Nuveen Closed-End Funds’ Board of Trustees Approves Three Fund Reorganization Proposals
May 23 2019 - 8:30AM
Business Wire
The Board of Trustees for six Nuveen municipal closed-end funds
approved three merger proposals. The mergers are subject to
customary conditions, including shareholder approval. The mergers
are intended to create larger funds with lower operating expenses
and increased trading volume on the exchange for common shares.
More information on the proposed mergers will be contained in
proxy materials expected to be filed in the coming weeks. The
proposed fund mergers are as follows:
Acquired Fund Symbol
Acquiring Fund Symbol
Nuveen Texas Quality Municipal Income
Fund
NTX Nuveen Quality Municipal Income Fund
NAD Nuveen North Carolina Quality Municipal Income
Fund NNC Nuveen AMT-Free Quality Municipal
Income Fund NEA Nuveen Connecticut Quality Municipal
Income Fund NTC Nuveen AMT-Free Municipal
Credit Income Fund NVG
If shareholders approve the reorganization, Nuveen Connecticut
Quality Municipal Income Fund shareholders will receive a cash
distribution prior to the closing of the reorganization of
approximately 10% of net asset value per share.
For more general closed-end fund information and education,
please visit Nuveen’s closed-end fund website.
FORWARD-LOOKING STATEMENTS
Certain statements made herein are forward-looking statements.
Actual future results or occurrences may differ significantly from
those anticipated in any forward-looking statements due to numerous
factors. These include, but are not limited to:
• market developments;
• legal and regulatory developments;
• the ability to satisfy conditions to the proposed mergers;
and
• other additional risks and uncertainties.
You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Nuveen
and the closed-end funds managed by Nuveen Fund Advisers and Nuveen
affiliates undertake no responsibility to update publicly or revise
any forward-looking statements.
The annual and semi-annual reports and other regulatory filings
of Nuveen closed-end funds with the Securities and Exchange
Commission (“SEC”) are accessible on the SEC’s web site at
www.sec.gov and on Nuveen’s web site at http://www.nuveen.com/cef
and may discuss the above-mentioned or other factors that affect
Nuveen closed-end funds. The information contained on the Nuveen
website is not a part of this press release.
IMPORTANT INFORMATION
In connection with the merger proposals discussed herein, the
funds expect to file with the SEC solicitation materials in the
form of proxy statements and/or joint proxy statement/prospectuses
that will be included in registration statements on Form N-14, as
applicable. After each registration statement is filed with the
SEC, it may be amended or withdrawn and the proxy statement and/or
joint proxy statement/prospectus will not be distributed to
shareholders unless and until the registration statement is
declared effective by the SEC. Investors are urged to read the
solicitation materials and any other relevant documents when they
become available because they will contain important information
about the merger proposals. After they are filed, free copies of
the solicitation materials will be available on the SEC’s web site
at www.sec.gov.
This communication is for informational purposes only and is not
a solicitation of a proxy from any fund shareholder and does not
constitute an offer of any securities for sale. No offer of
securities will be made except pursuant to a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933. However,
the funds, Nuveen Fund Advisers and certain of their respective
directors/trustees, officers and affiliates may be deemed under the
rules of the SEC to be participants in the solicitation of proxies
from shareholders in connection with the merger proposals discussed
herein. Information about the trustees and officers of the funds
may be found in their respective annual reports previously filed
with the SEC.
Fund shares are not guaranteed or endorsed by any bank or other
insured depository institution, and are not federally insured by
the Federal Deposit Insurance Corporation. Shares of closed-end
funds are subject to investment risks, including the possible loss
of principal invested. Past performance is no guarantee of future
results. Closed-end funds frequently trade at a discount to their
net asset value.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive
range of outcome-focused investment solutions designed to secure
the long-term financial goals of institutional and individual
investors. Nuveen has $989 billion in assets under management as of
3/31/19 and operations in 16 countries. Its affiliates offer deep
expertise across a comprehensive range of traditional and
alternative investments through a wide array of vehicles and
customized strategies. For more information, please visit
www.nuveen.com. Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of
this press release.
855278-INV-AN-05/21
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005364/en/
Kristyna Munoz312-917-8343Kristyna.Munoz@nuveen.com
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