Karpus Management Amends 13D Filing for Nuveen Muni Fund

TL;DR

Karpus Management updated its stake in Nuveen AMT-Free Quality Muni Fund. Watch for potential trading impact.

AI Summary

Karpus Management, Inc. filed an amendment (No. 2) to its Schedule 13D on March 4, 2024, regarding Nuveen AMT-Free Quality Municipal Income Fund. The filing indicates a change in beneficial ownership, though specific new holdings or dollar amounts are not detailed in this excerpt. Karpus Management, Inc. is based in Pittsford, NY.

Why It Matters

This filing signals a potential shift in significant ownership stakes in the Nuveen AMT-Free Quality Municipal Income Fund, which could influence the fund's future direction or trading activity.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or shifts in control, which can introduce volatility.

Key Players & Entities

• Karpus Management, Inc. (company) — Filing entity
• Nuveen AMT-Free Quality Municipal Income Fund (company) — Subject company
• Daniel L. Lippincot (person) — Signatory

FAQ

Key Financial Figures

• $259,977,132 — cially owned by Karpus is approximately $259,977,132.87, excluding brokerage commissions. Th
• $11.12 — OUNTS) Purchase of Common Stock 305 $11.12 1/8/2024 Purchase of Common Stock 3
• $11.05 — 024 Purchase of Common Stock 36,045 $11.05 1/9/2024 Purchase of Common Stock 6
• $11.00 — 2024 Purchase of Common Stock 6,450 $11.00 1/12/2024 Sale of Common Stock (10,
• $10.92 — /2024 Sale of Common Stock (10,400) $10.92 1/16/2024 Sale of Common Stock (28,
• $10.86 — /2024 Sale of Common Stock (28,646) $10.86 1/17/2024 Purchase of Common Stock
• $10.75 — 024 Purchase of Common Stock 61,516 $10.75 1/23/2024 Purchase of Common Stock
• $10.80 — 024 Purchase of Common Stock 90,000 $10.80 1/24/2024 Purchase of Common Stock
• $10.78 — 2024 Purchase of Common Stock 2,400 $10.78 1/25/2024 Purchase of Common Stock
• $10.74 — 024 Purchase of Common Stock 11,000 $10.74 1/26/2024 Purchase of Common Stock
• $10.85 — /26/2024 Purchase of Common Stock - $10.85 1/29/2024 Purchase of Common Stock
• $10.93 — 2024 Purchase of Common Stock 7,475 $10.93 1/30/2024 Purchase of Common Stock
• $11.04 — 024 Purchase of Common Stock 12,500 $11.04 1/31/2024 Purchase of Common Stock
• $11.09 — 2024 Purchase of Common Stock 7,100 $11.09 2/7/2024 Sale of Common Stock (10,4
• $10.98 — /2024 Sale of Common Stock (10,450) $10.98 2/8/2024 Purchase of Common Stock 4

Filing Documents

• karpus-sch13d_18788.htm (SC 13D/A) — 102KB
• exh-1_18788.htm (EX-1) — 25KB
• image_006.jpg (GRAPHIC) — 6KB
• 0001072613-24-000295.txt ( ) — 137KB

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Item 3 is hereby amended to read as follows: Karpus an independent registered investment advisor, has accumulated 24,098,217.813 Shares on behalf of accounts managed by Karpus (the “Accounts”) under limited powers of attorney. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts. The aggregate purchase price of the 24,098,217.813 Shares beneficially owned by Karpus is approximately $259,977,132.87, excluding brokerage commissions. The Shares purchased by Karpus with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted herein. CUSIP No.670657105 13D Page 4 of 6 Pages Item 4. Purpose of Transaction. Item 4 of the Original Schedule 13D is hereby amended to add the following : On March 4, 2024, Karpus delivered a letter (the “Proposal Letter”) to the Secretary of the Issuer containing a shareholder proposal pursuant to Rule 14a-8 of the Securities Exchange Act of 1934 for presentation to the Issuer’s shareholders at the Issuer’s 2024 annual meeting of shareholders. The proposal requests that (i) the Issuer’s board of trustees (the “Board”) promptly consider authorizing a self-tender offer for all outstanding common shares of the Issuer at or close to net asset value and (ii) if more than 50% of the Issuer’s outstanding common shares are tendered, the tender offer be cancelled and the Board take the steps necessary to liquidate, merge, or convert the Issuer to an open-end mutual fund or exchange traded fund. The foregoing summary of the Proposal Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Proposal Letter, a copy of which is attached hereto as an Exhibit.

Interest

Item 5. Interest in Securities of the Issuer . Item 5(a)-(c) are hereby amended to read as follows: (a) As of the close of business on February 29, 2024, Karpus beneficially owned an aggregate of 24,098,217.813 Shares held in the Accounts, which represents approximately 8.06% of the 298,992,392 S hares reported as outstanding as of October 31, 2023 on the Form N-CSR filed by the Issuer for the semi-annual period ended October 31, 2023. (b) 1. Sole power to vote or direct vote:23,860,717.813 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition:24,098,217.813 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 Secretary, dated March 4, 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: March 4, 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 12,800 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 January 8, 2024 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) Purchase of Common Stock 305 $11.12 1/8/2024 Purchase of Common Stock 36,045 $11.05 1/9/2024 Purchase of Common Stock 6,450 $11.00 1/12/2024 Sale of Common Stock (10,400) $10.92 1/16/2024 Sale of Common Stock (28,646) $10.86 1/17/2024 Purchase of Common Stock 61,516 $10.75 1/23/2024 Purchase of Common Stock 90,000 $10.80 1/24/2024 Purchase of Common Stock 2,400 $10.78 1/25/2024 Purchase of Common Stock 11,000 $10.74 1/26/2024 Purchase of Common Stock - $10.85 1/29/2024 Purchase of Common Stock 7,475 $10.93 1/30/2024 Purchase of Common Stock 12,500 $11.04 1/31/2024 Purchase of Common Stock 25,113 $11.12 2/1/2024 Purchase of Common Stock 7,850 $11.04 2/2/2024 Purchase of Common Stock 34,845 $11.04 2/6/2024 Purchase of Common Stock 7,100 $11.09 2/7/2024 Sale of Common Stock (10

View Full Filing

View this SC 13D/A filing on SEC EDGAR