 11,496,400 | |||||
| 9,750 | 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 Series 2011B, 5.000%, 6/15/41 | 6/21 at 100.00 | AAA | 10,672,253 | |||||
| 1,000 | 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, 5.000%, 6/15/40 | 6/25 at 100.00 | AAA | 1,157,610 | |||||
| 1,940 | 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, Series 2016A, 4.000%, 6/15/46 | 6/26 at 100.00 | AAA | 2,031,937 | |||||
| 1,000 | 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 2017A, 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | 1,148,770 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Water and Sewer (continued) | |||||||||
| 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: | |||||||||
| $ | 3,990 | 5.000%, 6/15/35 | 6/27 at 100.00 | AAA | $ | 4,649,986 | |||
| 2,000 | 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 2,304,500 | |||||
| 3,840 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Series 2010C, 5.000%, 10/15/35 | 4/20 at 100.00 | AAA | 4,093,517 | |||||
| 42,660 | Total Water and Sewer | 47,787,764 | |||||||
| $ | 661,870 | Total Long-Term Investments (cost $663,921,162) | 694,212,853 | ||||||
| Floating Rate Obligations – (1.9)% | (8,475,000 | ) | |||||||
| Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (32.3)% (8) | (147,000,000 | ) | |||||||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (19.3)% (9) | (88,000,320 | ) | |||||||
| Other Assets Less Liabilities – 1.0% | 4,637,038 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 455,374,571 |
| (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) | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.2%. |
| (9) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.7%. |
| 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. |
| 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 rates, 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. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 159.9% (100.0% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 159.9% (100.0% of Total Investments) | |||||||||
| Consumer Staples – 10.5% (6.5% of Total Investments) | |||||||||
| $ | 8,000 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 | 5/18 at 100.00 | N/R | $ | 1,042,640 | |||
| Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A: | |||||||||
| 27,580 | 5.000%, 6/01/38 | 5/18 at 100.00 | BB+ | 27,582,482 | |||||
| 13,500 | 5.000%, 6/01/45 | 5/18 at 100.00 | B+ | 12,974,850 | |||||
| 10,000 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 | 5/18 at 100.00 | N/R | 896,700 | |||||
| 1,310 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 5/18 at 100.00 | B– | 1,310,223 | |||||
| 26,865 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 5/18 at 100.00 | B– | 26,484,323 | |||||
| 4,680 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A, Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 4,868,885 | |||||
| TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | |||||||||
| 4,135 | 5.000%, 6/01/45 | 6/27 at 100.00 | B+ | 4,128,549 | |||||
| 49,715 | 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 49,244,199 | |||||
| 145,785 | Total Consumer Staples | 128,532,851 | |||||||
| Education and Civic Organizations – 28.8% (18.0% of Total Investments) | |||||||||
| 3,150 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 | 1/27 at 100.00 | BBB– | 3,487,208 | |||||
| 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– | 3,221,488 | |||||
| 29,145 | 0.000%, 7/15/47 | No Opt. Call | BBB– | 8,598,066 | |||||
| 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– | 261,968 | |||||
| 2,535 | 5.500%, 4/01/43 | 4/23 at 100.00 | BBB– | 2,600,276 | |||||
| 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 | 1,069,420 | |||||
| 5,705 | 5.250%, 11/01/34 | 11/24 at 100.00 | BB | 5,965,319 | |||||
| 1,500 | 5.000%, 11/01/39 | 11/24 at 100.00 | BB | 1,521,105 | |||||
| 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+ | 2,774,332 | |||||
| 4,090 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 4,189,878 | |||||
| 3,655 | Dobbs Ferry Local Development Corporation, New York, Revenue Bonds, Mercy College Project, Series 2014, 5.000%, 7/01/44 | 7/24 at 100.00 | A | 4,098,096 | |||||
| 4,990 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 5,457,463 | |||||
| 1,655 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2015A, 5.000%, 7/01/37 | 7/25 at 100.00 | A– | 1,853,948 | |||||
| 4,265 | Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured | No Opt. Call | Baa2 | 4,979,643 |
| Principal Amount (000) |
Description (1) | Optional Call 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 of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured | No Opt. Call | A– | $ | 6,868,320 | |||
| 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– | 1,856,078 | |||||
| 2,185 | 5.500%, 1/01/39 | 7/24 at 100.00 | BBB– | 2,423,252 | |||||
| 2,820 | 5.500%, 1/01/44 | 7/24 at 100.00 | BBB– | 3,120,809 | |||||
| 14,585 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Refunding Series 2013A, 5.000%, 7/01/27 | 7/23 at 100.00 | Aa3 | 16,620,191 | |||||
| 4,750 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2011A, 5.000%, 7/01/41 | 7/21 at 100.00 | Aa2 | 5,181,110 | |||||
| 3,750 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2012A, 5.000%, 7/01/37 | 7/22 at 100.00 | Aa2 | 4,113,000 | |||||
| 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 | 3,527,898 | |||||
| 3,465 | 5.000%, 7/01/33 | 7/25 at 100.00 | Aa3 | 3,910,564 | |||||
| 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 | 3,380,517 | |||||
| 2,000 | 5.000%, 7/01/36 | 7/27 at 100.00 | Aa3 | 2,295,280 | |||||
| 7,500 | 5.000%, 7/01/37 | 7/27 at 100.00 | Aa3 | 8,587,725 | |||||
| 2,930 | 5.000%, 7/01/42 | 7/27 at 100.00 | Aa3 | 3,334,662 | |||||
| Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A: | |||||||||
| 405 | 5.000%, 7/01/25 – NPFG Insured | 5/18 at 100.00 | Baa2 | 406,247 | |||||
| 1,320 | 5.000%, 7/01/37 – NPFG Insured | 5/18 at 100.00 | Baa2 | 1,323,986 | |||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 | 4/21 at 100.00 | AAA | 1,088,240 | |||||
| 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 | 1,107,000 | |||||
| 5,980 | 5.750%, 11/01/40 – AGM Insured | 5/21 at 100.00 | AA | 6,634,870 | |||||
| 12,970 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 | 7/25 at 100.00 | A– | 14,235,353 | |||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.250%, 7/01/29 | 7/19 at 100.00 | Baa2 | 1,035,600 | |||||
| 3,250 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 1998A, 6.000%, 7/01/18 – NPFG Insured | No Opt. Call | Aa2 | 3,300,245 | |||||
| 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 | 1,794,900 | |||||
| 4,000 | 5.500%, 7/01/40 – AMBAC Insured | No Opt. Call | Aa2 | 5,174,040 | |||||
| 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 | 10,290,780 | |||||
| 8,955 | 5.000%, 7/01/45 | 7/25 at 100.00 | Aa2 | 10,081,449 | |||||
| 10,850 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2016A, 5.000%, 7/01/32 | 7/26 at 100.00 | Aa2 | 12,577,320 | |||||
| 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 | 4,611,520 | |||||
| 5,620 | 5.000%, 7/01/39 | 7/27 at 100.00 | Aa2 | 6,464,461 | |||||
| 2,800 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37 | 7/20 at 100.00 | Aa1 | 2,998,212 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call 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 | $ | 5,359,900 | |||
| 11,560 | 5.000%, 7/01/40 | 7/20 at 100.00 | Aa1 | 12,370,125 | |||||
| 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 | A3 | 882,376 | |||||
| 1,500 | 5.000%, 7/01/44 | 7/24 at 100.00 | A3 | 1,645,440 | |||||
| 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 | 2,707,875 | |||||
| 2,000 | 5.250%, 7/01/21 – AMBAC Insured | No Opt. Call | A1 | 2,224,780 | |||||
| Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College, Series 2010: | |||||||||
| 1,815 | 5.250%, 7/01/25 | 5/18 at 100.00 | Ba1 | 1,818,721 | |||||
| 2,000 | 5.250%, 7/01/35 | 7/20 at 100.00 | Ba1 | 2,057,740 | |||||
| 8,925 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36 | 12/26 at 100.00 | BB– | 8,948,741 | |||||
| 1,000 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College Project, Series 2013A, 5.000%, 7/01/39 | 7/23 at 100.00 | A2 | 1,101,430 | |||||
| 7,695 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 6,298,358 | |||||
| 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– | 1,968,498 | |||||
| 1,785 | 5.000%, 9/01/43 | 9/23 at 100.00 | A– | 1,957,092 | |||||
| 1,400 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John Fisher College, Series 2014A, 5.500%, 6/01/39 | 6/24 at 100.00 | A– | 1,603,112 | |||||
| New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A: | |||||||||
| 325 | 5.000%, 7/01/40 | 7/25 at 100.00 | BBB | 350,812 | |||||
| 350 | 5.000%, 7/01/45 | 7/25 at 100.00 | BBB | 375,939 | |||||
| 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 | 1/19 at 100.00 | AA | 1,038,600 | |||||
| 1,000 | 6.375%, 1/01/39 – AGC Insured | 1/19 at 100.00 | AA | 1,038,190 | |||||
| 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 | 5/18 at 100.00 | BBB | 6,832,923 | |||||
| 5,000 | 5.000%, 1/01/36 – AMBAC Insured | 5/18 at 100.00 | BBB | 5,039,850 | |||||
| 1,030 | 4.750%, 1/01/42 – AMBAC Insured | 5/18 at 100.00 | BBB | 1,030,628 | |||||
| 14,500 | 5.000%, 1/01/46 – AMBAC Insured | 5/18 at 100.00 | BBB | 14,597,150 | |||||
| 4,730 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19 at 100.00 | AA | 4,979,744 | |||||
| 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 | 5/18 at 100.00 | Baa1 | 4,311,886 | |||||
| 31,650 | 5.000%, 3/01/36 – NPFG Insured | 5/18 at 100.00 | Baa1 | 31,859,523 | |||||
| 20,210 | 4.500%, 3/01/39 – FGIC Insured | 5/18 at 100.00 | Baa1 | 20,226,976 | |||||
| 3,400 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31 | 1/21 at 100.00 | AA | 3,661,698 | |||||
| Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A: | |||||||||
| 600 | 5.000%, 5/01/35 | 5/22 at 100.00 | BBB+ | 652,998 | |||||
| 1,000 | 5.000%, 5/01/42 | 5/22 at 100.00 | BBB+ | 1,081,360 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Education and Civic Organizations (continued) | |||||||||
| $ | 1,450 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012, 5.000%, 7/01/42 | 7/22 at 100.00 | Baa2 | $ | 1,510,567 | |||
| 1,000 | Onondaga County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/36 | 12/21 at 100.00 | AA– | 1,099,020 | |||||
| 3,700 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40 | 9/20 at 100.00 | A3 | 3,906,090 | |||||
| 357,775 | Total Education and Civic Organizations | 352,959,981 | |||||||
| Financials – 1.6% (1.0% of Total Investments) | |||||||||
| 1,615 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 1,988,501 | |||||
| 13,835 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 17,573,217 | |||||
| 15,450 | Total Financials | 19,561,718 | |||||||
| Health Care – 3.3% (2.1% of Total Investments) | |||||||||
| 1,250 | Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist Hospital Project, Refunding Series 2014, 5.000%, 7/01/27 | 7/24 at 100.00 | A3 | 1,398,813 | |||||
| 2,455 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34 | 8/19 at 100.00 | AA+ | 2,607,652 | |||||
| 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 | 6/27 at 100.00 | BBB– | 1,084,650 | |||||
| 300 | 5.000%, 12/01/36 | 6/27 at 100.00 | BBB– | 323,703 | |||||
| 900 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems Inc., Series 2010A, 5.750%, 7/01/40 – AGM Insured | 7/20 at 100.00 | A– | 980,325 | |||||
| 7,940 | Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B, 5.000%, 7/01/46 | 7/26 at 100.00 | A– | 8,775,685 | |||||
| 1,875 | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35 | 2/21 at 100.00 | AA | 2,090,475 | |||||
| 3,900 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A, 5.000%, 12/01/42 | 12/22 at 100.00 | A– | 4,159,662 | |||||
| 2,800 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2017, 5.000%, 12/01/46 | 12/26 at 100.00 | A– | 3,063,592 | |||||
| 5,585 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | 7/21 at 100.00 | A– | 6,057,044 | |||||
| 565 | Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37 | 11/20 at 100.00 | BBB | 615,765 | |||||
| 2,260 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 | 11/25 at 100.00 | BBB | 2,392,436 | |||||
| 5,515 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31 | 7/18 at 100.00 | BB– | 5,518,585 | |||||
| 1,955 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | 5/18 at 100.00 | BB– | 1,956,271 | |||||
| 38,300 | Total Health Care | 41,024,658 | |||||||
| Housing/Multifamily – 0.1% (0.1% of Total Investments) | |||||||||
| 1,040 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA+ | 1,095,973 | |||||
| 450 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 456,665 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Housing/Multifamily (continued) | |||||||||
| $ | 25 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured | 5/18 at 100.00 | AA | $ | 25,074 | |||
| 1,515 | Total Housing/Multifamily | 1,577,712 | |||||||
| Industrials – 3.3% (2.0% of Total Investments) | |||||||||
| 38,030 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 40,244,487 | |||||
| Long-Term Care – 0.1% (0.1% of Total Investments) | |||||||||
| 1,225 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40 | 12/20 at 100.00 | BBB– | 1,324,862 | |||||
| Tax Obligation/General – 10.7% (6.7% of Total Investments) | |||||||||
| Nassau County, New York, General Obligation Bonds, General Improvement Series 2016B: | |||||||||
| 6,955 | 5.000%, 10/01/27 | 10/26 at 100.00 | A+ | 8,085,953 | |||||
| 4,590 | 5.000%, 10/01/28 | 10/26 at 100.00 | A+ | 5,313,705 | |||||
| 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+ | 6,615,588 | |||||
| 500 | 5.000%, 1/01/38 | 1/26 at 100.00 | A+ | 558,945 | |||||
| 5,030 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 5.000%, 4/01/33 | 4/26 at 100.00 | A+ | 5,700,700 | |||||
| 1,200 | New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28 | 8/19 at 100.00 | AA | 1,256,448 | |||||
| New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1: | |||||||||
| 6,085 | 5.000%, 10/01/31 | 10/22 at 100.00 | AA | 6,792,503 | |||||
| 1,000 | 5.000%, 10/01/33 | 10/22 at 100.00 | AA | 1,109,830 | |||||
| 1,570 | 5.000%, 10/01/34 | 10/22 at 100.00 | AA | 1,739,560 | |||||
| 8,665 | New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 | 8/22 at 100.00 | AA | 9,652,983 | |||||
| New York City, New York, General Obligation Bonds, Fiscal 2012 Series I: | |||||||||
| 1,000 | 5.000%, 8/01/30 | 8/22 at 100.00 | AA | 1,114,020 | |||||
| 2,000 | 5.000%, 8/01/31 | 8/22 at 100.00 | AA | 2,224,500 | |||||
| New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1: | |||||||||
| 5,000 | 5.000%, 3/01/29 | 3/23 at 100.00 | AA | 5,618,800 | |||||
| 3,400 | 5.000%, 3/01/31 | 3/23 at 100.00 | AA | 3,807,150 | |||||
| 2,190 | 5.000%, 3/01/32 | 3/23 at 100.00 | AA | 2,445,704 | |||||
| 1,000 | 5.000%, 3/01/33 | 3/23 at 100.00 | AA | 1,114,270 | |||||
| 3,735 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26 | 8/23 at 100.00 | AA | 4,257,751 | |||||
| 8,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30 | 8/23 at 100.00 | AA | 9,041,280 | |||||
| 7,665 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/33 | 8/24 at 100.00 | AA | 8,749,981 | |||||
| 12,600 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 14,225,526 | |||||
| 7,140 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1, 5.000%, 10/01/35 | 10/27 at 100.00 | AA | 8,250,484 | |||||
| 3,580 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1, 5.000%, 3/01/39 (WI/DD, Settling 3/13/18) | 3/28 at 100.00 | AA | 4,116,284 | |||||
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 – AGM Insured | 5/18 at 100.00 | AA | 5,016 | |||||
| New York City, New York, General Obligation Bonds, Series 2011D-I: | |||||||||
| 2,785 | 5.000%, 10/01/30 | 10/21 at 100.00 | AA | 3,058,097 | |||||
| 2,880 | 5.000%, 10/01/34 | 10/21 at 100.00 | AA | 3,158,237 | |||||
| 3,345 | New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28 | 4/22 at 100.00 | AA | 3,701,677 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Tax Obligation/General (continued) | |||||||||
| Rensselaer County, New York, General Obligation Bonds, Series 1991: | |||||||||
| $ | 960 | 6.700%, 2/15/19 – AMBAC Insured | No Opt. Call | AA | $ | 1,006,762 | |||
| 960 | 6.700%, 2/15/20 – AMBAC Insured | No Opt. Call | AA | 1,052,381 | |||||
| 747 | 6.700%, 2/15/21 – AMBAC Insured | No Opt. Call | AA | 854,807 | |||||
| Rochester, New York, General Obligation Bonds, Series 1999: | |||||||||
| 735 | 5.250%, 10/01/20 – NPFG Insured | No Opt. Call | AA– | 803,723 | |||||
| 735 | 5.250%, 10/01/21 – NPFG Insured | No Opt. Call | AA– | 824,986 | |||||
| 730 | 5.250%, 10/01/22 – NPFG Insured | No Opt. Call | AA– | 838,164 | |||||
| 730 | 5.250%, 10/01/23 – NPFG Insured | No Opt. Call | AA– | 855,100 | |||||
| 730 | 5.250%, 10/01/24 – NPFG Insured | No Opt. Call | AA– | 871,124 | |||||
| 730 | 5.250%, 10/01/25 – NPFG Insured | No Opt. Call | AA– | 883,526 | |||||
| 725 | 5.250%, 10/01/26 – NPFG Insured | No Opt. Call | AA– | 888,770 | |||||
| 1,145 | Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Refunding Series 2005, 5.000%, 6/01/18 – FGIC Insured | No Opt. Call | Aa2 | 1,155,649 | |||||
| 116,707 | Total Tax Obligation/General | 131,749,984 | |||||||
| Tax Obligation/Limited – 42.5% (26.6% of Total Investments) | |||||||||
| 7,000 | Dormitory Authority of the State of New York State Personal Income tax Revenue Bonds (General Purpose), Series 2017A, 5.000%, 2/15/37 | 2/27 at 100.00 | AAA | 8,009,190 | |||||
| 360 | Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured | 7/18 at 100.00 | N/R | 361,069 | |||||
| 3,390 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured | 7/18 at 100.00 | Baa2 | 3,402,272 | |||||
| 105 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured | 10/19 at 100.00 | AA | 111,416 | |||||
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured | No Opt. Call | Aa2 | 1,020,130 | |||||
| 940 | Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured | No Opt. Call | AA | 954,175 | |||||
| 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 | AAA | 1,082,192 | |||||
| 24,000 | 5.000%, 3/15/41 | 3/21 at 100.00 | AAA | 26,073,600 | |||||
| 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 | AAA | 8,306,963 | |||||
| 10,000 | 5.000%, 2/15/40 | 2/22 at 100.00 | AAA | 10,935,300 | |||||
| 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 | AAA | 5,699,200 | |||||
| 10,000 | 5.000%, 2/15/30 | 2/24 at 100.00 | AAA | 11,374,700 | |||||
| 7,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C, Group C, 5.000%, 3/15/44 | 3/24 at 100.00 | AAA | 7,874,580 | |||||
| Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A: | |||||||||
| 1,500 | 5.000%, 3/15/31 | 3/25 at 100.00 | AAA | 1,723,860 | |||||
| 2,500 | 5.000%, 3/15/33 | 3/25 at 100.00 | AAA | 2,864,475 | |||||
| 28,280 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 5.000%, 3/15/43 | 3/23 at 100.00 | AAA | 31,478,185 | |||||
| 3,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 5.000%, 3/15/34 | 3/24 at 100.00 | AAA | 3,396,210 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| $ | 12,045 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A,B&C, 5.000%, 3/15/36 | 9/25 at 100.00 | AAA | $ | 13,754,908 | |||
| 10,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A Group C, 5.000%, 3/15/43 | 3/27 at 100.00 | AAA | 11,419,500 | |||||
| 1,080 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Refunding Series 2013A, 5.000%, 5/01/28 | 5/23 at 100.00 | AA | 1,221,188 | |||||
| Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | |||||||||
| 5,045 | 5.000%, 11/15/27 | 11/25 at 100.00 | A | 5,592,130 | |||||
| 6,770 | 5.000%, 11/15/34 | 11/25 at 100.00 | A | 7,361,833 | |||||
| 29,200 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/42 | 2/27 at 100.00 | Aa3 | 33,044,472 | |||||
| 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– | 9,602,536 | |||||
| 5,735 | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 6,164,207 | |||||
| 1,765 | 5.000%, 2/15/47 – AGM Insured | 2/21 at 100.00 | AA | 1,874,289 | |||||
| 9,000 | Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB) | No Opt. Call | AA | 9,130,860 | |||||
| 1,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 – AGM Insured | No Opt. Call | AA | 1,014,540 | |||||
| 3,675 | Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28 | 5/23 at 100.00 | AA | 4,143,967 | |||||
| New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-1: | |||||||||
| 5,400 | 5.000%, 7/15/33 | 1/25 at 100.00 | AA | 6,148,386 | |||||
| 5,360 | 5.000%, 7/15/43 | 1/25 at 100.00 | AA | 6,003,146 | |||||
| 11,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2, 5.000%, 7/15/40 | 7/25 at 100.00 | AA | 12,460,030 | |||||
| 7,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2016S-1, 4.000%, 7/15/40 | 1/26 at 100.00 | AA | 7,740,150 | |||||
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series E-1: | |||||||||
| 6,225 | 5.000%, 2/01/37 | 2/22 at 100.00 | AAA | 6,835,859 | |||||
| 24,155 | 5.000%, 2/01/42 | 2/22 at 100.00 | AAA | 26,458,904 | |||||
| 32,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2012 Series F-1, 5.000%, 5/01/39 | 5/22 at 100.00 | AAA | 35,828,325 | |||||
| 5,100 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series F-1, 5.000%, 2/01/29 | 2/23 at 100.00 | AAA | 5,728,677 | |||||
| 13,530 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/37 | 2/24 at 100.00 | AAA | 15,228,015 | |||||
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series B-1: | |||||||||
| 5,000 | 5.000%, 8/01/33 | 8/24 at 100.00 | AAA | 5,688,750 | |||||
| 3,960 | 5.000%, 8/01/35 | 8/24 at 100.00 | AAA | 4,500,500 | |||||
| 9,325 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1, 4.000%, 5/01/42 | 5/26 at 100.00 | AAA | 9,593,094 | |||||
| 1,375 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/35 | 2/27 at 100.00 | AAA | 1,574,774 | |||||
| 3,530 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series F-1, 5.000%, 5/01/42 | 5/27 at 100.00 | AAA | 4,022,047 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Tax Obligation/Limited (continued) | |||||||||
| 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 | $ | 6,216,782 | |||
| 1,000 | 5.000%, 11/01/39 | 11/20 at 100.00 | AAA | 1,077,150 | |||||
| 8,490 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.000%, 2/01/35 | 2/21 at 100.00 | AAA | 9,197,302 | |||||
| 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 | Aa3 | 20,657,443 | |||||
| 4,000 | 5.750%, 4/01/41 | 4/21 at 100.00 | AA– | 4,426,920 | |||||
| 28,795 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured | No Opt. Call | AA+ | 31,139,201 | |||||
| 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 | AAA | 1,730,512 | |||||
| 1,945 | 5.000%, 3/15/30 | 9/20 at 100.00 | AAA | 2,102,137 | |||||
| 5,450 | New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB) (5) | No Opt. Call | AA | 5,691,217 | |||||
| 12,070 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose Series 2013C, 5.000%, 3/15/32 | 3/23 at 100.00 | AAA | 13,513,693 | |||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | |||||||||
| 3,890 | 0.000%, 8/01/41 – NPFG Insured | No Opt. Call | Baa2 | 904,970 | |||||
| 13,520 | 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | Baa2 | 2,997,790 | |||||
| 10,000 | 0.000%, 8/01/44 – NPFG Insured | No Opt. Call | Baa2 | 1,990,500 | |||||
| 19,900 | 0.000%, 8/01/45 – NPFG Insured | No Opt. Call | Baa2 | 3,776,423 | |||||
| 201,690 | 0.000%, 8/01/46 – NPFG Insured | No Opt. Call | Baa2 | 36,326,386 | |||||
| 360 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured | 4/18 at 100.00 | Baa2 | 361,112 | |||||
| 2,730 | Suffolk County Judicial Facilities Agency, New York, Lease Revenue Bonds, H. Lee Dennison Building, Series 2013, 5.000%, 11/01/33 | 11/23 at 100.00 | BBB+ | 2,966,391 | |||||
| 680,325 | Total Tax Obligation/Limited | 521,878,533 | |||||||
| Transportation – 17.2% (10.8% of Total Investments) | |||||||||
| 4,910 | Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Series 2017, 5.000%, 1/01/47 | 1/27 at 100.00 | A+ | 5,500,722 | |||||
| 10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016A-1, 5.000%, 11/15/46 | 5/26 at 100.00 | AA– | 11,159,200 | |||||
| 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– | 1,896,366 | |||||
| 4,000 | 5.000%, 11/15/35 | 11/26 at 100.00 | AA– | 4,549,480 | |||||
| 13,950 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/30 | 11/22 at 100.00 | AA– | 15,586,335 | |||||
| Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E: | |||||||||
| 1,785 | 5.000%, 11/15/32 | 11/23 at 100.00 | AA– | 2,011,641 | |||||
| 10,000 | 5.000%, 11/15/38 | 11/23 at 100.00 | AA– | 11,202,100 | |||||
| 9,370 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/35 | 5/24 at 100.00 | AA– | 10,725,839 | |||||
| 2,700 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1, 5.000%, 11/15/45 | 5/25 at 100.00 | AA– | 2,999,295 | |||||
| 2,570 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 5.000%, 11/15/34 | 11/26 at 100.00 | AA– | 2,935,634 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Transportation (continued) | |||||||||
| $ | 8,055 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | $ | 8,777,534 | |||
| 3,400 | New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured | 5/18 at 100.00 | A | 3,409,690 | |||||
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A: | |||||||||
| 2,000 | 5.000%, 1/01/36 | 1/26 at 100.00 | A– | 2,243,120 | |||||
| 7,500 | 5.000%, 1/01/41 | 1/26 at 100.00 | A– | 8,351,250 | |||||
| 1,285 | 5.000%, 1/01/46 | 1/26 at 100.00 | A– | 1,426,183 | |||||
| 19,230 | 5.000%, 1/01/51 | 1/26 at 100.00 | A– | 21,203,767 | |||||
| 5,000 | 5.250%, 1/01/56 | 1/26 at 100.00 | A– | 5,631,000 | |||||
| 2,350 | 4.000%, 1/01/56 | 1/26 at 100.00 | A– | 2,379,892 | |||||
| Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014: | |||||||||
| 2,100 | 5.000%, 9/01/33 | 9/24 at 100.00 | AA– | 2,402,211 | |||||
| 3,950 | 5.000%, 9/01/34 | 9/24 at 100.00 | AA– | 4,508,293 | |||||
| 1,000 | 5.000%, 9/01/35 | 9/24 at 100.00 | AA– | 1,137,500 | |||||
| 5,155 | 5.000%, 9/01/36 | 9/24 at 100.00 | AA– | 5,857,214 | |||||
| 9,755 | 5.000%, 9/01/39 | 9/24 at 100.00 | AA– | 11,052,805 | |||||
| Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Ninth Series 2015: | |||||||||
| 3,375 | 5.000%, 5/01/30 | 5/25 at 100.00 | AA– | 3,889,282 | |||||
| 6,535 | 5.000%, 5/01/31 | 5/25 at 100.00 | AA– | 7,507,864 | |||||
| 3,595 | 5.000%, 5/01/35 | 5/25 at 100.00 | AA– | 4,090,031 | |||||
| 10,780 | 5.000%, 5/01/45 | 5/25 at 100.00 | AA– | 12,101,088 | |||||
| 9,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Fourth Series 2015, 5.250%, 10/15/55 | 10/25 at 100.00 | AA– | 10,218,960 | |||||
| 2,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | AA– | 2,256,920 | |||||
| 2,500 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.500%, 12/01/28 | 5/18 at 100.00 | Baa1 | 2,627,000 | |||||
| 2,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A, 5.000%, 11/15/37 | 5/27 at 100.00 | AA– | 2,296,960 | |||||
| 11,515 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/46 | 5/28 at 100.00 | AA– | 13,220,026 | |||||
| 5,480 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured | No Opt. Call | A+ | 6,033,809 | |||||
| 188,660 | Total Transportation | 211,189,011 | |||||||
| U.S. Guaranteed – 16.6% (10.3% of Total Investments) (6) | |||||||||
| 5,315 | Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R | 5,924,577 | |||||
| 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 | 1,072,670 | |||||
| 1,000 | 5.000%, 5/01/45 (Pre-refunded 5/01/20) – AGM Insured | 5/20 at 100.00 | AA | 1,072,670 | |||||
| 6,215 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 | 6,500,393 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| U.S. Guaranteed (6) (continued) | |||||||||
| $ | 1,000 | Dormitory Authority of the State of New York, Master BOCES Program Lease Revenue Bonds, Nassau County Board of Cooperative Educational Services, Series 2009, 5.000%, 8/15/28 (Pre-refunded 8/15/19) – AGC Insured | 8/19 at 100.00 | AA | $ | 1,050,700 | |||
| Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008: | |||||||||
| 4,475 | 6.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 4,639,456 | |||||
| 6,780 | 6.125%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 7,012,961 | |||||
| 14,770 | 6.250%, 12/01/37 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 | 15,291,233 | |||||
| 3,000 | Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 (Pre-refunded 7/01/18) – AGC Insured | 7/18 at 100.00 | A2 | 3,035,520 | |||||
| 875 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A– | 948,176 | |||||
| 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 | 10,485,200 | |||||
| 3,890 | 5.000%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 | 4,065,984 | |||||
| 13,500 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa2 | 14,119,920 | |||||
| 4,000 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2011A, 5.000%, 5/01/41 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A | 4,395,760 | |||||
| 895 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009A, 5.625%, 10/01/29 (Pre-refunded 10/01/19) – AGC Insured | 10/19 at 100.00 | AA | 952,584 | |||||
| Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2008A: | |||||||||
| 3,540 | 5.750%, 5/01/27 (Pre-refunded 5/01/18) – AGM Insured (UB) | 5/18 at 100.00 | AA | 3,566,020 | |||||
| 5,000 | 5.750%, 5/01/28 (Pre-refunded 5/01/18) – AGM Insured (UB) | 5/18 at 100.00 | AA | 5,036,751 | |||||
| 10,125 | Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA | 10,542,960 | |||||
| 3,000 | Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 (Pre-refunded 10/01/20) – AGM Insured | 10/20 at 100.00 | AA | 3,257,610 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 85 | 5.000%, 2/15/47 (Pre-refunded 2/15/21) – AGM Insured | 2/21 at 100.00 | AA | 93,018 | |||||
| 14,260 | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 | 15,890,061 | |||||
| 265 | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 | 291,898 | |||||
| 3,310 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured | 5/19 at 100.00 | AA+ | 3,463,683 | |||||
| 5,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A– | 5,502,800 | |||||
| 27,285 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | AA– | 29,938,739 | |||||
| 6,090 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5.000%, 11/15/30 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AA– | 6,998,080 | |||||
| 480 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AA– | 551,573 | |||||
| 1,900 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 5.250%, 11/15/30 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA– | 2,230,068 | |||||
| 14,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31 (Pre-refunded 11/15/23) | 11/23 at 100.00 | AA– | 16,244,340 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| U.S. Guaranteed (6) (continued) | |||||||||
| $ | Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C: | ||||||||
| 985 | 5.000%, 10/01/29 (Pre-refunded 10/01/19) – AGC Insured | 10/19 at 100.00 | AA | $ | 1,037,205 | ||||
| 15 | 5.000%, 10/01/29 (Pre-refunded 10/01/19) – AGC Insured | 10/19 at 100.00 | AA | 15,807 | |||||
| 4,355 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.500%, 11/01/35 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R | 4,782,922 | |||||
| 955 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 1,053,986 | |||||
| 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 | A2 | 1,537,771 | |||||
| 1,000 | 5.250%, 7/01/36 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | A2 | 1,099,430 | |||||
| 4,000 | 5.375%, 7/01/41 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | A2 | 4,411,480 | |||||
| 4,485 | Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R | 4,998,398 | |||||
| 188,240 | Total US Guaranteed | 203,112,404 | |||||||
| Utilities – 11.3% (7.1% of Total Investments) | |||||||||
| 2,450 | Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 | 2/20 at 100.00 | Baa3 | 2,549,788 | |||||
| 1,045 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 1,094,951 | |||||
| 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 | 6,786,800 | |||||
| 8,000 | 0.000%, 6/01/25 – AGM Insured | No Opt. Call | AA | 6,539,920 | |||||
| 20,000 | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | AA | 15,721,400 | |||||
| 10,000 | 0.000%, 6/01/27 – AGM Insured | No Opt. Call | AA | 7,531,000 | |||||
| 15,000 | 0.000%, 6/01/28 – AGM Insured | No Opt. Call | AA | 10,790,850 | |||||
| 10,000 | 0.000%, 6/01/29 – AGM Insured | No Opt. Call | AA | 6,889,700 | |||||
| 2,590 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 2,882,411 | |||||
| 4,240 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42 | 9/27 at 100.00 | A– | 4,794,041 | |||||
| 6,500 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.000%, 11/01/24 | 5/18 at 100.00 | BB+ | 6,503,575 | |||||
| 9,000 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/32 | 12/25 at 100.00 | AAA | 10,478,790 | |||||
| Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE: | |||||||||
| 9,500 | 5.000%, 12/15/32 | 12/23 at 100.00 | AAA | 10,876,360 | |||||
| 22,290 | 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 25,261,034 | |||||
| 7,000 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016A, 5.000%, 12/15/35 | 6/26 at 100.00 | AAA | 8,097,880 | |||||
| Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2016B: | |||||||||
| 3,750 | 5.000%, 12/15/33 | 6/26 at 100.00 | AAA | 4,368,225 | |||||
| 3,575 | 5.000%, 12/15/34 | 6/26 at 100.00 | AAA | 4,147,143 | |||||
| 3,275 | 5.000%, 12/15/35 | 6/26 at 100.00 | AAA | 3,788,651 | |||||
| 146,215 | Total Utilities | 139,102,519 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) |
Ratings (3) | Value | |||||
| Water and Sewer – 13.9% (8.7% of Total Investments) | |||||||||
| $ | 5,160 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44 | 12/21 at 100.00 | AA+ | $ | 5,640,654 | |||
| 4,085 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35 | 6/23 at 100.00 | AA+ | 4,607,022 | |||||
| 10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series DD, 5.000%, 6/15/35 | 6/24 at 100.00 | AA+ | 11,414,300 | |||||
| 5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series HH, 5.000%, 6/15/39 | 6/25 at 100.00 | AA+ | 5,663,900 | |||||
| 15,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series CC-1, 5.000%, 6/15/46 | 6/26 at 100.00 | AA+ | 16,915,950 | |||||
| 10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 | 6/27 at 100.00 | AA+ | 11,496,400 | |||||
| 2,580 | 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 Series 2014A, 5.000%, 6/15/30 | 6/24 at 100.00 | AAA | 2,970,767 | |||||
| 3,110 | 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, 5.000%, 6/15/36 | 6/25 at 100.00 | AAA | 3,589,002 | |||||
| 6,810 | 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, Series 2016A, 5.000%, 6/15/41 | 6/26 at 100.00 | AAA | 7,775,522 | |||||
| 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 2017A: | |||||||||
| 24,465 | 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 28,189,796 | |||||
| 13,500 | 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | 15,508,395 | |||||
| 3,500 | 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, 5.000%, 6/15/47 | 6/27 at 100.00 | AAA | 4,017,650 | |||||
| 22,340 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Green Series 2014B, 5.000%, 5/15/44 | 5/24 at 100.00 | AAA | 25,228,339 | |||||
| 5,000 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Green Series 2016B, 5.000%, 8/15/41 | 8/26 at 100.00 | AAA | 5,721,600 | |||||
| 3,845 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Series 2010C, 5.000%, 10/15/35 | 4/20 at 100.00 | AAA | 4,098,847 | |||||
| 3,095 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Series 2012B, 5.000%, 2/15/42 | 2/22 at 100.00 | AAA | 3,393,018 | |||||
| 7,020 | Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2015A, 5.250%, 6/01/36 | 6/25 at 100.00 | AAA | 8,281,915 |
| NRK | Nuveen New York AMT-Free Quality |
| Municipal Income Fund | |
| Portfolio of Investments (continued) | |
| February 28, 2018 |
| Principal Amount (000) |
Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||
| Water and Sewer (continued) | |||||||||
| $ | 2,230 | Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 – AMBAC Insured | No Opt. Call | A1 | $ | 1,971,476 | |||
| 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– | 1,467,928 | |||||
| 1,950 | 5.000%, 4/01/45 | 4/25 at 100.00 | AA– | 2,149,973 | |||||
| 150,015 | Total Water and Sewer | 170,102,454 | |||||||
| $ | 2,068,242 | Total Long-Term Investments (cost $1,865,501,616) | 1,962,361,174 | ||||||
| Floating Rate Obligations – (1.0)% | (12,855,000 | ) | |||||||
| MuniFund Preferred Shares, net of deferred offering costs – (6.5)% (7) | (79,510,963 | ) | |||||||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.9)% (8) | (661,028,587 | ) | |||||||
| Other Assets Less Liabilities – 1.5% (9) | 18,391,691 | ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 1,227,358,315 |
Investments in Derivatives
Interest Rate Swaps – OTC Uncleared
| Fund | Fixed Rate | Optional | Unrealized | ||||||||||||||||||||||||||||
| Notional | Pay/Receive | Floating | Fixed Rate | Payment | Effective | Termination | Maturity | Appreciation | |||||||||||||||||||||||
| Counterparty | Amount | Floating Rate | Rate Index | (Annualized | ) | Frequency | Date (10 | ) | Date | Date | Value | (Depreciation | ) | ||||||||||||||||||
| JPMorgan Chase Bank, N.A. | $ | 31,000,000 | Receive | Weekly SIFMA | 2.043 | % | Quarterly | 5/25/18 | 6/25/18 | 5/25/28 | $ | 627,281 | $ | 627,281 | |||||||||||||||||
| (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 4.1%. |
| (8) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.7%. |
| (9) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (10) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| 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. |
| SIFMA | Securities-Industry and Financial Market Association. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
Statement of Assets and Liabilities
February 28, 2018
| NNY | NYV | NAN | NRK | ||||||||||
| Assets | |||||||||||||
| Long-term investments, at value (cost $144,070,606, $33,504,726, $663,921,162 and $1,865,501,616, respectively) | $ | 149,728,414 | $ | 35,254,930 | $ | 694,212,853 | $ | 1,962,361,174 | |||||
| Cash | 327,677 | — | — | 521,298 | |||||||||
| Unrealized appreciation on interest rate swaps | — | — | — | 627,281 | |||||||||
| Receivable for: | |||||||||||||
| Interest | 1,638,040 | 458,225 | 8,166,301 | 22,101,366 | |||||||||
| Investments sold | — | — | 8,210,771 | 6,524,915 | |||||||||
| Other assets | 767 | 373 | 137,275 | 744,857 | |||||||||
| Total assets | 151,694,898 | 35,713,528 | 710,727,200 | 1,992,880,891 | |||||||||
| Liabilities | |||||||||||||
| Cash overdraft | — | 76,154 | 367,584 | — | |||||||||
| Floating rate obligations | 1,840,000 | — | 8,475,000 | 12,855,000 | |||||||||
| Payable for: | |||||||||||||
| Dividends | 421,110 | 95,375 | 1,528,917 | 3,900,969 | |||||||||
| Interest | — | — | 224,125 | — | |||||||||
| Investments purchased | — | — | 9,204,760 | 6,657,586 | |||||||||
| MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $— and $80,000,000, respectively) | — | — | — | 79,510,963 | |||||||||
| Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $147,000,000 and $—, respectively) | — | — | 147,000,000 | — | |||||||||
| Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $89,000,000 and $663,800,000, respectively) | — | — | 88,000,320 | 661,028,587 | |||||||||
| Accrued expenses: | |||||||||||||
| Management fees | 57,120 | 15,286 | 325,970 | 871,279 | |||||||||
| Directors/Trustees fees | 1,642 | 393 | 75,228 | 293,349 | |||||||||
| Professional fees | 23,258 | 22,729 | 27,991 | 33,987 | |||||||||
| Other | 39,218 | 15,080 | 122,734 | 370,856 | |||||||||
| Total liabilities | 2,382,348 | 225,017 | 255,352,629 | 765,522,576 | |||||||||
| Net assets applicable to common shares | $ | 149,312,550 | $ | 35,488,511 | $ | 455,374,571 | $ | 1,227,358,315 | |||||
| Common shares outstanding | 15,218,656 | 2,349,612 | 31,126,546 | 87,618,504 | |||||||||
| Net asset value (“NAV”) per common share outstanding | $ | 9.81 | $ | 15.10 | $ | 14.63 | $ | 14.01 | |||||
| Net assets applicable to common shares consist of: | |||||||||||||
| Common shares, $0.01 par value per share | 152,187 | 23,496 | 311,265 | 876,185 | |||||||||
| Paid-in surplus | 145,257,846 | 33,599,476 | 439,232,003 | 1,178,548,551 | |||||||||
| Undistributed (Over-distribution of) net investment income | 343,453 | 182,040 | (479,302 | ) | (1,813,300 | ) | |||||||
| Accumulated net realized gain (loss) | (2,098,744 | ) | (66,705 | ) | (13,981,086 | ) | (47,739,960 | ) | |||||
| Net unrealized appreciation (depreciation) | 5,657,808 | 1,750,204 | 30,291,691 | 97,486,839 | |||||||||
| Net assets applicable to common shares | 149,312,550 | 35,488,511 | 455,374,571 | 1,227,358,315 | |||||||||
| 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.
Statement of Operations
Year Ended February 28, 2018
| NNY | NYV | NAN | NRK | ||||||||||
| Investment Income | $ | 6,503,201 | $ | 1,558,660 | $ | 30,513,943 | $ | 80,863,015 | |||||
| Expenses | |||||||||||||
| Management fees | 735,451 | 204,159 | 4,420,427 | 11,566,585 | |||||||||
| Interest expense and amortization of offering costs | 43,284 | — | 4,096,011 | 8,183,586 | |||||||||
| Liquidity fees | — | — | 827,149 | 5,387,158 | |||||||||
| Remarketing fees | — | — | 90,236 | 868,353 | |||||||||
| Custodian fees | 23,725 | 8,938 | 70,617 | 184,761 | |||||||||
| Directors/Trustees fees | 4,783 | 1,200 | 22,436 | 64,052 | |||||||||
| Professional fees | 27,292 | 24,420 | 55,845 | 97,137 | |||||||||
| Shareholder reporting expenses | 23,824 | 10,914 | 45,084 | 92,312 | |||||||||
| Shareholder servicing agent fees | 16,148 | 159 | 32,069 | 43,537 | |||||||||
| Stock exchange listing fees | 6,862 | 7,995 | 8,701 | 24,488 | |||||||||
| Investor relations expenses | 12,295 | 3,911 | 48,887 | 137,355 | |||||||||
| Other | 17,163 | 13,006 | 90,460 | 198,971 | |||||||||
| Total expenses | 910,827 | 274,702 | 9,807,922 | 26,848,295 | |||||||||
| Net investment income (loss) | 5,592,374 | 1,283,958 | 20,706,021 | 54,014,720 | |||||||||
| Realized and Unrealized Gain (Loss) | |||||||||||||
| Net realized gain (loss) from investments | (18,325 | ) | 428,386 | 14,211 | (3,657,093 | ) | |||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||
| Investments | (1,047,218 | ) | (910,750 | ) | (5,818,305 | ) | (14,283,185 | ) | |||||
| Swaps | — | — | — | 627,281 | |||||||||
| Net realized and unrealized gain (loss) | (1,065,543 | ) | (482,364 | ) | (5,804,094 | ) | (17,312,997 | ) | |||||
| Net increase (decrease) in net assets applicable to common shares from operations | $ | 4,526,831 | $ | 801,594 | $ | 14,901,927 | $ | 36,701,723 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| NNY | NYV | ||||||||||||||||||
| Five Months | Five Months | ||||||||||||||||||
| Year Ended | Ended | Year Ended | Year Ended | Ended | Year Ended | ||||||||||||||
| 2/28/18 | 2/28/17 | 9/30/16 | 2/28/18 | 2/28/17 | 9/30/16 | ||||||||||||||
| Operations | |||||||||||||||||||
| Net investment income (loss) | $ | 5,592,374 | $ | 2,357,611 | $ | 6,259,084 | $ | 1,283,958 | $ | 589,104 | $ | 1,896,236 | |||||||
| Net realized gain (loss) from investments | (18,325 | ) | (893,972 | ) | 273,717 | 428,386 | 236,560 | 75,059 | |||||||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
| Investments | (1,047,218 | ) | (5,649,158 | ) | 4,139,413 | (910,750 | ) | (1,745,827 | ) | 109,681 | |||||||||
| Swaps | — | — | — | — | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations | 4,526,831 | (4,185,519 | ) | 10,672,214 | 801,594 | (920,163 | ) | 2,080,976 | |||||||||||
| Distributions to Common Shareholders | |||||||||||||||||||
| From net investment income | (5,733,138 | ) | (2,424,822 | ) | (5,958,922 | ) | (1,392,615 | ) | (678,098 | ) | (1,480,256 | ) | |||||||
| From accumulated net realized gains | — | — | — | (249,059 | ) | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders | (5,733,138 | ) | (2,424,822 | ) | (5,958,922 | ) | (1,641,674 | ) | (678,098 | ) | (1,480,256 | ) | |||||||
| Capital Share Transactions | |||||||||||||||||||
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | 160,451 | 29,719 | 88,520 | — | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | 160,451 | 29,719 | 88,520 | — | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares | (1,045,856 | ) | (6,580,622 | ) | 4,801,812 | (840,080 | ) | (1,598,261 | ) | 600,720 | |||||||||
| Net assets applicable to common shares at the beginning of period | 150,358,406 | 156,939,028 | 152,137,216 | 36,328,591 | 37,926,852 | 37,326,132 | |||||||||||||
| Net assets applicable to common shares at the end of period | $ | 149,312,550 | $ | 150,358,406 | $ | 156,939,028 | $ | 35,488,511 | $ | 36,328,591 | $ | 37,926,852 | |||||||
| Undistributed (Over-distribution of) net investment income at the end of period | $ | 343,453 | $ | 484,329 | $ | 858,776 | $ | 182,040 | $ | 292,435 | $ | 659,024 | |||||||
See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
| NAN | NRK | ||||||||||||||||||
| Five Months | Five Months | ||||||||||||||||||
| Year Ended | Ended | Year Ended | Year Ended | Ended | Year Ended | ||||||||||||||
| 2/28/18 | 2/28/17 | 9/30/16 | 2/28/18 | 2/28/17 | 9/30/16 | ||||||||||||||
| Operations | |||||||||||||||||||
| Net investment income (loss) | $ | 20,706,021 | $ | 9,129,122 | $ | 23,643,728 | $ | 54,014,720 | $ | 23,849,097 | $ | 60,572,350 | |||||||
| Net realized gain (loss) from investments | 14,211 | (5,061,534 | ) | 201,495 | (3,657,093 | ) | (13,717,525 | ) | 1,651,871 | ||||||||||
| Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
| Investments | (5,818,305 | ) | (23,787,429 | ) | 17,259,101 | (14,283,185 | ) | (70,738,688 | ) | 70,163,041 | |||||||||
| Swaps | — | — | — | 627,281 | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations | 14,901,927 | (19,719,841 | ) | 41,104,324 | 36,701,723 | (60,607,116 | ) | 132,387,262 | |||||||||||
| Distributions to Common Shareholders | |||||||||||||||||||
| From net investment income | (21,695,203 | ) | (9,384,654 | ) | (24,583,748 | ) | (54,016,808 | ) | (23,788,424 | ) | (61,245,337 | ) | |||||||
| From accumulated net realized gains | — | — | (90,267 | ) | — | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders | (21,695,203 | ) | (9,384,654 | ) | (24,674,015 | ) | (54,016,808 | ) | (23,788,424 | ) | (61,245,337 | ) | |||||||
| Capital Share Transactions | |||||||||||||||||||
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | — | — | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | — | — | — | — | — | — | |||||||||||||
| Net increase (decrease) in net assets applicable to common shares | (6,793,276 | ) | (29,104,495 | ) | 16,430,309 | (17,315,085 | ) | (84,395,540 | ) | 71,141,925 | |||||||||
| Net assets applicable to common shares at the beginning of period | 462,167,847 | 491,272,342 | 474,842,033 | 1,244,673,400 | 1,329,068,940 | 1,257,927,015 | |||||||||||||
| Net assets applicable to common shares at the end of period | $ | 455,374,571 | $ | 462,167,847 | $ | 491,272,342 | $ | 1,227,358,315 | $ | 1,244,673,400 | $ | 1,329,068,940 | |||||||
| Undistributed (Over-distribution of) net investment income at the end of period | $ | (479,302 | ) | $ | 506,727 | $ | 1,417,176 | $ | (1,813,300 | ) | $ | (1,574,522 | ) | $ | 1,005,749 | ||||
See accompanying notes to financial statements.
Statement of Cash Flows
Year Ended February 28, 2018
| NAN | NRK | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | 14,901,927 | $ | 36,701,723 | |||
| 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 | (98,639,329 | ) | (252,979,805 | ) | |||
| Proceeds from sales and maturities of investments | 116,570,690 | 272,664,489 | |||||
| Taxes paid | (506 | ) | (350 | ) | |||
| Amortization (Accretion) of premiums and discounts, net | 3,511,375 | 5,213,333 | |||||
| Amortization of deferred offering costs | 65,821 | 180,598 | |||||
| (Increase) Decrease in: | |||||||
| Receivable for interest | 420,072 | 308,561 | |||||
| Receivable for investments sold | (8,210,771 | ) | (6,524,915 | ) | |||
| Other assets | (8,147 | ) | (29,193 | ) | |||
| Increase (Decrease) in: | |||||||
| Payable for interest | 43,899 | — | |||||
| Payable for investments purchased | 9,204,760 | 6,657,586 | |||||
| Payable for offering costs | (43,255 | ) | — | ||||
| Accrued management fees | (15,115 | ) | (20,498 | ) | |||
| Accrued Directors/Trustees fees | 11,487 | 37,736 | |||||
| Accrued professional fees | 1,335 | 755 | |||||
| Accrued other expenses | 30,213 | 160,003 | |||||
| Net realized (gain) loss from investments | (14,211 | ) | 3,657,093 | ||||
| Change in net unrealized (appreciation) depreciation of: | |||||||
| Investments | 5,818,305 | 14,283,185 | |||||
| Swaps | — | (627,281 | ) | ||||
| Net cash provided by (used in) operating activities | 43,648,550 | 79,683,020 | |||||
| Cash Flows from Financing Activities: | |||||||
| (Payments for) iMTP Shares redeemed, at liquidation preference | — | (79,000,000 | ) | ||||
| Proceeds from MFP Shares issued, at liquidation preference | — | 80,000,000 | |||||
| (Payments for) deferred offering costs | — | (432,464 | ) | ||||
| Increase (Decrease) in: | |||||||
| Cash overdraft | (704,832 | ) | (3,751,784 | ) | |||
| Floating rate obligations | (21,095,000 | ) | (21,470,000 | ) | |||
| Cash distributions paid to common shareholders | (21,848,718 | ) | (54,507,474 | ) | |||
| Net cash provided by (used in) financing activities | (43,648,550 | ) | (79,161,722 | ) | |||
| Net Increase (Decrease) in Cash | — | 521,298 | |||||
| Cash at the beginning of period | — | — | |||||
| Cash at the end of period | $ | — | $ | 521,298 | |||
| Supplemental Disclosure of Cash Flow Information | NAN | NRK | |||||
| Cash paid for interest (excluding amortization of offering costs) | $ | 4,029,546 | $ | 7,935,717 |
See accompanying notes to financial statements.
Financial Highlights
Selected data for a common share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | ||||||||||||||||||||||||||
| From | ||||||||||||||||||||||||||||
| Beginning | Net | Net | From | Accumu- | ||||||||||||||||||||||||
| Common | Investment | Realized/ | Net | lated Net | Ending | |||||||||||||||||||||||
| Share | Income | Unrealized | Investment | Realized | Ending | Share | ||||||||||||||||||||||
| NAV | (Loss | ) | Gain (Loss | ) | Total | Income | Gains | Total | NAV | Price | ||||||||||||||||||
| NNY | ||||||||||||||||||||||||||||
| Year Ended 2/28: | ||||||||||||||||||||||||||||
| 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 | |||||||||||||||||
| 2013 | 10.41 | 0.40 | (0.75 | ) | (0.35 | ) | (0.39 | ) | (0.02 | ) | (0.41 | ) | 9.65 | 8.97 | ||||||||||||||
| NYV | ||||||||||||||||||||||||||||
| Year Ended 2/28: | ||||||||||||||||||||||||||||
| 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 | |||||||||||||||||
| 2013 | 16.36 | 0.72 | (1.25 | ) | (0.53 | ) | (0.67 | ) | — | (0.67 | ) | 15.16 | 13.99 | |||||||||||||||
| (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 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. |
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||
| Common Share Total Returns |
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) | |||||
| 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 | |||||||||||
| (3.51 | ) | (11.41 | ) | 146,522 | 0.61 | 3.97 | 21 | |||||||||
| 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 | |||||||||||
| (3.36 | ) | (10.46 | ) | 35,630 | 0.74 | 4.50 | 3 | |||||||||
| (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 | ||
| Year Ended 2/28: | ||
| 2018 | 0.03 | % |
| 2017(d) | 0.03 | * |
| Year Ended 9/30: | ||
| 2016 | 0.02 | |
| 2015 | 0.01 | |
| 2014 | 0.01 | |
| 2013 | 0.01 |
| NYV | ||
| Year Ended 2/28: | ||
| 2018 | — | % |
| 2017(d) | — | |
| Year Ended 9/30: | ||
| 2016 | — | |
| 2015 | — | |
| 2014 | — | |
| 2013 | — |
| (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.
Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | |||||||||||||||||||||||||||||
| Discount | |||||||||||||||||||||||||||||||
| per | |||||||||||||||||||||||||||||||
| Net | From | Share | |||||||||||||||||||||||||||||
| Beginning | Net | Realized/ | From | Accumu- | Repur- | ||||||||||||||||||||||||||
| Common | Investment | Unrealized | Net | lated Net | chased | Ending | |||||||||||||||||||||||||
| Share | Income | Gain | Investment | Realized | and | Ending | Share | ||||||||||||||||||||||||
| NAV | (Loss | ) | (Loss | ) | Total | Income | Gains | Total | Retired | NAV | Price | ||||||||||||||||||||
| NAN | |||||||||||||||||||||||||||||||
| Year Ended 2/28: | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||
| 2013 | 16.13 | 0.70 | (1.71 | ) | (1.01 | ) | (0.76 | ) | (0.03 | ) | (0.79 | ) | — | 14.33 | 12.91 | ||||||||||||||||
| NRK | |||||||||||||||||||||||||||||||
| Year Ended 2/28: | |||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||
| 2013 | 15.44 | 0.76 | (1.87 | ) | (1.11 | ) | (0.74 | ) | (0.02 | ) | (0.76 | ) | — | 13.57 | 12.24 | ||||||||||||||||
| (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 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. |
| 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) | |||||
| 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 | |||||||||||
| (6.48 | ) | (14.81 | ) | 132,767 | 2.35 | 4.51 | 14 | |||||||||
| 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 | |||||||||||
| (7.40 | ) | (15.46 | ) | 1,189,197 | 1.77 | 5.26 | 27 | |||||||||
| (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 | ||
| Year Ended 2/28: | ||
| 2018 | 1.07 | % |
| 2017(e) | 0.96 | ** |
| Year Ended 9/30: | ||
| 2016 | 0.65 | |
| 2015 | 0.50 | |
| 2014 | 1.20 | |
| 2013 | 1.26 |
| NRK | ||
| Year Ended 2/28: | ||
| 2018 | 1.14 | % |
| 2017(e) | 1.02 | ** |
| Year Ended 9/30: | ||
| 2016 | 0.62 | |
| 2015 | 0.48 | |
| 2014 | 0.58 | |
| 2013 | 0.70 |
| (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.
Financial Highlights (continued)
| iMTP, MFP, | ||||||||||||||||||||||||||||||||||
| MTP, VMTP | ||||||||||||||||||||||||||||||||||
| and/or | ||||||||||||||||||||||||||||||||||
| VRDP Shares | ||||||||||||||||||||||||||||||||||
| iMTP Shares | MFP Shares | MTP Shares | VMTP Shares | VRDP Shares | at the End | |||||||||||||||||||||||||||||
| at the End of Period | at the End of Period | at the End of Period(a) | at the End of Period | at the End of Period | of Period | |||||||||||||||||||||||||||||
| Asset | ||||||||||||||||||||||||||||||||||
| Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Coverage | ||||||||||||||||||||||||
| Amount | Coverage | Amount | Coverage | Amount | Coverage | Amount | Coverage | Amount | Coverage | Per $1 | ||||||||||||||||||||||||
| Outstanding | Per $5,000 | Outstanding | Per $100,000 | Outstanding | Per $10 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | Liquidation | ||||||||||||||||||||||||
| (000 | ) | Share | (000 | ) | Share | (000 | ) | Share | (000 | ) | Share | (000 | ) | Share | Preference | |||||||||||||||||||
| NAN | ||||||||||||||||||||||||||||||||||
| Year Ended 2/28: | ||||||||||||||||||||||||||||||||||
| 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 | — | — | — | |||||||||||||||||||||||
| 2013 | — | — | — | — | 55,360 | 33.98 | — | — | — | — | — | |||||||||||||||||||||||
| NRK | ||||||||||||||||||||||||||||||||||
| Year Ended 2/28: | ||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||
| 2013 | — | — | — | — | 27,680 | 30.97 | 50,700 | 309,668 | 488,800 | 309,668 | 3.10 | |||||||||||||||||||||||
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: |
| 2014 | 2013 | ||||||
| NAN | |||||||
| Series 2015 (NAN PRC) | |||||||
| Ending Market Value per Share | $ | — | $ | 10.09 | |||
| Average Market Value per Share | 10.04 | Ω | 10.09 | ||||
| Series 2016 (NAN PRD) | |||||||
| Ending Market Value per Share | — | 10.02 | |||||
| Average Market Value per Share | 10.05 | Ω | 10.10 | ||||
| NRK | |||||||
| Series 2015 (NRK PRC) | |||||||
| Ending Market Value per Share | — | 10.01 | |||||
| Average Market Value per Share | 10.04 | Ω | 10.07 |
| (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.
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, 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, 2018, and the period covered by these Notes to Financial Statements is the year ended February 28, 2018 (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.
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 following Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:
| NAN | NRK | ||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 9,204,760 | $ | 4,116,248 |
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, 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.
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 Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
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, prepayment speeds, credit risk, etc.). | |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
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.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
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 | $ | — | $ | 149,728,414 | $ | — | $ | 149,728,414 | |||||
| NYV | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 35,254,930 | $ | — | $ | 35,254,930 | |||||
| NAN | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 694,212,853 | $ | — | $ | 694,212,853 | |||||
| NRK | |||||||||||||
| Long-Term Investments*: | |||||||||||||
| Municipal Bonds | $ | — | $ | 1,962,361,174 | $ | — | $ | 1,962,361,174 | |||||
| Investment in Derivatives: | |||||||||||||
| Interest in Rate Swaps** | — | 627,281 | — | 627,281 | |||||||||
| Total | $ | — | $ | 1,962,988,455 | $ | — | $ | 1,962,988,455 |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Notes to Financial Statements (continued)
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. | |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
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 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 | $ | — | $ | 8,475,000 | $ | 12,855,000 | |||||
| Floating rate obligations: externally-deposited Inverse Floaters | — | — | 22,250,000 | — | |||||||||
| Total | $ | 1,840,000 | $ | — | $ | 30,725,000 | $ | 12,855,000 |
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 | $ | 2,964,247 | $ | — | $ | 24,691,712 | $ | 13,852,740 | |||||
| Average annual interest rate and fees | 1.46 | % | — | % | 1.46 | % | 1.50 | % |
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.
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.
Notes to Financial Statements (continued)
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 | $ | — | $ | 8,475,000 | $ | 4,085,000 | |||||
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | — | 17,450,000 | — | |||||||||
| Total | $ | 1,840,000 | $ | — | $ | 25,925,000 | $ | 4,085,000 |
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.”
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* | $ | 24,800,000 |
| * | 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 fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| Location on the Statement of Assets and Liabilities | ||||||||||||||||
| Asset Derivatives | (Liability) Derivatives | |||||||||||||||
| Underlying | Derivative | |||||||||||||||
| Risk Exposure | Instrument | Location | Value | Location | Value | |||||||||||
| NRK | ||||||||||||||||
| Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation | $ | 627,281 | — | $ | — | |||||||||
| on interest rate swaps | ||||||||||||||||
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.
| Gross | Gross | Net Unrealized | |||||||||||||||||
| Unrealized | Unrealized | Appreciation | Collateral | ||||||||||||||||
| Appreciation | (Depreciation | ) | (Depreciation | ) | Pledged | ||||||||||||||
| on Interest | on Interest | on Interest | to (from | ) | Net | ||||||||||||||
| Fund | Counterparty | Rate Swaps* | Rate Swaps* | Rate Swaps | Counterparty | Exposure | |||||||||||||
| NRK | JPMorgan Chase Bank, N.A. | $ | 627,281 | — | $ | 627,281 | $ | (627,281 | ) | $ | — | ||||||||
| * | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
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 | $ | — | $ | 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.
Notes to Financial Statements (continued)
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 | ||||||||||
| Five | ||||||||||
| Year | Months | Year | ||||||||
| Ended | Ended | Ended | ||||||||
| 2/28/18 | 2/28/17 | 9/30/16 | ||||||||
| Common shares: | ||||||||||
| Issued to shareholders due to reinvestment of distributions | 16,015 | 2,879 | 8,597 | |||||||
Preferred Shares
Institutional MuniFund Term Preferred Shares
During the current reporting period, NRK had issued and had outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation preference per share. iMTP Shares are issued via private placement and are not publicly available.
On May 22, 2017, NRK redeemed all of its outstanding Series 2017 iMTP Shares. The Fund’s iMTP Shares were redeemed at their $5,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of MuniFund Preferred (“MFP”) Shares (as described below in MuniFund Preferred Shares).
The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| NRK* | ||||
| Average liquidation preference of iMTP Shares outstanding | $ | 79,000,000 | ||
| Annualized dividend rate | 1.41 | % |
| * | For the period March 1, 2017 through May 22, 2017. |
iMTP Shares are subject to restrictions on transfer and may only be sold or transferred to “qualified institutional buyers.” iMTP 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 iMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the iMTP 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 Fund’s Adviser has determined that the fair value of iMTP 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 iMTP Shares is recorded as a liability and recognized as a component of “Institutional MuniFund Term Preferred (“iMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Institutional MuniFund Term Preferred (“iMTP”) 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.
In conjunction with NRK redemption of iMTP Shares, the remaining deferred costs of $72,444, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
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.
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.
NRK incurred offering costs of $432,464 in connection with its offering of MFP Shares, which were recorded as a deferred charge and is being 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 its MFP Shares outstanding were as follows:
| Shares | Liquidation | Term | Mode | |||||||||||||||
| Fund | Series | Outstanding | Preference | Redemption Date | Mode | Termination Date | ||||||||||||
| NRK | A | 800 | $ | 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 | 1.22 | % |
| * | For the period May 12, 2017 (first issuance of shares) through February 28, 2018. |
Notes to Financial Statements (continued)
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and has 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.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for the Fund was as follows:
| Shares | Liquidation | |||||||||
| Fund | Series | Outstanding | Preference | |||||||
| NAN | 2019 | 1,470 | $ | 147,000,000 |
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year 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. The Fund may be obligated to redeem a certain amount of the VMTP 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 VMTP Shares are as follows:
| Term | Premium | |||||||||
| Fund | Series | Redemption Date | Expiration Date | |||||||
| NAN | 2019 | August 1, 2019 | July 1, 2017 |
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| NAN | ||||
| Average liquidation preference of VMTP Shares outstanding | $ | 147,000,000 | ||
| Annualized dividend rate | 1.87 | % |
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 Fund’s 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 the Fund’s offering of VMTP Shares were recorded as a deferred charges, which are 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.
As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding 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 | 1.08 | % | 1.01 | % |
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 iMTP Shares for the Funds, where applicable, were as follows:
| Year Ended February 28, 2018 |
||||||||||
| NRK | Series | Shares | Amount | |||||||
| iMTP Shares redeemed | 2017 | (15,800 | ) | $ | (79,000,000 | ) | ||||
Transactions in MFP Shares for the Funds, where applicable, were as follows:
| Year Ended February 28, 2018 |
||||||||||
| NRK | Series | Shares | Amount | |||||||
| MFP Shares issued | A | 800 | $ | 80,000,000 | ||||||
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
| Year Ended September 30, 2016 |
||||||||||
| NAN | Series | Shares | Amount | |||||||
| VMTP Shares issued | 2019 | 1,470 | $ | 147,000,000 | ||||||
| VMTP Shares exchanged | 2017 | (940 | ) | (94,000,000 | ) | |||||
| Net increase (decrease) | 530 | $ | 53,000,000 | |||||||
Notes to Financial Statements (continued)
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
| Year Ended September 30, 2016 |
||||||||||
| NRK | Series | Shares | Amount | |||||||
| VRDP Shares issued | 5 | 1,750 | $ | 175,000,000 | ||||||
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 | $ | 17,554,234 | $ | 9,597,140 | $ | 98,639,329 | $ | 252,979,805 | |||||
| Sales and maturities | 18,239,513 | 9,494,571 | 116,570,690 | 272,664,489 |
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 tables below present the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of February 28, 2018.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
| NNY | NYV | NAN | NRK | ||||||||||
| Tax cost of investments | $ | 141,968,611 | $ | 33,294,045 | $ | 655,118,147 | $ | 1,850,957,421 | |||||
| Gross unrealized: | |||||||||||||
| Appreciation | $ | 7,139,001 | $ | 2,571,918 | $ | 35,440,241 | $ | 110,334,492 | |||||
| Depreciation | (1,220,019 | ) | (611,033 | ) | (4,820,563 | ) | (11,785,692 | ) | |||||
| Net unrealized appreciation (depreciation) of investments | $ | 5,918,982 | $ | 1,960,885 | $ | 30,619,678 | $ | 98,548,800 | |||||
| NRK | ||||
| Tax cost of swaps | $ | — | ||
| Net unrealized appreciation (depreciation) of swaps | 627,281 |
Permanent differences, primarily due to federal taxes paid, distribution reallocations, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2018, the Funds’ tax year end, as follows:
| NNY | NYV | NAN | NRK | ||||||||||
| Paid-in-surplus | $ | — | $ | — | $ | (19,696 | ) | $ | (251,997 | ) | |||
| Undistributed (Over-distribution of) net investment income | (112 | ) | (1,738 | ) | 3,153 | (236,690 | ) | ||||||
| Accumulated net realized gain (loss) | 112 | 1,738 | 16,543 | 488,687 |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2018, the Funds’ tax year end, were as follows:
| NNY | NYV | NAN | NRK | ||||||||||
| Undistributed net tax-exempt income1 | $ | 442,035 | $ | 50,621 | $ | 654,922 | $ | — | |||||
| Undistributed net ordinary income2 | 2,076 | — | 34,644 | — | |||||||||
| 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, 2018, and paid on March 1, 2018. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ tax years ended February 28, 2018, February 28, 2017 and September 30, 2016, was designated for purposes of the dividends paid deduction as follows:
| 2018 | NNY | NYV | NAN | NRK | |||||||||
| Distributions from net tax-exempt income3 | $ | 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 gains4 | — | 248,784 | — | — | |||||||||
| 2017 | NNY | NYV | NAN | NRK | |||||||||
| Distributions from net tax-exempt income | $ | 2,439,931 | $ | 605,025 | $ | 10,646,831 | $ | 26,456,790 | |||||
| Distributions from net ordinary income2 | — | 78,947 | 62,253 | 1,276 | |||||||||
| Distributions from net long-term capital gains | — | — | — | — | |||||||||
| 2016 | NNY | NYV | NAN | NRK | |||||||||
| Distributions from net tax-exempt income | $ | 5,925,222 | $ | 1,480,256 | $ | 26,216,708 | $ | 64,020,915 | |||||
| Distributions from net ordinary income2 | 33,421 | — | 71,711 | — | |||||||||
| Distributions from net long-term capital gains | — | — | 89,876 | — |
| 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, 2018, as Exempt Interest Dividends. |
| 4 | The Funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2018. |
As of February 28, 2018, the Funds’ tax year end, the following 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 | NAN5 | NRK | ||||||||
| Capital losses to be carried forward – not subject to expiration | $ | 2,004,016 | $ | 13,588,546 | $ | 47,080,623 |
| 5 | 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, 2018, the following Funds utilized capital loss carryforwards as follows:
| NYV | NAN | ||||||
| Utilized capital loss carryforwards | $ | 227,173 | $ | 171,432 |
Notes to Financial Statements (continued)
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer losses as follows:
| NYV | ||||
| Post-October capital losses6 | $ | 46,108 | ||
| Late-year ordinary losses7 | — |
| 6 | Capital losses incurred from November 1, 2017 through February 28, 2018, the Funds’ tax year end. |
| 7 | Ordinary losses incurred from January 1, 2018 through February 28, 2018 and/or specified losses incurred from November 1, 2017 through February 28, 2018. |
7. Management Fees and Other Transactions with Affiliates
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.
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, 2018, the complex-level fee for each Fund was 0.1595%. |
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.
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 | $ | 1,344,725 | $ | 883,017 | $ | 2,689,449 | $ | 13,291,419 | |||||
| Sales | 1,341,463 | 880,875 | 2,682,925 | 15,014,177 |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
The Unsecured Credit Line was not renewed after its scheduled termination date on July 27, 2017.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 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. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by the shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 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% (1.25% prior to July 27, 2017) per annum or (b) the Fed Funds rate plus 1.00% (1.25%
Notes to Financial Statements (continued)
prior to July 27, 2017) 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 | $ | 509,204 | $ | 7,000,000 | $ | 14,000,000 |
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 | $ | 509,204 | $ | 3,241,131 | $ | 6,955,928 | ||||
| Average annual interest rate | 2.56 | % | 2.52 | % | 2.51 | % |
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.
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 May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. During the current reporting period, none of the Funds have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
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.
FASB ASU 2016-18: Statement of Cash Flows – Restricted Cash (“ASU 2016-18”)
The FASB has issued ASU 2016-18, which will require entities to include the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the beginning and ending cash balances in the Statement of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is currently evaluating the implications of ASU 2016-18, if any.
Additional Fund Information (Unaudited)
| Board of Directors/Trustees | |||||
| Margo Cook* | Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | William J. Schneider |
| 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 |
Quarterly Form N-Q 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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 | — | — | — | — |
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.
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. |
| ■ | 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. |
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 as -set 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 imme -diately 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.
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 eleven. 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, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||
| Independent Board Members: | |||||||||
| ■ | WILLIAM J. SCHNEIDER 1944 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chairman and Board Member |
1996 Class III |
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 175 |
||||
| ■ | JACK B. EVANS 1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
1999 Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, 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. | 175 |
||||
| ■ | WILLIAM C. HUNTER 1948 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2003 Class I |
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 175 |
||||
| ■ | ALBIN F. MOSCHNER 1952 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2016 Class III |
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions 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 with Zenith Electronics Corporation (1991-1996). | 175 |
||||
Board Members & Officers (Unaudited) (continued)
| Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||
| Independent Board Members (continued): | |||||||||
| ■ | JOHN K. NELSON 1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2013 Class II |
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); 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. | 175 |
||||
| ■ | JUDITH M. STOCKDALE 1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
1997 Class I |
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 175 |
||||
| ■ | CAROLE E. STONE 1947 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2007 Class I |
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 175 |
||||
| ■ | TERENCE J. TOTH 1959 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2008 Class II |
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) 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). | 175 |
||||
| ■ | MARGARET L. WOLFF 1955 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2016 Class I |
Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian 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. | 175 |
||||
| Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) Including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||
| Independent Board Members (continued): | |||||||||
| ■ | ROBERT L. YOUNG(2) 1963 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2017 Class II |
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief 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). | 173 |
||||
| Interested Board Member: | |||||||||
| ■ | MARGO L. COOK(3)(4) 1964 333 W. Wacker Drive Chicago, IL 6o6o6 |
Board Member |
2016 Class III |
President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since July 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (October 2016- August 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. | 175 |
||||
| Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed(4) |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||
| Officers of the Funds: | |||||||||
| ■ | CEDRIC H. ANTOSIEWICZ 1962 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief Administrative Officer |
2007 |
Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC. | 75 |
||||
| ■ | STEPHEN D. FOY 1954 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and Controller |
1998 |
Managing Director (since 2014), formerly, Senior Vice President (2013- 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant. | 175 |
||||
| ■ | NATHANIEL T. JONES 1979 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and Treasurer |
2016 |
Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst. | 175 |
||||
| ■ | WALTER M. KELLY 1970 333 W. Wacker Drive Chicago, IL 6o6o6 |
Chief Compliance Officer and Vice President |
2003 |
Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen. | 175 |
||||
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 |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||
| Officers of the Funds (continued): | |||||||||
| ■ | DAVID J. LAMB 1963 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President |
2015 |
Managing Director (since January 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006. | 75 |
||||
| ■ | TINA M. LAZAR 1961 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President |
2002 |
Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 175 |
||||
| ■ | KEVIN J. MCCARTHY 1966 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and Assistant Secretary |
2007 |
Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 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 February 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 February 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 February 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. | 175 |
||||
| ■ | WILLIAM T. MEYERS 1966 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
2018 |
Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991. | 75 |
||||
| ■ | MICHAEL A. PERRY 1967 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President |
2017 |
Executive Vice President since February 2017, previously Managing Director from October 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC. | 75 |
||||
| ■ | CHRISTOPHER M. ROHRBACHER 1971 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and Assistant Secretary |
2008 |
Managing Director (since January 2017) of Nuveen Securities, LLC; 2008 Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC. | 175 |
||||
| ■ | WILLIAM A. SIFFERMANN 1975 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President |
2017 |
Managing Director (since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | 175 |
||||
| ■ | JOEL T. SLAGER 1978 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President and Assistant Secretary |
2013 |
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 175 |
||||
| Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed(4) |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||
| Officers of the Funds (continued): | |||||||||
| ■ | MARK L. WINGET 1968 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Assistant Secretary |
2008 |
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen. | 175 |
||||
| ■ | GIFFORD R. ZIMMERMAN 1956 333 W. Wacker Drive Chicago, IL 6o6o6 |
Vice President Secretary |
1988 |
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 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 February 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. | 175 |
||||
| (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. Terence J. Toth has been appointed Chairman of the Board to take effect July 1, 2018. |
| (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. |
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/cef
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |  |
EAN-C-0218D 464935-INV-Y-04/19
|
|
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, 2018
|
$
|
24,750
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||||
|
Percentage approved
|
0
|
%
|
0
|
%
|
0
|
%
|
0
|
%
|
||||||||
|
pursuant to
|
||||||||||||||||
|
pre-approval
|
||||||||||||||||
|
exception
|
||||||||||||||||
|
February 28, 2017
|
$
|
24,090
|
$
|
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.
|
||||||||||||||||
|
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, 2018
|
$ 0
|
$ 0
|
$ 0
|
|
Percentage approved
|
0%
|
0%
|
0%
|
|
pursuant to
|
|||
|
pre-approval
|
|||
|
exception
|
|||
|
February 28, 2017
|
$ 0
|
$ 0
|
$ 0
|
|
Percentage approved
|
0%
|
0%
|
0%
|
|
pursuant to
|
|||
|
pre-approval
|
|||
|
exception
|
|
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, 2018
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
February 28, 2017
|
$ 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.
|
||||
|
Portfolio Manager
|
Type of Account
Managed |
Number of
Accounts |
Assets*
|
|
Scott R. Romans
|
Registered Investment Company
|
13
|
$13.29 billion
|
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
|
Other Accounts
|
3
|
$4.4 million
|
| * |
Assets are as of February 28, 2018. None of the assets in these accounts are subject to an advisory fee based on performance.
|
|
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
|
|
(a)
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
|
(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.
|
|
(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.
|