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Nuveen Closed-End Funds Preferred Share Actions


As announced on September 27, 2017, each of Nuveen Municipal Credit Income Fund (NZF), and Nuveen California Quality Municipal Income Fund (NAC), as part of an ongoing leverage management process, has received Board approval for, and anticipates to occur, certain actions related to one or more of each fund’s existing series of Variable Rate Demand Preferred (VRDP), as described below.

Common       Preferred       Preferred       Amount       Number of       Series CUSIP       Anticipated
Share Type Series Outstanding Preferred Action Date*
Ticker                               Shares                
NZF       VRDP       1       $268,800,000       2,688       67070X887       November 9, 2017
NZF       VRDP       2       $262,200,000       2,622       67070X879       November 9, 2017
NAC       VRDP       8       $160,000,000       1,600       67066Y832       November 16, 2017

*Subject to change.


The anticipated transition of each of the Series 1 VRDP shares and Series 2 VRDP shares of Nuveen Municipal Credit Income Fund (NZF), and the Series 8 VRDP shares of Nuveen California Quality Municipal Income Fund (NAC) from minimum (7-day) rate periods to a special rate period of longer than 7 days will be conducted through a mandatory remarketing of the VRDP shares from existing institutional holders through a remarketing agent to other institutional purchasers. During the special rate period, the VRDP shares will not be remarketed by a remarketing agent or supported by a liquidity provider.

To the extent each applicable fund elects to proceed with the anticipated VRDP transitions described above, it will provide existing holders of the applicable VRDP shares with advance notice of the mandatory remarketings in accordance with the governing documents of the VRDP shares. The anticipated actions currently are expected to take place in November 2017; however, the timing and completion of the anticipated actions by each fund are subject to market conditions, as well as to reaching final agreement with purchasers, and satisfaction of customary closing conditions.

No preferred shares have been registered, or are expected to be registered, under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, preferred shares may not 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.

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 $948 billion in assets under management as of 9/30/17 and operations in 16 countries. Its affiliates 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.

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

Nuveen Securities, LLC, member FINRA and SIPC.


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, including the successful rate period transitions by the funds identified in this press release;
  • 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.


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