AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Preview not available for this file type.

Download Source File

N-Q 1 nq2.htm NRK nq2.htm Licensed to: fgs Document Created using EDGARizerAgent 5.4.5.0 Copyright 1995 - 2013 Thomson Reuters. All rights reserved.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 6/30/14

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments

Portfolio of Investments (Unaudited)
Nuveen New York AMT-Free Municipal Income Fund (NRK)
June 30, 2014
Principal Amount (000) Description (1) Optional Call Provisions (2) Ratings (3) Value
LONG-TERM INVESTMENTS – 154.0% (100.0% of Total Investments)
MUNICIPAL BONDS – 154.0% (100.0% of Total Investments)
Consumer Staples – 3.2% (2.1% of Total Investments)
$ 6,300 Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 6/16 at 100.00 B $ 5,177,340
Series 2006A-3, 5.000%, 6/01/35
680 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 12/14 at 100.00 A1 679,952
5.250%, 6/01/25
1,165 New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 9/14 at 100.00 A1 1,165,384
5.750%, 6/01/33
40,120 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42 6/16 at 100.00 B 32,833,004
48,265 Total Consumer Staples 39,855,680
Education and Civic Organizations – 27.9% (18.1% 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– 1,878,061
28,815 0.000%, 7/15/47 No Opt. Call BBB– 4,954,451
Build NYC 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– 253,945
2,535 5.500%, 4/01/43 4/23 at 100.00 BBB– 2,624,435
1,030 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. 7/14 at 100.00 N/R 1,034,058
Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
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– 1,897,620
4,000 5.500%, 7/01/40 – AMBAC Insured No Opt. Call AA– 4,960,680
9,400 Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 7/17 at 100.00 AA– 9,893,782
Series 2007A, 5.250%, 7/01/32 – NPFG Insured
4,990 Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 7/23 at 100.00 A– 5,433,012
Series 2013A, 5.000%, 7/01/44
4,265 Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of No Opt. Call AA– 4,857,579
Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
6,000 Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of No Opt. Call AA– 6,921,420
Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and
University System, Series 2014A:
1,685 5.250%, 1/01/34 7/24 at 100.00 N/R 1,837,644
2,185 5.500%, 1/01/39 7/24 at 100.00 N/R 2,395,416
2,820 5.500%, 1/01/44 7/24 at 100.00 N/R 3,070,021
6,660 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/15 at 100.00 Aa2 6,922,804
Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
10,000 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/16 at 100.00 Aa2 10,643,000
Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured
6,215 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/19 at 100.00 Aa2 6,629,168
Facilities, Series 2009A, 5.000%, 7/01/39
4,750 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/21 at 100.00 Aa2 5,156,885
Facilities, Series 2011A, 5.000%, 7/01/41
3,750 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/22 at 100.00 Aa2 4,124,550
Facilities, Series 2012A, 5.000%, 7/01/37
14,585 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/23 at 100.00 Aa3 16,828,173
Facilities, Series 2013A, 5.000%, 7/01/27
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A:
2,000 5.000%, 7/01/25 – FGIC Insured 7/17 at 100.00 AA– 2,195,860
6,525 5.000%, 7/01/37 – FGIC Insured 7/17 at 100.00 AA– 6,869,259
1,150 Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 7/15 at 100.00 A3 1,168,791
5.000%, 7/01/21 – NPFG Insured
9,180 Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 4/21 at 100.00 AAA 10,167,125
2011A, 5.000%, 10/01/41
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 1,120,730
5,980 5.750%, 11/01/40 – AGM Insured 5/21 at 100.00 AA 6,716,078
3,000 Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 7/18 at 100.00 A2 3,268,110
5.000%, 7/01/38 – AGC Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, 7/19 at 100.00 Baa2 1,044,870
Series 2009, 5.250%, 7/01/29
875 Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 7/20 at 100.00 A– 965,475
2010, 5.250%, 7/01/30
3,250 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series No Opt. Call AA– 3,892,428
1998A, 6.000%, 7/01/18 – NPFG Insured
3,415 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 7/17 at 100.00 AA– 3,771,594
5.000%, 7/01/32 – AMBAC Insured
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– 11,384,300
3,890 5.000%, 7/01/39 7/19 at 100.00 AA– 4,386,714
13,500 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 7/19 at 100.00 AA– 15,223,815
2009B, 5.000%, 7/01/39
3,115 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 7/22 at 100.00 AA– 3,492,912
2012A, 5.000%, 7/01/32
2,800 Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell 7/20 at 100.00 Aa1 3,172,596
University, Series 2008C, 5.000%, 7/01/37
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 5,679,350
11,560 5.000%, 7/01/40 7/20 at 100.00 Aa1 13,091,353
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 2,954,375
2,000 5.250%, 7/01/21 – AMBAC Insured No Opt. Call A1 2,377,540
1,250 Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, No Opt. Call AA– 1,410,650
Refunding Series 2009A, 5.125%, 7/01/39
1,000 Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College 7/23 at 100.00 A2 1,091,170
Project, Series 2013A, 5.000%, 7/01/39
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University
Project, Series 2013:
1,785 5.000%, 9/01/38 9/23 at 100.00 A 1,934,333
1,785 5.000%, 9/01/43 9/23 at 100.00 A 1,924,355
15,650 Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate 7/15 at 100.00 AA+ 15,892,419
University, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
1,400 Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John Fisher 6/24 at 100.00 BBB+ 1,533,854
College, Series 2014A, 5.500%, 6/01/39
7,250 New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Horace 7/14 at 100.00 AA– 7,274,650
Mann School, Series 1998, 5.000%, 7/01/28 – NPFG Insured
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 1,153,240
1,000 6.375%, 1/01/39 – AGC Insured 1/19 at 100.00 AA 1,158,740
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 Ba1 6,979,037
5,000 5.000%, 1/01/36 – AMBAC Insured 1/17 at 100.00 Ba1 5,096,450
1,030 4.750%, 1/01/42 – AMBAC Insured 1/17 at 100.00 Ba1 1,034,573
14,500 5.000%, 1/01/46 – AMBAC Insured 1/17 at 100.00 Ba1 14,666,315
4,730 New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 3/19 at 100.00 AA 5,725,665
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium
Project, Series 2006:
4,280 5.000%, 3/01/31 – FGIC Insured 9/16 at 100.00 BBB 4,372,790
31,650 5.000%, 3/01/36 – NPFG Insured 9/16 at 100.00 AA– 32,316,233
20,210 4.500%, 3/01/39 – FGIC Insured 9/16 at 100.00 BBB 20,364,607
3,400 New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of 1/21 at 100.00 A 3,678,902
American Art, Series 2011, 5.000%, 7/01/31
Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A:
600 5.000%, 5/01/35 5/22 at 100.00 BBB+ 631,530
1,000 5.000%, 5/01/42 5/22 at 100.00 BBB+ 1,049,150
1,450 Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, 7/22 at 100.00 Baa2 1,518,614
Series 2012, 5.000%, 7/01/42
1,000 Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University 12/21 at 100.00 AA– 1,101,710
Project, Series 2011, 5.000%, 12/01/36
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 1,548,293
1,000 5.250%, 7/01/36 – AGM Insured 1/21 at 100.00 A2 1,092,180
4,000 5.375%, 7/01/41 – AGM Insured 1/21 at 100.00 A2 4,372,000
3,700 Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, 9/20 at 100.00 A– 3,974,540
Series 2010A, 5.125%, 9/01/40
355,045 Total Education and Civic Organizations 348,155,979
Financials – 2.4% (1.6% of Total Investments)
11,615 New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, No Opt. Call A 13,433,793
Series 2005, 5.250%, 10/01/35
13,835 New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, No Opt. Call A 16,406,927
Series 2007, 5.500%, 10/01/37
25,450 Total Financials 29,840,720
Health Care – 10.5% (6.8% of Total Investments)
5,315 Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 11/20 at 100.00 A+ 6,063,405
6.125%, 11/15/30
5,935 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A+ 6,299,587
2008A, 5.250%, 11/15/32
4,205 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A+ 4,479,965
2008D, 5.375%, 11/15/32
1,000 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A+ 1,061,430
2008E, 5.250%, 11/15/32
2,495 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, 8/19 at 100.00 AA+ 2,921,495
Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
7,625 Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson 8/17 at 100.00 AA 8,443,086
Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
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 2/15 at 100.00 AA– 9,541,418
425 5.000%, 8/01/33 – FGIC Insured 2/15 at 100.00 AA– 428,698
8,035 Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical 2/15 at 100.00 AA– 8,238,205
Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
4,000 Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group 5/21 at 100.00 A– 4,278,920
Revenue Bonds, Series 2011A, 5.000%, 5/01/41
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group
Revenue Bonds, Series 2008:
3,880 6.000%, 12/01/15 No Opt. Call Ba1 4,087,658
4,345 6.000%, 12/01/16 No Opt. Call Ba1 4,705,114
5,430 6.500%, 12/01/21 12/18 at 100.00 Ba1 6,011,770
6,780 6.125%, 12/01/29 12/18 at 100.00 Ba1 7,152,900
14,770 6.250%, 12/01/37 12/18 at 100.00 Ba1 15,439,672
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 4,283,695
3,500 5.125%, 7/01/37 – AGC Insured 7/17 at 100.00 AA 3,751,370
6,585 Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian 8/14 at 100.00 AA 6,625,695
Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
900 Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System 7/20 at 100.00 A– 994,932
Inc, Series 2010A, 5.750%, 7/01/40 – AGM Insured
1,875 Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 2/21 at 100.00 Aa2 2,247,150
Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/35
3,900 Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General 12/22 at 100.00 A– 4,130,568
Hospital Project, Series 2013A, 5.000%, 12/01/42
6,540 Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic 7/21 at 100.00 BBB+ 7,072,879
Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28
5,050 Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 11/20 at 100.00 A3 5,705,339
2010-C2, 6.125%, 11/01/37
5,740 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, 7/14 at 100.00 B+ 5,743,788
Series 2001A, 7.125%, 7/01/31
2,035 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, 9/14 at 100.00 B+ 2,036,343
Series 2001B, 7.125%, 7/01/31
123,560 Total Health Care 131,745,082
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 1,067,900
1,000 5.000%, 5/01/45 – AGM Insured 5/20 at 100.00 AA 1,066,280
1,040 New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, 5/20 at 100.00 AA 1,088,360
Series 2010D-1A, 5.000%, 11/01/42
450 New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 5/19 at 100.00 Aa2 470,556
4.500%, 11/01/29
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project,
Series 1996A:
25 6.100%, 11/01/15 – AGM Insured 11/14 at 100.00 AA 25,123
390 6.125%, 11/01/20 – AGM Insured 11/14 at 100.00 AA 390,998
3,905 Total Housing/Multifamily 4,109,217
Long-Term Care – 0.8% (0.5% of Total Investments)
800 Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of 2/17 at 103.00 AA+ 843,944
Westchester Project, Series 2006, 5.200%, 2/15/41
7,310 Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. 11/16 at 100.00 N/R 7,413,290
Project, Series 2006A, 6.000%, 11/15/36
1,225 Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic 12/20 at 100.00 BBB– 1,337,823
Landing At Southold, Inc. Project, Series 2010, 6.000%, 12/01/40
9,335 Total Long-Term Care 9,595,057
Tax Obligation/General – 10.7% (7.0% of Total Investments)
3,000 Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, 10/15 at 100.00 AA– 3,134,850
Peekskill City School District, Series 2005D, 5.000%, 10/01/33 – NPFG Insured
1,000 Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/19 at 100.00 AA 1,088,620
10/01/29 – AGC Insured
210 Nassau County, New York, General Obligation Improvement Bonds, Series 1993H, 5.500%, 6/15/16 – No Opt. Call AA– 230,059
NPFG Insured
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 1,372,788
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
6,085 5.000%, 10/01/31 No Opt. Call AA 6,824,388
1,000 5.000%, 10/01/33 10/22 at 100.00 AA 1,108,550
1,570 5.000%, 10/01/34 No Opt. Call AA 1,734,489
8,665 New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 No Opt. Call AA 9,791,363
New York City, New York, General Obligation Bonds, Fiscal 2012 Series C:
4,610 5.000%, 8/01/25 8/22 at 100.00 AA 5,399,555
2,190 5.000%, 8/01/28 8/22 at 100.00 AA 2,499,819
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 1,129,990
2,000 5.000%, 8/01/31 8/22 at 100.00 AA 2,238,780
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1:
5,000 5.000%, 3/01/29 3/23 at 100.00 AA 5,682,550
3,400 5.000%, 3/01/31 3/23 at 100.00 AA 3,817,554
1,000 5.000%, 3/01/33 3/23 at 100.00 AA 1,113,260
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 4,327,558
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 9,076,720
5 New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.375%, 8/01/27 – 9/14 at 100.00 AA 5,020
NPFG Insured
New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
5 5.250%, 8/01/15 – AGM Insured 8/15 at 100.00 AA 5,022
5 5.000%, 8/01/16 – FGIC Insured 8/16 at 100.00 AA 5,020
10,330 New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – 3/15 at 100.00 AA 10,656,118
FGIC Insured
715 New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – No Opt. Call AA 751,930
AGM Insured
New York City, New York, General Obligation Bonds, Series 2011D-I:
2,785 5.000%, 10/01/30 10/21 at 100.00 AA 3,163,203
2,880 5.000%, 10/01/34 No Opt. Call AA 3,201,034
3,345 New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, No Opt. Call AA 3,800,823
5.000%, 4/01/28
New York City, New York, General Obligation Bonds, Series 2004E:
12,550 5.000%, 11/01/19 – AGM Insured (UB) 11/14 at 100.00 AA 12,747,035
7,850 5.000%, 11/01/20 – AGM Insured (UB) 11/14 at 100.00 AA 7,972,303
Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
1,650 5.000%, 6/15/16 – AGM Insured 6/15 at 100.00 AA 1,713,806
1,815 5.000%, 6/15/18 – AGM Insured 6/15 at 100.00 AA 1,896,366
Rensselaer County, New York, General Obligation Bonds, Series 1991:
960 6.700%, 2/15/16 – AMBAC Insured No Opt. Call AA 1,056,614
960 6.700%, 2/15/17 – AMBAC Insured No Opt. Call AA 1,109,472
960 6.700%, 2/15/18 – AMBAC Insured No Opt. Call AA 1,152,691
960 6.700%, 2/15/19 – AMBAC Insured No Opt. Call AA 1,192,685
960 6.700%, 2/15/20 – AMBAC Insured No Opt. Call AA 1,224,451
747 6.700%, 2/15/21 – AMBAC Insured No Opt. Call AA 972,997
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 – NPFG Insured No Opt. Call AA– 875,547
735 5.250%, 10/01/21 – NPFG Insured No Opt. Call AA– 880,684
730 5.250%, 10/01/22 – NPFG Insured No Opt. Call AA– 879,592
730 5.250%, 10/01/23 – NPFG Insured No Opt. Call AA– 883,139
730 5.250%, 10/01/24 – NPFG Insured No Opt. Call AA– 893,330
730 5.250%, 10/01/25 – NPFG Insured No Opt. Call AA– 899,397
725 5.250%, 10/01/26 – NPFG Insured No Opt. Call AA– 896,231
1,145 Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, No Opt. Call Aa2 1,321,788
General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured
1,620 West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, 10/15 at 100.00 Aa3 1,712,810
Series 2005, 5.000%, 10/01/16 – AGM Insured
7,635 Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured 8/15 at 100.00 AA– 8,000,793
Yonkers, New York, General Obligation Bonds, Series 2005B:
1,650 5.000%, 8/01/19 8/15 at 100.00 A3 1,726,725
1,735 5.000%, 8/01/20 8/15 at 100.00 A3 1,814,706
122,047 Total Tax Obligation/General 133,982,225
Tax Obligation/Limited – 54.1% (35.2% of Total Investments)
1,615 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, 7/14 at 100.00 N/R 1,622,074
Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
115 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, 7/14 at 100.00 N/R 115,480
Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
825 Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – 7/14 at 100.00 N/R 828,779
Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured
7,825 Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School 7/14 at 100.00 AA– 7,857,787
District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured
1,000 Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau 8/19 at 100.00 AA 1,098,110
County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured
10,840 Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 7/14 at 100.00 AA 10,881,409
2004-2, 5.000%, 7/01/20 – FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities
Improvements, Series 2005D-1:
5,285 5.000%, 2/15/15 – NPFG Insured No Opt. Call AA 5,445,823
4,710 5.000%, 8/15/23 – NPFG Insured 2/15 at 100.00 AA 4,843,905
1,000 Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing 10/19 at 100.00 AA 1,164,540
Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured
4,000 Dormitory Authority of the State of New York, Revenue Bonds, State University Educational No Opt. Call AA 4,405,960
Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, State University Educational No Opt. Call Aa2 1,169,580
Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured
4,115 Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue No Opt. Call AA 4,519,751
Bonds, City University System, Series 1993A, 5.750%, 7/01/18 – AGM Insured
6,435 Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, 7/15 at 100.00 AA 6,725,669
Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General
Purpose Series 2011C:
995 5.000%, 3/15/34 No Opt. Call AAA 1,111,027
25,100 5.000%, 3/15/41 3/21 at 100.00 AAA 27,324,613
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 8,443,845
10,000 5.000%, 2/15/40 No Opt. Call AAA 10,971,300
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General
Purpose Series 2014A:
5,000 5.000%, 2/15/29 2/24 at 100.00 AAA 5,805,500
10,000 5.000%, 2/15/30 2/24 at 100.00 AAA 11,538,900
8,100 Erie County Industrial Development Agency, New York, School Facility Refunding Revenue Bonds, 5/23 at 100.00 Aa2 9,325,206
Buffalo City School District, Series 2013A, 5.000%, 5/01/28
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo
City School District Project, Series 2007A
5,980 5.750%, 5/01/27 – AGM Insured (UB) 5/17 at 100.00 AA 6,723,135
21,030 5.750%, 5/01/28 – AGM Insured (UB) 5/17 at 100.00 AA 23,495,137
3,540 Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo 5/18 at 100.00 AA 4,084,170
City School District Project, Series 2008A, 5.750%, 5/01/27– AGM Insured (UB)
5,000 Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo 5/18 at 100.00 AA 5,734,550
City School District Project, Series 2009A, 5.750%, 5/01/28 (UB)
10,125 Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo 5/19 at 100.00 Aa2 11,210,603
City School District Project, Series 2009A, 5.000%, 5/01/31
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 26,291,739
6,000 5.250%, 2/15/47 2/21 at 100.00 A 6,505,860
1,850 5.000%, 2/15/47 – AGM Insured 2/21 at 100.00 AA 1,974,653
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 53,528,752
4,200 5.000%, 2/15/47 – AGM Insured 2/17 at 100.00 AA 4,363,170
4,830 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 11/22 at 100.00 AA 5,561,793
2012A, 5.000%, 11/15/29
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,
Series 2002A:
1,000 5.750%, 7/01/18 – AGM Insured No Opt. Call AA 1,184,840
9,000 5.750%, 7/01/18 – AGM Insured (UB) No Opt. Call AA 10,663,560
3,675 Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, 5/23 at 100.00 Aa2 4,169,876
Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28
560 Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 1/15 at 100.00 A– 561,977
5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local
Government Assistance Corporation, Series 2004A:
13,490 5.000%, 10/15/25 – NPFG Insured 10/14 at 100.00 AAA 13,672,385
7,825 5.000%, 10/15/26 – NPFG Insured 10/14 at 100.00 AAA 7,932,437
21,910 5.000%, 10/15/29 – AMBAC Insured 10/14 at 100.00 AAA 22,200,965
9,655 5.000%, 10/15/32 – AMBAC Insured 10/14 at 100.00 AAA 9,778,970
10,440 New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 1/17 at 100.00 Aa2 11,318,004
Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
5 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 11/14 at 100.00 AAA 5,021
Series 2002B, 5.250%, 5/01/16 – NPFG Insured
3,795 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 5/17 at 100.00 AAA 4,146,721
Series 2007B, 5.000%, 11/01/30
5,000 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Series 5/19 at 100.00 AAA 5,543,300
2009A-1, 5.000%, 5/01/36
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate
Fiscal 2012 Series E-1:
6,225 5.000%, 2/01/37 2/22 at 100.00 AAA 6,883,730
24,155 5.000%, 2/01/42 2/22 at 100.00 AAA 26,440,546
32,500 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 5/22 at 100.00 AAA 35,849,450
Fiscal 2012 Series F-1, 5.000%, 5/01/39
5,100 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate No Opt. Call AAA 5,885,706
Fiscal 2013 Series F-1, 5.000%, 2/01/29
13,530 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 2/24 at 100.00 AAA 15,164,424
Fiscal 2014 Series D-1, 5.000%, 2/01/37
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 11,570,700
1,000 5.000%, 11/01/39 11/20 at 100.00 AAA 1,120,470
New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds,
Subordinate Series 2011-D1:
2,000 5.250%, 2/01/30 2/21 at 100.00 AAA 2,306,180
8,490 5.000%, 2/01/35 2/21 at 100.00 AAA 9,445,125
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 AA+ 21,915,528
4,000 5.750%, 4/01/41 4/21 at 100.00 AA– 4,703,240
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option
Bonds Trust 3095:
2,890 13.513%, 11/15/30 – AMBAC Insured (IF) (4) 11/15 at 100.00 AA+ 3,302,923
12,940 13.499%, 11/15/44 – AMBAC Insured (IF) (4) 11/15 at 100.00 AA+ 14,772,822
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General,
Series 2005B:
30,795 5.500%, 4/01/20 – AMBAC Insured No Opt. Call AA+ 37,530,790
5,725 5.000%, 4/01/21 – AMBAC Insured 10/15 at 100.00 AA+ 6,065,638
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 1,838,656
1,945 5.000%, 3/15/30 9/20 at 100.00 AAA 2,242,040
New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities,
Series 1995:
1,105 5.600%, 4/01/15 – NPFG Insured No Opt. Call AA 1,143,134
8,600 5.700%, 4/01/20 – AGM Insured (UB) No Opt. Call AA 9,994,146
12,070 New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General 3/23 at 100.00 AAA 13,684,725
Purpose Series 2013C, 5.000%, 3/15/32
2,000 New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 3/15 at 100.00 AAA 2,063,500
2005B, 5.000%, 3/15/30 – AGM Insured
3,325 Niagara Falls City School District, Niagara County, New York, Certificates of Participation, 6/15 at 100.00 AA 3,383,986
High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured
3,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Refunding Series No Opt. Call AA 3,000,270
2002E, 5.500%, 7/01/14 – AGM Insured
12,595 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Lien Refunding No Opt. Call BBB 11,728,212
Series 2009C, 5.750%, 8/01/57
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C:
28,800 0.000%, 8/01/37 No Opt. Call AA– 5,601,024
5,145 0.000%, 8/01/38 No Opt. Call AA– 929,907
40,150 0.000%, 8/01/39 No Opt. Call AA– 6,742,791
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– 1,884,850
13,520 0.000%, 8/01/42 – FGIC Insured No Opt. Call AA– 2,152,925
10,000 0.000%, 8/01/44 – NPFG Insured No Opt. Call AA– 1,401,200
19,900 0.000%, 8/01/45 – NPFG Insured No Opt. Call AA– 2,635,755
201,690 0.000%, 8/01/46 – NPFG Insured No Opt. Call AA– 24,416,591
89,130 0.000%, 8/01/47 – AMBAC Insured No Opt. Call AA– 9,942,452
2,110 5.250%, 8/01/57 8/17 at 100.00 AA– 1,804,324
960 Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public 10/14 at 100.00 A3 963,514
Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
985,610 Total Tax Obligation/Limited 676,362,150
Transportation – 12.6% (8.2% of Total Investments)
13,950 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding No Opt. Call AA– 15,580,476
Series 2012F, 5.000%, 11/15/30
8,800 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A, 11/17 at 100.00 AA– 9,523,712
5.250%, 11/15/36
27,285 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 11/20 at 100.00 AA– 29,999,312
5.250%, 11/15/40
6,090 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5/23 at 100.00 AA– 6,828,413
5.000%, 11/15/30
480 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5/23 at 100.00 AA– 533,534
5.000%, 11/15/32
1,900 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 11/23 at 100.00 AA– 2,200,751
5.250%, 11/15/30
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E:
14,000 5.000%, 11/15/31 11/23 at 100.00 AA– 15,695,260
1,785 5.000%, 11/15/32 11/23 at 100.00 AA– 1,993,577
10,000 5.000%, 11/15/38 11/23 at 100.00 AA– 10,934,500
9,370 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5/24 at 100.00 AA– 10,674,117
5.250%, 11/15/35
8,055 New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, 11/21 at 100.00 A+ 8,722,437
Series 2011, 5.000%, 11/15/44
3,420 New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/18 at 100.00 AA– 3,822,637
1/01/25 – FGIC Insured
3,910 New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – 1/15 at 100.00 A 3,987,340
AMBAC Insured
New York State Thruway Authority, General Revenue Bonds, Series 2005G:
5,800 5.000%, 1/01/30 – AGM Insured 7/15 at 100.00 AA 6,040,468
3,000 5.000%, 1/01/32 – AGM Insured 7/15 at 100.00 AA 3,123,450
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth
Series 2005:
4,625 5.000%, 12/01/28 – SYNCORA GTY Insured 6/15 at 101.00 AA– 4,845,011
5,760 5.000%, 12/01/31 – SYNCORA GTY Insured 6/15 at 101.00 AA– 6,029,914
4,185 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty 8/17 at 100.00 AA 5,934,665
Eighth Series 2008, Trust 2920, 18.022%, 8/15/32 – AGM Insured (IF)
2,000 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy 12/23 at 100.00 AA– 2,227,860
Ninth Series 2013, 5.000%, 12/01/43
2,500 Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 12/15 at 100.00 BBB 2,671,100
Terminal LLC Project, Eighth Series 2010, 6.500%, 12/01/28
5,480 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding No Opt. Call AA– 6,727,467
Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
142,395 Total Transportation 158,096,001
U.S. Guaranteed – 10.9% (7.0% of Total Investments) (5)
6,955 Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, 7/14 at 100.00 AA– (5) 6,983,098
Series 1998, 5.000%, 7/01/21 (Pre-refunded 7/31/14) – NPFG Insured
950 Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt 8/15 at 100.00 N/R (5) 985,587
Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds, Suffolk
County Issue, Series 1986:
815 7.375%, 7/01/16 (ETM) No Opt. Call Aaa 871,365
245 7.375%, 7/01/16 – BIGI Insured (ETM) No Opt. Call Aaa 262,182
2,000 Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of 8/14 at 100.00 Aa2 (5) 2,012,120
Cooperative Education Services, Series 2004, 5.000%, 8/15/23 (Pre-refunded 8/15/14) –
AGM Insured
30 Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities No Opt. Call AA– (5) 30,899
Improvements, Series 2005D-1, 5.000%, 2/15/15 (ETM)
5 Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities 2/15 at 100.00 AA– (5) 5,150
Improvements, Series 2005D-1, 5.000%, 8/15/23 (Pre-refunded 2/15/15) – NPFG Insured
7,480 Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian 8/14 at 100.00 AA (5) 7,525,703
Hospital Project, Series 2007, 5.000%, 8/15/36 (Pre-refunded 8/15/14) – AGM Insured
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
Series 2005F:
2,885 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured 3/15 at 100.00 Aa1 (5) 2,983,609
155 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured 3/15 at 100.00 AAA 160,377
15 Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 – 12/14 at 100.00 AA (5) 15,406
AMBAC Insured (ETM)
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 (Pre-refunded 12/15 at 100.00 AA– (5) 2,137,080
12/01/15) – NPFG Insured
945 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 7/14 at 100.00 N/R (5) 987,147
1997B, 5.000%, 7/01/20 – AMBAC Insured (ETM)
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded 10/01/15) – FGIC Insured 10/15 at 100.00 AA+ (5) 5,399,523
11,000 4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured 10/15 at 100.00 AA+ (5) 11,634,480
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A:
8,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) – AGM Insured 10/14 at 100.00 AA+ (5) 8,099,280
5,750 5.000%, 4/01/29 (Pre-refunded 10/01/14) – AGM Insured 10/14 at 100.00 AA+ (5) 5,821,358
Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B:
9,625 4.875%, 7/01/18 – FGIC Insured (ETM) 7/14 at 100.00 N/R (5) 9,761,868
4,500 4.750%, 7/01/26 – FGIC Insured (ETM) 7/14 at 100.00 N/R (5) 4,604,400
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds,
New York Housing Authority Program, Series 2005A:
4,600 5.000%, 7/01/16 (Pre-refunded 7/01/15) – FGIC Insured 7/15 at 100.00 AA+ (5) 4,824,664
18,865 5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured (UB) (4) 7/15 at 100.00 AA+ (5) 19,786,368
5 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 5/17 at 100.00 N/R (5) 5,626
Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
35 New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 8/15 at 100.00 AA (5) 36,831
(Pre-refunded 8/01/15) – AGM Insured
8,190 New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 1/15 at 100.00 A2 (5) 8,391,884
(Pre-refunded 1/01/15) – AMBAC Insured
875 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 10/15 at 100.00 N/R (5) 928,209
2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
4,500 New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 9/14 at 100.00 AAA 4,546,035
5.000%, 3/15/24 (Pre-refunded 9/15/14) – AMBAC Insured
500 New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 3/15 at 100.00 Aa1 (5) 517,345
2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured
Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C:
9,395 5.000%, 6/01/28 (Pre-refunded 6/01/15) – NPFG Insured 6/15 at 100.00 AAA 9,808,756
14,700 5.000%, 6/01/28 (Pre-refunded 6/01/15) – NPFG Insured (UB) 6/15 at 100.00 AAA 15,347,388
Yonkers, New York, General Obligation Bonds, Series 2005B:
540 5.000%, 8/01/19 (Pre-refunded 8/01/15) 8/15 at 100.00 A3 (5) 568,615
570 5.000%, 8/01/20 (Pre-refunded 8/01/15) 8/15 at 100.00 A3 (5) 600,204
131,220 Total U.S. Guaranteed 135,642,557
Utilities – 13.0% (8.4% of Total Investments)
2,450 Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, 2/20 at 100.00 Baa3 2,638,454
NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
3,000 Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured 10/20 at 100.00 AA 3,206,250
1,045 Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 10/22 at 100.00 BBB 1,150,953
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 5,976,400
8,000 0.000%, 6/01/25 – AGM Insured No Opt. Call AA 5,687,440
20,000 0.000%, 6/01/26 – AGM Insured No Opt. Call AA 13,572,600
10,000 0.000%, 6/01/27 – AGM Insured No Opt. Call AA 6,447,100
15,000 0.000%, 6/01/28 – AGM Insured No Opt. Call AA 9,216,300
10,000 0.000%, 6/01/29 – AGM Insured No Opt. Call AA 5,821,000
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– 23,523,571
27,015 5.000%, 12/01/25 – FGIC Insured 6/16 at 100.00 AA– 29,046,258
2,750 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 6/16 at 100.00 A– 2,913,680
5.000%, 12/01/35 – CIFG Insured
3,310 Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5/19 at 100.00 AA+ 3,814,841
5.500%, 5/01/33 – BHAC Insured
5,000 Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5/21 at 100.00 A– 5,306,950
5.000%, 5/01/38
5,000 New York State Energy Research and Development Authority, Pollution Control Revenue Refunding 11/14 at 100.00 A 5,008,200
Bonds, Niagara Mohawk Power Corporation, Series 1998A, 5.150%, 11/01/25 – AMBAC Insured
6,500 Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue No Opt. Call BB+ 6,553,300
Refunding Bonds, Covanta Energy Project, Series 2012B, 4.000%, 11/01/24
2,635 Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15 at 100.00 Aa2 2,806,091
11/15/19 – FGIC Insured
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
9,500 5.000%, 12/15/32 12/23 at 100.00 AAA 11,033,205
16,305 5.000%, 12/15/41 12/23 at 100.00 AAA 18,406,715
177,340 Total Utilities 162,129,308
Water and Sewer – 7.6% (4.9% of Total Investments)
800 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue No Opt. Call AAA 915,968
Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40
5,160 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 12/21 at 100.00 AA+ 5,605,927
Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44
5,000 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 6/17 at 100.00 AA+ 5,449,700
Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
Bonds, Tender Option Bond Trust 2843:
19,455 5.000%, 6/15/27 – NPFG Insured (UB) 6/15 at 100.00 AAA 20,300,320
12,365 5.000%, 6/15/36 – NPFG Insured (UB) 6/16 at 100.00 AAA 13,168,725
10,000 New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 6/24 at 100.00 AA+ 11,337,400
General Resolution Revenue Bonds, Fiscal Series 2014DD, 5.000%, 6/15/35
3,845 New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds 4/20 at 100.00 AAA 4,309,280
Master Financing, Series 2010C, 5.000%, 10/15/35
3,095 New York State Environmental Facilities Corporation, Revenue Bonds, State Revolving Funds 2/22 at 100.00 AAA 3,432,725
Master Financing, Series 2012B, 5.000%, 2/15/42
2,580 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water 6/24 at 100.00 AAA 3,061,633
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,
Second Resolution Subordinated Series 2014A, 5.000%, 6/15/30
22,340 New York State Environmental Facilities Corporation,State Revolving Funds Revenue Bonds, 5/24 at 100.00 AAA 25,306,081
Master Financing Program, Green Bonds Series 2014B, 5.000%, 5/15/44 (WI/DD, Settling 7/02/14)
2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, No Opt. Call A1 1,722,852
Series 2000, 0.000%, 4/01/23 – AMBAC Insured
86,870 Total Water and Sewer 94,610,611
$ 2,211,042 Total Long-Term Investments (cost $1,832,196,807) 1,924,124,587
Floating Rate Obligations – (7.8)% (97,580,000)
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (6.3)% (6) (79,000,000)
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.1)% (7) (488,800,000)
Other Assets Less Liabilities – (0.8)% (9,489,796)
Net Assets Applicable to Common Shares – 100% $ 1,249,254,791

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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).

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 the Fund’s fair value measurements as of the end of the reporting period:

Level 1 Level 2 Level 3 Total
Long-Term Investments:
Municipal Bonds $ — $1,924,124,587 $ — $1,924,124,587

Income Tax Information

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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

As of June 30, 2014, the cost of investments was $1,734,369,437

Gross unrealized appreciation and gross unrealized depreciation of investments as of June 30, 2014, were as follows:

Gross unrealized:
Appreciation $128,642,314
Depreciation (36,463,240)
Net unrealized appreciation (depreciation) of investments $ 92,179,074
(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 Investors 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) 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 rating of such securities.
(6) Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 4.1%.
(7) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.4%.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction.

Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 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: August 29, 2014

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: August 29, 2014

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date: August 29, 2014

Talk to a Data Expert

Have a question? We'll get back to you promptly.