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Scott Romans Featured Image

Scott R. Romans, Ph.D.

Portfolio Manager
Potential benefits
  • Attractive monthly tax-free income from a predominately investment grade portfolio
  • Portfolio diversification
  • Attractive after tax total returns

Fund description

The Fund's primary investment objective is to provide current income exempt from regular federal and New York income taxes; secondary investment objective is to enhance portfolio value and total return.

The Fund invests in municipal securities that are exempt from federal, New York state, and New York City income taxes. The Fund invests at least 80% of its managed assets in municipal securities rated investment grade at the time of investment, or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of managed assets in municipal securities that are not exempt from New York state income taxes if the manager believes doing so would enhance the Fund's after-tax total returns. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund may invest in inverse floating rate municipal securities, also known as tender option bonds. The Fund's use of tender option bonds to more efficiently implement its investment strategy may create up to 10% effective leverage.

Important fund notice

Effective 30 Mar 2021, NYV and NNY announced pre-reorganization distributions payable 03 May 2021. As previously announced the pre-reorganization distribution for the fund being acquired is intended to fully distribute the acquired fund's accumulated undistributed net investment income (UNII) prior to the reorganization going effective. Following the transaction the surviving fund, NNY is expected to declare an additional post-reorganization distribution. The total per-common share dollar amount of the pre- and post-closing tax-exempt distributions received on 03 May 2021 will be equal to or greater than the per-common share dollar amount of the prior month's tax-exempt dividend.
For more information, please see the press release

For term definitions and index descriptions, please access the glossary in the footer.

  • Fund basics
  • Capital structure
  • Common shares
  • Annual expense ratios

Fund basics

Capital structure

Common shares

Annual expense ratios

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

Other Expenses and Total Expenses do not include interest expenses arising from the application of SFAS No. 140 to certain inverse floating rate securities (if any) held by the Fund. Interest expense arises because accounting rules require the Fund to treat interest paid by trusts issuing certain inverse floating rate instruments held by the Fund as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of additional income earned (also indirectly), the Fund's net asset value per share, net investment income and total return have not been affected by this accounting treatment. See the Fund's Annual Report for information on the Fund's inverse floating rate investments and recognized interest expense.​

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Earnings and UNII Information

Pricing

  • Overview
  • Premium/discount history
  • Share price and NAV history

Overview

*The premium/discount is calculated as (most recent price/most recent NAV) -1.

Premium/discount history

Share price and NAV history

Premium/discount history and Share price and NAV history data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

Performance

  • Hypothetical growth of 10K
  • Calendar year returns
  • Average annual total returns

Hypothetical growth of 10K

The table illustrates the performance of a hypothetical $10,000 investment made on the date indicated. Original Investment & Cumulative Distributions is the original investment value added to the cash flow received from distributions. The total returns are not adjusted to reflect the effects of taxation and assume reinvestment of dividends and capital gains.

Calendar year returns

Average annual total returns

Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Distributions

Key information regarding distributions

Average earnings per share and average undistributed net investment income (UNII) per share are estimates, using an average of the last three months, except for preferred securities funds, mortgage-backed securities funds and floating rate funds, which use an average of the last six months.

Percent allocations, calculations, and averages reflect the Fund's full investment exposure, including the full value of bonds held in tender option bond trusts that have issued residual inverse floating rate securities that the Fund holds.

Total distributions per share

Distribution history

Since inception
Distribution schedule
Earnings & UNII Information

Income Only Distribution: Distributions are sourced entirely from net investment income, unless noted otherwise.

The funds regular monthly distributions may be subject to federal and/or state and local taxes and may be re-characterized as ordinary income. Any re-characterization will be reported in shareholders’ 1099-DIV forms after the end of the year. Income exempt from federal income tax may be subject to state and local taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.

Distribution Rates represent the latest declared regular distribution, annualized, relative to the market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

View all holdings

Fund characteristics

Percent allocations, calculations, and averages reflect the Fund's full investment exposure, including the full value of bonds held in tender option bond trusts that have issued residual inverse floating rate securities that the Fund holds.

Debt characteristics (duration, maturity, bond price) are relative to the percentage of the portfolio invested in debt securities.

Effective duration can be measured differently by different analytics tools used by Nuveen or the fund sub-adviser. The effective duration measures presented here may differ from those used by portfolio teams to manage the portfolios, or in other presentations describing these portfolios. Also, this effective duration measure may differ from that used by other fund sponsors, so effective durations of funds in different fund complexes may not be directly comparable.

  • Top 10 issuers
  • Top sector allocation
  • Call exposure
  • Top states
  • Credit quality
  • Maturity breakdown

Top 10 issuers

View all holdings

Top sector allocation

Call exposure

For the percentage of the portfolio in debt, preferred and other hybrid securities, including CoCos (if any).​ Percentages reflect the percentage of the Fund's investment exposure callable in the timeframe relative to the “as of” date shown. The "Next 12 months" figure (if shown) includes investments that are currently callable, as well as callable in the next 12 months. Securities subject to call may not be called.

Top states

Credit quality

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies.

Maturity breakdown

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Exposures and breakdowns are asset-weighted using the current market value of bonds held in the portfolio, as well as the full amount and exposure of bonds held in a tender option bond (TOB) trust, even though the Fund owns only the residual inverse floater in its portfolio and managed assets. This may not be fully consistent with generally accepted accounting principles.

Literature

  • Fund literature
  • Fund reports
  • Fund announcements
  • Education

Portfolio manager

Romans, Scott

Scott R. Romans, Ph.D.

Portfolio Manager

Investment specialist

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Nuveen

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Individual Investors
800-257-8787
A word on risk

Investment, Market, and Price Risk: Closed-end fund shares are subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. At any point in time, your common shares may be worth less than you paid, even after considering the reinvestment of fund distributions.

Interest Rate Risk: Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Credit Risk: Debt or preferred securities held by the fund may fail to make dividend or interest payments when due. Investments in securities below investment grade credit quality are predominantly speculative and subject to greater volatility and risk of default. Unrated securities are evaluated by fund managers using industry data and their own analysis processes that may be similar to that of a nationally recognized rating agency; however, such internal ratings are not equivalent to a national agency credit rating. Counterparty credit risk may arise if counterparties fail to meet their obligations, should the fund hold any derivative instruments for either investment exposure or hedging purposes.

Single State Concentration Risk: Because the fund primarily purchases municipal bonds from a single state or U.S. territories, such as Puerto Rico, the fund is more susceptible to adverse local economic, political, or regulatory changes affecting municipal bond issuers in those locations. Certain municipal bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades.

Tax Risk: The tax treatment of fund distributions may be affected by future changes in tax laws and regulations or their interpretation by the Internal Revenue Service or state tax authorities.

Inverse Floater Risk: The fund invests in inverse floaters. Due to their leveraged nature, these derivative investments can greatly increase a fund’s exposure to interest rate risk and credit risk, including counter-party credit risk. In addition, investments in inverse floaters involve the risk that the fund could lose more than its original principal investment.

Call Risk or Prepayment Risk: Issuers may exercise their option to prepay principal earlier than scheduled, forcing the fund to reinvest in lower-yielding securities.

Hedging Risk: The fund may use derivative instruments for hedging purposes, but there is no assurance that the fund’s hedging strategy will be successful. Derivatives may involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.

Municipal Bond Market Liquidity Risk: Inventories of municipal bonds held by brokers and dealers have decreased in recent years, either due to broker-dealer choices or to federal banking regulations, reducing their ability to make a market in these securities. This may decrease the fund’s ability to buy or sell bonds, and may increase bond price volatility and trading costs, particularly during periods of economic or market stress. As a result, the fund may be forced to sell a security at a lower price than desired, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. Large block sales could further reduce bond prices and hurt fund performance.

Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Nuveen Asset Management, LLC is the subadviser to the Fund and an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

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The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.

Nuveen provides investment advisory solutions through its investment specialists. Nuveen Securities, LLC, member FINRA  and SIPC  .

The information on this website is intended for U.S. residents only. If you are a non-U.S. resident, please visit the Global section of our website www.nuveen.com/global  . The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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Distribution history since inception