Company: NRK
Filing Date: 2025-11-06
Form Type: N-CSR
Source: 0001193125-25-269228
Chunk: 1

Company: NUVEEN NEW YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-11-06
Form: N-CSR
Chunk 1
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, NCA, NAC, NRK, NNY and NAN are Scott Romans, PhD., and Kristen DeJong, CFA. The portfolio managers for NXJ are Paul Brennan, CFA, Steven Hlavin, and Kristen DeJong, CFA. The portfolio managers for NQP are Paul Brennan, CFA, and Steven Hlavin Below is a discussion of Fund performance and the factors that contributed and detracted during the reporting period ended August 31, 2025. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report. Nuveen Arizona Quality Municipal Income Fund (NAZ) 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. |

| • |     | The portfolio management team took advantage of periods of market weakness to buy bonds at attractive valuations and                           
 continued to seek enhanced income opportunities by selling bonds with lower book yields and replacing them with bonds with higher book yields. |

How did the Fund perform and what factors affected relative performance? For the twelve-month reporting period ended August 31, 2025, NAZ returned -5.10%. The Fund significantly underperformed the returns of the S&P Municipal Bond Arizona Index, which returned 0.81%. Top contributors to relative performance

| • |     | Overweights to the dedicated tax and single-family housing sectors. |

| • |     | Exposure to shorter-duration higher education bonds. |

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Top detractors from relative performance