nq2.htm



 
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