RiverNorth Capital Reduces Stake in Nuveen AMT-Free Municipal Credit Income Fund

Summary of Recent Events

On February 17, 2026, Rivernorth Capital Management divested 2,033,953 shares of Nuveen AMT-Free Municipal Credit Income Fund (NYSE:NVG). This move led to a $24.89 million reduction in the fund’s NVG holdings for the quarter, reflecting both the sale and changes in share value.

Key Details and Portfolio Impact

After this transaction, NVG now represents just 0.17% of Rivernorth’s assets reported on their 13F filing.

Major positions in the portfolio following the update include:

• NYSE:VKQ: $55.67 million (2.6% of assets under management)
• NYSE:PDI: $49.97 million (2.4% of AUM)
• NYSE:MHD: $48.98 million (2.3% of AUM)
• NYSE:MYD: $48.31 million (2.3% of AUM)
• NYSE:BLE: $41.19 million (2.0% of AUM)

As of February 17, 2026, NVG shares were trading at $13.35, marking a 13.8% increase over the previous year and outperforming the S&P 500 by 2.4 percentage points. In the prior quarter, NVG accounted for 1.6% of the fund’s AUM.

Company Overview

About Nuveen AMT-Free Municipal Credit Income Fund

Nuveen AMT-Free Municipal Credit Income Fund is focused on generating tax-free income by investing in high-quality municipal bonds. The fund uses a disciplined, research-driven process to select securities rated Baa/BBB or higher, aiming to provide steady returns while carefully managing credit risk. Its approach is tailored for investors seeking reliable, federally tax-exempt income and long-term opportunities in the municipal credit market.

The fund primarily targets undervalued municipal bonds and related fixed income assets that are exempt from regular federal income taxes. Operating as a closed-end fund, it generates income mainly through interest payments from these securities.

This fund is designed for income-oriented investors who want exposure to the U.S. municipal bond market and are looking for federally tax-exempt income streams.

Implications for Investors

Municipal closed-end funds are popular among investors in higher tax brackets who wish to maximize after-tax returns through federally tax-exempt income. The tax benefits are especially valuable for those with higher marginal tax rates.

Nuveen AMT-Free Municipal Credit Income Fund invests largely in municipal bonds issued by state and local governments, aiming to deliver consistent, tax-advantaged income to shareholders. One notable characteristic of municipal closed-end funds is that their shares are traded on exchanges, which means they can be priced above or below their net asset value (NAV). This structure allows investor demand for tax-exempt income to influence the share price independently of the underlying bond portfolio. When demand rises, discounts to NAV may shrink, potentially increasing returns for shareholders even if the value of the underlying bonds remains relatively stable.

Monitoring Fund Valuation

For those considering an investment, it’s important to keep an eye on how the fund’s market price compares to its NAV. Fluctuations in the discount or premium can have a significant impact on overall returns, alongside the income generated by the municipal bond holdings. As a result, monitoring the fund’s market valuation is crucial.

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