SCHEDULE: Karpus Management Boosts BlackRock MuniHoldings Stake

Karpus Management, Inc. reports an 11.88% beneficial ownership in BlackRock MuniHoldings New York Quality Fund, Inc. as of September 30, 2025.

Summary

• Karpus Management, Inc. (d/b/a Karpus Investment Management) has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in BlackRock MuniHoldings New York Quality Fund, Inc.
• Karpus Management, Inc. beneficially owns 3,592,742.00 shares of Common stock.
• This ownership represents 11.88% of the class of securities.
• Karpus Management, Inc. holds sole voting power and sole dispositive power over all 3,592,742.00 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Karpus is a registered investment adviser controlled by City of London Investment Group plc (CLIG), but operates with effective informational barriers, exercising independent voting and investment power.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as it indicates significant institutional interest and a passive investment approach from Karpus Management, Inc., which can be viewed favorably by other investors. However, it's a routine ownership disclosure, not a performance report.

Positives

• A significant institutional investor, Karpus Management, Inc., holds an 11.88% stake, indicating confidence in BlackRock MuniHoldings New York Quality Fund, Inc.
• The filing explicitly states the shares are held in the ordinary course of business and not for influencing control, suggesting a passive, long-term investment approach.

Negatives

• No direct negative information is presented in this beneficial ownership disclosure.

Risks

• The concentration of 11.88% ownership by a single entity, Karpus Management, Inc., could potentially influence future corporate actions, despite the current disclaimer of intent to influence control.

Future Outlook

The filing indicates Karpus Management, Inc. holds a significant passive stake. The stated 'Date of Event Which Requires Filing of this Statement' is September 30, 2025, which is unusual for a filing signed on October 7, 2025, potentially suggesting a forward-looking effective date for the reported ownership or a clerical error in the filing itself. No other forward-looking statements or guidance are provided by the issuer.

Management Comments

• Karpus Management, Inc. certifies that, to the best of its knowledge and belief, the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing reflects an investment adviser's significant passive stake in a closed-end municipal bond fund. Such institutional holdings are common in the asset management industry, where advisers manage portfolios for clients and may take substantial positions in publicly traded funds to achieve investment objectives. The BlackRock MuniHoldings New York Quality Fund, Inc. focuses on tax-exempt municipal bonds, a segment often favored by investors seeking income and tax advantages.

Comparison to Industry Standards

• NA

Related Party Transactions

• Karpus Management, Inc. is controlled by City of London Investment Group plc (CLIG), which is listed on the London Stock Exchange. However, effective informational barriers have been established between Karpus and CLIG, ensuring independent exercise of voting and investment power over the subject securities.

Stakeholder Impact

• Shareholders may view the significant, passive institutional ownership by Karpus Management, Inc. as a positive signal of confidence in the fund's strategy and management.
• The fund's management may see this as validation of their investment approach, though it also means a large block of shares is held by a single entity.

Next Steps

• Karpus Management, Inc. will continue to monitor its beneficial ownership and file further amendments to Schedule 13G as required by SEC regulations if its ownership percentage changes significantly.

Key Dates

Recommendation

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain sufficient financial or operational information to warrant a 'buy' or 'sell' recommendation. The reported stake is passive, and while institutional interest can be a positive signal, it does not fundamentally alter the investment thesis for BlackRock MuniHoldings New York Quality Fund, Inc. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader market and fund-specific analysis.

Keywords

Karpus Management, BlackRock MuniHoldings New York Quality Fund, Beneficial Ownership, Schedule 13G, Investment Adviser, Common Stock, Institutional Investor, Closed-End Fund, Municipal Bonds