Shareholders Approve Two Nuveen Closed-End Fund Reorganizations
NEW YORK--(BUSINESS WIRE)--Shareholders of the Nuveen Maryland Quality Municipal Income Fund (NYSE: NMY) have approved the fund’s reorganization into Nuveen Quality Municipal Income Fund (NYSE: NAD). Additionally, shareholders of the Nuveen New York Municipal Value Fund, Inc. (NYSE: NNY) have approved a change of domicile reorganization from a Minnesota corporation to a Massachusetts business trust. Upon completion of the change of domicile, NNY will become Nuveen New York Municipal Value Fund. Shareholders of the Nuveen New York Municipal Value Fund 2 (NYSE: NYV) also have approved the fund’s reorganization into NNY. Subject to the satisfaction of certain customary closing conditions, the transactions are expected to become effective before the market opens on April 12, 2021.
The monthly distributions typically declared the first business day of the month for NMY, NAD, NYV and NNY will be replaced by pre-reorganization distributions declared March 30, 2021, with a record date of April 9, 2021. The payable date will remain May 3, 2021. Following the transactions, the surviving funds, NAD and NNY, are expected to declare an additional post-reorganization distribution, with a record date of April 22, 2021, payable May 3, 2021. For each fund, the total per-common share dollar amount of the pre- and post-reorganization tax-exempt distributions received on May 3, 2021 will be equal to or greater than the per-common share dollar amount of the prior month’s tax-exempt distribution.
For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.
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 Dec 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.
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 and its 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 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.
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