Board backs mergers of NMS and NPV into NZF (NYSE: NMS)

Rhea-AI Filing Summary

Nuveen Minnesota Quality Municipal Income Fund (NMS) supplement dated April 30, 2026 notifies shareholders that the Boards of Trustees of NMS, Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen Municipal Credit Income Fund (NZF) have approved proposals to merge NPV and NMS into NZF. The mergers are conditional on shareholder approval and other customary conditions and are not contingent on one another closing.

The supplement states that NMS and NPV are state-specific municipal funds seeking income exempt from federal and a single state tax, while NZF is a national municipal fund seeking income exempt from federal tax only. If the mergers are approved, NMS and NPV shareholders would lose the applicable state tax exemption as a result of merging into NZF. Detailed proxy materials are expected to be filed and special meetings will be held to consider the proposals.

Insights

Fund Structuring Specialist

Board-approved merger proposals would consolidate two state funds into a national fund, removing state tax exemption for affected shareholders.

The filing explains a board-level decision to propose merging NMS and NPV into NZF, subject to shareholder votes and other conditions. This converts state-specific municipal exposures into a national municipal vehicle.

Key risks include loss of state tax exemption for affected shareholders and the requirement for separate shareholder approvals; proxy materials and special meeting results will determine next steps.

Tax & Compliance Advisor

Shareholders should note the explicit change to state tax treatment if mergers close.

The supplement states that NMS and NPV currently seek income exempt from federal and a single state tax, while NZF seeks federal-only exemption. As stated, merger into NZF would eliminate the applicable state tax exemption for NMS and NPV shareholders.

Tax consequences depend on shareholders’ state tax situations; investors should await proxy materials for transaction terms and vote timing.

Key Figures

Supplement date: April 30, 2026 Registration number: 333-282457 Funds involved: 3 funds +1 more

4 metrics

Supplement date April 30, 2026 Dated supplement to prospectus and SAI

Registration number 333-282457 Registration No. on supplement cover

Funds involved 3 funds NPV, NMS merged into NZF

Meetings required Special Meetings NMS and NPV common and preferred; NZF preferred

Key Terms

Special Meeting of Shareholders, proxy materials, state-specific municipal fund, national municipal fund

4 terms

Special Meeting of Shareholders regulatory

"NPV and NMS will each hold Special Meetings of Shareholders"

proxy materials regulatory

"Detailed information on the proposed mergers will be contained in proxy materials"

Proxy materials are the packet of documents sent to shareholders that explain items to be voted on at a company meeting and include the actual ballot or instructions for casting a vote. Think of them as a voting packet that lays out who’s running the company, major proposals (like pay, mergers, or board changes), and arguments for and against each item. Investors care because those votes shape corporate direction, affect risk and future profits, and can influence share value.

state-specific municipal fund financial

"each fund is a state-specific municipal fund that seeks to provide current income exempt from regular federal income tax and the income tax of a single state"

national municipal fund financial

"NZF, which is a national municipal fund that seeks to provide current income exempt from regular federal income tax"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 07:01 AM Learn about SEC filing dates

FAQ

What does the NMS supplement dated April 30, 2026 say about the proposed mergers?

The supplement states the boards approved proposals to merge NMS and NPV into NZF, subject to shareholder approval. It notes the mergers are separate and conditional and that proxy materials and special meetings will follow.

How will a merger into NZF affect NMS shareholders' state tax exemption?

If the merger is approved, NMS shareholders would lose the applicable state tax exemption because NZF is a national municipal fund that seeks federal-only tax-exempt income. The supplement states this change explicitly.

Are the mergers dependent on each other closing?

No. The supplement specifies that the closing of the NMS into NZF merger is not contingent on the closing of the NPV into NZF merger. Each transaction can close independently, subject to its conditions.

Will shareholders vote on the proposed mergers for NMS?

Yes. The supplement states NMS will hold a Special Meeting of Shareholders for its common and preferred shareholders to consider approval of the merger proposal, and proxy materials are expected to be filed.

When will more detailed information about the mergers be available?

Detailed information will be included in proxy materials expected to be filed with the SEC in the coming weeks. Those materials will provide definitive terms and voting information for the special meetings.

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-282457

Nuveen Minnesota Quality Municipal Income Fund (NYSE: NMS)
(the “Fund”)

Supplement Dated April 30, 2026
to the Fund’s Currently Effective Prospectus and Statement of Additional Information (“SAI”)

The Boards of Trustees of Nuveen Virginia Quality Municipal Income Fund (NYSE: NPV), Nuveen Minnesota Quality Municipal Income Fund (NYSE: NMS) and Nuveen Municipal Credit Income Fund (NYSE: NZF) have approved a proposal to merge the funds. The proposed mergers, if approved by shareholders, would combine NPV and NMS into NZF. The mergers are intended to create a larger fund with increased trading volume for common shares on the exchange.

Shareholders of each of NMS and NPV should note that each fund is a state-specific municipal fund that seeks to provide current income exempt from regular federal income tax and the income tax of a single state, and if the proposed mergers are approved, each fund would be merged into NZF, which is a national municipal fund that seeks to provide current income exempt from regular federal income tax. As such, if the proposed mergers occur, shareholders of NPV and NMS will lose the benefit of the applicable state tax exemption as a result of the applicable merger into NZF. The closing of the merger of NMS into NZF, and the merger of NPV into NZF, is not contingent on the closing of the other merger.

The proposed mergers for the funds are subject to certain conditions, including necessary approval by the funds’ shareholders. NPV and NMS will each hold Special Meetings of Shareholders for their common and preferred shareholders to consider approval of the merger proposal. In addition, NZF will hold a Special Meeting of Shareholders for its preferred shareholders to consider approval of the merger proposal. Detailed information on the proposed mergers will be contained in proxy materials expected to be filed with the Securities and Exchange Commission in the coming weeks. This supplement is for informational purposes only and is not a solicitation of a proxy from any fund shareholder.

This constitutes a supplement to your fund’s Prospectus and SAI, does not set forth all of the terms of an investment in the fund and therefore should be read in conjunction with such documents.

FORWARD-LOOKING STATEMENTS

Certain statements made or referenced in this supplement 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.

PLEASE KEEP THIS WITH YOUR
FUND’S PROSPECTUS AND SAI FOR FUTURE REFERENCE

EGN-NMSP-0426P