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Nuveen Closed-End Funds Complete Preferred Share Actions

NAC | June 21, 2018

Nuveen Closed-End Funds Complete Preferred Share Actions

The Nuveen California Quality Municipal Income Fund (NYSE: NAC) and Nuveen AMT-Free Municipal Credit Income Fund (NYSE: NVG), as part of an ongoing leverage management process, have completed certain actions related to one of each Fund’s existing series of Variable Rate Demand Preferred (VRDP) Shares. NAC has completed the transition of the Fund’s Series 5 VRDP shares from minimum (7-day) rate periods to a special rate period of longer than 7 days, and NVG has completed the transition of the Fund’s Series 4 VRDP shares from a special rate period of longer than 7 days to minimum (7-day) rate periods. As a result of the transactions there was no change in the total amount of the each Fund’s preferred shares outstanding.

Common

Share

Ticker

Preferred

Type

Preferred

Series

Preferred

CUSIP

Amount

Outstanding

Number of

Preferred

Shares

NAC

VRDP

5

67066Y873

158,900,000

1,589

NVG

VRDP

4

67071L866

180,000,000

1,800

In connection with the transition to the special rate period, the Series 5 VRDP shares of NAC have been mandatorily tendered by the holders and sold through a remarketing agent to an institutional investor. During the special rate period, the VRDP shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During this period, VRDP dividends will be set weekly at a floating rate based on a predetermined formula. The 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.

In connection with the transition to minimum (7-day) rate periods, the Series 4 VRDP Shares of NVG were remarketed from the existing institutional holder through a remarketing agent to qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 (the Securities Act). During the minimum rate periods, the VRDP Series 4 Shares will be subject to optional tender by the holders for remarketing by a remarketing agent, will be subject to mandatory tender for remarketing upon the occurrence of certain events, and will be supported by a liquidity provider. The VRDP Series 4 Shares dividends are set weekly at a rate established by the Fund's remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketings. The VRDP Series 4 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 payments of dividends.

No VRDP shares have been registered, or are expected to be registered, under the Securities Act or any state securities laws. Unless so registered, VRDP 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 $967 billion in assets under management as of 3/31/18 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.

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, including the successful rate period transition 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.

531261-INV-O-06/19