Karpus Management Amends Nuveen AMT-Free Fund Stake

TL;DR

**Karpus Management updated their stake in Nuveen AMT-Free Quality Municipal Income Fund, signaling a potential shift.**

AI Summary

Karpus Management, Inc. filed an amended Schedule 13D/A on January 8, 2024, indicating a change in their beneficial ownership of Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA) common shares. This amendment, dated January 5, 2024, updates their previous filing and signals a potential shift in their investment strategy or level of influence over the fund. For investors, this matters because Karpus Management is a significant holder, and changes in their position can sometimes precede or reflect broader market sentiment or strategic moves concerning the fund's management or operations.

Why It Matters

This filing shows an update to a major investor's position in the Nuveen AMT-Free Quality Municipal Income Fund, which could signal their changing views on the fund's future or management.

Risk Assessment

Risk Level: medium — Changes in significant shareholder positions can introduce uncertainty regarding future fund direction or potential activist actions.

Analyst Insight

Investors should monitor subsequent filings from Karpus Management, Inc. for further details on their updated position and any stated intentions, as this could signal a change in their view of the fund's prospects or management.

Key Players & Entities

• Karpus Management, Inc. (company) — the entity filing the SC 13D/A, reporting beneficial ownership
• Nuveen AMT-Free Quality Municipal Income Fund (company) — the issuer whose securities are being reported
• Daniel L. Lippincott (person) — President and Chief Investment Officer of Karpus Management, Inc.
• Adam W. Finerman, Esq. (person) — Attorney at BakerHostetler, authorized to receive notices for Karpus Management
• January 5, 2024 (date) — Date of the event requiring the filing of this statement

Forward-Looking Statements

• Karpus Management, Inc. may be adjusting its investment strategy or level of engagement with Nuveen AMT-Free Quality Municipal Income Fund. (Karpus Management, Inc.) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $256,102,380 — cially owned by Karpus is approximately $256,102,380.53, excluding brokerage commissions. Th
• $10.01 — UNTS) Sale of Common Stock (25,700) $10.01 11/6/2023 Purchase of Common Stock
• $10.14 — 9/2023 Sale of Common Stock (3,400) $10.14 11/10/2023 Sale of Common Stock (3,
• $10.31 — 0/2023 Sale of Common Stock (3,225) $10.31 11/15/2023 Sale of Common Stock (45
• $10.48 — /15/2023 Sale of Common Stock (450) $10.48 11/16/2023 Purchase of Common Stock
• $10.44 — 023 Purchase of Common Stock 70,161 $10.44 11/20/2023 Purchase of Common Stock
• $10.46 — 023 Purchase of Common Stock 12,033 $10.46 11/21/2023 Purchase of Common Stock
• $10.53 — 23 Purchase of Common Stock 100,000 $10.53 11/22/2023 Purchase of Common Stock
• $10.47 — 23 Purchase of Common Stock 149,786 $10.47 11/28/2023 Purchase of Common Stock
• $10.50 — 8/2023 Purchase of Common Stock 200 $10.50 11/29/2023 Purchase of Common Stock
• $10.56 — 023 Purchase of Common Stock 48,945 $10.56 11/30/2023 Purchase of Common Stock
• $10.74 — 023 Purchase of Common Stock 25,595 $10.74 12/1/2023 Purchase of Common Stock
• $10.70 — 023 Purchase of Common Stock 35,724 $10.70 12/4/2023 Purchase of Common Stock
• $10.72 — 023 Purchase of Common Stock 47,769 $10.72 12/5/2023 Sale of Common Stock (2,2
• $10.79 — 023 Purchase of Common Stock 10,800 $10.79 12/7/2023 Sale of Common Stock (4,9

Filing Documents

• karpus-sch13d_18788.htm (SC 13D/A) — 107KB
• exh-1_18788.htm (EX-1) — 1KB
• nea_letter-1.jpg (GRAPHIC) — 485KB
• nea_letter-2.jpg (GRAPHIC) — 629KB
• nea_letter-3.jpg (GRAPHIC) — 302KB
• 0001072613-24-000025.txt ( ) — 2061KB

Interest

Item 5. Interest in Securities of the Issuer .

(a)-(c) are hereby amended to read as follows

Item 5(a)-(c) are hereby amended to read as follows: (a) As of the close of business on January 5, 2024, Karpus beneficially owned an aggregate of 23,745,713.15 Shares held in the Accounts, which represents approximately 7.94% of the 299,037,392 Shares reported as outstanding as of April 30, 2023 on the Form N-CSR filed by the Issuer for the semi-annual period ended April 30, 2023. (b) 1. Sole power to vote or direct vote:23,508,213.15 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition:23,745,713.15 4. Shared power to dispose or direct the disposition:0 (c) The transactions in the Shares by Karpus through the Accounts since the initial Schedule 13D filing on November 7, 2023 are set forth on Schedule B and incorporated herein for reference.

Material

Item 7. Material to be Filed as Exhibits . Item 7 of the Original Schedule 13D is hereby amended to add the following exhibit: Exhibit No. Description 1 Letter to the Board, dated January 5, 2024. CUSIP No.670657105 13D Page 5 of 6 Pages SIGNATURE After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 8, 2024 KARPUS MANAGEMENT, INC. By: /s/ Daniel L. Lippincott Name: Daniel L. Lippincott Title: President and Chief Investment Officer CUSIP No. 670657105 13D Page 6 of 6 Pages SCHEDULE A Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management Name Position & Present Principal Occupation

Business

Owned Kathleen Finnerty Crane Chief Financial Officer 183 Sully’s Trail, Pittsford, New York 14534 13,800 Shares Thomas Michael Duffy Senior Vice President and Director of Operations 183 Sully’s Trail, Pittsford, New York 14534 0 Shares Daniel Lee Lippincott President and Chief Investment Officer 183 Sully’s Trail, Pittsford, New York 14534 3,000 Shares Brett David Gardner Senior Vice President 183 Sully’s Trail, Pittsford, New York 14534 8,425 Shares Jodi Lee Hedberg Chief Compliance Officer 183 Sully’s Trail, Pittsford, New York 14534 0 Shares Thomas Wayne Griffin Director 17 East Market Street, West Chester, Pennsylvania 19382 80 0 Shares Carlos Manuel Yuste Director 17 East Market Street, West Chester, Pennsylvania 19382 0 Shares SCHEDULE B Transactions in the Shares since the initial Schedule 13D filing on November 7, 2023 Nature of the Transaction Shares Purchased/(Sold) Price Per Share($) Date of Purchase / Sale KARPUS MANAGEMENT, INC., D/B/A/ KARPUS INVESTMENT MANAGEMENT (THROUGH THE ACCOUNTS) Sale of Common Stock (25,700) $10.01 11/6/2023 Purchase of Common Stock 3,175 $10.01 11/9/2023 Sale of Common Stock (3,400) $10.14 11/10/2023 Sale of Common Stock (3,225) $10.31 11/15/2023 Sale of Common Stock (450) $10.48 11/16/2023 Purchase of Common Stock 70,161 $10.44 11/20/2023 Purchase of Common Stock 12,033 $10.46 11/21/2023 Purchase of Common Stock 100,000 $10.53 11/22/2023 Purchase of Common Stock 8,000 $10.53 11/24/2023 Purchase of Common Stock 400 $10.46 11/27/2023 Purchase of Common Stock 149,786 $10.47 11/28/2023 Purchase of Common Stock 200 $10.50 11/29/2023 Purchase of Common Stock 48,945 $10.56 11/30/2023 Purchase of Common Stock 25,595 $10.74 12/1/2023 Purchase of Common Stock 35,724 $10.70 12/4/2023 Purchase of Common Stock 47,769 $10.72 12/5/2023 Sale of C

View Full Filing

View this SC 13D/A filing on SEC EDGAR