Shareholders Approve Nuveen Closed-End Fund Reorganization

Rhea-AI Summary

Shareholders of the Nuveen Michigan Quality Municipal Income Fund (NUM) have approved its reorganization into the Nuveen AMT-Free Quality Municipal Income Fund (NEA). This transition is set to occur before the market opens on February 8, 2021, pending standard closing conditions. The last distributions for both funds will be declared on January 26, 2021, with a record date of February 5, 2021, and a payable date of March 1, 2021. Post-closing distributions are expected to occur with a record date of February 18, 2021, also payable on March 1, 2021.

Positive

• Shareholders approved the reorganization, indicating investor confidence.
• Expected distributions will be equal to or greater than previous amounts.

Negative

• None.

Shareholders of the Nuveen Michigan Quality Municipal Income Fund (NYSE: NUM) have approved the fund’s reorganization into Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA). Subject to the satisfaction of certain customary closing conditions, the transaction is expected to become effective before the market opens on February 8, 2021.

The monthly distributions typically declared the first business day of the month for NUM and NEA will be replaced by pre-closing distributions declared January 26, 2021, with a record date of February 5, 2021. The payable date will remain March 1, 2021. Following the transaction, the surviving fund, NEA, is expected to declare an additional post-closing distribution, with a record date of February 18, 2021, payable March 1, 2021. For each fund, the total per-common share dollar amount of the pre- and post-closing tax-exempt distributions received on March 1, 2021 will be equal to or greater than the per-common share dollar amount of the prior month’s tax-exempt dividend.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.

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; and
• other additional risks and uncertainties.

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.

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 $1.1 trillion in assets under management as of 30 September 2020 and operations in 27 countries. Its investment specialists 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.

EPS-1482492PR-E0121X

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FAQ

What is the reorganization of Nuveen Michigan Quality Municipal Income Fund (NUM)?

The reorganization involves transitioning NUM into the Nuveen AMT-Free Quality Municipal Income Fund (NEA), pending customary closing conditions.

When will the reorganization of NUM into NEA take effect?

The reorganization is expected to take effect before market opens on February 8, 2021.

What are the distribution dates for NUM and NEA after the reorganization?

The last distributions will be declared on January 26, 2021, with a record date of February 5, 2021, and a payable date of March 1, 2021.

Will NEA provide additional distributions after the reorganization?

Yes, NEA is expected to declare an additional post-closing distribution with a record date of February 18, 2021, payable on March 1, 2021.