Company: NRK
Filing Date: 2025-11-06
Form Type: N-CSR
Source: 0001193125-25-269228
Chunk: 7

Company: NUVEEN NEW YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-11-06
Form: N-CSR
Chunk 7
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-term view of investing in longer-duration and lower-rated bonds, which offered incrementally higher yields to support the Fund’s income earnings capability. |

| • |     | The portfolio management team took advantage of periods of market stress to buy bonds at attractive valuations and 
 continued to carefully manage the Fund’s income sustainability via tactical trading.                               |

How did the Fund perform and what factors affected relative performance? For the twelve-month reporting period ended August 31, 2025, NNY returned -1.89%. The Fund underperformed the returns of the S&P Municipal Bond New York Index, which returned -0.33%. Top contributors to relative performance

| • |     | Underweight to dedicated tax bonds. |

| • |     | Underweight to tobacco bonds. |

Top detractors from relative performance

| • |     | Overall duration positioning, especially an overweight to bonds with durations greater than 12.0 years. |

| • |     | Overall credit ratings positioning, especially an overweight to non-rated 
 bonds.                                                                    |

| • |     | Overall sector positioning. |

Nuveen New York Quality Municipal Income Fund (NAN) What factors affected markets during the reporting period?

| • |     | Municipal bond yields rose across longer maturities and fell across shorter maturities, steepening the municipal                                                                                                                                 
 yield curve over the reporting period. Yields saw elevated volatility during the period, in response to uncertainties about the Federal Reserve’s plan for monetary easing, U.S. fiscal and trade policy under the Trump administration, and the 
 impacts to the economy, inflation and federal debt sustainability.                                                                                                                                                                               |

| • |     | While credit fundamentals remained strong, unprecedented supply pressure weighed on the municipal market during the                                  
 reporting period. Demand for municipal debt increased during the reporting period but was less robust when compared to the elevated level of supply. |

What key strategies were used to manage the Fund during the reporting period?

| • |     | The Fund’s trading activity remained focused on pursuing its investment objectives. During the reporting                                                                                                    
 period, the Fund continued to emphasize a long-term view of investing in longer-duration and lower-rated bonds, which offered incrementally higher yields to support the Fund’s income earnings capability. |

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| • |     | The portfolio management team took advantage of periods of market stress to buy bonds at attractive valuations and 
 continued to carefully manage the Fund’s income sustainability via tactical trading.                               |

How did the Fund perform and what factors affected relative performance? For the twelve