In plain terms — Nuveen New York AMT-Free Quality Municipal Income Fund
Shares currently cost about 1.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.8% discount, so today's level is not high for this fund (Z-score +0.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.4% a year of the share price (8.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.01 of assets — a ReinvestCapture™ rate of 8.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 7.4% over the past year including distributions (NAV total return).
Annual costs are 3.45% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -0.95% | 0.75% | -1.42 | 62 |
| 6 months | -1.57% | 0.98% | -0.45 | 118 |
| 1 year | -3.77% | 2.68% | +0.65 | 224 |
| 3 years | -7.42% | — | — | — |
| 5 years | -9.19% | — | — | — |
Current contemporaneous premium/discount -2.01% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.21% to +1.05%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -7.82% | -14.59% | -8.92% | -9.64% | -1.24% | -7.98% |
| Market price total return | -7.20% | -12.95% | -3.43% | -2.22% | +6.03% | -2.23% |
| NAV return | -4.55% | -13.08% | -13.00% | -14.18% | -4.88% | -8.71% |
| NAV total return | -3.91% | -11.41% | -7.90% | -7.43% | +1.63% | -3.48% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) operates as a closed-end investment vehicle, originally launched by Nuveen Investments, Inc., that specializes in fixed-income securities. It is jointly managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC, with a core focus on the fixed income markets of New York. The fund strategically allocates capital to undervalued municipal bonds and related instruments. These chosen investments are designed to yield income free from regular federal and New York state income taxes. Furthermore, they are often backed by insurance from financially sound providers and maintain a minimum credit rating of Baa or BBB, with an average maturity of approximately 15.98 years. To construct its portfolio, the fund employs a fundamental, bottom-up selection methodology. Its performance is benchmarked against both the S&P New York Municipal Bond Index and the S&P Insured National Municipal Bond Index. Established in the United States on July 29, 2002, it was formerly recognized as the Nuveen New York AMT-Free Municipal Income Fund.
CEF Explorer research page for Nuveen New York AMT-Free Quality Municipal Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.