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

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.
• 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.
• PwC has confirmed they have 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.
• There were no disagreements between the Funds and KPMG on accounting principles, financial disclosures, or auditing procedures during the past two fiscal years and the current year prior to the change.

Sentiment

Score: 8

Explanation: The document reflects a routine change of auditors with no negative implications, suggesting a stable and well-managed fund. The lack of any reported issues with the previous auditor and the selection of a reputable firm like PwC contribute to a positive sentiment.

Positives

• The transition to a new auditor, PwC, appears to be smooth with no reported issues with the previous auditor, KPMG.
• PwC has confirmed no material financial interest in the Funds or related entities, ensuring independence.
• The presence of both PwC and KPMG representatives at the annual meeting allows for transparency and shareholder engagement.

Industry Context

The change of auditors is a routine event in the financial industry, and the selection of PwC, a major accounting firm, is not unusual for a fund of this size. The smooth transition and lack of reported issues with the previous auditor, KPMG, are positive indicators of good corporate governance.

Comparison to Industry Standards

• The selection of a Big Four accounting firm like PwC is a common practice for large investment funds, aligning with industry standards for audit quality and independence.
• The absence of disagreements or adverse opinions in KPMG's audit reports is consistent with expectations for well-managed funds.
• Many similar funds, such as those managed by BlackRock or Vanguard, also use Big Four firms for their audits, indicating a standard practice in the industry.

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 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, PwC, KPMG, auditor, independent registered public accounting firm, audit committee, Nuveen Funds, annual meeting, financial statements, accounting