nrk.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21211

Nuveen New York AMT-Free Municipal Income Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2016

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

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


 
 
 


ITEM 1. REPORTS TO STOCKHOLDERS.



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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Manager's Comments
5
   
Fund Leverage
8
   
Common Share Information
10
   
Risk Considerations
12
   
Performance Overview and Holding Summaries
13
   
Portfolios of Investments
17
   
Statement of Assets and Liabilities
47
   
Statement of Operations
48
   
Statement of Changes in Net Assets
49
   
Statement of Cash Flows
51
   
Financial Highlights
52
   
Notes to Financial Statements
57
   
Additional Fund Information
70
   
Glossary of Terms Used in this Report
71
   
Reinvest Automatically, Easily and Conveniently
73

Nuveen Investments
  
3

Chairman's Letter to Shareholders
Dear Shareholders,
The financial markets saw an increase in volatility over the past year. Global economic growth has continued to look fragile, led by China's ongoing slowdown and stagnant growth in Europe and Japan. By contrast, the U.S. economy's modest recovery stayed on pace. However, concerns about downside risks to U.S. economic growth were heightened in early 2016 amid a weak global growth outlook and churning stock markets. In addition to the challenging economic backdrop, the persistent decline of oil prices and a rally in the U.S. dollar dampened U.S. corporate earnings growth, further contributing to an uncertain outlook.
For most of 2015, the U.S. Federal Reserve postponed the first increase to its main policy interest rate, which tended to boost risky assets and weigh on longer-term bond yields at points throughout the year. However, volatility rose in the late spring amid Greece's turbulent negotiations with its European Union creditors. China's stock market declined amid worries about its decelerating economy and a loss of confidence in its policy makers. Conditions turned more favorable in the fall, as the Fed delayed its rate hike again in October, the European Central Bank appeared poised for further easing and China administered another round of stimulus measures. By the time the Fed announced the rate hike in December, the move was widely expected and had very little market impact.
Although volatility spiked in early 2016, conditions have generally improved since mid-February 2016. Global growth expectations remain subdued, but investors have gained more confidence that the Fed's interest rate increases will be gradual, oil prices appear more stable, the U.S. dollar has weakened and the U.S. economy continues to look fairly resilient. Consumer spending, which represents roughly two-thirds of the economy, continues to be supported by the meaningful improvement in the labor market, wage growth and cheaper gas prices.
The global markets may continue seeing bouts of market turbulence this year. While short-term volatility can be uncomfortable for investors, these periods can also provide opportunities. The experienced investment professionals working for you at Nuveen continue to seek upside potential and manage downside risks, whether markets are rising or falling. We also encourage you to contact your financial advisor, who can help you develop a plan to weather short-term price swings, while remaining consistent with your investment goals, time horizon and risk tolerance.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
May 23, 2016

4
  
Nuveen Investments

Portfolio Manager's Comments
Nuveen New York Municipal Value Fund, Inc. (NNY)
Nuveen New York Municipal Value Fund 2 (NYV)
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Scott R. Romans, PhD, discusses key investment strategies and the six-month performance of the Nuveen New York Funds. Scott assumed portfolio management responsibility for these four Funds in 2011.
What key strategies were used to manage the New York Funds during the six-month reporting period ended March 31, 2016?
The broad municipal bond market's decline early in the reporting period was followed by a rally in the second half that produced a modest gain for the six-month period overall. The municipal yield curve flattened over the reporting period, with longer-term bonds outperforming shorter-term bonds. The New York municipal market performed in line with the national market, as the state's fundamental outlook and credit conditions remained stable.
Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower-rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short time-frames as a source of liquidity.
We've also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. We did pursue a shorter-term tactical strategy during this reporting period, which modestly increased the Funds' allocations to higher grade (AAA and AA rated), higher liquidity bonds.
 
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.
Ratings shown 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) 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. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. 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.
 
Nuveen Investments
  
5

Portfolio Manager's Comments (continued)
These positions helped keep the Funds fully invested and were intended not as long-term holding opportunities but as short-term positions that could be easily sold when proceeds were needed to fund a new purchase. The high quality bonds we bought tended to be in the 20- to 30-year maturity range.
As yield spreads on lower rated bonds have tightened, we have become more selective within the lower credit quality segments of the market (BBB and below investment grade). We did find some attractive buying opportunities during the reporting period. All four Funds added charter school credits, while some of the Funds bought tobacco securitization bonds, Guam tax revenue bonds and higher education credits. Called bonds provided most of the proceeds to fund these purchases.
As of March 31, 2016, 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.
How did the New York Funds perform during the six-month reporting period ended March 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended March 31, 2016. Each Fund's total returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
For the six months ended March 31, 2016, the total return at common share NAV for NNY, NAN and NRK outperformed the return for the S&P Municipal Bond New York Index as well as that for the national S&P Municipal Bond Index, while NYV underperformed both the state and national indexes. For the same period, NNY, NYV and NAN trailed the average return for the Lipper New York Municipal Debt Funds Classification Average, but NRK's performance exceeded the Lipper average's return.
The main contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve, which resulted in longer durations than the municipal market in general. This positioning was advantageous in this reporting period as intermediate- and longer-dated bonds generally outperformed shorter-dated bonds. We should note that the positive influence of yield curve and duration positioning was more muted in NYV than in the other three Funds, in part due to NYV's more recent inception date in 2009. As the bonds we bought at that time have drifted down the yield curve and approach their call dates, they have caused NYV's duration to shorten, lessening the performance advantage that duration positioning provided during this reporting period.
Credit quality exposures also contributed positively to the four Funds' performance, although to a lesser extent than yield curve and duration positioning. Lower rated municipal bonds outperformed higher rated bonds during this reporting period, as the low interest rate environment continued to propel investor demand for yield. The Funds were positioned with overweight allocations to the generally outperforming lower rated credits, including below investment grade and nonrated bonds, and with underweight allocations to the underperforming AA and AAA rated categories. These tilts were advantageous to performance during this reporting period.

6
  
Nuveen Investments


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: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law.
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 0.7%, NNY held 2.2% and NRK had an allocation of 2.7%, 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 rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

Nuveen Investments
  
7


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGY 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 had a positive impact on the performance of the Funds over this reporting period.
As of March 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

     
NNY
    
NYV
    
NAN
    
NRK
  
Effective Leverage*
    
2.66%
    
5.03%
    
33.91%
    
32.19%
  
Regulatory Leverage*
    
N/A
    
N/A
    
27.37%
    
30.49%
  

*
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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

8
  
Nuveen Investments


THE FUNDS' REGULATORY LEVERAGE
As of March 31, 2016, the following Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NNY and NYV do not use regulatory leverage.

     
iMTP Shares
    
VMTP Shares
    
VRDP Shares
        
           
Shares
          
Shares
          
Shares
        
           
Issued at
          
Issued at
          
Issued at
        
           
Liquidation
          
Liquidation
          
Liquidation
        
     
Series
    
Preference
    
Series
    
Preference
    
Series
    
Preference
    
Total
  
NAN
        
$
—
    
2017
  
$
94,000,000
    
1
  
$
89,000,000
  
$
183,000,000
  
NRK
    
2017
  
$
79,000,000
    
—
  
$
—
    
1
  
$
112,300,000
        
           
—
    
—
    
—
    
2
    
164,800,000
        
           
—
    
—
    
—
    
3
    
161,700,000
        
           
—
    
—
    
—
    
4
    
50,000,000
        
         
$
79,000,000
        
$
—
        
$
488,800,000
  
$
567,800,000
  
Refer to the Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on iMTP, VMTP and VRDP Shares and each Funds' respective transactions.

Nuveen Investments
  
9


Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of March 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activities 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
  
October 2015
  
$
0.0325
  
$
0.0525
  
$
0.0665
  
$
0.0585
  
November
    
0.0325
    
0.0525
    
0.0665
    
0.0585
  
December
    
0.0325
    
0.0525
    
0.0665
    
0.0585
  
January
    
0.0325
    
0.0525
    
0.0665
    
0.0585
  
February
    
0.0325
    
0.0525
    
0.0665
    
0.0585
  
March 2016
    
0.0325
    
0.0525
    
0.0665
    
0.0585
  
Total Monthly Per Share Distributions
  
$
0.1950
  
$
0.3150
  
$
0.3990
  
$
0.3510
  
Ordinary Income Distribution*
  
$
0.0022
  
$
—
  
$
0.0023
  
$
—
  
Total Distributions from Net Investment Income
  
$
0.1972
  
$
0.3150
  
$
0.4013
  
$
0.3510
  
Total Distributions from Long-Term Capital Gains*
  
$
—
  
$
—
  
$
0.0029
  
$
—
  
Total Distributions
  
$
0.1972
  
$
0.3150
  
$
0.4042
  
$
0.3510
  
                           
Yields
                          
Market Yield**
    
3.86
%
  
4.01
%
  
5.41
%
  
5.22
%
Taxable-Equivalent Yield**
    
5.74
%
  
5.97
%
  
8.05
%
  
7.77
%

*
Distribution paid in December 2015.
   
**
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 32.8%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is 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 March 31, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

10
  
Nuveen Investments


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 2015, 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 March 31, 2016, 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 March 31, 2016, 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
  
$
10.17
  
$
16.06
  
$
15.60
  
$
14.78
  
Common share price
  
$
10.10
  
$
15.70
  
$
14.74
  
$
13.44
  
Premium/(Discount) to NAV
    
(0.69
)%
  
(2.24
)%
  
(5.51
)%
  
(9.07
)%
6-month average premium/(discount) to NAV
    
(1.60
)%
  
(4.88
)%
  
(8.94
)%
  
(10.99
)%

Nuveen Investments
  
11


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 Dividend Advantage Municipal 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 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.

12
  
Nuveen Investments


NNY
  
 
Nuveen New York Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of March 31, 2016
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 March 31, 2016

   
Cumulative
  
Average Annual
  
   
6-Month
  
1-Year
  
5-Year
    
10-Year
  
NNY at Common Share NAV
  
3.60%
  
4.39%
  
5.58%
    
4.64%
  
NNY at Common Share Price
  
6.08%
  
7.89%
  
6.44%
    
5.15%
  
S&P Municipal Bond New York Index
  
3.22%
  
4.25%
  
5.51%
    
4.80%
  
S&P Municipal Bond Index
  
3.23%
  
3.95%
  
5.78%
    
4.78%
  
Lipper New York Municipal Debt Funds Classification Average
  
5.08%
  
6.13%
  
8.72%
    
5.31%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper 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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

   
Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
100.9%
Other Assets Less Liabilities
1.2%
Net Assets Plus Floating Rate Obligations
102.1%
Floating Rate Obligations
(2.1)%
Net Assets
100%

Portfolio Composition
  
(% of total investments)
  
Education and Civic Organizations
20.4%
Tax Obligation/Limited
20.4%
Transportation
18.8%
Utilities
10.1%
U.S. Guaranteed
6.4%
Health Care
6.3%
Other
17.6%
Total
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
19.5%
AA
44.5%
A
13.9%
BBB
7.0%
BB or Lower
8.3%
N/R (not rated)
6.8%
Total
100%

Nuveen Investments
  
13


NYV
  
 
Nuveen New York Municipal Value Fund 2
 
Performance Overview and Holding Summaries as of March 31, 2016
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 March 31, 2016

   
Cumulative
  
Average Annual
  
   
 
6-Month
  
 
1-Year
  
 
5-Year
  
Since
Inception
  
NYV at Common Share NAV
  
3.08%
  
3.19%
  
6.42%
  
6.19%
  
NYV at Common Share Price
  
7.91%
  
10.30%
  
7.20%
  
5.42%
  
S&P Municipal Bond New York Index
  
3.22%
  
4.25%
  
5.51%
  
5.37%
  
S&P Municipal Bond Index
  
3.23%
  
3.95%
  
5.78%
  
5.59%
  
Lipper New York Municipal Debt Funds Classification Average
  
5.08%
  
6.13%
  
8.72%
  
6.21%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper 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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
99.0%
Other Assets Less Liabilities
1.0%
Net Assets
100%

Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
27.8%
U.S. Guaranteed
19.7%
Education and Civic Organizations
13.2%
Transportation
11.8%
Housing/Multifamily
8.2%
Utilities
5.4%
Other
13.9%
Total
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
40.8%
AA
30.8%
A
7.5%
BBB
8.6%
BB or Lower
7.3%
N/R (not rated)
5.0%
Total
100%

14
  
Nuveen Investments


NAN
  
 
Nuveen New York Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of March 31, 2016
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 March 31, 2016

   
Cumulative
  
Average Annual
  
   
6-Month
  
1-Year
  
5-Year
  
10-Year
  
NAN at Common Share NAV
  
4.93%
  
5.88%
  
7.76%
  
5.78%
  
NAN at Common Share Price
  
12.99%
  
12.53%
  
8.71%
  
5.15%
  
S&P Municipal Bond New York Index
  
3.22%
  
4.25%
  
5.51%
  
4.80%
  
S&P Municipal Bond Index
  
3.23%
  
3.95%
  
5.78%
  
4.78%
  
Lipper New York Municipal Debt Funds Classification Average
  
5.08%
  
6.13%
  
8.72%
  
5.31%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper 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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
143.2%
Common Stocks
0.7%
Other Assets Less Liabilities
1.4%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Preference &VRDP Shares, at Liquidation Preference
145.3%
Floating Rate Obligations
(7.6)%
VMTP Shares, at Liquidation Preference
(19.4)%
VRDP Shares, at Liquidation Preference
(18.3)%
Net Assets
100%

Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
19.7%
Education and Civic Organizations
17.1%
Transportation
12.6%
Utilities
9.8%
Tax Obligation/General
8.6%
Health Care
7.4%
U.S. Guaranteed
5.6%
Consumer Staples
5.0%
Other
14.2%
Total
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
21.5%
AA
42.5%
A
12.6%
BBB
6.0%
BB or Lower
11.0%
N/R (not rated)
6.0%
N/A (not applicable)
0.4%
Total
100%

Nuveen Investments
  
15


NRK
  
 
Nuveen New York AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of March 31, 2016
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 March 31, 2016

   
Cumulative
  
Average Annual
  
   
6-Month
  
1-Year
  
5-Year
  
10-Year
  
NRK at Common Share NAV
  
5.42%
  
6.75%
  
6.28%
  
5.18%
  
NRK at Common Share Price
  
9.65%
  
8.60%
  
6.21%
  
5.08%
  
S&P Municipal Bond New York Index
  
3.22%
  
4.25%
  
5.51%
  
4.80%
  
S&P Municipal Bond Index
  
3.23%
  
3.95%
  
5.78%
  
4.78%
  
Lipper New York Municipal Debt Funds Classification Average
  
5.08%
  
6.13%
  
8.72%
  
5.31%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper 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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
144.7%
Other Assets Less Liabilities
3.1%
Net Assets Plus Borrowings, Floating Rate Obligations, iMTP Shares, at Liquidation Preference &VRDP Shares, at Liquidation Preference
147.8%
Borrowings
(1.2)%
Floating Rate Obligations
(2.7)%
iMTP Shares, at Liquidation Preference
(6.1)%
VRDP Shares, at Liquidation Preference
(37.8)%
Net Assets
100%

Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
33.5%
Education and Civic Organizations
18.8%
Transportation
10.9%
Utilities
8.8%
Health Care
5.7%
Water and Sewer
5.4%
Consumer Staples
5.3%
Other
11.6%
Total
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
24.3%
AA
48.0%
A
10.9%
BBB
3.9%
BB or Lower
10.5%
N/R (not rated)
2.4%
Total
100%

16
  
Nuveen Investments


NNY
    
 
Nuveen New York Municipal Value Fund, Inc.
  
 
Portfolio of Investments
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
LONG-TERM INVESTMENTS – 100.9% (100.0% of Total Investments)
              
     
MUNICIPAL BONDS – 100.9% (100.0% of Total Investments)
              
     
Consumer Discretionary – 1.3% (1.3% of Total Investments)
              
$
1,950
  
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
  
N/R
  
$
2,010,275
  
     
Consumer Staples – 2.0% (2.0% of Total Investments)
              
 
500
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
6/16 at 100.00
  
B
    
500,735
  
 
875
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
6/16 at 100.00
  
B
    
824,495
  
 
65
  
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/16 at 100.00
  
A1
    
65,113
  
 
400
  
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/16 at 100.00
  
A1
    
400,156
  
 
15
  
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
5/16 at 100.00
  
A1
    
15,002
  
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
              
 
680
  
4.750%, 6/01/22
6/16 at 100.00
  
BBB–
    
681,074
  
 
345
  
5.000%, 6/01/26
6/16 at 100.00
  
BB–
    
346,449
  
 
240
  
5.125%, 6/01/42
6/16 at 100.00
  
B
    
226,622
  
 
3,120
  
Total Consumer Staples
          
3,059,646
  
     
Education and Civic Organizations – 20.6% (20.4% of Total Investments)
              
 
275
  
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
  
BBB
    
285,387
  
 
415
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
  
B
    
345,471
  
 
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
1/20 at 100.00
  
BBB–
    
1,555,470
  
 
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
    
768,023
  
     
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:
              
 
1,000
  
5.000%, 6/01/38
6/24 at 100.00
  
Aa2
    
1,146,210
  
 
1,250
  
5.000%, 6/01/43
6/24 at 100.00
  
Aa2
    
1,418,213
  
     
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:
              
 
210
  
5.000%, 4/15/33
4/23 at 100.00
  
BB+
    
219,479
  
 
160
  
5.000%, 4/15/43
4/23 at 100.00
  
BB+
    
165,168
  
 
1,175
  
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
  
AA
    
1,224,597
  
 
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–
    
468,992
  
 
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
  
AA–
    
1,225,340
  
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2015A:
              
 
235
  
5.000%, 7/01/31
No Opt. Call
  
Aa3
    
284,538
  
 
265
  
5.000%, 7/01/33
No Opt. Call
  
Aa3
    
317,706
  

Nuveen Investments
  
17


NNY
Nuveen New York Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Education and Civic Organizations (continued)
              
     
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Series 2015A:
              
$
1,330
  
5.000%, 7/01/40
7/25 at 100.00
  
A–
  
$
1,530,072
  
 
2,180
  
5.000%, 7/01/45
7/25 at 100.00
  
A–
    
2,506,063
  
 
525
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
  
A–
    
600,511
  
 
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–
    
2,244,868
  
 
760
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35
No Opt. Call
  
AA–
    
903,572
  
 
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
    
306,004
  
 
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–
    
337,713
  
 
880
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
  
BBB
    
978,032
  
     
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
  
BBB+
    
1,161,340
  
 
1,000
  
6.000%, 6/01/34
6/21 at 100.00
  
BBB+
    
1,156,020
  
 
3,000
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2011B, 5.000%, 7/01/41
7/21 at 100.00
  
AA–
    
3,430,350
  
     
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
    
28,320
  
 
25
  
5.000%, 7/01/45
7/25 at 100.00
  
BBB
    
28,151
  
     
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
1/17 at 100.00
  
BB+
    
1,531,020
  
 
1,175
  
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
  
BB+
    
1,195,539
  
     
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
9/16 at 100.00
  
BBB
    
1,631,107
  
 
800
  
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
  
AA–
    
811,320
  
 
170
  
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
  
BBB+
    
178,112
  
 
1,345
  
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011, 5.375%, 7/01/41 – AGM Insured
1/21 at 100.00
  
A2
    
1,547,046
  
 
300
  
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
  
A–
    
337,674
  
 
28,660
  
Total Education and Civic Organizations
          
31,867,428
  
     
Financials – 1.4% (1.4% of Total Investments)
              
 
1,705
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
No Opt. Call
  
A
    
2,208,094
  
     
Health Care – 6.4% (6.3% of Total Investments)
              
 
1,005
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
6/16 at 100.00
  
AA–
    
1,008,930
  
 
990
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 2007, 4.650%, 8/15/27
2/17 at 100.00
  
N/R
    
1,019,037
  
 
700
  
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
6/16 at 100.00
  
AA–
    
702,695
  
 
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
    
394,933
  

18
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Health Care (continued)
              
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
              
$
1,060
  
6.500%, 12/01/21
12/18 at 100.00
  
Ba1
  
$
1,181,476
  
 
565
  
6.125%, 12/01/29
12/18 at 100.00
  
Ba1
    
619,336
  
 
1,155
  
6.250%, 12/01/37
12/18 at 100.00
  
Ba1
    
1,266,642
  
 
2,100
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
  
A–
    
2,422,476
  
 
290
  
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
6/16 at 100.00
  
BB
    
291,276
  
 
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
  
BBB+
    
280,563
  
 
500
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/16 at 100.00
  
BB–
    
501,025
  
 
155
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
6/16 at 100.00
  
BB–
    
155,318
  
 
9,120
  
Total Health Care
          
9,843,707
  
     
Housing/Multifamily – 1.7% (1.7% of Total Investments)
              
 
225
  
East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
4/16 at 100.00
  
AA
    
225,812
  
 
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+
    
1,087,030
  
 
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+
    
1,303,800
  
 
2,475
  
Total Housing/Multifamily
          
2,616,642
  
     
Industrials – 1.7% (1.7% of Total Investments)
              
 
100
  
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
    
108,461
  
 
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
    
2,528,718
  
 
2,450
  
Total Industrials
          
2,637,179
  
     
Long-Term Care – 1.1% (1.1% of Total Investments)
              
 
435
  
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
  
AA+
    
461,961
  
 
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
11/16 at 100.00
  
Baa2
    
272,670
  
 
135
  
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005, 5.000%, 7/01/35 – ACA Insured
6/16 at 100.00
  
N/R
    
135,016
  
 
140
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
No Opt. Call
  
N/R
    
140,724
  
 
220
  
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
7/16 at 101.00
  
N/R
    
219,837
  
 
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
7/16 at 101.00
  
N/R
    
179,608
  
 
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
7/16 at 101.00
  
N/R
    
225,216
  
 
1,660
  
Total Long-Term Care
          
1,635,032
  
     
Tax Obligation/General – 4.0% (3.9% of Total Investments)
              
 
2,765
  
New York City, New York, General Obligation Bonds, Fiscal 2007, Series 2006A, 5.000%, 8/01/25
8/16 at 100.00
  
AA
    
2,808,079
  
 
1,940
  
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25
12/17 at 100.00
  
AA
    
2,084,026
  
 
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
    
1,227,180
  
 
5,705
  
Total Tax Obligation/General
          
6,119,285
  

Nuveen Investments
  
19


NNY
Nuveen New York Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/Limited – 20.5% (20.4% of Total Investments)
              
$
395
  
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
6/16 at 100.00
  
AA
  
$
396,627
  
     
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue Bonds, City University System, Series 1993A:
              
 
630
  
5.750%, 7/01/18
No Opt. Call
  
AA
    
664,209
  
 
1,400
  
6.000%, 7/01/20
No Opt. Call
  
AA
    
1,626,408
  
 
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
No Opt. Call
  
AAA
    
2,688,208
  
     
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A:
              
 
1,000
  
5.000%, 3/15/32
9/25 at 100.00
  
AAA
    
1,226,360
  
 
640
  
5.000%, 3/15/35
9/25 at 100.00
  
AAA
    
773,990
  
 
2,500
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29
No Opt. Call
  
A
    
2,946,325
  
 
1,500
  
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
  
AA
    
1,708,455
  
 
560
  
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
7/16 at 100.00
  
A–
    
561,859
  
 
1,200
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
  
AA
    
1,237,356
  
 
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
    
1,659,690
  
 
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
    
3,523,019
  
 
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
    
1,968,910
  
 
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
    
1,450,216
  
 
2,100
  
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A, 5.000%, 12/15/27 (UB)
12/17 at 100.00
  
AAA
    
2,255,127
  
 
2,450
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
  
AA+
    
2,878,603
  
 
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
    
706,524
  
 
20,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
No Opt. Call
  
AA–
    
3,480,199
  
 
44,670
  
Total Tax Obligation/Limited
          
31,752,085
  
     
Transportation – 19.0% (18.8% 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–
    
3,048,550
  
 
3,000
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
11/17 at 100.00
  
AA–
    
3,199,170
  
 
3,500
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42
No Opt. Call
  
AA–
    
3,996,439
  
 
1,100
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31
11/23 at 100.00
  
AA–
    
1,314,170
  
 
2,000
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/38
5/24 at 100.00
  
AA–
    
2,384,140
  
 
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 (5)
10/17 at 102.00
  
N/R
    
531,540
  
 
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+
    
750,849
  

20
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Transportation (continued)
              
$
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–
  
$
6,955,270
  
 
325
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, 16.892%, 3/16/17 – AGM Insured (IF)
No Opt. Call
  
AA
    
402,220
  
 
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–
    
1,829,032
  
     
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
6/16 at 100.00
  
Baa1
    
227,237
  
 
1,160
  
6.000%, 12/01/36
12/20 at 100.00
  
Baa1
    
1,371,967
  
 
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
  
AA–
    
936,008
  
 
2,000
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2016A, 5.000%, 11/15/41
5/26 at 100.00
  
AA–
    
2,383,480
  
 
26,225
  
Total Transportation
          
29,330,072
  
     
U.S. Guaranteed – 6.5% (6.4% of Total Investments) (6)
              
 
990
  
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008D, 5.750%, 11/15/27 (Pre-refunded 11/15/17)
11/17 at 100.00
  
N/R (6)
    
1,071,299
  
 
90
  
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 (Pre-refunded 5/01/16)
5/16 at 100.00
  
BBB– (6)
    
90,344
  
 
450
  
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
No Opt. Call
  
Aaa
    
457,124
  
 
2,350
  
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 (Pre-refunded 7/01/16)
7/16 at 100.00
  
AA (6)
    
2,377,002
  
 
610
  
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
N/R (6)
    
630,752
  
 
250
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 (Pre-refunded 6/01/16) – CIFG Insured
6/16 at 100.00
  
A– (6)
    
251,883
  
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
              
 
280
  
5.250%, 2/01/27 (Pre-refunded 2/01/17)
2/17 at 100.00
  
Aaa
    
291,049
  
 
260
  
5.500%, 2/01/32 (Pre-refunded 2/01/17)
2/17 at 100.00
  
Aaa
    
270,798
  
 
2,820
  
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25 (Pre-refunded 12/01/17)
12/17 at 100.00
  
N/R (6)
    
3,026,537
  
 
245
  
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 (Pre-refunded 7/01/16)
7/16 at 101.00
  
N/R (6)
    
250,517
  
 
30
  
New York City, New York, General Obligation Bonds, Fiscal 2007, Series 2006A, 5.000%, 8/01/25 (Pre-refunded 8/01/16)
8/16 at 100.00
  
N/R (6)
    
30,450
  
 
1,175
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
  
AA+ (6)
    
1,251,622
  
 
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 (6)
    
53,865
  
 
9,595
  
Total U.S. Guaranteed
          
10,053,242
  
     
Utilities – 10.2% (10.1% 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
    
1,053,030
  
 
90
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
  
BBB
    
98,609
  

Nuveen Investments
  
21

NNY
Nuveen New York Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Utilities (continued)
              
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
              
$
1,500
  
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
  
AA–
  
$
1,511,535
  
 
1,500
  
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
  
AA–
    
1,511,490
  
 
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–
    
154,840
  
 
400
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
  
A–
    
442,416
  
 
1,250
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
No Opt. Call
  
A–
    
1,442,989
  
 
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)
No Opt. Call
  
BB+
    
2,527,848
  
 
450
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
7/16 at 100.00
  
N/R
    
450,144
  
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
              
 
4,440
  
5.000%, 12/15/34
12/23 at 100.00
  
AAA
    
5,330,530
  
 
1,100
  
5.000%, 12/15/41
12/23 at 100.00
  
AAA
    
1,295,833
  
 
14,355
  
Total Utilities
          
15,819,264
  
     
Water and Sewer – 4.5% (4.5% 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
    
361,314
  
 
1,000
  
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Refunding Series 2012B, 5.000%, 2/15/42
2/22 at 100.00
  
AAA
    
1,133,390
  
     
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
    
2,519,685
  
 
2,500
  
5.000%, 6/15/40
6/25 at 100.00
  
AAA
    
2,956,850
  
 
5,900
  
Total Water and Sewer
          
6,971,239
  
$
157,590
  
Total Long-Term Investments (cost $147,710,745)
          
155,923,190
  
     
Floating Rate Obligations – (2.1)%
          
(3,255,000
 )
     
Other Assets Less Liabilities – 1.2%
          
1,866,308
  
     
Net Assets Applicable to Common Shares – 100%
        
$
154,534,498
  

(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.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.875% to 2.350%.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.

22
  
Nuveen Investments


NYV
    
 
Nuveen New York Municipal Value Fund 2
  
 
Portfolio of Investments
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
LONG-TERM INVESTMENTS – 99.0% (100.0% of Total Investments)
              
     
MUNICIPAL BONDS – 99.0% (100.0% of Total Investments)
              
     
Consumer Staples – 4.5% (4.5% of Total Investments)
              
$
1,350
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
  
Baa1
  
$
1,692,158
  
     
Education and Civic Organizations – 13.0% (13.2% of Total Investments)
              
 
1,200
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
  
B
    
998,952
  
 
270
  
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
    
276,496
  
     
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:
              
 
25
  
5.000%, 4/15/33
4/23 at 100.00
  
BB+
    
26,129
  
 
40
  
5.000%, 4/15/43
4/23 at 100.00
  
BB+
    
41,292
  
 
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–
    
113,010
  
 
200
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35
No Opt. Call
  
AA–
    
237,782
  
 
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
    
1,138,480
  
 
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–
    
113,564
  
 
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
    
1,972,489
  
 
7,830
  
Total Education and Civic Organizations
          
4,918,194
  
     
Financials – 1.0% (1.0% 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
    
388,521
  
     
Health Care – 2.5% (2.6% 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
    
56,419
  
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
              
 
285
  
6.500%, 12/01/21
12/18 at 100.00
  
Ba1
    
317,661
  
 
140
  
6.125%, 12/01/29
12/18 at 100.00
  
Ba1
    
153,464
  
 
245
  
6.250%, 12/01/37
12/18 at 100.00
  
Ba1
    
268,682
  
 
160
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
6/16 at 100.00
  
BB–
    
160,328
  
 
880
  
Total Health Care
          
956,554
  
     
Housing/Multifamily – 8.1% (8.2% of Total Investments)
              
 
1,500
  
New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36 (Alternative Minimum Tax)
6/16 at 100.00
  
AA+
    
1,518,510
  
 
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
    
1,056,800
  
 
450
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
  
Aa2
    
471,713
  
 
2,950
  
Total Housing/Multifamily
          
3,047,023
  

Nuveen Investments
  
23


NYV
Nuveen New York Municipal Value Fund 2
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Industrials – 1.7% (1.7% of Total Investments)
              
$
25
  
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
  
$
27,115
  
 
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
    
624,109
  
 
605
  
Total Industrials
          
651,224
  
     
Tax Obligation/General – 1.2% (1.3% of Total Investments)
              
 
400
  
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 – AGM Insured
10/21 at 100.00
  
AA
    
466,912
  
     
Tax Obligation/Limited – 27.6% (27.8% of Total Investments)
              
 
1,200
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38
3/19 at 100.00
  
AAA
    
1,331,424
  
 
560
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group C, 5.000%, 2/15/38
2/25 at 100.00
  
AAA
    
656,656
  
 
1,800
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B, Group A, 5.000%, 3/15/35
9/25 at 100.00
  
AAA
    
2,176,846
  
 
1,200
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
  
BBB+
    
1,336,236
  
 
1,710
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
  
A
    
1,762,839
  
 
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
    
1,659,690
  
 
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
    
355,155
  
 
1,000
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.896%, 3/15/37 (IF) (4)
3/17 at 100.00
  
AAA
    
1,127,190
  
 
9,270
  
Total Tax Obligation/Limited
          
10,406,036
  
     
Transportation – 11.6% (11.8% 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
    
1,111,520
  
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
              
 
100
  
7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
  
N/R
    
102,166
  
 
500
  
7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
  
N/R
    
516,575
  
 
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)
10/17 at 100.00
  
N/R
    
708,720
  
 
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+
    
176,336
  
     
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
6/16 at 100.00
  
Baa1
    
181,789
  
 
140
  
6.000%, 12/01/36
12/20 at 100.00
  
Baa1
    
165,582
  
 
1,325
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33
5/18 at 100.00
  
AA–
    
1,433,319
  
 
5,400
  
Total Transportation
          
4,396,007
  
     
U.S. Guaranteed – 19.6% (19.7% 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 (6)
    
354,635
  
 
700
  
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16)
8/16 at 100.00
  
N/R (6)
    
710,486
  
 
1,000
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2007, 5.000%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
  
Aa2 (6)
    
1,054,900
  
 
1,500
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34 (Pre-refunded 11/01/16)
11/16 at 100.00
  
A3 (6)
    
1,539,660
  

24
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
U.S. Guaranteed (6) (continued)
              
$
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 (6)
  
$
1,711,410
  
 
1,010
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
  
A3 (6)
    
1,073,165
  
 
150
  
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
N/R (6)
    
155,103
  
 
725
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17)
11/17 at 100.00
  
A (6)
    
782,536
  
 
6,875
  
Total U.S. Guaranteed
          
7,381,895
  
     
Utilities – 5.4% (5.4% of Total Investments)
              
 
25
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
  
BBB
    
27,392
  
 
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–
    
326,884
  
 
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)
No Opt. Call
  
BB+
    
614,196
  
 
905
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41
12/23 at 100.00
  
AAA
    
1,066,117
  
 
1,820
  
Total Utilities
          
2,034,589
  
     
Water and Sewer – 2.8% (2.8% 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+
    
1,042,911
  
$
38,580
  
Total Long-Term Investments (cost $32,935,654)
          
37,382,024
  
     
Other Assets Less Liabilities – 1.0%
          
363,751
  
     
Net Assets Applicable to Common Shares – 100%
        
$
37,745,775
  

(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.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.750% to 2.300%.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(IF)
Inverse floating rate investment.
See accompanying notes to financial statements.

Nuveen Investments
  
25


NAN
    
 
Nuveen New York Dividend Advantage Municipal Fund
  
 
Portfolio of Investments
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments)
              
     
MUNICIPAL BONDS – 143.2% (99.5% of Total Investments)
              
     
Consumer Discretionary – 1.1% (0.8% of Total Investments)
              
$
5,300
  
Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23
6/17 at 100.00
  
N/R
  
$
5,463,823
  
     
Consumer Staples – 7.2% (5.0% of Total Investments)
              
 
3,210
  
Erie County Tobacco Asset Securitization Corporation, New York, Settlement Backed Bonds, Series 2005A, 5.000%, 6/01/45
6/16 at 100.00
  
BB+
    
3,190,259
  
 
1,350
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26
6/16 at 100.00
  
B
    
1,351,985
  
 
12,415
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
6/16 at 100.00
  
B
    
11,698,403
  
 
320
  
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/16 at 100.00
  
A1
    
320,557
  
 
395
  
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/16 at 100.00
  
A1
    
395,154
  
 
75
  
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25
6/16 at 100.00
  
A1
    
75,010
  
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
              
 
2,830
  
4.750%, 6/01/22
6/16 at 100.00
  
BBB–
    
2,834,471
  
 
4,390
  
5.000%, 6/01/26
6/16 at 100.00
  
BB–
    
4,408,438
  
 
3,800
  
5.000%, 6/01/34
6/16 at 100.00
  
B
    
3,706,748
  
 
7,530
  
5.125%, 6/01/42
6/16 at 100.00
  
B
    
7,110,278
  
 
36,315
  
Total Consumer Staples
          
35,091,303
  
     
Education and Civic Organizations – 24.6% (17.1% of Total Investments)
              
 
1,295
  
Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31
7/17 at 100.00
  
BBB
    
1,343,912
  
 
1,855
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37
4/17 at 100.00
  
B
    
1,544,213
  
     
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
1/20 at 100.00
  
BBB–
    
3,398,990
  
 
1,000
  
6.375%, 7/15/43
1/20 at 100.00
  
BBB–
    
1,155,080
  
 
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
    
3,343,458
  
     
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
    
1,207,399
  
 
2,070
  
5.000%, 6/01/43
6/24 at 100.00
  
Aa2
    
2,348,560
  
 
1,405
  
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014, 5.250%, 11/01/34
11/24 at 100.00
  
BB
    
1,523,442
  
     
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:
              
 
475
  
5.000%, 4/15/33
4/23 at 100.00
  
BB+
    
496,442
  
 
690
  
5.000%, 4/15/43
4/23 at 100.00
  
BB+
    
712,287
  
 
5,575
  
Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/41 – RAAI Insured
7/17 at 100.00
  
AA
    
5,810,321
  
 
2,120
  
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/20 – AMBAC Insured
No Opt. Call
  
AA–
    
2,492,717
  

26
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Education and Civic Organizations (continued)
              
$
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–
  
$
1,988,976
  
 
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
  
AA–
    
2,427,780
  
 
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
    
4,044,880
  
 
3,915
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
7/23 at 100.00
  
Aa3
    
4,705,360
  
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2015A:
              
 
1,120
  
5.000%, 7/01/31
No Opt. Call
  
Aa3
    
1,356,096
  
 
1,245
  
5.000%, 7/01/33
No Opt. Call
  
Aa3
    
1,492,618
  
 
2,000
  
5.000%, 7/01/34
7/25 at 100.00
  
Aa3
    
2,386,860
  
 
5,090
  
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Series 2015A, 5.000%, 7/01/40
7/25 at 100.00
  
A–
    
5,855,689
  
 
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
    
2,314,032
  
 
1,750
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
  
A–
    
2,001,703
  
 
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–
    
2,244,868
  
 
290
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.000%, 7/01/39
7/19 at 100.00
  
AA–
    
322,959
  
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A:
              
 
1,000
  
5.000%, 7/01/34
No Opt. Call
  
AA–
    
1,198,890
  
 
2,300
  
5.000%, 7/01/35
No Opt. Call
  
AA–
    
2,734,493
  
 
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
    
9,107,840
  
 
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
    
1,748,592
  
 
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–
    
275,648
  
     
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–
    
1,141,318
  
 
265
  
5.000%, 9/01/43
9/23 at 100.00
  
A–
    
298,313
  
 
4,445
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39
7/19 at 100.00
  
BBB
    
4,940,173
  
 
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
    
5,824,250
  
 
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
    
1,421,759
  
 
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
  
BBB+
    
1,033,593
  
     
New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A:
              
 
75
  
5.000%, 7/01/40
7/25 at 100.00
  
BBB
    
84,961
  
 
85
  
5.000%, 7/01/45
7/25 at 100.00
  
BBB
    
95,712
  

Nuveen Investments
  
27


NAN
Nuveen New York Dividend Advantage Municipal Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Education and Civic Organizations (continued)
              
     
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
1/17 at 100.00
  
BB+
  
$
1,022,800
  
 
235
  
5.000%, 1/01/36 – AMBAC Insured
1/17 at 100.00
  
BB+
    
240,226
  
 
3,515
  
5.000%, 1/01/39 – AMBAC Insured
1/17 at 100.00
  
BB+
    
3,587,690
  
 
5,050
  
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
  
BB+
    
5,138,274
  
 
400
  
5.000%, 1/01/46 – AMBAC Insured
1/17 at 100.00
  
BB+
    
407,676
  
     
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
9/16 at 100.00
  
BBB
    
7,654,046
  
 
2,750
  
4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
  
AA–
    
2,788,913
  
 
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
  
A
    
1,144,540
  
 
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–
    
1,794,180
  
 
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
    
1,671,757
  
 
835
  
Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27
10/17 at 100.00
  
BBB+
    
874,846
  
     
St. 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
    
1,204,140
  
 
1,750
  
5.000%, 9/01/41
3/22 at 100.00
  
A3
    
1,943,428
  
 
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
  
A–
    
2,543,811
  
 
1,000
  
Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41
6/19 at 100.00
  
BBB
    
1,125,240
  
 
108,040
  
Total Education and Civic Organizations
          
119,565,751
  
     
Financials – 3.1% (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
    
5,924,961
  
 
6,885
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
No Opt. Call
  
A
    
8,916,557
  
 
11,610
  
Total Financials
          
14,841,518
  
     
Health Care – 10.7% (7.4% of Total Investments)
              
 
1,860
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
6/16 at 100.00
  
AA–
    
1,867,273
  
 
3,320
  
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
6/16 at 100.00
  
AA–
    
3,332,782
  
     
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
    
394,933
  
 
350
  
5.200%, 7/01/32
7/20 at 100.00
  
A
    
392,308
  
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
              
 
4,665
  
6.500%, 12/01/21
12/18 at 100.00
  
Ba1
    
5,199,609
  
 
2,420
  
6.125%, 12/01/29
12/18 at 100.00
  
Ba1
    
2,652,731
  
 
4,800
  
6.250%, 12/01/37
12/18 at 100.00
  
Ba1
    
5,263,968
  
 
11,050
  
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2006-1, 5.000%, 7/01/35 (UB)
7/16 at 100.00
  
AA
    
11,176,964
  
 
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
5/21 at 100.00
  
A
    
1,130,090
  

28
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Health Care (continued)
              
$
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
  
$
4,213,449
  
 
5,500
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2011A, 6.000%, 7/01/40
7/20 at 100.00
  
A–
    
6,344,580
  
 
500
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc., Series 2010A, 5.750%, 7/01/30
7/20 at 100.00
  
A–
    
576,235
  
 
710
  
Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
7/16 at 100.00
  
BB
    
713,124
  
 
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
    
845,888
  
 
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
  
BBB+
    
3,063,743
  
 
1,740
  
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 1999A, 5.650%, 2/01/39
8/16 at 100.00
  
N/R
    
1,754,268
  
 
2,265
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/16 at 100.00
  
BB–
    
2,269,643
  
 
650
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
6/16 at 100.00
  
BB–
    
651,333
  
 
48,325
  
Total Health Care
          
51,842,921
  
     
Housing/Multifamily – 2.5% (1.8% of Total Investments)
              
 
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
5/20 at 100.00
  
AA
    
447,160
  
 
5
  
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)
6/16 at 100.00
  
AA+
    
5,007
  
 
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+
    
4,196,000
  
 
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+
    
755,147
  
 
2,000
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)
11/17 at 100.00
  
Aa2
    
2,049,800
  
 
600
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
  
Aa2
    
628,950
  
 
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
    
2,103,060
  
 
1,385
  
New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)
11/17 at 100.00
  
Aa2
    
1,415,636
  
 
685
  
New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax)
8/16 at 100.00
  
Aa1
    
687,048
  
 
11,780
  
Total Housing/Multifamily
          
12,287,808
  
     
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
    
698,935
  
     
Industrials – 3.9% (2.7% of Total Investments)
              
 
445
  
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
    
482,651
  
 
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
    
18,448,874
  
 
17,590
  
Total Industrials
          
18,931,525
  

Nuveen Investments
  
29


NAN
Nuveen New York Dividend Advantage Municipal Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Long-Term Care – 2.3% (1.6% of Total Investments)
              
$
2,095
  
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
  
AA+
  
$
2,224,848
  
 
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
11/16 at 100.00
  
Baa2
    
1,287,610
  
     
Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
              
 
100
  
5.125%, 7/01/30 – ACA Insured
6/16 at 100.00
  
N/R
    
100,019
  
 
850
  
5.000%, 7/01/35 – ACA Insured
6/16 at 100.00
  
N/R
    
850,102
  
 
3,240
  
East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33
8/16 at 101.00
  
N/R
    
3,280,403
  
 
685
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001A-1, 7.250%, 7/01/16
No Opt. Call
  
N/R
    
688,541
  
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
              
 
935
  
5.500%, 7/01/18
7/16 at 101.00
  
N/R
    
934,308
  
 
1,155
  
5.800%, 7/01/23
7/16 at 101.00
  
N/R
    
1,156,109
  
     
Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1:
              
 
250
  
5.500%, 7/01/18
7/16 at 100.00
  
N/R
    
202,993
  
 
340
  
5.800%, 7/01/23
7/16 at 101.00
  
N/R
    
259,859
  
 
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
7/16 at 101.00
  
N/R
    
170,163
  
 
11,095
  
Total Long-Term Care
          
11,154,955
  
     
Tax Obligation/General – 12.4% (8.6% of Total Investments)
              
 
500
  
Nassau County, New York, General Obligation Bonds, General Improvement Series, Refunding 2016A, 5.000%, 1/01/38
1/26 at 100.00
  
A+
    
579,385
  
 
3,665
  
New York City, New York, General Obligation Bonds, Fiscal 2007, Series 2006A, 5.000%, 8/01/25
8/16 at 100.00
  
AA
    
3,722,101
  
     
New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1:
              
 
11,130
  
5.125%, 12/01/25 (UB)
12/17 at 100.00
  
AA
    
11,952,396
  
 
10,000
  
5.125%, 12/01/26 (UB)
12/17 at 100.00
  
AA
    
10,733,700
  
 
400
  
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
8/19 at 100.00
  
AA
    
452,752
  
 
1,000
  
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
No Opt. Call
  
AA
    
1,183,870
  
 
980
  
New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/32
8/22 at 100.00
  
AA
    
1,156,988
  
 
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
    
6,135,900
  
 
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
    
10,149,255
  
 
5
  
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/16
6/16 at 100.00
  
AA
    
5,021
  
 
3,775
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
No Opt. Call
  
AA
    
4,475,112
  
     
New York City, New York, General Obligation Bonds, Tender Option Bond Trust 3324:
              
 
3,125
  
17.223%, 3/01/21 (IF) (4)
No Opt. Call
  
AA
    
5,518,125
  
 
1,525
  
17.223%, 3/01/21 (IF) (4)
No Opt. Call
  
AA
    
2,692,845
  
     
Rochester, New York, General Obligation Bonds, Series 1999:
              
 
720
  
5.250%, 10/01/18 – NPFG Insured
No Opt. Call
  
AA–
    
798,386
  
 
720
  
5.250%, 10/01/19 – NPFG Insured
No Opt. Call
  
AA–
    
825,120
  
 
50,910
  
Total Tax Obligation/General
          
60,380,956
  
     
Tax Obligation/Limited – 28.4% (19.7% of Total Investments)
              
 
590
  
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
6/16 at 100.00
  
AA
    
592,431
  
 
2,500
  
Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993A, 5.875%, 5/15/17 – FGIC Insured
No Opt. Call
  
AA
    
2,575,375
  
 
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
    
1,118,435
  

30
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/Limited (continued)
              
$
1,000
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/33
No Opt. Call
  
AAA
  
$
1,183,660
  
 
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
    
5,805,200
  
 
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
    
2,404,293
  
 
1,000
  
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
    
1,146,320
  
     
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B, Group A:
              
 
4,000
  
5.000%, 3/15/32
9/25 at 100.00
  
AAA
    
4,905,440
  
 
1,000
  
5.000%, 3/15/35
9/25 at 100.00
  
AAA
    
1,209,360
  
 
2,500
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29
No Opt. Call
  
A
    
2,946,325
  
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
              
 
6,700
  
5.750%, 2/15/47
2/21 at 100.00
  
A
    
7,780,442
  
 
2,000
  
5.250%, 2/15/47
2/21 at 100.00
  
A
    
2,280,580
  
 
5,500
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
  
A
    
5,669,950
  
     
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A:
              
 
1,815
  
5.000%, 11/15/27
No Opt. Call
  
AA
    
2,199,054
  
 
2,250
  
5.000%, 11/15/29
11/22 at 100.00
  
AA
    
2,714,513
  
 
2,175
  
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18
No Opt. Call
  
AA
    
2,418,709
  
 
3,370
  
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
7/16 at 100.00
  
A–
    
3,381,188
  
 
6,500
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
  
AA
    
6,702,345
  
 
1,870
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2013S-1, 5.000%, 7/15/31
No Opt. Call
  
AA
    
2,218,138
  
 
405
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
5/17 at 100.00
  
AAA
    
422,334
  
     
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
    
4,409,125
  
 
3,950
  
5.000%, 2/01/42
2/22 at 100.00
  
AAA
    
4,589,821
  
 
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
No Opt. Call
  
AAA
    
3,720,082
  
 
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
    
9,211,684
  
 
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
    
4,936,655
  
 
5,000
  
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
    
5,917,850
  
 
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
    
2,303,440
  
 
2,400
  
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Tender Option Bond Trust 2015-XF0080, 13.086%, 5/01/32 (IF)
5/19 at 100.00
  
AAA
    
3,183,768
  
 
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–
    
7,152,180
  
     
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008-A:
              
 
2,920
  
5.000%, 12/15/26 (UB)
12/17 at 100.00
  
AAA
    
3,135,700
  
 
7,020
  
5.000%, 12/15/27 (UB)
12/17 at 100.00
  
AAA
    
7,538,567
  

Nuveen Investments
  
31


NAN
Nuveen New York Dividend Advantage Municipal Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/Limited (continued)
              
$
11,300
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.000%, 4/01/20 – AMBAC Insured (UB) (4)
No Opt. Call
  
AA+
  
$
13,276,822
  
 
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
    
2,425,951
  
 
1,330
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.896%, 3/15/37 (IF) (4)
3/17 at 100.00
  
AAA
    
1,499,163
  
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
              
 
16,000
  
0.000%, 8/01/43 – NPFG Insured
No Opt. Call
  
AA–
    
2,784,160
  
 
12,500
  
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
  
AA–
    
1,930,750
  
 
144,660
  
Total Tax Obligation/Limited
          
137,689,810
  
     
Transportation – 18.1% (12.6% 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–
    
9,145,650
  
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D:
              
 
4,000
  
5.000%, 11/15/34
11/20 at 100.00
  
AA–
    
4,609,120
  
 
1,560
  
5.250%, 11/15/40
11/20 at 100.00
  
AA–
    
1,799,803
  
 
6,640
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E, 5.000%, 11/15/42
No Opt. Call
  
AA–
    
7,581,818
  
 
2,000
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/31
11/23 at 100.00
  
AA–
    
2,389,400
  
 
5,425
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015A-1, 5.000%, 11/15/45
5/25 at 100.00
  
AA–
    
6,289,799
  
 
3,000
  
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
  
N/R
    
3,099,450
  
     
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 (5)
10/17 at 100.00
  
N/R
    
70,872
  
 
5,500
  
5.875%, 10/01/46 (6)
10/17 at 102.00
  
N/R
    
1,948,980
  
 
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+
    
3,242,303
  
     
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–
    
7,172,280
  
 
4,000
  
5.000%, 9/01/34
9/24 at 100.00
  
AA–
    
4,758,040
  
 
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–
    
10,288,752
  
 
1,520
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2015, Trust 2920, 16.892%, 3/16/17 – AGM Insured (IF)
No Opt. Call
  
AA
    
1,881,152
  
 
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–
    
5,765,050
  
     
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
6/16 at 100.00
  
Baa1
    
1,030,139
  
 
5,000
  
6.000%, 12/01/36
12/20 at 100.00
  
Baa1
    
5,913,650
  
 
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
  
AA–
    
936,008
  
 
5,000
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2016A, 5.000%, 11/15/41
5/26 at 100.00
  
AA–
    
5,958,700
  
 
3,500
  
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.093%, 5/15/16 (IF)
No Opt. Call
  
AA–
    
4,199,370
  
 
79,275
  
Total Transportation
          
88,080,336
  

32
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
U.S. Guaranteed – 8.1% (5.6% of Total Investments) (7)
              
$
300
  
Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23 (Pre-refunded 5/01/16)
5/16 at 100.00
  
BBB– (7)
  
$
301,146
  
 
1,000
  
Dormitory Authority of the State of New York , Revenue Bonds, NYU Hospitals Center, Refunding Series 2007A, 5.000%, 7/01/36 (Pre-refunded 7/01/17)
7/17 at 100.00
  
A3 (7)
    
1,054,770
  
 
5,000
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 (Pre-refunded 7/01/17) – AMBAC Insured
7/17 at 100.00
  
AA– (7)
    
5,271,900
  
 
2,800
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34 (Pre-refunded 11/01/16)
11/16 at 100.00
  
A (7)
    
2,874,032
  
 
3,500
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
  
A3 (7)
    
3,718,890
  
 
2,595
  
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
N/R (7)
    
2,683,282
  
 
250
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 (Pre-refunded 6/01/16) – CIFG Insured
6/16 at 100.00
  
A– (7)
    
251,883
  
     
Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
              
 
1,395
  
5.250%, 2/01/27 (Pre-refunded 2/01/17)
2/17 at 100.00
  
Aaa
    
1,450,047
  
 
1,235
  
5.500%, 2/01/32 (Pre-refunded 2/01/17)
2/17 at 100.00
  
Aaa
    
1,286,290
  
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
              
 
1,030
  
5.500%, 7/01/18 (Pre-refunded 7/01/16)
7/16 at 101.00
  
N/R (7)
    
1,053,196
  
 
675
  
5.800%, 7/01/23 (Pre-refunded 7/01/16)
7/16 at 101.00
  
N/R (7)
    
690,707
  
 
795
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
5/17 at 100.00
  
N/R (7)
    
832,286
  
 
35
  
New York City, New York, General Obligation Bonds, Fiscal 2007, Series 2006A, 5.000%, 8/01/25 (Pre-refunded 8/01/16)
8/16 at 100.00
  
N/R (7)
    
35,525
  
 
25
  
New York City, New York, General Obligation Bonds, Fiscal Series 2006J-1, 5.000%, 6/01/25 (Pre-refunded 6/01/16)
6/16 at 100.00
  
N/R (7)
    
25,190
  
 
5,550
  
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
  
AA+ (7)
    
5,911,916
  
 
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 (7)
    
562,585
  
 
1,600
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 (ETM)
No Opt. Call
  
AA+ (7)
    
1,775,456
  
 
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+ (7)
    
9,326,625
  
 
35,755
  
Total U.S. Guaranteed
          
39,105,726
  
     
Utilities – 14.1% (9.8% 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
    
3,685,605
  
 
370
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
  
BBB
    
405,394
  
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
              
 
7,300
  
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
  
AA–
    
7,356,137
  
 
5,300
  
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
  
AA–
    
5,340,598
  
 
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–
    
1,674,562
  
     
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A:
              
 
1,000
  
5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
  
AA
    
1,139,120
  
 
8,265
  
5.000%, 5/01/38
5/21 at 100.00
  
A–
    
9,141,421
  
 
1,250
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/37
No Opt. Call
  
A–
    
1,442,988
  

Nuveen Investments
  
33


NAN
Nuveen New York Dividend Advantage Municipal Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Utilities (continued)
              
$
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)
No Opt. Call
  
BB+
  
$
11,938,749
  
 
3,700
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
7/16 at 100.00
  
N/R
    
3,701,184
  
 
5,785
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/32
12/25 at 100.00
  
AAA
    
7,159,227
  
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
              
 
3,800
  
5.000%, 12/15/33
12/23 at 100.00
  
AAA
    
4,580,140
  
 
1,060
  
5.000%, 12/15/34
12/23 at 100.00
  
AAA
    
1,272,604
  
 
8,030
  
5.000%, 12/15/41
12/23 at 100.00
  
AAA
    
9,459,581
  
 
62,580
  
Total Utilities
          
68,297,310
  
     
Water and Sewer – 6.6% (4.6% of Total Investments)
              
 
4,000
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
7/20 at 100.00
  
A–
    
4,456,400
  
 
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+
    
4,797,391
  
 
5,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
6/24 at 100.00
  
AA+
    
5,958,750
  
 
3,840
  
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
4/20 at 100.00
  
AAA
    
4,335,283
  
 
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
    
11,294,982
  
 
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
    
1,182,740
  
 
27,730
  
Total Water and Sewer
          
32,025,546
  
$
651,610
  
Total Municipal Bonds (cost $643,434,440)
          
695,458,223
  
                     
 
Shares
  
Description (1)
          
Value
  
     
COMMON STOCKS – 0.7% (0.5% of Total Investments)
              
     
Airlines – 0.7% (0.5% of Total Investments)
              
 
78,264
  
American Airlines Group Inc., (8)
        
$
3,209,607
  
     
Total Common Stocks (cost $2,431,776)
          
3,209,607
  
     
Total Long-Term Investments (cost $645,866,216)
          
698,667,830
  
     
Floating Rate Obligations – (7.6)%
          
(36,730,000
 )
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (19.4)% (9)
          
(94,000,000
 )
     
Variable Rate Demand Preferred Shares, at Liquidation Preference – (18.3)% (10)
          
(89,000,000
 )
     
Other Assets Less Liabilities – 1.4%
          
6,731,017
  
     
Net Assets Applicable to Common Shares – 100%
        
$
485,668,847
  

34
  
Nuveen Investments


(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.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.750% to 2.300%.
(6)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.875% to 2.350%.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(8)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120– day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 13.5%.
(10)
Variable Rate Demand Preferred Shares, at Liquidation Preference, as a percentage of Total Investments is 12.7%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.

Nuveen Investments
  
35


NRK
    
 
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
LONG-TERM INVESTMENTS – 144.7% (100.0% of Total Investments)
              
     
MUNICIPAL BONDS – 144.7% (100.0% of Total Investments)
              
     
Consumer Staples – 7.7% (5.3% of Total Investments)
              
$
13,500
  
Erie County Tobacco Asset Securitization Corporation, New York, Settlement Backed Bonds, Series 2005A, 5.000%, 6/01/45
6/16 at 100.00
  
BB+
  
$
13,416,975
  
 
26,865
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
6/16 at 100.00
  
B
    
25,314,352
  
 
525
  
New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
6/16 at 100.00
  
A1
    
525,914
  
 
660
  
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
6/16 at 100.00
  
A1
    
660,257
  
     
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
              
 
4,770
  
5.000%, 6/01/34
6/16 at 100.00
  
B
    
4,652,944
  
 
58,315
  
5.125%, 6/01/42
6/16 at 100.00
  
B
    
55,064,519
  
 
104,635
  
Total Consumer Staples
          
99,634,961
  
     
Education and Civic Organizations – 27.3% (18.8% of Total Investments)
              
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
              
 
9,995
  
0.000%, 7/15/45
No Opt. Call
  
BBB–
    
2,578,410
  
 
29,145
  
0.000%, 7/15/47
No Opt. Call
  
BBB–
    
6,854,030
  
     
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–
    
267,795
  
 
2,535
  
5.500%, 4/01/43
4/23 at 100.00
  
BBB–
    
2,779,602
  
     
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
    
1,103,340
  
 
3,905
  
5.250%, 11/01/34
11/24 at 100.00
  
BB
    
4,234,192
  
     
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A:
              
 
1,340
  
5.000%, 4/15/33
4/23 at 100.00
  
BB+
    
1,400,488
  
 
1,935
  
5.000%, 4/15/43
4/23 at 100.00
  
BB+
    
1,997,501
  
 
3,655
  
Dobbs Ferry Local Development Corporation, New York, Revenue Bonds, Mercy College Project, Series 2014, 5.000%, 7/01/44
No Opt. Call
  
A
    
4,105,990
  
 
790
  
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
7/16 at 100.00
  
N/R
    
793,152
  
     
Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1:
              
 
1,500
  
5.500%, 7/01/24 – AMBAC Insured
No Opt. Call
  
AA–
    
1,930,350
  
 
4,000
  
5.500%, 7/01/40 – AMBAC Insured
No Opt. Call
  
AA–
    
5,485,000
  
 
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–
    
5,639,199
  
 
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–
    
1,916,225
  
 
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
  
AA–
    
5,226,075
  
 
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
  
AA–
    
7,108,920
  

36
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Education and Civic Organizations (continued)
              
     
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A:
              
$
1,685
  
5.250%, 1/01/34
7/24 at 100.00
  
BBB–
  
$
1,892,727
  
 
2,185
  
5.500%, 1/01/39
7/24 at 100.00
  
BBB–
    
2,420,565
  
 
2,820
  
5.500%, 1/01/44
7/24 at 100.00
  
BBB–
    
3,115,649
  
 
6,215
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2009A, 5.000%, 7/01/39
7/19 at 100.00
  
Aa2
    
6,883,672
  
 
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
    
5,461,835
  
 
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
    
4,333,800
  
 
14,585
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27
7/23 at 100.00
  
Aa3
    
17,529,420
  
     
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2015A:
              
 
3,095
  
5.000%, 7/01/31
No Opt. Call
  
Aa3
    
3,747,426
  
 
3,465
  
5.000%, 7/01/33
No Opt. Call
  
Aa3
    
4,154,154
  
 
2,000
  
5.000%, 7/01/34
7/25 at 100.00
  
Aa3
    
2,386,860
  
     
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
              
 
405
  
5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
  
AA–
    
426,032
  
 
1,320
  
5.000%, 7/01/37 – NPFG Insured
7/17 at 100.00
  
AA–
    
1,379,070
  
 
6,680
  
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
    
7,723,750
  
     
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
    
1,187,150
  
 
5,980
  
5.750%, 11/01/40 – AGM Insured
5/21 at 100.00
  
AA
    
6,998,813
  
 
3,000
  
Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
  
A2
    
3,246,690
  
 
12,970
  
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Series 2015A, 5.000%, 7/01/40
7/25 at 100.00
  
A–
    
14,921,077
  
 
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
    
1,101,920
  
 
875
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30
7/20 at 100.00
  
A–
    
1,000,851
  
 
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
  
AA–
    
3,627,618
  
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A:
              
 
10,000
  
5.250%, 7/01/34
7/19 at 100.00
  
AA–
    
11,273,400
  
 
3,890
  
5.000%, 7/01/39
7/19 at 100.00
  
AA–
    
4,332,099
  
 
13,500
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39
7/19 at 100.00
  
AA–
    
14,997,825
  
     
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A:
              
 
9,000
  
5.000%, 7/01/34
No Opt. Call
  
AA–
    
10,790,010
  
 
8,955
  
5.000%, 7/01/45
7/25 at 100.00
  
AA–
    
10,384,128
  
 
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
    
3,184,048
  
     
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
    
5,692,400
  
 
11,560
  
5.000%, 7/01/40
7/20 at 100.00
  
Aa1
    
13,160,829
  
     
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
    
907,992
  
 
1,500
  
5.000%, 7/01/44
7/24 at 100.00
  
A3
    
1,689,705
  

Nuveen Investments
  
37

NRK
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Education and Civic Organizations (continued)
              
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
              
$
2,500
  
5.250%, 7/01/20 – AMBAC Insured
No Opt. Call
  
A1
  
$
2,897,975
  
 
2,000
  
5.250%, 7/01/21 – AMBAC Insured
No Opt. Call
  
A1
    
2,369,460
  
     
Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph's College, Series 2010:
              
 
1,815
  
5.250%, 7/01/25
7/17 at 100.00
  
Ba1
    
1,880,195
  
 
2,000
  
5.250%, 7/01/35
7/20 at 100.00
  
Ba1
    
2,185,740
  
 
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
    
1,118,340
  
     
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–
    
2,027,117
  
 
1,785
  
5.000%, 9/01/43
9/23 at 100.00
  
A–
    
2,009,392
  
 
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
  
BBB+
    
1,619,940
  
     
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
    
368,163
  
 
350
  
5.000%, 7/01/45
7/25 at 100.00
  
BBB
    
394,107
  
     
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
    
1,128,740
  
 
1,000
  
6.375%, 1/01/39 – AGC Insured
1/19 at 100.00
  
AA
    
1,133,730
  
     
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
1/17 at 100.00
  
BB+
    
6,970,382
  
 
5,000
  
5.000%, 1/01/36 – AMBAC Insured
1/17 at 100.00
  
BB+
    
5,111,200
  
 
1,030
  
4.750%, 1/01/42 – AMBAC Insured
1/17 at 100.00
  
BB+
    
1,048,004
  
 
14,500
  
5.000%, 1/01/46 – AMBAC Insured
1/17 at 100.00
  
BB+
    
14,778,255
  
 
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
    
5,499,240
  
     
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
9/16 at 100.00
  
BBB
    
4,337,951
  
 
31,650
  
5.000%, 3/01/36 – NPFG Insured
9/16 at 100.00
  
AA–
    
32,149,754
  
 
20,210
  
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
  
BBB
    
20,474,953
  
 
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
  
A
    
3,891,436
  
     
Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A:
              
 
600
  
5.000%, 5/01/35
5/22 at 100.00
  
BBB+
    
668,376
  
 
1,000
  
5.000%, 5/01/42
5/22 at 100.00
  
BBB+
    
1,098,760
  
 
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
    
1,605,382
  
 
1,000
  
Onongada 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–
    
1,167,810
  
     
Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011:
              
 
1,390
  
5.500%, 7/01/33 – AGM Insured
1/21 at 100.00
  
A2
    
1,605,269
  
 
1,000
  
5.250%, 7/01/36 – AGM Insured
1/21 at 100.00
  
A2
    
1,143,610
  
 
4,000
  
5.375%, 7/01/41 – AGM Insured
1/21 at 100.00
  
A2
    
4,600,880
  
 
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
  
A–
    
4,164,646
  
 
347,710
  
Total Education and Civic Organizations
          
352,820,591
  

38
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Financials – 1.5% (1.1% 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
  
$
2,025,145
  
 
13,835
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
No Opt. Call
  
A
    
17,917,293
  
 
15,450
  
Total Financials
          
19,942,438
  
     
Health Care – 8.2% (5.7% of Total Investments)
              
 
1,250
  
Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist Hospital Project, Series 2014, 5.000%, 7/01/27
7/24 at 100.00
  
A–
    
1,466,363
  
 
2,460
  
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+
    
2,874,510
  
 
7,370
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
8/17 at 100.00
  
AA
    
7,765,179
  
     
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004:
              
 
9,330
  
5.000%, 8/01/29 – FGIC Insured
8/29 at 100.00
  
AA–
    
9,366,480
  
 
425
  
5.000%, 8/01/33 – FGIC Insured
8/33 at 100.00
  
AA–
    
426,526
  
 
8,035
  
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
6/16 at 100.00
  
AA–
    
8,065,935
  
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
              
 
4,345
  
6.000%, 12/01/16
No Opt. Call
  
Ba1
    
4,486,560
  
 
5,430
  
6.500%, 12/01/21
12/18 at 100.00
  
Ba1
    
6,052,278
  
 
6,780
  
6.125%, 12/01/29
12/18 at 100.00
  
Ba1
    
7,432,033
  
 
14,770
  
6.250%, 12/01/37
12/18 at 100.00
  
Ba1
    
16,197,668
  
     
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B:
              
 
3,865
  
5.250%, 7/01/27 – AGC Insured
7/17 at 100.00
  
AA
    
4,064,048
  
 
3,500
  
5.125%, 7/01/37 – AGC Insured
7/17 at 100.00
  
AA
    
3,662,050
  
 
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
5/21 at 100.00
  
A
    
4,520,360
  
 
900
  
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System Inc., Series 2010A, 5.750%, 7/01/40 – AGM Insured
7/20 at 100.00
  
A–
    
1,027,935
  
 
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
    
2,218,238
  
 
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–
    
4,326,738
  
 
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
  
BBB+
    
6,267,766
  
 
5,050
  
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
    
5,777,958
  
 
2,260
  
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2016, 5.000%, 11/01/46
11/25 at 100.00
  
BBB
    
2,556,535
  
 
5,740
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001A, 7.125%, 7/01/31
7/16 at 100.00
  
BB–
    
5,751,767
  
 
2,035
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31
6/16 at 100.00
  
BB–
    
2,039,172
  
 
98,905
  
Total Health Care
          
106,346,099
  

Nuveen Investments
  
39


NRK
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Housing/Multifamily – 0.3% (0.2% of Total Investments)
              
     
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
5/20 at 100.00
  
AA
  
$
1,117,900
  
 
1,000
  
5.000%, 5/01/45 – AGM Insured
5/20 at 100.00
  
AA
    
1,117,900
  
 
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+
    
1,113,975
  
 
450
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
  
Aa2
    
471,713
  
 
65
  
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/16 at 100.00
  
AA
    
65,199
  
 
3,555
  
Total Housing/Multifamily
          
3,886,687
  
     
Industrials – 3.2% (2.2% 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
    
40,922,180
  
     
Long-Term Care – 0.2% (0.1% of Total Investments)
              
 
800
  
Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41
2/17 at 103.00
  
AA+
    
849,584
  
 
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–
    
1,377,341
  
 
2,025
  
Total Long-Term Care
          
2,226,925
  
     
Tax Obligation/General – 6.8% (4.7% of Total Investments)
              
 
15
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 – AGC Insured
10/19 at 100.00
  
AA
    
16,894
  
 
500
  
Nassau County, New York, General Obligation Bonds, General Improvement Series, Refunding 2016A, 5.000%, 1/01/38
1/26 at 100.00
  
A+
    
579,385
  
 
210
  
Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – NPFG Insured
No Opt. Call
  
AA–
    
212,113
  
 
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
    
1,358,256
  
     
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
              
 
6,085
  
5.000%, 10/01/31
No Opt. Call
  
AA
    
7,203,727
  
 
1,000
  
5.000%, 10/01/33
10/22 at 100.00
  
AA
    
1,183,850
  
 
1,570
  
5.000%, 10/01/34
No Opt. Call
  
AA
    
1,858,645
  
 
8,665
  
New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30
No Opt. Call
  
AA
    
10,258,234
  
     
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
    
1,183,870
  
 
2,000
  
5.000%, 8/01/31
8/22 at 100.00
  
AA
    
2,361,200
  
     
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
    
6,019,350
  
 
3,400
  
5.000%, 3/01/31
3/23 at 100.00
  
AA
    
4,050,930
  
 
2,190
  
5.000%, 3/01/32
3/23 at 100.00
  
AA
    
2,599,946
  
 
1,000
  
5.000%, 3/01/33
3/23 at 100.00
  
AA
    
1,181,540
  
 
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
    
4,583,517
  
 
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
    
9,656,000
  
 
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
    
9,142,735
  
 
5
  
New York City, New York, General Obligation Bonds, Fiscal Series 2001D, 5.000%, 8/01/16 – FGIC Insured
6/16 at 100.00
  
AA
    
5,020
  
 
5
  
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 – AGM Insured
6/16 at 100.00
  
AA
    
5,020
  
     
New York City, New York, General Obligation Bonds, Series 2011D-I:
              
 
2,785
  
5.000%, 10/01/30
10/21 at 100.00
  
AA
    
3,287,275
  
 
2,880
  
5.000%, 10/01/34
No Opt. Call
  
AA
    
3,358,080
  
 
3,345
  
New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/28
No Opt. Call
  
AA
    
3,965,364
  
                     

40
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/General (continued)
              
     
Rensselaer County, New York, General Obligation Bonds, Series 1991:
              
$
960
  
6.700%, 2/15/17 – AMBAC Insured
No Opt. Call
  
AA
  
$
1,009,421
  
 
960
  
6.700%, 2/15/18 – AMBAC Insured
No Opt. Call
  
AA
    
1,063,690
  
 
960
  
6.700%, 2/15/19 – AMBAC Insured
No Opt. Call
  
AA
    
1,116,922
  
 
960
  
6.700%, 2/15/20 – AMBAC Insured
No Opt. Call
  
AA
    
1,169,059
  
 
747
  
6.700%, 2/15/21 – AMBAC Insured
No Opt. Call
  
AA
    
949,183
  
     
Rochester, New York, General Obligation Bonds, Series 1999:
              
 
735
  
5.250%, 10/01/20 – NPFG Insured
No Opt. Call
  
AA–
    
867,579
  
 
735
  
5.250%, 10/01/21 – NPFG Insured
No Opt. Call
  
AA–
    
890,034
  
 
730
  
5.250%, 10/01/22 – NPFG Insured
No Opt. Call
  
AA–
    
904,039
  
 
730
  
5.250%, 10/01/23 – NPFG Insured
No Opt. Call
  
AA–
    
922,319
  
 
730
  
5.250%, 10/01/24 – NPFG Insured
No Opt. Call
  
AA–
    
915,252
  
 
730
  
5.250%, 10/01/25 – NPFG Insured
No Opt. Call
  
AA–
    
928,728
  
 
725
  
5.250%, 10/01/26 – NPFG Insured
No Opt. Call
  
AA–
    
932,292
  
 
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
    
1,247,775
  
 
1,620
  
West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured
6/16 at 100.00
  
Aa3
    
1,626,221
  
 
74,722
  
Total Tax Obligation/General
          
88,613,465
  
     
Tax Obligation/Limited – 48.4% (33.5% of Total Investments)
              
 
1,225
  
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
7/16 at 100.00
  
N/R
    
1,230,402
  
 
90
  
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
7/16 at 100.00
  
N/R
    
90,378
  
 
680
  
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
7/16 at 100.00
  
N/R
    
683,135
  
 
6,435
  
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
7/16 at 100.00
  
AA–
    
6,463,378
  
 
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 – AGC Insured
8/19 at 100.00
  
AA
    
1,108,180
  
 
10,840
  
Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured
6/16 at 100.00
  
AA
    
10,882,493
  
 
1,000
  
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
    
1,143,170
  
 
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
    
1,105,320
  
 
2,610
  
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
    
2,751,723
  
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C:
              
 
995
  
5.000%, 3/15/34
No Opt. Call
  
AAA
    
1,149,285
  
 
24,000
  
5.000%, 3/15/41
3/21 at 100.00
  
AAA
    
27,390,240
  
     
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
No Opt. Call
  
AAA
    
8,936,633
  
 
10,000
  
5.000%, 2/15/40
No Opt. Call
  
AAA
    
11,642,100
  
     
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
    
6,077,300
  
 
10,000
  
5.000%, 2/15/30
2/24 at 100.00
  
AAA
    
12,084,800
  
 
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
    
8,091,370
  

Nuveen Investments
  
41

NRK
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/Limited (continued)
              
     
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
  
$
1,815,270
  
 
2,500
  
5.000%, 3/15/33
3/25 at 100.00
  
AAA
    
2,996,475
  
 
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
    
32,417,930
  
 
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
    
3,580,980
  
 
12,045
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A, 5.000%, 3/15/36
9/25 at 100.00
  
AAA
    
14,510,371
  
 
1,080
  
Erie County Industrial Development Agency, New York, School Facility Refunding Revenue Bonds, Buffalo City School District, Series 2013A, 5.000%, 5/01/28
5/23 at 100.00
  
AA
    
1,301,692
  
 
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
5/19 at 100.00
  
AA
    
11,252,520
  
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2008-A:
              
 
3,540
  
5.750%, 5/01/27 – AGM Insured (UB)
5/18 at 100.00
  
AA
    
3,906,355
  
 
5,000
  
5.750%, 5/01/28 – AGM Insured (UB)
5/18 at 100.00
  
AA
    
5,517,450
  
 
27,010
  
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)
5/17 at 100.00
  
AA
    
28,492,039
  
 
5,000
  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29
No Opt. Call
  
A
    
5,892,650
  
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
              
 
23,030
  
5.750%, 2/15/47
2/21 at 100.00
  
A
    
26,743,818
  
 
6,000
  
5.250%, 2/15/47
2/21 at 100.00
  
A
    
6,841,740
  
 
1,850
  
5.000%, 2/15/47 – AGM Insured
2/21 at 100.00
  
AA
    
2,095,588
  
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
              
 
51,590
  
5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
  
A
    
53,184,129
  
 
4,200
  
5.000%, 2/15/47 – AGM Insured
2/17 at 100.00
  
AA
    
4,336,458
  
 
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
    
10,008,450
  
 
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
    
1,112,050
  
 
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
    
4,357,080
  
 
560
  
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34
7/16 at 100.00
  
A–
    
561,859
  
 
10,440
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1/17 at 100.00
  
AA
    
10,764,997
  
     
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
    
6,440,310
  
 
5,360
  
5.000%, 7/15/43
1/25 at 100.00
  
AA
    
6,223,014
  
 
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
    
12,917,740
  
 
5
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 – NPFG Insured
4/16 at 100.00
  
AAA
    
5,021
  
 
1,290
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30
5/17 at 100.00
  
AAA
    
1,345,212
  
     
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
    
7,270,676
  
 
24,155
  
5.000%, 2/01/42
2/22 at 100.00
  
AAA
    
28,067,627
  

42
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Tax Obligation/Limited (continued)
              
$
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
  
$
38,037,673
  
 
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
No Opt. Call
  
AAA
    
6,139,941
  
 
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
    
15,932,928
  
     
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
    
6,022,500
  
 
3,960
  
5.000%, 8/01/35
8/24 at 100.00
  
AAA
    
4,730,022
  
     
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
              
 
10,000
  
5.500%, 11/01/35
11/20 at 100.00
  
AAA
    
11,835,700
  
 
1,000
  
5.000%, 11/01/39
11/20 at 100.00
  
AAA
    
1,146,550
  
 
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
    
9,778,103
  
     
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
    
22,339,410
  
 
4,000
  
5.750%, 4/01/41
4/21 at 100.00
  
AA–
    
4,768,120
  
 
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+
    
33,832,395
  
     
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
    
1,839,584
  
 
1,945
  
5.000%, 3/15/30
9/20 at 100.00
  
AAA
    
2,240,251
  
 
7,065
  
New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)
No Opt. Call
  
AA
    
7,708,551
  
 
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
    
14,358,472
  
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
              
 
11,000
  
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
  
AA–
    
2,164,140
  
 
13,520
  
0.000%, 8/01/42 – FGIC Insured
No Opt. Call
  
AA–
    
2,495,251
  
 
10,000
  
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
  
AA–
    
1,637,100
  
 
19,900
  
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
  
AA–
    
3,073,754
  
 
201,690
  
0.000%, 8/01/46 – NPFG Insured
No Opt. Call
  
AA–
    
29,934,830
  
 
89,130
  
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
  
Caa3
    
11,003,099
  
 
680
  
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
4/16 at 100.00
  
A3
    
682,856
  
 
852,835
  
Total Tax Obligation/Limited
          
626,490,638
  
     
Transportation – 15.8% (10.9% of Total Investments)
              
 
13,950
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/30
No Opt. Call
  
AA–
    
16,632,446
  
 
8,800
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 5.250%, 11/15/36
11/17 at 100.00
  
AA–
    
9,384,232
  
 
27,285
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40
11/20 at 100.00
  
AA–
    
31,479,250
  
 
6,090
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5.000%, 11/15/30
5/23 at 100.00
  
AA–
    
7,235,346
  
 
480
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32
5/23 at 100.00
  
AA–
    
565,368
  
 
1,900
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 5.250%, 11/15/30
11/23 at 100.00
  
AA–
    
2,322,655
  

Nuveen Investments
  
43


NRK
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Transportation (continued)
              
     
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E:
              
$
14,000
  
5.000%, 11/15/31
11/23 at 100.00
  
AA–
  
$
16,725,800
  
 
1,785
  
5.000%, 11/15/32
11/23 at 100.00
  
AA–
    
2,122,901
  
 
10,000
  
5.000%, 11/15/38
11/23 at 100.00
  
AA–
    
11,657,000
  
 
9,370
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.250%, 11/15/35
5/24 at 100.00
  
AA–
    
11,260,866
  
 
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+
    
9,163,771
  
 
3,400
  
New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured
1/18 at 100.00
  
AA–
    
3,634,668
  
     
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–
    
2,510,298
  
 
3,950
  
5.000%, 9/01/34
9/24 at 100.00
  
AA–
    
4,698,565
  
 
1,000
  
5.000%, 9/01/35
9/24 at 100.00
  
AA–
    
1,183,680
  
 
5,155
  
5.000%, 9/01/36
9/24 at 100.00
  
AA–
    
6,080,477
  
 
9,755
  
5.000%, 9/01/39
9/24 at 100.00
  
AA–
    
11,433,933
  
     
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–
    
4,146,019
  
 
6,535
  
5.000%, 5/01/31
5/25 at 100.00
  
AA–
    
7,979,823
  
 
3,595
  
5.000%, 5/01/35
5/25 at 100.00
  
AA–
    
4,298,613
  
 
10,780
  
5.000%, 5/01/45
5/25 at 100.00
  
AA–
    
12,632,435
  
 
4,185
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 16.892%, 3/16/17 – AGM Insured (IF)
No Opt. Call
  
AA
    
5,179,356
  
 
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–
    
10,709,100
  
 
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–
    
2,322,580
  
 
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
6/16 at 100.00
  
Baa1
    
2,524,850
  
 
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
  
AA–
    
6,576,055
  
 
174,525
  
Total Transportation
          
204,460,087
  
     
U.S. Guaranteed – 4.8% (3.3% of Total Investments) (4)
              
 
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 (4)
    
6,529,531
  
 
5,935
  
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
11/17 at 100.00
  
N/R (4)
    
6,374,546
  
 
4,205
  
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008D, 5.375%, 11/15/32 (Pre-refunded 11/15/17)
11/17 at 100.00
  
N/R (4)
    
4,524,916
  
 
1,000
  
Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter's Hospital, Series 2008E, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
11/17 at 100.00
  
N/R (4)
    
1,074,060
  
 
9,400
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 100.00
  
AA– (4)
    
9,940,406
  
     
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986:
              
 
425
  
7.375%, 7/01/16 (ETM)
No Opt. Call
  
Aaa
    
431,728
  
 
130
  
7.375%, 7/01/16 – BIGI Insured (ETM)
No Opt. Call
  
Aaa
    
132,058
  
 
10,000
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
  
Aa2 (4)
    
10,111,800
  

44
  
Nuveen Investments


 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
U.S. Guaranteed (4) (continued)
              
     
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
              
$
1,595
  
5.000%, 7/01/25 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 100.00
  
AA– (4)
  
$
1,682,358
  
 
5,205
  
5.000%, 7/01/37 (Pre-refunded 7/01/17) – NPFG Insured
7/17 at 100.00
  
AA– (4)
    
5,490,078
  
 
3,415
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 (Pre-refunded 7/01/17) – AMBAC Insured
7/17 at 100.00
  
AA– (4)
    
3,600,708
  
 
7,310
  
Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
N/R (4)
    
7,558,686
  
 
985
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/01/29 (Pre-refunded 10/01/19) – AGC Insured
10/19 at 100.00
  
AA (4)
    
1,125,294
  
 
2,510
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
5/17 at 100.00
  
N/R (4)
    
2,627,719
  
 
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 (4)
    
1,143,125
  
 
58,385
  
Total U.S. Guaranteed
          
62,347,013
  
     
Utilities – 12.7% (8.8% 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
    
2,579,924
  
 
3,000
  
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
10/20 at 100.00
  
AA
    
3,378,240
  
 
1,045
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
10/22 at 100.00
  
BBB
    
1,144,965
  
     
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
    
6,774,800
  
 
8,000
  
0.000%, 6/01/25 – AGM Insured
No Opt. Call
  
AA
    
6,548,640
  
 
20,000
  
0.000%, 6/01/26 – AGM Insured
No Opt. Call
  
AA
    
15,851,200
  
 
10,000
  
0.000%, 6/01/27 – AGM Insured
No Opt. Call
  
AA
    
7,626,200
  
 
15,000
  
0.000%, 6/01/28 – AGM Insured
No Opt. Call
  
AA
    
11,044,800
  
 
10,000
  
0.000%, 6/01/29 – AGM Insured
No Opt. Call
  
AA
    
7,075,300
  
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
              
 
21,830
  
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
  
AA–
    
21,997,873
  
 
12,015
  
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
  
AA–
    
12,105,353
  
 
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–
    
2,970,626
  
 
3,310
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured
5/19 at 100.00
  
AA+
    
3,760,094
  
 
5,000
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
  
A–
    
5,530,200
  
 
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
No Opt. Call
  
BB+
    
6,653,920
  
 
9,000
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/32
12/25 at 100.00
  
AAA
    
11,137,950
  
     
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
              
 
9,500
  
5.000%, 12/15/32
12/23 at 100.00
  
AAA
    
11,495,380
  
 
22,290
  
5.000%, 12/15/41
12/23 at 100.00
  
AAA
    
26,258,289
  
 
169,530
  
Total Utilities
          
163,933,754
  
     
Water and Sewer – 7.8% (5.4% 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+
    
5,979,356
  
 
5,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
6/17 at 100.00
  
AA+
    
5,232,750
  
 
12,365
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured
6/16 at 100.00
  
AAA
    
12,481,478
  
 
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+
    
4,837,212
  

Nuveen Investments
  
45


NRK
Nuveen New York AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
March 31, 2016 (Unaudited)

 
Principal
    
Optional Call
            
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
    
Value
  
     
Water and Sewer (continued)
              
$
5,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series HH, 5.000%, 6/15/39
6/25 at 100.00
  
AA+
  
$
5,909,250
  
 
10,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
6/24 at 100.00
  
AA+
    
11,917,500
  
 
22,340
  
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing Program, Green Series 2014B, 5.000%, 5/15/44
5/24 at 100.00
  
AAA
    
25,975,835
  
 
3,095
  
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Refunding Series 2012B, 5.000%, 2/15/42
2/22 at 100.00
  
AAA
    
3,507,842
  
 
3,845
  
New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds Master Financing, Series 2010C, 5.000%, 10/15/35
4/20 at 100.00
  
AAA
    
4,340,928
  
 
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
    
3,151,057
  
 
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
    
3,731,534
  
 
7,020
  
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2015A, 5.250%, 6/01/36
6/25 at 100.00
  
AAA
    
8,650,746
  
 
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
    
1,931,983
  
     
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–
    
1,537,199
  
 
1,950
  
5.000%, 4/01/45
4/25 at 100.00
  
AA–
    
2,245,659
  
 
89,105
  
Total Water and Sewer
          
101,430,329
  
$
2,029,412
  
Total Long-Term Investments (cost $1,727,335,503)
          
1,873,055,167
  
     
Borrowings – (1.2)% (5)
          
(15,000,000
 )
     
Floating Rate Obligations – (2.7)%
          
(34,325,000
 )
     
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (6.1)% (6)
          
(79,000,000
 )
     
Variable Rate Demand Preferred Shares, at Liquidation Preference – (37.8)% (7)
          
(488,800,000
 )
     
Other Assets Less Liabilities – 3.1%
          
38,820,810
  
     
Net Assets Applicable to Common Shares – 100%
        
$
1,294,750,977
  

(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.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. 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.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(5)
Borrowings as a percentage of Total Investments is 0.8%.
(6)
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 4.2%.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 26.1%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.

46
  
Nuveen Investments


Statement of
    
 
Assets and Liabilities
March 31, 2016 (Unaudited)

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Assets
                          
Long-term investments, at value (cost $145,710,745, $32,935,654, $645,866,216, and $1,727,355,503, respectively)
  
$
155,923,190
  
$
37,382,024
  
$
698,667,830
  
$
1,873,055,167
  
Cash
    
623,858
    
57,309
    
—
    
—
  
Receivable for:
                          
Interest
    
2,170,269
    
532,989
    
9,660,588
    
22,607,372
  
Investments sold
    
15,000
    
—
    
—
    
22,693,601
  
Deferred offering costs
    
—
    
—
    
1,162,505
    
2,930,762
  
Other assets
    
6,460
    
272
    
137,817
    
587,667
  
Total assets
    
158,738,777
    
37,972,594
    
709,628,740
    
1,921,874,569
  
Liabilities
                          
Borrowings
    
—
    
—
    
—
    
15,000,000
  
Cash overdraft
    
—
    
—
    
455,674
    
246,646
  
Floating rate obligations
    
3,255,000
    
—
    
36,730,000
    
34,325,000
  
Payable for:
                          
Dividends
    
449,269
    
117,865
    
1,884,194
    
4,792,553
  
Interest
    
—
    
—
    
85,704
    
21,775
  
Investments purchased
    
392,966
    
68,851
    
1,234,435
    
3,470,266
  
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference
    
—
    
—
    
—
    
79,000,000
  
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
    
—
    
—
    
94,000,000
    
—
  
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
    
—
    
—
    
89,000,000
    
488,800,000
  
Accrued expenses:
                          
Management fees
    
63,798
    
18,894
    
366,217
    
926,807
  
Directors/Trustees fees
    
1,000
    
245
    
58,275
    
243,309
  
Other
    
42,246
    
20,964
    
145,394
    
297,236
  
Total liabilities
    
4,204,279
    
226,819
    
223,959,893
    
627,123,592
  
Net assets applicable to common shares
  
$
154,534,498
  
$
37,745,775
  
$
485,668,847
  
$
1,294,750,977
  
Common shares outstanding
    
15,194,100
    
2,349,612
    
31,126,546
    
87,618,504
  
Net asset value ("NAV") per common share outstanding
  
$
10.17
  
$
16.06
  
$
15.60
  
$
14.78
  
Net assets applicable to common shares consist of:
                          
Common shares, $0.01 par value per share
  
$
151,941
  
$
23,496
  
$
311,265
  
$
876,185
  
Paid-in surplus
    
145,009,082
    
33,599,476
    
439,510,541
    
1,179,343,120
  
Undistributed (Over-distribution of) net investment income
    
764,165
    
366,079
    
1,743,125
    
1,501,382
  
Accumulated net realized gain (loss)
    
(1,603,135
)
  
(689,646
)
  
(8,697,698
)
  
(32,669,374
)
Net unrealized appreciation (depreciation)
    
10,212,445
    
4,446,370
    
52,801,614
    
145,699,664
  
Net assets applicable to common shares
  
$
154,534,498
  
$
37,745,775
  
$
485,668,847
  
$
1,294,750,977
  
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.

Nuveen Investments
  
47


Statement of
    
 
Operations
Six Months Ended March 31, 2016 (Unaudited)

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Investment Income
  
$
3,415,588
  
$
925,736
  
$
15,541,335
  
$
39,880,764
  
Expenses
                          
Management fees
    
379,524
    
111,551
    
2,157,857
    
5,473,677
  
Interest expense and amortization of offering costs
    
8,049
    
—
    
679,211
    
737,849
  
Liquidity fees
    
—
    
—
    
414,707
    
1,936,857
  
Remarketing fees
    
—
    
—
    
45,241
    
248,474
  
Custodian fees
    
13,351
    
6,737
    
35,507
    
186,879
  
Directors/Trustees fees
    
2,100
    
513
    
9,167
    
25,613
  
Professional fees
    
13,489
    
11,509
    
43,407
    
92,439
  
Shareholder reporting expenses
    
9,219
    
3,737
    
19,584
    
34,816
  
Shareholder servicing agent fees
    
10,520
    
107
    
19,842
    
27,175
  
Stock exchange listing fees
    
3,950
    
258
    
4,488
    
14,016
  
Investor relations expenses
    
8,875
    
2,365
    
26,681
    
89,776
  
Other
    
6,174
    
3,882
    
34,810
    
101,521
  
Total expenses
    
455,251
    
140,659
    
3,490,502
    
8,969,092
  
Net investment income (loss)
    
2,960,337
    
785,077
    
12,050,833
    
30,911,672
  
Realized and Unrealized Gain (Loss)
                          
Net realized gain (loss) from investments
    
100,568
    
(51,633
)
  
569,519
    
357,976
  
Change in net unrealized appreciation (depreciation) of investments
    
2,302,492
    
426,327
    
10,787,813
    
36,308,410
  
Net realized and unrealized gain (loss)
    
2,403,060
    
374,694
    
11,357,332
    
36,666,386
  
Net increase (decrease) in net assets applicable to common shares from operations
  
$
5,363,397
  
$
1,159,771
  
$
23,408,165
  
$
67,578,058
  
See accompanying notes to financial statements.

48
  
Nuveen Investments


Statement of
    
 
Changes in Net Assets
(Unaudited)

     
New York Value (NNY)
    
New York Value 2 (NYV)
  
     
Six Months
          
Six Months
        
     
Ended
    
Year Ended
    
Ended
    
Year Ended
  
     
3/31/16
    
9/30/15
    
3/31/16
    
9/30/15
  
Operations
                          
Net investment income (loss)
  
$
2,960,337
  
$
6,086,644
  
$
785,077
  
$
1,576,403
  
Net realized gain (loss) from investments
    
100,568
    
544,393
    
(51,633
)
  
169,093
  
Change in net unrealized appreciation (depreciation) of investments
    
2,302,492
    
(1,654,567
)
  
426,327
    
(369,979
)
Net increase (decrease) in net assets applicable to common shares from operations
    
5,363,397
    
4,976,470
    
1,159,771
    
1,375,517
  
Distributions to Common Shareholders
                          
From net investment income
    
(2,995,795
)
  
(5,926,075
)
  
(740,128
)
  
(1,504,692
)
From accumulated net realized gains
    
—
    
—
    
—
    
—
  
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(2,995,795
)
  
(5,926,075
)
  
(740,128
)
  
(1,504,692
)
Capital Share Transactions
                          
Common shares:
                          
Issued in reorganizations
    
—
    
—
    
—
    
—
  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    
29,680
    
—
              
Cost of shares repurchased and retired
    
—
    
—
    
—
    
—
  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
29,680
    
—
    
—
    
—
  
Net increase (decrease) in net assets applicable to common shares
    
2,397,282
    
(949,605
)
  
419,643
    
(129,175
)
Net assets applicable to common shares at the beginning of period
    
152,137,216
    
153,086,821
    
37,326,132
    
37,455,307
  
Net assets applicable to common shares at the end of period
  
$
154,534,498
  
$
152,137,216
  
$
37,745,775
  
$
37,326,132
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
764,165
  
$
799,623
  
$
366,079
  
$
321,130
  
See accompanying notes to financial statements.

Nuveen Investments
  
49


Statement of Changes in Net Assets (Unaudited) (continued)

     
New York
    
New York
  
     
Dividend Advantage (NAN)
    
AMT-Free Income (NRK)
  
     
Six Months
          
Six Months
        
     
Ended
    
Year Ended
    
Ended
    
Year Ended
  
     
3/31/16
    
9/30/15
    
3/31/16
    
9/30/15
  
Operations
                          
Net investment income (loss)
  
$
12,050,833
  
$
11,559,607
  
$
30,911,672
  
$
63,070,156
  
Net realized gain (loss) from investments
    
569,519
    
586,154
    
357,976
    
1,083,403
  
Change in net unrealized appreciation (depreciation) of investments
    
10,787,813
    
3,901,878
    
36,308,410
    
(2,701,209
)
Net increase (decrease) in net assets applicable to common shares from operations
    
23,408,165
    
16,047,639
    
67,578,058
    
61,452,350
  
Distributions to Common Shareholders
                          
From net investment income
    
(12,491,084
)
  
(11,536,032
)
  
(30,754,096
)
  
(64,022,841
)
From accumulated net realized gains
    
(90,267
)
  
—
              
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(12,581,351
)
  
(11,536,032
)
  
(30,754,096
)
  
(64,022,841
)
Capital Share Transactions
                          
Common shares:
                          
Issued in reorganizations
    
—
    
328,084,633
    
—
    
—
  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
                          
Cost of shares repurchased and retired
    
—
    
(33,525
)
  
—
    
—
  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
—
    
328,051,108
    
—
    
—
  
Net increase (decrease) in net assets applicable to common shares
    
10,826,814
    
332,562,715
    
36,823,962
    
(2,570,491
)
Net assets applicable to common shares at the beginning of period
    
474,842,033
    
142,279,318
    
1,257,927,015
    
1,260,497,506
  
Net assets applicable to common shares at the end of period
  
$
485,668,847
  
$
474,842,033
  
$
1,294,750,977
  
$
1,257,927,015
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
1,743,125
  
$
2,183,376
  
$
1,501,382
  
$
1,343,806
  
See accompanying notes to financial statements.

50
  
Nuveen Investments


Statement of
    
 
Cash Flows
Six Months Ended March 31, 2016 (Unaudited)

     
New York
    
New York
  
     
Dividend
    
AMT-Free
  
     
Advantage
    
Income
  
     
(NAN
)
  
(NRK
)
Cash Flows from Operating Activities:
              
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  
$
23,408,165
  
$
67,578,058
  
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
    
(27,451,225
)
  
(79,007,823
)
Proceeds from sales and maturities of investments
    
28,171,008
    
87,250,142
  
Taxes paid
    
(3,115
)
  
(524
)
Amortization (Accretion) of premiums and discounts, net
    
1,249,723
    
1,396,542
  
Amortization of deferred offering costs
    
53,132
    
153,737
  
(Increase) Decrease in:
              
Receivable for interest
    
45,423
    
449,701
  
Receivable for investments sold
    
8,005,000
    
(21,379,594
)
Other assets
    
(11,330
)
  
6,388
  
Increase (Decrease) in:
              
Payable for interest
    
10,761
    
21,775
  
Payable for investments purchased
    
(2,502,270
)
  
3,470,266
  
Accrued management fees
    
15,072
    
37,727
  
Accrued Directors/Trustees fees
    
1,859
    
1,532
  
Accrued professional fees
    
(23,622
)
  
(27,058
)
Accrued reorganization expenses
    
(155,833
)
  
—
  
Accrued other expenses
    
58,361
    
(11,324
)
Net realized (gain) loss from investments
    
(569,519
)
  
(357,976
)
Change in net unrealized appreciation (depreciation) of investments
    
(10,787,813
)
  
(36,308,410
)
Net cash provided by (used in) operating activities
    
19,513,777
    
23,273,159
  
Cash Flows from Financing Activities:
              
Proceeds from borrowings
    
—
    
15,000,000
  
Increase (Decrease) in:
              
Cash overdraft
    
(6,925,967
)
  
246,646
  
Floating rate obligations
    
—
    
(10,655,000
)
Cash distribution paid to common shareholders
    
(12,587,810
)
  
(30,746,606
)
Net cash provided by (used in) financing activities
    
(19,513,777
)
  
(26,154,960
)
Net Increase (Decrease) in Cash
    
—
    
(2,881,801
)
Cash at the beginning of period
    
—
    
2,881,801
  
Cash at the end of period
    
—
    
—
  

     
New York
    
New York
  
     
Dividend
    
AMT-Free
  
     
Advantage
    
Income
  
Supplemental Disclosure of Cash Flow Information
    
(NAN
)
  
(NRK
)
Cash paid for interest (excluding amortization of offering costs)
  
$
615,302
  
$
562,338
  
See accompanying notes to financial statements.

Nuveen Investments
  
51


Financial
  
 
Highlights (Unaudited)
Selected data for a common share outstanding throughout each period:

       
Investment Operations
  
Less Distributions to
Common Shareholders
  
Common Share
  
   
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
)
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  
Total
  
Ending
NAV
  
Ending
Share
Price
  
New York Value (NNY)
                                            
Year Ended 9/30:
                                            
2016(d)
  
$
10.01
  
$
0.19
  
$
0.17
  
$
0.36
  
$
(0.20
)
$
—
  
$
(0.20
)
$
10.17
  
$
10.10
  
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
  
2012
    
9.93
    
0.42
    
0.48
    
0.90
    
(0.42
)
  
—
    
(0.42
)
  
10.41
    
10.55
  
2011
    
10.02
    
0.43
    
(0.08
)
  
0.35
    
(0.43
)
  
(0.01
)
  
(0.44
)
  
9.93
    
9.47
  
                                                         
New York Value 2 (NYV)
                                            
Year Ended 9/30:
                                            
2016(d)
    
15.89
    
0.34
    
0.15
    
0.49
    
(0.32
)
  
—
    
(0.32
)
  
16.06
    
15.70
  
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
  
2012
    
15.36
    
0.72
    
0.95
    
1.67
    
(0.67
)
  
—
    
(0.67
)
  
16.36
    
16.33
  
2011
    
16.10
    
0.75
    
(0.74
)
  
0.01
    
(0.75
)
  
—
    
(0.75
)
  
15.36
    
14.13
  

(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.

52
  
Nuveen Investments

       
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)
                                   
                                   
 
3.60
%
  
6.08
%
$
154,534
    
0.59
%*
  
3.87
%*
  
4
%
 
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
  
 
9.23
    
16.11
    
157,979
    
0.65
    
4.14
    
10
  
 
3.62
    
0.39
    
150,555
    
0.65
    
4.40
    
10
  
                                   
                                   
 
3.08
    
7.91
    
37,746
    
0.75
*
  
4.17
*
  
6
  
 
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
  
 
11.12
    
20.74
    
38,434
    
0.75
    
4.55
    
10
  
 
0.27
    
(3.15
)
  
36,040
    
0.77
    
4.99
    
18
  

(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, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:

New York Value (NNY)
        
Year Ended 9/30:
        
2016(d)
    
0.01
%*
2015
    
0.01
  
2014
    
0.01
  
2013
    
0.01
  
2012
    
0.01
  
2011
    
0.01
  

New York Value 2 (NYV)
        
Year Ended 9/30:
        
2016(d)
    
—
%
2015
    
—
  
2014
    
—
  
2013
    
—
  
2012
    
—
  
2011
    
—
  

(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 six months ended March 31, 2016.
*
Annualized.
See accompanying notes to financial statements.

Nuveen Investments
  
53

Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:

       
Investment Operations
  
Less Distributions to
Common Shareholders
  
Common Share
  
   
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  
Distributions
from Net
Investment
Income to
ARPS
Share-
holders
 (a)
Distributions
from Accumu-
lated Net
Realized
Gains to
ARPS
Share-
holders
 (a)
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated
Net
Realized
Gains
  
Total
  
Discount
per
Share
Repur-
chased
and
Retired
  
Ending
NAV
  
Ending
Share
Price
  
New York Dividend Advantage (NAN)
                                                        
Year Ended 9/30:
                                                        
2016(g)
  
$
15.26
  
$
0.39
  
$
0.35
  
$
—
  
$
—
  
$
0.74
  
$
(0.40
)
$
—
 * 
$
(0.40
)
$
—
  
$
15.60
  
$
14.74
  
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
  
2012
    
15.01
    
0.73
    
1.19
    
—
    
—
    
1.92
    
(0.79
)
  
(0.01
)
  
(0.80
)
  
—
    
16.13
    
16.00
  
2011
    
15.17
    
0.76
    
(0.10
)
  
—
 *   
—
    
0.66
    
(0.79
)
  
(0.03
)
  
(0.82
)
  
—
    
15.01
    
13.70
  
                                                                           
New York AMT-Free Income (NRK)
                                                        
Year Ended 9/30:
                                                        
2016(g)
    
14.36
    
0.35
    
0.42
    
—
    
—
    
0.77
    
(0.35
)
  
—
    
(0.35
)
  
—
    
14.78
    
13.44
  
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
  
2012
    
15.03
    
0.66
    
0.46
    
—
    
—
    
1.12
    
(0.70
)
  
(0.01
)
  
(0.71
)
  
—
    
15.44
    
15.29
  
2011
    
15.36
    
0.65
    
(0.24
)
  
—
    
—
    
0.41
    
(0.74
)
  
—
    
(0.74
)
  
—
    
15.03
    
13.86
  

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
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.

54
  
Nuveen Investments


       
Common Share Supplemental Data/
Ratios Applicable to Common Shares
  
 
Common Share
Total Returns
          
Ratios to Average Net Assets
Before Reimbursement(c)
    
Ratios to Average Net Assets
After Reimbursement(c)(d)
        
       
Based
                                      
 
Based
    
on
    
Ending
          
Net
          
Net
    
Portfolio
  
 
on
    
Share
    
Net
          
Investment
          
Investment
    
Turnover
  
 
NAV
(b)
  
Price
(b)
  
Assets (000
)
  
Expenses
(e)
  
Income (Loss
)
  
Expenses
(e)
  
Income (Loss
)
  
Rate
(f)
                                               
                                               
 
4.93
%
  
12.99
%
$
485,669
    
1.45
%**
  
5.02
%**
  
N/A
    
N/A
    
4
%
 
4.47
    
6.53
    
474,842
    
1.70
    
4.71
    
N/A
    
N/A
    
17
  
 
12.79
    
9.29
    
142,279
    
2.55
    
4.54
    
N/A
    
N/A
    
20
  
 
(6.48
)
  
(14.81
)
  
132,767
    
2.35
    
4.51
    
N/A
    
N/A
    
14
  
 
13.05
    
23.20
    
149,417
    
2.37
    
4.71
    
N/A
    
N/A
    
9
  
 
4.75
    
0.98
    
139,060
    
2.42
    
5.26
    
N/A
    
N/A
    
10
  
                                               
                                               
 
5.42
    
9.65
    
1,294,751
    
1.40
**
  
4.85
**
  
N/A
    
N/A
    
4
  
 
4.98
    
4.06
    
1,257,927
    
1.43
    
5.01
    
N/A
    
N/A
    
18
  
 
12.48
    
11.53
    
1,260,498
    
1.57
    
5.50
    
N/A
    
N/A
    
25
  
 
(7.40
)
  
(15.46
)
  
1,189,197
    
1.77
    
5.26
    
N/A
    
N/A
    
27
  
 
7.63
    
15.78
    
54,140
    
2.82
    
4.35
    
N/A
    
N/A
    
15
  
 
2.91
    
(0.81
)
  
52,694
    
2.91
    
4.44
    
2.89
    
4.47
    
6
  

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of November 30, 2010, the Adviser is no longer reimbursing New York AMT-Free Income (NRK) for any fees or expenses.
(e)
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:

New York Dividend Advantage (NAN)
        
Year Ended 9/30:
        
2016(g)
    
0.47
%**
2015
    
0.50
  
2014
    
1.20
  
2013
    
1.26
  
2012
    
1.27
  
2011
    
1.27
  

New York AMT-Free Income (NRK)
        
Year Ended 9/30:
        
2016(g)
    
0.46
%**
2015
    
0.48
  
2014
    
0.58
  
2013
    
0.70
  
2012
    
1.59
  
2011
    
1.66
  

(f)
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.
(g)
For the six months ended March 31, 2016.
N/A
Fund does not have or no longer has a contractual reimbursement with the Adviser.
**
Annualized.
See accompanying notes to financial statements.

Nuveen Investments
  
55


Financial Highlights (Unaudited) (continued)

   
iMTP Shares
at the End of Period
  
MTP Shares
at the End of Period(a)
  
VMTP Shares
at the End of Period
  
VRDP Shares
at the End of Period
  
iMTP, MTP, VMTP and/or VRDP Shares at the End of Period
  
                                                     
Asset
  
     
Aggregate
    
Asset
    
Aggregate
    
Asset
    
Aggregate
    
Asset
    
Aggregate
    
Asset
    
Coverage
  
     
Amount
    
Coverage
    
Amount
    
Coverage
    
Amount
    
Coverage
    
Amount
    
Coverage
    
Per $1
  
   
Outstanding
    
Per $5,000
  
Outstanding
    
Per $10
  
Outstanding
  
Per $100,000
  
Outstanding
  
Per $100,000
  
Liquidation
  
     
(000
)
  
Share
    
(000
)
  
Share
    
(000
)
  
Share
    
(000
)
  
Share
    
Preference
  
New York Dividend Advantage (NAN)
                                            
Year Ended 9/30:
                                            
2016(b)
  
$
—
  
$
—
  
$
—
  
$
—
  
$
94,000
  
$
365,393
  
$
89,000
  
$
365,393
  
$
3.65
  
2015
    
—
    
—
    
—
    
—
    
94,000
    
359,477
    
89,000
    
359,477
    
3.59
  
2014
    
—
    
—
    
—
    
—
    
56,000
    
354,070
    
—
    
—
    
—
  
2013
    
—
    
—
    
55,360
    
33.98
    
—
    
—
    
—
    
—
    
—
  
2012
    
—
    
—
    
55,360
    
36.99
    
—
    
—
    
—
    
—
    
—
  
2011
    
—
    
—
    
55,360
    
35.12
    
—
    
—
    
—
    
—
    
—
  
                                                         
New York AMT-Free Income (NRK)
                                            
Year Ended 9/30:
                                            
2016(b)
    
79,000
    
16,401
    
—
    
—
    
—
    
—
    
488,800
    
328,029
    
3.28
  
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
  
2012
    
—
    
—
    
27,680
    
29.56
    
—
    
—
    
—
    
—
    
—
  
2011
    
—
    
—
    
27,680
    
29.04
    
—
    
—
    
—
    
—
    
—
  

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
    
2013
    
2012
    
2011
  
New York Dividend Advantage (NAN)
                          
Series 2015 (NAN PRC)
                          
Ending Market Value per Share
  
$
—
  
$
10.09
  
$
10.08
  
$
10.09
  
Average Market Value per Share
    
10.04
ΩΩ
  
10.09
    
10.11
    
10.08
  
Series 2016 (NAN PRD)
                          
Ending Market Value per Share
    
—
    
10.02
    
10.09
    
10.06
  
Average Market Value per Share
    
10.05
ΩΩ
  
10.10
    
10.11
    
9.95
Ω
                           
New York AMT-Free Income (NRK)
                          
Series 2015 (NRK PRC)
                          
Ending Market Value per Share
    
—
    
10.01
    
10.14
    
10.10
  
Average Market Value per Share
    
10.04
ΩΩ
  
10.07
    
10.10
    
10.06
  

(b)
For the six months ended March 31, 2016.
Ω
For the period December 13, 2010 (first issuance date of shares) through September 30, 2011.
ΩΩ
For the period October 1, 2013 through June 13, 2014.
See accompanying notes to financial statements.

56
  
Nuveen Investments


Notes to Financial Statements (Unaudited)
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") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):

 
•
Nuveen New York Municipal Value Fund, Inc. (NNY) ("New York Value (NNY)")
 
•
Nuveen New York Municipal Value Fund 2 (NYV) ("New York Value 2 (NYV)")
 
•
Nuveen New York Dividend Advantage Municipal Fund (NAN) ("New York Dividend Advantage (NAN)")
 
•
Nuveen New York AMT-Free Municipal Income Fund (NRK) ("New York AMT-Free Income (NRK)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for New York Municipal Value 2 (NYV)), closed-end management investment companies. Common shares of New York Value (NNY), New York Dividend Advantage (NAN), and New York AMT-Free Income (NRK) are traded on the NYSE while common shares of New York Value 2 (NYV) are traded on the NYSE MKT. New York Value (NNY) was incorporated under the state laws of Minnesota on July 14, 1987. New York Value 2 (NYV), New York Dividend Advantage (NAN) and New York AMT-Free Income (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 March 31, 2016, and the period covered by these Notes to Financial Statements is the six months ended March 31, 2016 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund's overall investment strategy and 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 New York AMT-Free Income (NRK) the alternative minimum tax 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 Funds did not have any when-issued/delayed delivery purchase commitments.
Investment Income
Investment 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 paydown gains and losses, if any.

Nuveen Investments
  
57


Notes to Financial Statements (Unaudited) (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 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.
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 with 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 reporting 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).

58
  
Nuveen Investments


Prices of fixed income securities are provided by an independent pricing service approved by the Funds' Board of Directors/Trustees (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 priority of the significant inputs.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price 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 priority 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:

New York Value (NNY)
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
155,923,190
  
$
—
  
$
155,923,190
  
                           
New York Value 2 (NYV)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
37,382,024
  
$
—
  
$
37,382,024
  
                           
New York Dividend Advantage (NAN)
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
695,458,223
  
$
—
  
$
695,458,223
  
Common Stocks
    
3,209,607
    
—
    
—
    
3,209,607
  
Total
  
$
3,209,607
  
$
695,458,223
  
$
—
  
$
698,667,830
  
                           
New York AMT-Free Income (NRK)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
1,873,055,167
  
$
—
  
$
1,873,055,167
  

*
Refer to the Fund's Portfolio of Investments for industry classifications.
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.

Nuveen Investments
  
59


Notes to Financial Statements (Unaudited) (continued)
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.

60
  
Nuveen Investments


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:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
Floating Rate Obligations Outstanding
    
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Floating rate obligations: self-deposited Inverse Floaters
  
$
3,255,000
  
$
—
  
$
36,730,000
  
$
34,325,000
  
Floating rate obligations: externally-deposited Inverse Floaters
    
975,000
    
2,000,000
    
29,480,000
    
12,555,000
  
Total
  
$
4,230,000
  
$
2,000,000
  
$
66,210,000
  
$
46,880,000
  
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:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
Self-Deposited Inverse Floaters
    
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Average floating rate obligations outstanding
  
$
3,255,000
  
$
—
  
$
36,730,000
  
$
43,162,104
  
Average annual interest rate and fees
    
0.49
%
  
—
%
  
0.60
%
  
0.43
%
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" or "credit recovery swap") (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.

Nuveen Investments
  
61


Notes to Financial Statements (Unaudited) (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:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
Floating Rate Obligations — Recourse Trusts
    
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
  
$
—
  
$
—
  
$
—
  
$
—
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
    
975,000
    
2,000,000
    
21,180,000
    
12,555,000
  
Total
  
$
975,000
  
$
2,000,000
  
$
21,180,000
  
$
12,555,000
  
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 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.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
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.
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period were as follows:

     
New York Value (NNY)
    
New York Value 2 (NYV)
  
     
Six Months
    
Year
    
Six Months
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
3/31/16
    
9/30/15
    
3/31/16
    
9/30/15
  
Common shares:
                          
Issued to shareholders due to reinvestment of distributions
    
2,935
    
—
    
—
    
—
  

62
  
Nuveen Investments


     
New York
Dividend Advantage (NAN)
    
New York
AMT-Free Income (NRK)
  
     
Six Months
    
Year
    
Six Months
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
3/31/16
    
9/30/15
    
3/31/16
    
9/30/15
  
Common shares:
                          
Issued in reorganizations
    
—
    
21,863,716
    
—
    
—
  
Issued to shareholders due to reinvestment of distributions
    
—
    
—
    
—
    
—
  
Repurchased and retired
    
—
    
(2,500
)
  
—
    
—
  
Total
    
—
    
21,861,216
    
—
    
—
  
Weighted average common share:
                          
Price per share repurchased and retired
    
—
  
$
13.39
    
—
    
—
  
Discount per share repurchased and retired
    
—
    
14.44
%
  
—
    
—
  
Preferred Shares
Institutional MuniFund Term Preferred Shares
The following Fund has issued and has 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.
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:

           
Shares
    
Liquidation
  
Fund
    
Series
  
Outstanding
    
Preference
  
New York AMT-Free Income (NRK)
    
2017
    
15,800
  
$
79,000,000
  
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for approximately one year following the date of issuance, at which point the Fund may redeem at its option ("Optional Redemption Date") and any date thereafter. The Fund may be obligated to redeem a certain amount of iMTP 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 redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Term Redemption Date and Optional Redemption Date for the Fund's iMTP Shares are as follows:

           
Term
    
Optional
  
Fund
    
Series
    
Redemption Date
    
Redemption Date
  
New York AMT-Free Income (NRK)
    
2017
    
October 1, 2017
    
April 1, 2015
  
The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

     
New York
  
     
AMT-Free
  
     
Income
  
     
(NRK
)
Average liquidation preference of iMTP Shares outstanding
  
$
79,000,000
  
Annualized dividend rate
    
0.65
%
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 "Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.

Nuveen Investments
  
63


Notes to Financial Statements (Unaudited) (continued)
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 "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 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
  
New York Dividend Advantage (NAN)
    
2017
    
940
  
$
94,000,000
  
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
  
New York Dividend Advantage (NAN)
    
2017
    
July 1, 2017
    
June 30, 2015
  
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

     
New York
  
     
Dividend
  
     
Advantage
  
     
(NAN
)
Average liquidation preference of VMTP Shares outstanding
  
$
94,000,000
  
Annualized dividend rate
    
0.98
%
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 "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" 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 charge, which are amortized over the life of the shares and are recognized as components 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.

64
  
Nuveen Investments


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
  
New York Dividend Advantage (NAN)
    
1
    
890
  
$
89,000,000
    
March 1, 2040
  
New York AMT-Free Income (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
  
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 value 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:

     
New York
    
New York
  
     
Dividend
    
AMT-Free
  
     
Advantage
    
Income
  
     
(NAN
)
  
(NRK
)
Average liquidation preference of VRDP Shares outstanding
  
$
89,000,000
  
$
488,800,000
  
Annualized dividend rate
    
0.12
%
  
0.10
%
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" 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 "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
September 30, 2015
  
     
Series
    
Shares
    
Amount
  
New York Dividend Advantage (NAN)
                    
VMTP Shares issued in connection with the reorganization
    
2017
    
380
  
$
38,000,000
  

Transactions in VRDP Shares for the Funds, where applicable, were as follows:

     
Year Ended
September 30, 2015
  
     
Series
    
Shares
    
Amount
  
New York Dividend Advantage (NAN)
                    
VRDP Shares issued in connection with the reorganization
    
1
    
890
  
$
89,000,000
  

Nuveen Investments
  
65


Notes to Financial Statements (Unaudited) (continued)
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Purchases
  
$
7,567,775
  
$
2,173,556
  
$
27,451,225
  
$
79,007,823
  
Sales and maturities
    
6,174,318
    
2,092,830
    
28,171,008
    
87,250,142
  
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 New York AMT-Free Income (NRK) the alternative minimum tax 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.
As of March 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Cost of investments:
  
$
142,084,154
  
$
32,613,209
  
$
607,835,992
  
$
1,678,401,175
  
Gross unrealized:
                          
Appreciation
  
$
11,356,108
  
$
5,194,765
  
$
57,265,212
  
$
174,628,712
  
Depreciation
    
(773,858
)
  
(425,950
)
  
(3,163,361
)
  
(14,300,236
)
Net unrealized appreciation (depreciation) of investments
  
$
10,582,250
  
$
4,768,815
  
$
54,101,851
  
$
160,328,476
  
Permanent differences, primarily due to federal taxes paid, taxable market discount, tender option bond adjustments, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments resulted in reclassifications among the Funds' components of common share net assets as of September 30, 2015, the Funds' last tax year end, as follows:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Paid-in-surplus
  
$
1
  
$
—
  
$
6,149,866
  
$
(12,809,787
)
Undistributed (Over-distribution of) net investment income
    
(94,773
)
  
1
    
1,291,197
    
223,118
  
Accumulated net realized gain (loss)
    
94,772
    
(1
)
  
(7,441,063
)
  
12,586,669
  

66
  
Nuveen Investments


The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of September 30, 2015, the Funds' last tax year end, were as follows:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Undistributed net tax-exempt income1
  
$
922,825
  
$
150,762
  
$
3,851,211
  
$
4,261,579
  
Undistributed net ordinary income2
    
32,650
    
—
    
77,001
    
—
  
Undistributed net long-term capital gains
    
—
    
—
    
96,506
    
—
  

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2015, and paid on October 1, 2015.
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' last tax year ended September 30, 2015, was designated for purposes of the dividends paid deduction as follows:

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Distributions from net tax-exempt income
  
$
5,924,479
  
$
1,478,603
  
$
10,725,526
  
$
65,503,448
  
Distributions from net ordinary income2
    
1,596
    
26,089
    
—
    
118,709
  
Distributions from net long-term capital gains
    
—
    
—
    
—
    
—
  

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of September 30, 2015, the Funds' last tax year end, the Funds had unused capital losses carrying forward available for federal tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)3
  
(NRK
)
Capital loss carryforwards – not subject to expiration
  
$
1,703,703
  
$
638,013
  
$
9,411,847
  
$
32,991,252
  

3
A portion of New York Dividend Advantage's (NAN) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components — a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for New York Value (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.
New York Value (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.

Nuveen Investments
  
67


Notes to Financial Statements (Unaudited) (continued)
The annual Fund-level fee, payable monthly, for each Fund (excluding New York Value (NNY)) is calculated according to the following schedules:

     
New York Value 2 (NYV)
Average Daily Net Assets*
    
Fund-Level Fee 
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 managed assets over $2 billion
    
0.3375
  

     
New York Dividend Advantage (NAN)
     
New York AMT-Free Income (NRK)
Average Daily Managed Assets*
    
Fund-Level Fee
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 managed assets over $2 billion
    
0.3750
  
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 New York Value (NNY) and New York Value 2 (NYV)):

Complex-Level Managed Asset Breakpoint Level*
    
Effective 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 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 March 31, 2016, the complex-level fee for each Fund was 0.1632%.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board 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.

68
  
Nuveen Investments


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 did not engage in inter-fund trades pursuant to these procedures.
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. On December 31, 2015, the Funds utilized the following amounts of the Unsecured Credit Line, each at an annualized interest rate of 1.68% on their respective outstanding balance.

                 
New York
    
New York
  
     
New York
    
New York
    
Dividend
    
AMT-Free
  
     
Value
    
Value 2
    
Advantage
    
Income
  
     
(NNY
)
  
(NYV
)
  
(NAN
)
  
(NRK
)
Outstanding balance at December 31, 2015
  
$
129,569
  
$
15,179
  
$
3,923,178
  
$
5,036,327
  
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, $2.53 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 2016 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 1.25% per annum or (b) the Fed Funds rate plus 1.25% 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, New York AMT-Free Income (NRK) utilized this facility. The Fund's average daily balance outstanding and average annual interest rate during the utilization period were $15,000,000 and 1.69%, respectively. Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities. None of the other Funds utilized this facility during the current fiscal period.

Nuveen Investments
  
69


Additional Fund Information

Board of Directors/Trustees

William Adams IV*
  
Jack B. Evans
  
William C. Hunter
  
David J. Kundert
  
John K. Nelson
  
William J. Schneider
Thomas S. Schreier, Jr.**
  
Judith M. Stockdale
  
Carole E. Stone
  
Terence J. Toth
  
Margaret L. Wolff
    
                     

*
Interested Board Member.
**
Interested Board Member and will retire from the Funds' Board of Directors/Trustees effective May 31, 2016.
   

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
  
State Street Bank
Chicago, IL 60606
  
Boston, MA 02111
      
Chicago, IL 60601
  
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(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 Investments 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 Investments 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 programs, 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.

70
  
Nuveen Investments


Glossary of Terms Used in this Report

■
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.
   
■
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.
   
■
Lipper New York Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
■
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.

Nuveen Investments
  
71


Glossary of Terms Used in this Report (continued)

■
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.

72
  
Nuveen Investments


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.

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Notes

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Notes

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Nuveen Investments:
                        Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments 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 helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments 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 Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com

ESA-A-0316D 16361-INV-B-05/17


 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(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 to this filing.

(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: See 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: See Ex-99.906 CERT attached hereto.


 
 
 
 
SIGNATURES

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

(Registrant) Nuveen New York AMT-Free Municipal Income Fund

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

Date: June 6, 2016
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: June 6, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: June 6, 2016