Company: NRK
Filing Date: 2025-11-06
Form Type: N-CSR
Source: 0001193125-25-269228
Chunk: 5

Company: NUVEEN NEW YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-11-06
Form: N-CSR
Chunk 5
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 supply. |

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Discussion of Fund Performance (continued) 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. |

| • |     | 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, NXJ returned -3.62%. The Fund significantly underperformed the returns of the S&P Municipal Bond New Jersey Index, which returned 1.04%. Top contributors to relative performance

| • |     | Credit quality positioning, particularly an overweight to non-rated bonds. |

| • |     | Sector allocations, driven by an overweight to local tax-supported debt and      
 underweights to the New Jersey tax- supported debt and higher education sectors. |

Top detractors from relative performance

| • |     | Duration and yield curve positioning, driven by an overweight to long-term maturities, especially to 12 years and 
 longer duration structures and an underweight to zero- to four-year duration structures.                          |

| • |     | Security selection. |

| • |     | The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares 
 detracted from relative performance during the reporting period.                                         |

Nuveen New York AMT-FreeQuality Municipal Income Fund (NRK) 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. |

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What key