Nuveen Municipal Closed-End Funds Announce Completion of Reorganization

Rhea-AI Summary

The reorganization of Nuveen Enhanced Municipal Value Fund (NYSE: NEV) into Nuveen Municipal Credit Income Fund (NYSE: NZF) was completed on June 6, 2022. In this tax-free transaction, NZF acquired nearly all assets and liabilities of NEV in exchange for common shares valued at the net assets transferred. The exchange ratio was set at 0.93046184 for NEV shares to NZF shares. Nuveen manages $62 billion across 58 closed-end funds, demonstrating its commitment to income-focused investment strategies.

Positive

• Successful reorganization of NEV into NZF enhances fund management efficiency.
• Tax-free transaction improves asset position without immediate tax implications for shareholders.
• Nuveen's substantial assets under management ($62 billion) indicate strong market position.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- The reorganization of Nuveen Enhanced Municipal Value Fund (NYSE: NEV) into Nuveen Municipal Credit Income Fund (NYSE: NZF) was successfully completed prior to the opening of the New York Stock Exchange on June 6, 2022.

In the reorganization, NZF acquired substantially all of the assets and liabilities of NEV in a tax-free transaction in exchange for newly-issued common shares in an aggregate amount equal to the value of the net assets transferred. The exchange took place based upon NEV’s and NZF’s closing net asset values on June 3, 2022. The exchange ratio at which common shares of NEV were exchanged for common shares of NZF is listed below:

Ticker		Fund Name		Exchange Ratio
NEV		Nuveen Enhanced Municipal Value Fund		0.93046184

Nuveen is a leading sponsor of closed-end funds (CEFs) with $62 billion of assets under management across 58 CEFs as of 31 Mar 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 30 years of experience managing CEFs.

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

Financial Professionals:
800-752-8700

Investors:
800-257-8787

Media:
media-inquiries@nuveen.com

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 $1.2 trillion in assets under management as of 31 Mar 2022 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-2228736PR-E0622X

View source version on businesswire.com: https://www.businesswire.com/news/home/20220606005396/en/

Financial Professionals:

800-752-8700

Investors:

800-257-8787

Media:

media-inquiries@nuveen.com

Source: Nuveen

FAQ

What was the purpose of the reorganization between NEV and NZF?

The reorganization aimed to streamline operations, allowing NZF to acquire NEV's assets in a tax-free transaction.

When was the NEV and NZF reorganization completed?

The reorganization was completed on June 6, 2022.

What was the exchange ratio for NEV to NZF shares?

The exchange ratio for NEV shares to NZF shares was 0.93046184.

How much assets does Nuveen manage in closed-end funds?

Nuveen manages approximately $62 billion across 58 closed-end funds.