On May 30, 2024, Karpus Management, Inc. sent a letter to the board of directors of Nuveen New York AMT-Free Quality Municipal Income Fund, requesting that it take decisive action to improve shareholder value and reduce discounts to net asset value, and highlighting recent actions taken by other fund management companies. Karpus Management said it was writing this letter to the company’s boards to express its disappointment with the performance of the funds and the long-term discount in net asset value (NAV).
Karpus Management added that while many other fund companies have taken various steps to improve shareholder value and reduce discounts, the Company has not done much other than slightly increase the distribution of the fund. Karpus Management urges the company to reconsider its strategy and adopt some of the measures that have proven effective in the industry. Karpus Management added that it looked forward to hearing from the company and would see positive changes soon.
Additionally, on May 31, 2024, Karpus Management filed with the SEC a preliminary proxy statement containing information relating to Karpus Management’s nominees to the board of directors and the shareholder proposal previously submitted to the Company and as previously disclosed in this Schedule 13D. Karpus Management stated that, subject to comments from the SEC, once the proxy statement is final, Karpus Management intends to send the proxy statement to shareholders and begin soliciting proxies .
