Board Announces Removal of Merger Proposal from Annual Meeting Agenda

NEW YORK--(BUSINESS WIRE)--The Boards of Trustees of Nuveen Pennsylvania Quality Municipal Income Fund (NYSE: NQP) and Nuveen AMT-Free Municipal Credit Income Fund (NYSE: NVG) announce the removal of a previously approved merger proposal from the funds’ upcoming annual meeting agenda.

The Boards of Trustees considered current market conditions and other relevant considerations for each fund in assessing whether to move forward with the proposed merger. It was determined that the proxy solicitation process and its associated costs would not be in the best interests of shareholders, therefore resulting in the removal of this proposal from the upcoming annual shareholder meeting agenda.

As a result, each fund will continue to operate as a standalone fund pursuant to its current investment objectives and policies, and shareholders of each fund will remain shareholders of their current fund.

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.

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.

IMPORTANT INFORMATION

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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