Nuveen Municipal Closed-End Funds Announce Merger Proposals

NEW YORK--(BUSINESS WIRE)--The Boards of Trustees of six Nuveen municipal closed-end funds approved three merger proposals. The proposed mergers for the funds are subject to certain conditions, including necessary approval by the funds’ shareholders. The mergers are intended to create larger funds with lower operating expenses, enhanced earnings potential, and increased trading volume on the exchange for common shares.

Target Fund	Acquiring Fund
Nuveen Massachusetts Quality Municipal Income Fund (NYSE: NMT)	Nuveen AMT-Free Quality Municipal Income Fund (NYSE: NEA)
Nuveen Pennsylvania Quality Municipal Income Fund (NYSE: NQP)	Nuveen AMT-Free Municipal Credit Income Fund (NYSE: NVG)
Nuveen New Jersey Quality Municipal Income Fund (NYSE: NXJ)	Nuveen Quality Municipal Income Fund (NYSE: NAD)

Detailed information on the proposed mergers will be contained in proxy materials expected to be filed in the coming weeks.

Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion of assets under management across 51 CEFs as of 30 Jun 2023. 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 35 years of experience managing CEFs.

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 Jun 2023 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 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;
• the ability to satisfy conditions to the proposed mergers; and
• other additional risks and uncertainties.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. 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 abovementioned or other factors that affect Nuveen closed-end funds. The information contained on the Nuveen website is not a part of this press release.

IMPORTANT INFORMATION

In connection with the merger proposals discussed herein, the funds expect to file with the SEC solicitation materials in the form of proxy statements and/or joint proxy statements/prospectuses that will be included in registration statements on Form N-14. After a registration statement is filed with the SEC, it may be amended or withdrawn and the proxy statement and/or joint proxy statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the solicitation materials and any other relevant documents when they become available because they will contain important information about the merger proposals. After they are filed, free copies of the solicitation materials will be available on the SEC’s web site at www.sec.gov.

This communication is for informational purposes only and is not a solicitation of a proxy from any fund shareholder and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. However, the funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the merger proposals discussed herein. Information about the directors/trustees and officers of the funds may be found in their respective annual reports previously filed with the SEC.

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Closed-end funds frequently trade at a discount to their net asset value.

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