SCHEDULE 13D/A: Karpus Management Amends Nuveen New York AMT-Free Quality Municipal Income Fund Stake, Reports Reduced Holdings

Karpus Management, Inc. has filed Amendment No. 9 to its Schedule 13D, reporting a beneficial ownership of 21.80% in Nuveen New York AMT-Free Quality Municipal Income Fund, following net sales of shares over the past sixty days.

Summary

• Karpus Management, Inc. (Karpus) filed Amendment No. 9 to its Schedule 13D regarding its stake in Nuveen New York AMT-Free Quality Municipal Income Fund (the "Issuer").
• As of January 17, 2025, Karpus beneficially owned 19,019,342.343 Common Shares of the Issuer.
• This ownership represents approximately 21.80% of the Issuer's 87,235,304 outstanding shares as of November 8, 2024.
• The aggregate purchase price for the beneficially owned shares is approximately $203,250,833.92, excluding brokerage commissions.
• Funds utilized for purchases were from accounts managed by Karpus, primarily through open market purchases using working capital, which may include margin loans.
• Over the past sixty days, Karpus engaged in both purchases and sales of the Issuer's common stock, resulting in a net decrease of 356,688 shares in its holdings.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the net reduction in shares held by a significant investor, which could be interpreted as a lack of conviction or a strategic portfolio adjustment. However, the investor still maintains a very large stake, preventing a strongly negative score.

Positives

• Karpus Management maintains a significant beneficial ownership stake of 21.80% in Nuveen New York AMT-Free Quality Municipal Income Fund, indicating continued substantial investment interest.
• The aggregate purchase price of over $203 million reflects a substantial commitment to the Issuer's securities.

Negatives

• Karpus Management engaged in net sales of 356,688 shares of Nuveen New York AMT-Free Quality Municipal Income Fund over the past sixty days, reducing its overall beneficial ownership.

Future Outlook

This Schedule 13D amendment primarily reports current beneficial ownership and recent transaction activity; it does not provide forward-looking statements or guidance regarding the Issuer's future performance or strategic direction.

Industry Context

This filing represents a routine update by a significant institutional investor, Karpus Management, Inc., regarding its substantial stake in a municipal income fund. Such filings are common for large asset managers actively managing their portfolios in the closed-end fund space, reflecting ongoing adjustments to positions based on market conditions or investment strategies. The municipal bond market, in which Nuveen New York AMT-Free Quality Municipal Income Fund operates, is influenced by interest rate trends, tax policies, and the credit quality of municipal issuers.

Stakeholder Impact

• Shareholders: The net reduction in shares by a major institutional investor could be perceived negatively, potentially influencing market sentiment and share price. However, the continued large stake suggests ongoing interest.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this ownership disclosure.

Key Dates

Recommendation

Keywords

Karpus Management, Nuveen New York AMT-Free Quality Municipal Income Fund, Schedule 13D, Beneficial Ownership, Investment Management, Municipal Income Fund, SEC Filing, Shareholding, Institutional Investor, Common Shares