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Nuveen Closed-End Fund Announces Preferred Share Action


The Nuveen Massachusetts Quality Municipal Income Fund (NYSE: NMT), as part of its ongoing leverage management process, has successfully completed the issuance of Variable Rate Demand Preferred (VRDP) shares in a privately negotiated exchange offer. In this transaction, the fund completed an exchange offer in which it refinanced its existing Series 2017 Variable Rate MuniFund Term Preferred (VMTP) shares on a one-for-one basis with new Series 1 VRDP shares with an initial special rate period ending February 28, 2018, and a term redemption date of March 1, 2047. As a result of the transaction, leverage of the fund remains unchanged and the fund has the following preferred shares outstanding:









VRDP Amount



Number of



Nuveen Massachusetts Quality Municipal Income Fund   NMT   Series 1   $74,000,000   740

During the special rate period, the new Series 1 VRDP shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. Also, during this period, new Series 1 VRDP dividends will be set monthly at a floating rate based on a predetermined formula. The Series 1 VRDP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund’s common shares in liquidation and as to payment of dividends.

No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen, LLC. For more information, please visit the Nuveen website at www.nuveen.com.

The information contained on the Nuveen website is not a part of this press release.


Certain statements made or referenced in this release may be 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.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to inform the fund’s common and preferred shareholders of the completion of the fund’s privately negotiated exchange offer for preferred shares and designation of a special rate period for the new Series 1 VRDP shares.


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