Nuveen NY Muni Fund Files Definitive Additional Materials

Ticker: NRK · Form: DEFA14A · Filed: Jul 26, 2024 · CIK: 1195739

Nuveen New York Amt-Free Quality Municipal Income Fund DEFA14A Filing Summary
FieldDetail
CompanyNuveen New York Amt-Free Quality Municipal Income Fund (NRK)
Form TypeDEFA14A
Filed DateJul 26, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$3.8B, $15, $14.60, $1,069.8, $286.5
Sentimentneutral

Sentiment: neutral

Topics: proxy-statement, municipal-bond-fund, sec-filing

TL;DR

Nuveen NY Muni Fund dropped more proxy docs. Shareholders, pay attention.

AI Summary

Nuveen New York AMT-Free Quality Municipal Income Fund filed a DEFA14A on July 26, 2024. This filing is a definitive additional material related to proxy statements. The fund is incorporated in Massachusetts and has a fiscal year end of September 30. Its business and mailing address is 333 West Wacker Drive, Chicago, IL 60606.

Why It Matters

This filing provides additional materials for the Nuveen New York AMT-Free Quality Municipal Income Fund's proxy statement, which is crucial for shareholders to understand upcoming decisions and exercise their voting rights.

Risk Assessment

Risk Level: low — This filing is a routine administrative document (DEFA14A) providing additional materials for a proxy statement, not indicating any immediate financial risk or significant change.

Key Players & Entities

FAQ

What type of filing is this DEFA14A for Nuveen New York AMT-Free Quality Municipal Income Fund?

This DEFA14A filing is classified as Definitive Additional Materials.

When was this filing made?

The filing was made on July 26, 2024.

What is the fiscal year end for Nuveen New York AMT-Free Quality Municipal Income Fund?

The fiscal year end for the fund is September 30.

Where is the principal business address of the fund?

The business address is 333 West Wacker Drive, Chicago, IL 60606.

Is there a filing fee associated with this document?

No fee was required for this filing.

Filing Stats: 4,423 words · 18 min read · ~15 pages · Grade level 11 · Accepted 2024-07-25 21:56:29

Key Financial Figures

Filing Documents

From the Filing

NEW YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND Nuveen New York AMT-Free Quality Municipal Income Fund UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Securities Exchange Act of 1934 (Amendment No.) Filed by the RegistrantFiled by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 Nuveen New York AMT-Free Quality Municipal Income Fund (Exact Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. nuveen A TIAA Company Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) July 25, 2024 Institutional Shareholder Services Presentation NUVEEN CLOSED-END FUNDS Our approach and mindset Nuveens closed-end funds (CEFs) are designed to be long-term investments that help shareholders, many of whom are retirees or individuals nearing retirement, plan for their financial future by providing consistent, attractive income throughout multiple market cycles. Nuveen CEFs offer a broad opportunity for diversification and exposure to asset classes and strategies that retail shareholders normally would not be able to access. CEFs are designed to provide shareholders an investment structure that can deliver enhanced income and returns over time with liquidity provided through an exchange listing. Market factors and investor sentiment can turn negative for CEFs impacting secondary market prices, even as funds successfully deliver on their primary investment objective. For CEF investors, attractive and reliable distributions are what matter. Volatile market conditions, like equity and fixed income markets in 2022 which had historical negative performance, can cause CEFs to trade at deeper discounts, yet these strategies perform over the life of the fund. When it comes to governance, there is no substitute for experiencethe best way to protect the long-term interests of all CEF shareholders is by nominating a competent, knowledgeable board with CEF-specific experience. 2 GUIDING QUESTIONS 1. Is change warranted? 2. If change is warranted, who is best to effect change? 3 Is change warranted? We do not believe change is warranted. As evidenced by NRKs past and current performance, the Board maintains confidence in its ability, the investment managers ability and the Funds ability to perform over the long term. NRK continues to deliver on its objectives of generating tax-exempt income and enhancing value for all shareholders. nuveen 4 Is change warranted? There is no merit to the dissidents proposals to seat three trustees and terminate Nuveen as Fund manager. In fact, Karpus has chosen Nuveens municipal investment team as manager for approximately 23% of its clients $3.8B in AUM the single largest manager allocation for Karpus client assets. A differentiated fund offering with a strong track record of success. Since inception in 2002, NRK has delivered strong results relative to peers1 and benchmarks, and continues to deliver attractive, reliable distributions which include doubleand in some cases tripletax-exempt income for New York residents. NRK is the only AMT-free offering in the New York peer category. NRK has outperformed peer average returns on both NAV and market price over the trailing 1-, 3-, 5- and 10-year periods. 8.34% Since inception annualized distribution rate on $15 offering price 100% Distribution rate increase resulting from enhanced distribution program implemented in October 2023 678 bps Discount narrowing since enhanced distribution program announcement2 1.04%3 Competitive fees and expenses with a total expense ratio that is 7 bps lower than peers Nuveen 1 See Appendix for peer group 2 Enhanced distributions announced October 23, 2023 3 Total expense ratio see slide 21 for peer comparison 5 Nuveen Board Nominees are fiduciaries who are delivering long-term value to shareholders and have a record of taking thoughtful, proactive actions to enhance outcomes for all shareholders. Since 2012, the Board has: Authorized 58 CEF mergers, producing highly scaled funds in respective asset classes with: Lower fees (breakpoint pricing methodology) Enhanced trading efficiencies Tightened bid/ask spreads in the secondary market Authorized liquidations, mandate adjustments and mergers into open-end funds Approved an innovative complex-wide management fee schedule to share platform economies of scale, resulting in lower management fees for fund shareholders. Approved an enhanced distribution program to support secondary market trading through higher cash flows

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