DEFA14A: Nuveen Funds Appoint PricewaterhouseCoopers as New Auditor, Replacing KPMG

Nuveen Arizona Quality Municipal Income Fund and several other related funds have appointed PricewaterhouseCoopers (PwC) as their new independent registered public accounting firm, replacing KPMG.

Summary

• Nuveen Arizona Quality Municipal Income Fund, along with Nuveen California AMT-Free Quality Municipal Income Fund, Nuveen California Municipal Value Fund, Nuveen California Quality Municipal Income Fund, and Nuveen Massachusetts Quality Municipal Income Fund, will hold their annual shareholder meeting on November 14, 2024.
• PricewaterhouseCoopers (PwC) has been selected as the new independent registered public accounting firm for each of the Funds for the fiscal year ending in 2025.
• This decision was made by the Audit Committee and ratified by the Board, including all Independent Trustees.
• PwC replaces KPMG, the Funds' previous auditor.
• Representatives from both PwC and KPMG will be present at the annual meeting to answer shareholder questions.
• KPMG's audit reports for the fiscal year ended in 2024 did not contain any adverse opinions, disclaimers, or qualifications.
• There were no disagreements between the Funds and KPMG on accounting principles, financial statement disclosure, or auditing procedures during the past two fiscal years and the current fiscal year prior to the change.

Sentiment

Score: 7

Explanation: The document conveys a neutral to slightly positive sentiment. The change of auditors is presented as a routine matter with no indication of problems with the previous auditor. The presence of both firms at the annual meeting suggests transparency.

Positives

• The transition to a new auditor, PwC, appears to be smooth with no reported issues with the previous auditor, KPMG.
• Both PwC and KPMG will be available at the annual meeting to address shareholder questions, ensuring transparency.
• The audit reports from KPMG for the fiscal year ended in 2024 were clean, indicating no issues with the financial statements.

Risks

• The document does not explicitly mention any risks associated with the change of auditors, but any transition of this nature can introduce unforeseen challenges.

Future Outlook

The Funds will be audited by PwC for the fiscal year ending in 2025.

Management Comments

• PwC has informed each Fund that it has no direct or indirect material financial interest in the Fund, Nuveen, the Adviser or any other investment company sponsored by Nuveen.

Industry Context

The change of auditors is a routine corporate governance matter. It is not uncommon for companies to change auditors periodically. The selection of PwC, a major accounting firm, suggests a focus on maintaining high standards of financial reporting.

Comparison to Industry Standards

• The selection of a Big Four accounting firm like PwC is consistent with industry standards for large investment funds.
• The lack of disagreements with the previous auditor, KPMG, is also a positive sign, indicating a smooth transition and adherence to accounting principles.
• Many similar funds use either PwC, KPMG, Deloitte or Ernst & Young as their auditors.

Corporate Governance

Stakeholder Impact

• Shareholders will have the opportunity to ask questions to both the previous and new auditors at the annual meeting.
• The change of auditors is not expected to have a significant impact on other stakeholders.

Next Steps

• The annual meeting of shareholders will be held on November 14, 2024.
• PwC will audit the Funds' financial statements for the fiscal year ending in 2025.

Key Dates

Keywords

auditor, PricewaterhouseCoopers, KPMG, Nuveen, audit, accounting, financial statements, shareholders, annual meeting