DEFA14A: Nuveen Funds Appoint PricewaterhouseCoopers as New Auditor for Fiscal Year 2025

Nuveen Funds have selected PricewaterhouseCoopers (PwC) as their new independent registered public accounting firm for the fiscal year ending in 2025, replacing KPMG.

Summary

• Nuveen Arizona Quality Municipal Income Fund, 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 appointed as the new independent registered public accounting firm for each of the Funds for the fiscal year ending in 2025.
• The appointment of PwC was made by the Audit Committee and ratified by the Board, including all Independent Trustees.
• PwC replaces KPMG, the Funds' previous independent registered public accounting firm.
• Representatives from both PwC and KPMG will be present at the Annual Meetings to answer shareholder questions.
• PwC has confirmed that it has no material financial interest in the Funds, Nuveen, or any related investment companies.
• KPMG's audit reports for the fiscal year ended in 2024 did not contain any adverse opinions, disclaimers, or qualifications.

Sentiment

Score: 8

Explanation: The document reflects a routine change of auditors with no negative implications, suggesting a stable and well-managed fund. The transition appears smooth and transparent.

Positives

• The transition to a new auditor, PwC, appears to be smooth with no reported disagreements with the previous auditor, KPMG.
• PwC has confirmed no material financial interest in the Funds or related entities, ensuring independence.
• Both PwC and KPMG will be available at the annual meeting to address shareholder questions.

Industry Context

The change of auditors is a routine event for investment funds and is often done to ensure independence and provide a fresh perspective on financial reporting. The selection of PwC, a major accounting firm, is consistent with industry standards for large investment funds.

Comparison to Industry Standards

• The selection of PricewaterhouseCoopers (PwC) as the new auditor is consistent with industry practice, as PwC is one of the 'Big Four' accounting firms and is frequently engaged by large investment funds.
• The smooth transition from KPMG to PwC, with no reported disagreements, is also typical of well-managed fund transitions.
• Many large funds, such as those managed by BlackRock, Vanguard, and Fidelity, also use major accounting firms like PwC, Deloitte, EY, or KPMG for their audits.

Stakeholder Impact

• Shareholders will have the opportunity to ask questions to representatives from both PwC and KPMG at the annual meeting.
• The change of auditor is not expected to have a significant impact on the day-to-day operations of the Funds.

Next Steps

• The annual meeting of shareholders will be held on November 14, 2024.
• PwC will begin auditing the Funds' books and records for the fiscal year ending in 2025.

Key Dates

Keywords

PricewaterhouseCoopers, Audit, Auditor, KPMG, Nuveen, Accounting, Financial Statements, Independent Registered Public Accounting Firm