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

Nuveen Massachusetts Quality Municipal Income Fund and other related funds have appointed PricewaterhouseCoopers LLP as their new independent registered public accounting firm for the fiscal year ending in 2025, replacing KPMG LLP.

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 LLP (PwC) has been selected as the new independent registered public accounting firm for each fund 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 LLP, 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.

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, was a smooth process with no disagreements reported with the previous auditor, KPMG.
• PwC has confirmed no material financial interest in the funds, ensuring their independence.
• Both the new and previous auditors will be present at the annual meeting to address shareholder questions.

Industry Context

The change of auditors is a routine process in the financial industry, and the appointment 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 aligns with industry practices, as PwC is one of the 'Big Four' accounting firms, commonly engaged by large investment funds.
• The smooth transition from KPMG to PwC, with no reported disagreements, is a positive sign of good corporate governance, similar to other well-managed funds.
• The presence of both the outgoing and incoming auditors at the annual meeting is a standard practice to ensure transparency and address shareholder concerns, which is consistent with industry norms.

Stakeholder Impact

• Shareholders will have the opportunity to ask questions to both the outgoing and incoming auditors at the annual meeting.
• The change of auditor is not expected to have a significant impact on the funds' operations or performance.

Next Steps

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

Key Dates

Keywords

auditor, PricewaterhouseCoopers, KPMG, independent registered public accounting firm, audit, Nuveen, municipal income fund, annual meeting