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N-Q 1 nq2.htm NRK Unassociated Document Licensed to: fgs Document Created using EDGARizerAgent 5.5.2.0 Copyright 1995 - 2015 Summit Financial Printing. 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: 6/30/15

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
Nuveen New York AMT-Free Municipal Income Fund (NRK)
June 30, 2015 (Unaudited)
Principal Optional Call
Amount (000) Description (1) Provisions (2) Ratings (3) Value
LONG-TERM INVESTMENTS – 147.8% (100.0% of Total Investments)
MUNICIPAL BONDS – 147.8% (100.0% of Total Investments)
Consumer Staples – 4.4% (3.0% of Total Investments)
$ 8,500 Erie County Tobacco Asset Securitization Corporation, New York, Settlement Backed Bonds, 9/15 at 100.00 BB+ $ 7,869,895
Series 2005A, 5.000%, 6/01/45
11,350 Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 6/16 at 100.00 B 9,715,714
Series 2006A-3, 5.000%, 6/01/35
525 New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 12/15 at 100.00 A1 525,688
5.250%, 6/01/25
660 New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 9/15 at 100.00 A1 659,980
5.750%, 6/01/33
41,120 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42 6/16 at 100.00 B 35,318,379
62,155 Total Consumer Staples 54,089,656
Education and Civic Organizations – 26.0% (17.6% 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– 2,237,281
29,145 0.000%, 7/15/47 No Opt. Call BBB– 5,905,068
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– 264,573
2,535 5.500%, 4/01/43 4/23 at 100.00 BBB– 2,759,145
3,655 Dobbs Ferry Local Development Corporation, New York, Revenue Bonds, Mercy College Project, No Opt. Call A 3,923,314
Series 2014, 5.000%, 7/01/44
790 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, 1/16 at 100.00 N/R 793,176
St. 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– 1,868,310
4,000 5.500%, 7/01/40 – AMBAC Insured No Opt. Call AA– 4,983,000
4,990 Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 7/23 at 100.00 A– 5,443,042
Series 2013A, 5.000%, 7/01/44
1,655 Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 7/25 at 100.00 A– 1,837,166
Series 2015A, 5.000%, 7/01/37
4,265 Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of No Opt. Call AA– 4,835,231
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– 6,782,100
Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and
University System, Series 2014A:
1,685 5.250%, 1/01/34 7/24 at 100.00 BBB– 1,858,993
2,185 5.500%, 1/01/39 7/24 at 100.00 BBB– 2,399,545
2,820 5.500%, 1/01/44 7/24 at 100.00 BBB– 3,083,614
6,215 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/19 at 100.00 Aa2 6,779,073
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 5,241,435
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 4,156,838
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 16,911,016
Facilities, Series 2013A, 5.000%, 7/01/27
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 3,543,001
3,465 5.000%, 7/01/33 No Opt. Call Aa3 3,931,770
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– 436,772
1,320 5.000%, 7/01/37 – NPFG Insured 7/17 at 100.00 AA– 1,404,216
1,150 Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 7/15 at 100.00 A3 1,151,691
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 10,288,301
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 1,181,000
5,980 5.750%, 11/01/40 – AGM Insured 5/21 at 100.00 AA 6,842,794
3,000 Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2008B, 7/18 at 100.00 A2 3,278,040
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 1,074,890
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– 987,805
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– 3,718,585
1998A, 6.000%, 7/01/18 – NPFG 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– 11,308,100
3,890 5.000%, 7/01/39 7/19 at 100.00 AA– 4,339,178
13,500 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 7/19 at 100.00 AA– 14,959,890
2009B, 5.000%, 7/01/39
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– 10,298,610
8,955 5.000%, 7/01/45 7/25 at 100.00 AA– 9,988,317
2,800 Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell 7/20 at 100.00 Aa1 3,165,260
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 5,685,250
11,560 5.000%, 7/01/40 7/20 at 100.00 Aa1 13,014,248
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 877,088
1,500 5.000%, 7/01/44 7/24 at 100.00 A3 1,627,815
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 2,901,150
2,000 5.250%, 7/01/21 – AMBAC Insured No Opt. Call A1 2,343,160
1,250 Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, No Opt. Call AA– 1,401,863
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 1,083,570
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 1,972,407
1,785 5.000%, 9/01/43 9/23 at 100.00 A 1,959,109
1,400 Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint John Fisher 6/24 at 100.00 BBB+ 1,539,650
College, Series 2014A, 5.500%, 6/01/39
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 347,428
350 5.000%, 7/01/45 7/25 at 100.00 BBB 372,089
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 1,135,970
1,000 6.375%, 1/01/39 – AGC Insured 1/19 at 100.00 AA 1,144,010
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+ 6,984,489
5,000 5.000%, 1/01/36 – AMBAC Insured 1/17 at 100.00 BB+ 5,111,800
1,030 4.750%, 1/01/42 – AMBAC Insured 1/17 at 100.00 BB+ 1,045,965
14,500 5.000%, 1/01/46 – AMBAC Insured 1/17 at 100.00 BB+ 14,785,795
4,730 New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 3/19 at 100.00 AA 5,597,340
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 4,380,965
31,650 5.000%, 3/01/36 – NPFG Insured 9/16 at 100.00 AA– 32,869,475
20,210 4.500%, 3/01/39 – FGIC Insured 9/16 at 100.00 BBB 20,434,129
3,400 New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of 1/21 at 100.00 A 3,735,342
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+ 635,916
1,000 5.000%, 5/01/42 5/22 at 100.00 BBB+ 1,047,660
1,450 Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, 7/22 at 100.00 Baa2 1,516,164
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– 1,108,580
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 1,546,431
1,000 5.250%, 7/01/36 – AGM Insured 1/21 at 100.00 A2 1,094,230
4,000 5.375%, 7/01/41 – AGM Insured 1/21 at 100.00 A2 4,373,480
3,700 Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, 9/20 at 100.00 A– 4,067,447
Series 2010A, 5.125%, 9/01/40
325,645 Total Education and Civic Organizations 321,700,155
Financials – 1.5% (1.0% of Total Investments)
1,615 New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, No Opt. Call A 1,866,326
Series 2005, 5.250%, 10/01/35
13,835 New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, No Opt. Call A 16,440,407
Series 2007, 5.500%, 10/01/37
15,450 Total Financials 18,306,733
Health Care – 8.8% (6.0% of Total Investments)
1,250 Build New York City Resource Corporation, New York, Revenue Bonds, New York Methodist Hospital 7/24 at 100.00 A– 1,401,438
Project, Series 2014, 5.000%, 7/01/27
2,490 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, 8/19 at 100.00 AA+ 2,944,500
Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
7,615 Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson 8/17 at 100.00 AA 8,204,401
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 9/15 at 100.00 AA– 9,365,361
425 5.000%, 8/01/33 – FGIC Insured 9/15 at 100.00 AA– 426,500
8,035 Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical 9/15 at 100.00 AA– 8,066,095
Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
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 3,956,785
4,345 6.000%, 12/01/16 No Opt. Call Ba1 4,615,346
5,430 6.500%, 12/01/21 12/18 at 100.00 Ba1 6,132,696
6,780 6.125%, 12/01/29 12/18 at 100.00 Ba1 7,460,034
14,770 6.250%, 12/01/37 12/18 at 100.00 Ba1 16,160,005
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 4,161,677
3,500 5.125%, 7/01/37 – AGC Insured 7/17 at 100.00 AA 3,731,875
4,000 Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish 5/21 at 100.00 A 4,317,360
Obligated Group, Series 2011A, 5.000%, 5/01/41
900 Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest System 7/20 at 100.00 A– 1,011,510
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 AA 2,210,231
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/35
3,900 Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General 12/22 at 100.00 A– 4,113,525
Hospital Project, Series 2013A, 5.000%, 12/01/42
6,540 Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health 7/21 at 100.00 BBB+ 7,107,541
Services of Long Island Obligated Group Project, Refunding 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 Baa1 5,641,658
2010-C2, 6.125%, 11/01/37
5,740 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, 1/16 at 100.00 B+ 5,749,930
Series 2001A, 7.125%, 7/01/31
2,035 Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, 9/15 at 100.00 B+ 2,038,521
Series 2001B, 7.125%, 7/01/31
101,755 Total Health Care 108,816,989
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 1,073,610
1,000 5.000%, 5/01/45 – AGM Insured 5/20 at 100.00 AA 1,070,520
1,040 New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, 5/20 at 100.00 AA+ 1,077,398
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 464,535
4.500%, 11/01/29
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project,
Series 1996A:
5 6.100%, 11/01/15 – AGM Insured 9/15 at 100.00 AA 5,025
295 6.125%, 11/01/20 – AGM Insured 11/15 at 100.00 AA 295,773
3,790 Total Housing/Multifamily 3,986,861
Industrials – 3.1% (2.1% of Total Investments)
38,030 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 38,339,564
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
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+ 864,704
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 7,410,805
Project, Series 2006A, 6.000%, 11/15/36
1,225 Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At 12/20 at 100.00 BBB– 1,327,447
Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40
9,335 Total Long-Term Care 9,602,956
Tax Obligation/General – 8.0% (5.4% of Total Investments)
1,000 Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%, 10/19 at 100.00 AA 1,106,320
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– 219,805
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 1,356,360
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
6,085 5.000%, 10/01/31 No Opt. Call AA 6,881,161
1,000 5.000%, 10/01/33 10/22 at 100.00 AA 1,125,280
1,570 5.000%, 10/01/34 No Opt. Call AA 1,763,440
8,665 New York City, New York, General Obligation Bonds, Fiscal 2012 Series B, 5.000%, 8/01/30 No Opt. Call AA 9,822,817
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 1,133,620
2,000 5.000%, 8/01/31 8/22 at 100.00 AA 2,256,300
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 5,687,700
3,400 5.000%, 3/01/31 3/23 at 100.00 AA 3,832,854
2,190 5.000%, 3/01/32 3/23 at 100.00 AA 2,457,706
1,000 5.000%, 3/01/33 3/23 at 100.00 AA 1,121,510
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 4,376,673
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 9,122,560
7,665 New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/33 8/24 at 100.00 AA 8,693,413
New York City, New York, General Obligation Bonds, Fiscal Series 2001D:
5 5.250%, 8/01/15 – AGM Insured 7/15 at 100.00 AA 5,022
5 5.000%, 8/01/16 – FGIC Insured 9/15 at 100.00 AA 5,020
5 New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 – 9/15 at 100.00 AA 5,020
AGM Insured
715 New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – No Opt. Call AA 718,003
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 3,179,384
2,880 5.000%, 10/01/34 No Opt. Call AA 3,242,592
3,345 New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, No Opt. Call AA 3,796,976
5.000%, 4/01/28
Rensselaer County, New York, General Obligation Bonds, Series 1991:
960 6.700%, 2/15/16 – AMBAC Insured No Opt. Call AA 997,613
960 6.700%, 2/15/17 – AMBAC Insured No Opt. Call AA 1,049,030
960 6.700%, 2/15/18 – AMBAC Insured No Opt. Call AA 1,097,760
960 6.700%, 2/15/19 – AMBAC Insured No Opt. Call AA 1,142,966
960 6.700%, 2/15/20 – AMBAC Insured No Opt. Call AA 1,188,912
747 6.700%, 2/15/21 – AMBAC Insured No Opt. Call AA 953,687
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 – NPFG Insured No Opt. Call AA– 862,030
735 5.250%, 10/01/21 – NPFG Insured No Opt. Call AA– 871,872
730 5.250%, 10/01/22 – NPFG Insured No Opt. Call AA– 871,730
730 5.250%, 10/01/23 – NPFG Insured No Opt. Call AA– 879,891
730 5.250%, 10/01/24 – NPFG Insured No Opt. Call AA– 882,307
730 5.250%, 10/01/25 – NPFG Insured No Opt. Call AA– 889,863
725 5.250%, 10/01/26 – NPFG Insured No Opt. Call AA– 887,552
1,145 Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, No Opt. Call Aa2 1,272,118
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 1,638,922
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– 7,665,922
Yonkers, New York, General Obligation Bonds, Series 2005B:
1,650 5.000%, 8/01/19 8/15 at 100.00 A3 1,656,600
1,735 5.000%, 8/01/20 8/15 at 100.00 A3 1,741,819
87,907 Total Tax Obligation/General 98,460,130
Tax Obligation/Limited – 49.5% (33.5% of Total Investments)
1,225 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, 1/16 at 100.00 N/R 1,230,427
Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 – AMBAC Insured
90 Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, 9/15 at 100.00 N/R 90,381
Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 – AMBAC Insured
680 Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – 1/16 at 100.00 N/R 683,148
Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 – AMBAC Insured
6,435 Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School 1/16 at 100.00 AA– 6,463,507
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 1,106,850
County Board of Cooperative Educational Services, Series 2009, 5.000%, 8/15/28 –
AGC Insured
10,840 Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 9/15 at 100.00 AA 10,882,818
2004-2, 5.000%, 7/01/20 – FGIC Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing 10/19 at 100.00 AA 1,146,830
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 4,189,920
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 1,125,790
Facilities, Series 1993A, 5.500%, 5/15/19 – AMBAC Insured
2,610 Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue No Opt. Call AA 2,826,421
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, 9/15 at 100.00 AA 6,460,418
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 1,122,012
25,100 5.000%, 3/15/41 3/21 at 100.00 AAA 27,927,515
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 8,448,450
10,000 5.000%, 2/15/40 No Opt. Call AAA 11,050,800
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General
Purpose Series 2014A:
2,500 5.000%, 2/15/26 2/24 at 100.00 AAA 2,951,325
5,000 5.000%, 2/15/29 2/24 at 100.00 AAA 5,748,650
10,000 5.000%, 2/15/30 2/24 at 100.00 AAA 11,440,200
7,000 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 3/24 at 100.00 AAA 7,723,870
Purpose Series 2014C. Group C, 5.000%, 3/15/44
1,500 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 3/25 at 100.00 AAA 1,732,530
Purpose Series 2015A, 5.000%, 3/15/31
28,280 Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2013A, 3/23 at 100.00 AAA 31,415,404
5.000%, 3/15/43
3,000 Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A, 3/24 at 100.00 AAA 3,438,120
5.000%, 3/15/34
8,100 Erie County Industrial Development Agency, New York, School Facility Refunding Revenue Bonds, 5/23 at 100.00 AA 9,298,719
Buffalo City School District, Series 2013A, 5.000%, 5/01/28
10,125 Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo 5/19 at 100.00 AA 11,212,121
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 26,117,402
6,000 5.250%, 2/15/47 2/21 at 100.00 A 6,526,800
1,850 5.000%, 2/15/47 – AGM Insured 2/21 at 100.00 AA 1,979,260
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 54,160,730
4,200 5.000%, 2/15/47 – AGM Insured 2/17 at 100.00 AA 4,420,374
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 1,137,930
9,000 5.750%, 7/01/18 – AGM Insured (UB) No Opt. Call AA 10,241,370
3,675 Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, 5/23 at 100.00 AA 4,185,678
Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28
560 Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 1/16 at 100.00 A– 562,850
5.500%, 1/01/34
10,440 New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 1/17 at 100.00 AA 11,041,344
Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
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 6,143,742
5,360 5.000%, 7/15/43 1/25 at 100.00 AA 5,945,366
11,000 New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 7/25 at 100.00 AA 12,292,830
Series 2015S-2, 5.000%, 7/15/40
5 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 9/15 at 100.00 AAA 5,021
Series 2002B, 5.250%, 5/01/16 – NPFG Insured
1,470 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 5/17 at 100.00 AAA 1,567,520
Series 2007B, 5.000%, 11/01/30
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 6,942,245
24,155 5.000%, 2/01/42 2/22 at 100.00 AAA 26,801,180
32,500 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 5/22 at 100.00 AAA 36,308,350
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 5,822,619
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 15,103,268
Fiscal 2014 Series D-1, 5.000%, 2/01/37
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate
Fiscal 2015 Series B-1:
10,000 5.000%, 8/01/33 8/24 at 100.00 AAA 11,388,100
3,960 5.000%, 8/01/35 8/24 at 100.00 AAA 4,473,058
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 11,790,400
1,000 5.000%, 11/01/39 11/20 at 100.00 AAA 1,132,090
8,490 New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, 2/21 at 100.00 AAA 9,582,408
Subordinate Series 2011-D1, 5.000%, 2/01/35
New York City, New York, Educational Construction Fund, Revenue Bonds, Series 2011A:
18,575 5.750%, 4/01/33 – AGM Insured 4/21 at 100.00 Aa3 22,288,886
4,000 5.750%, 4/01/41 4/21 at 100.00 AA– 4,751,960
New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option
Bonds Trust 3095:
2,890 13.719%, 11/15/30 – AMBAC Insured (IF) (4) 11/15 at 100.00 AA+ 3,036,234
12,940 13.705%, 11/15/44 – AMBAC Insured (IF) (4) 11/15 at 100.00 AA+ 13,557,109
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General,
Series 2005B:
28,795 5.500%, 4/01/20 – AMBAC Insured No Opt. Call AA+ 34,146,263
5,725 5.000%, 4/01/21 – AMBAC Insured 10/15 at 100.00 AA+ 5,793,643
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 1,845,504
1,945 5.000%, 3/15/30 9/20 at 100.00 AAA 2,243,441
8,600 New York State Urban Development Corporation, Revenue Refunding Bonds, State Facilities, No Opt. Call AA 9,576,616
Series 1995, 5.700%, 4/01/20 – AGM Insured (UB)
12,070 New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General 3/23 at 100.00 AAA 13,670,965
Purpose Series 2013C, 5.000%, 3/15/32
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– 1,886,280
13,520 0.000%, 8/01/42 – FGIC Insured No Opt. Call AA– 2,166,850
10,000 0.000%, 8/01/44 – NPFG Insured No Opt. Call AA– 1,400,100
19,900 0.000%, 8/01/45 – NPFG Insured No Opt. Call AA– 2,604,114
201,690 0.000%, 8/01/46 – NPFG Insured No Opt. Call AA– 24,666,687
89,130 0.000%, 8/01/47 – AMBAC Insured No Opt. Call CCC– 9,141,173
10,000 Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue 10/24 at 100.00 AAA 11,708,200
Bonds, Fiscal 2015 Series A, 5.000%, 10/15/31
825 Suffolk County Industrial Development Agency, New York, Revenue Bonds, Hampton Bays Public 10/15 at 100.00 A3 827,986
Library, Series 1999A, 6.000%, 10/01/19 – NPFG Insured
857,210 Total Tax Obligation/Limited 610,700,172
Transportation – 15.1% (10.2% of Total Investments)
13,950 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding No Opt. Call AA– 15,939,828
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– 9,490,008
5.250%, 11/15/36
27,285 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 11/20 at 100.00 AA– 29,994,946
5.250%, 11/15/40
6,090 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013B, 5/23 at 100.00 AA– 6,874,636
5.000%, 11/15/30
480 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5/23 at 100.00 AA– 536,165
5.000%, 11/15/32
1,900 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 11/23 at 100.00 AA– 2,202,252
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– 15,827,000
1,785 5.000%, 11/15/32 11/23 at 100.00 AA– 2,005,394
10,000 5.000%, 11/15/38 11/23 at 100.00 AA– 11,011,700
9,370 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5/24 at 100.00 AA– 10,688,078
5.250%, 11/15/35
8,055 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 11/21 at 100.00 A+ 8,865,333
Center Project, Series 2011, 5.000%, 11/15/44
3,400 New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/18 at 100.00 AA– 3,698,248
1/01/25 – FGIC Insured
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– 2,405,424
3,950 5.000%, 9/01/34 9/24 at 100.00 AA– 4,510,979
1,000 5.000%, 9/01/35 9/24 at 100.00 AA– 1,138,610
5,155 5.000%, 9/01/36 9/24 at 100.00 AA– 5,860,771
9,755 5.000%, 9/01/39 9/24 at 100.00 AA– 10,967,059
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred
Eighty-Ninth Series 2015:
3,375 5.000%, 5/01/30 5/25 at 100.00 AA– 3,936,735
6,535 5.000%, 5/01/31 5/25 at 100.00 AA– 7,592,494
3,595 5.000%, 5/01/35 5/25 at 100.00 AA– 4,107,863
10,780 5.000%, 5/01/45 5/25 at 100.00 AA– 12,086,752
4,185 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty No Opt. Call AA 5,513,319
Eighth Series 2008, Trust 2920, 18.022%, 3/16/17 – 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– 2,234,080
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 2,557,550
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– 6,596,057
Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
165,525 Total Transportation 186,641,281
U.S. Guaranteed – 9.5% (6.4% of Total Investments) (5)
5,315 Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 11/20 at 100.00 A3 (5) 6,571,253
6.125%, 11/15/30 (Pre-refunded 11/15/20)
5,935 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A3 (5) 6,529,212
2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
4,205 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A3 (5) 4,638,325
2008D, 5.375%, 11/15/32 (Pre-refunded 11/15/17)
1,000 Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 11/17 at 100.00 A3 (5) 1,100,120
2008E, 5.250%, 11/15/32 (Pre-refunded 11/15/17)
950 Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt 8/15 at 100.00 N/R (5) 955,482
Hospital, Series 2005, 4.900%, 8/15/31 (Pre-refunded 8/15/15)
9,400 Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 7/17 at 100.00 AA– (5) 10,238,292
Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) – NPFG Insured
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 439,216
130 7.375%, 7/01/16 – BIGI Insured (ETM) No Opt. Call Aaa 134,349
10,000 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 7/16 at 100.00 Aa2 (5) 10,444,900
Facilities, Series 2006A, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – NPFG Insured
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– (5) 1,730,671
5,205 5.000%, 7/01/37 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00 AA– (5) 5,647,737
3,415 Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 7/17 at 100.00 AA– (5) 3,702,611
5.000%, 7/01/32 (Pre-refunded 7/01/17) – AMBAC Insured
3,000 Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, 10/15 at 100.00 AA– (5) 3,036,210
Peekskill City School District, Series 2005D, 5.000%, 10/01/33 (Pre-refunded 10/01/15) –
NPFG Insured
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 (Pre-refunded 5/01/17) (UB) 5/17 at 100.00 AA (5) 6,536,678
21,030 5.750%, 5/01/28 – AGM Insured (Pre-refunded 5/01/17) (UB) 5/17 at 100.00 AA (5) 22,987,683
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo
City School District Project, Series 2008A:
1,770 5.750%, 5/01/27 – AGM Insured (Pre-refunded 5/01/18) (UB) 5/18 at 100.00 AA (5) 4,010,608
2,550 5.750%, 5/01/28 – AGM Insured (Pre-refunded 5/01/18) (UB) 5/18 at 100.00 AA (5) 5,664,701
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) 2,040,020
12/01/15) – NPFG Insured
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) 5,151,589
11,000 4.750%, 4/01/28 (Pre-refunded 10/01/15) – FGIC Insured 10/15 at 100.00 AA+ (5) 11,126,060
35 New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 8/15 at 100.00 AA (5) 35,143
(Pre-refunded 8/01/15) – AGM Insured
2,330 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 5/17 at 100.00 N/R (5) 2,514,163
Series 2007B, 5.000%, 11/01/30 (Pre-refunded 5/01/17)
875 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 10/15 at 100.00 N/R (5) 885,561
2005B, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AMBAC Insured
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) 542,219
570 5.000%, 8/01/20 (Pre-refunded 8/01/15) 8/15 at 100.00 A3 (5) 572,343
108,565 Total U.S. Guaranteed 117,235,146
Utilities – 13.5% (9.2% of Total Investments)
2,450 Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, 2/20 at 100.00 Baa3 2,730,844
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 3,292,650
1,045 Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 10/22 at 100.00 BBB 1,113,552
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 6,223,200
8,000 0.000%, 6/01/25 – AGM Insured No Opt. Call AA 5,984,720
20,000 0.000%, 6/01/26 – AGM Insured No Opt. Call AA 14,285,000
10,000 0.000%, 6/01/27 – AGM Insured No Opt. Call AA 6,816,200
15,000 0.000%, 6/01/28 – AGM Insured No Opt. Call AA 9,796,350
10,000 0.000%, 6/01/29 – AGM Insured No Opt. Call AA 6,258,800
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– 22,636,837
27,015 5.000%, 12/01/25 – FGIC Insured 6/16 at 100.00 AA– 27,972,682
2,750 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 6/16 at 100.00 A– 2,843,143
5.000%, 12/01/35 – CIFG Insured
2,590 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 9/24 at 100.00 A– 2,803,571
5.000%, 9/01/44
3,310 Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/19 at 100.00 AA+ 3,797,298
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– 5,422,800
5.000%, 5/01/38
6,500 Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue No Opt. Call BB+ 6,583,720
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 Aa1 2,682,852
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 10,955,970
22,290 5.000%, 12/15/41 12/23 at 100.00 AAA 25,119,047
180,915 Total Utilities 167,319,236
Water and Sewer – 7.3% (4.9% of Total Investments)
5,000 New York City Municipal Water Finance Authority Water and Sewer Second General Resolution 6/25 at 100.00 AA+ 5,601,400
Revenue Bonds Fiscal 2015 Series HH, 5.000%, 6/15/39
5,160 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 12/21 at 100.00 AA+ 5,686,888
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+ 5,334,350
Bonds, Second Generation Resolution, Series 2007AA, 5.000%, 6/15/37
12,365 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 6/16 at 100.00 AAA 12,851,563
Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured (UB) (4)
4,085 New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 6/23 at 100.00 AA+ 4,566,009
General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35
10,000 New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 6/24 at 100.00 AA+ 11,271,800
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 4,334,853
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 3,408,585
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 3,019,142
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,
Second Resolution Subordinated Series 2014A, 5.000%, 6/15/30
3,110 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water 6/25 at 100.00 AAA 3,582,689
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,
Second Resolution Subordinated SRF Series 2015A, 5.000%, 6/15/36 (WI/DD, Settling 7/02/15)
22,340 New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 5/24 at 100.00 AAA 25,048,725
Master Financing Program, Green Bonds Series 2014B, 5.000%, 5/15/44
2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, Water System Revenue Bonds, No Opt. Call A1 1,794,838
Series 2000, 0.000%, 4/01/23 – AMBAC Insured
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– 1,466,020
1,950 5.000%, 4/01/45 4/25 at 100.00 AA– 2,144,102
82,085 Total Water and Sewer 90,110,964
$ 2,038,367 Total Long-Term Investments (cost $1,724,937,753) 1,825,309,843
Floating Rate Obligations – (3.1)% (38,645,000)
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (6.4)% (6) (79,000,000)
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.6)% (7) (488,800,000)
Other Assets Less Liabilities – 1.3% 16,139,262
Net Assets Applicable to Common Shares – 100% $ 1,235,004,105

Fair Value Measurements

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).

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 $ — $1,825,309,843 $ — $1,825,309,843

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, 2015, the cost of investments was $1,690,993,023.

Gross unrealized appreciation and gross unrealized depreciation of investments as of June 30, 2015, were as follows:

Gross unrealized:
Appreciation $123,962,894
Depreciation (34,626,115)
Net unrealized appreciation (depreciation) of investments $ 89,336,779
(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 4.3%.
(7) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.8%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

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 28, 2015

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 28, 2015

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

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date: August 28, 2015

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