Nuveen Quality Municipal Income Fund (NAD) pushes VRDP redemption out to 2056

Rhea-AI Filing Summary

Nuveen Quality Municipal Income Fund has pushed out the final mandatory redemption date on two series of its Variable Rate Demand Preferred Shares by 30 years. The Series 1 shares, with an aggregate liquidation preference of $236.8 million, and the Series 2 shares, with an aggregate liquidation preference of $267.5 million, will now mature on September 11, 2056 instead of September 11, 2026.

These preferred shares pay weekly reset variable dividends set by a remarketing agent and include a liquidity feature so holders can have their shares purchased by a liquidity provider if remarketing orders are not successfully matched. The preferred shares are senior to the Fund’s common shares for dividends and liquidation and remain unregistered securities that can only be sold under applicable exemptions.

Insights

Closed-end fund capital structure analyst

Extending preferred redemption out to 2056 lengthens leverage and affects common-share risk.

The fund extended the final mandatory redemption date on its Series 1 and Series 2 Variable Rate Demand Preferred Shares, with aggregate liquidation preferences of $236.8 million and $267.5 million, from September 11, 2026 to September 11, 2056. This materially lengthens the term of its senior leverage layer.

The preferred shares carry variable weekly reset dividend rates set by a remarketing agent, subject to a maximum rate that can rise over time during extended periods of unsuccessful remarketing. A liquidity provider stands ready to purchase shares when a holder’s sell order cannot be matched, which supports trading but does not remove the fund’s leverage obligation.

Because these preferreds are senior to common shares for dividends and liquidation, their long-dated extension shapes the fund’s long-term leverage profile and risk to common holders. The shares remain unregistered under the Securities Act and are only resold using available exemptions, so activity will continue to occur in institutional-style exempt markets.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2026

Nuveen Quality Municipal Income Fund

(Exact name of registrant as specified in its charter)

Massachusetts		811-09297		36-4287820
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
333 West Wacker Drive Chicago, Illinois				60606
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (800) 257-8787

(Former name or former address, if changed since last report): N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest		NAD		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

Effective March 3, 2026, Nuveen Quality Municipal Income Fund (the “Fund”) extended the final mandatory redemption date of its Series 1 Variable Rate Demand Preferred Shares, aggregate liquidation preference $236.8 million, and Series 2 Variable Rate Demand Preferred Shares, aggregate liquidation preference $267.5 million, from September 11, 2026 to September 11, 2056.

Dividends on the Variable Rate Demand Preferred Shares currently are set weekly at a rate established by a remarketing agent appointed by the Fund, subject to a maximum rate that will increase over time in the event of an extended period of unsuccessful remarketing. Each series includes a liquidity feature provided by a liquidity provider that allows a holder of the Variable Rate Demand Preferred Shares to have its shares purchased by the liquidity provider in the event that a sell order by the holder has not been matched with a purchase order and successfully settled in a remarketing.

The Series 1 Variable Rate Demand Preferred Shares and Series 2 Variable Rate Demand Preferred Shares are preferred shares of the Fund and are senior, with priority in all respects, to the Fund's common shares in liquidation and as to the payment of dividends; the Variable Rate Demand Preferred Shares of each series rank on parity with each other and any other outstanding preferred shares of the Fund.

The Series 1 Variable Rate Demand Preferred Shares and Series 2 Variable Rate Demand Preferred Shares have not been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws. Unless so registered, no Variable Rate Demand Preferred Shares may 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 Regulation FD disclosure is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Nuveen Quality Municipal Income Fund
Date: March 4, 2026		By:		/s/ Mark L. Winget
				Mark L. Winget
				Vice President and Secretary

FAQ

What did Nuveen Quality Municipal Income Fund (NAD) change about its preferred shares?

Nuveen Quality Municipal Income Fund extended the final mandatory redemption date on its Series 1 and Series 2 Variable Rate Demand Preferred Shares from September 11, 2026 to September 11, 2056, significantly lengthening the maturity of this senior layer of leverage above common shareholders.

How large are NAD’s Series 1 and Series 2 Variable Rate Demand Preferred Shares?

The Series 1 Variable Rate Demand Preferred Shares have an aggregate liquidation preference of $236.8 million, while the Series 2 Variable Rate Demand Preferred Shares have an aggregate liquidation preference of $267.5 million, representing substantial senior capital ahead of Nuveen Quality Municipal Income Fund’s common shareholders.

How are dividends set on NAD’s Variable Rate Demand Preferred Shares?

Dividends on the Variable Rate Demand Preferred Shares are set weekly at variable rates established by a remarketing agent. These rates are subject to a maximum that can increase over time if there is an extended period during which remarketing efforts are unsuccessful in matching buy and sell orders.

What liquidity protections exist for NAD Variable Rate Demand Preferred shareholders?

Each series includes a liquidity feature from a liquidity provider. If a holder’s sell order is not matched and settled in remarketing, the liquidity provider is required to purchase the Variable Rate Demand Preferred Shares, helping maintain liquidity even when market demand is weak or intermittent.

How do NAD’s Variable Rate Demand Preferred Shares rank relative to common shares?

The Series 1 and Series 2 Variable Rate Demand Preferred Shares are senior to Nuveen Quality Municipal Income Fund’s common shares for both dividend payments and liquidation. The two preferred series rank on parity with each other and with any other outstanding preferred shares of the fund.

Are NAD’s Variable Rate Demand Preferred Shares registered under the Securities Act?

The Series 1 and Series 2 Variable Rate Demand Preferred Shares have not been registered under the Securities Act of 1933 or state securities laws. Unless registered in the future, they may only be offered or sold in the United States under exemptions from those registration requirements.