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Nuveen’s municipal funds provide supplemental information on a proposed merger into Nuveen Municipal High Income Opportunity Fund (NMZ). The disclosure addresses a proxy advisory firm’s question about how losing state tax exemption affects shareholders in Nuveen New Jersey (NXJ), Pennsylvania (NQP), and Missouri state funds.
The analysis uses industry convention by “grossing up” fund earnings yields by each state’s maximum tax rate (10.75% for NXJ, 3.07% for NQP, 4.80% for Missouri). As of July 31, 2025, NMZ’s post‑merger common earnings yield is 6.17%, versus state fund yields between 3.30% and 3.54%, and state tax adjusted equivalent rates between 3.49% and 3.70%. The table shows shareholders would see higher earnings and state tax adjusted equivalent rates after the merger despite losing state tax exemption.
Nuveen’s municipal funds are asking common and preferred shareholders to approve a merger of NXJ, NQP, and a Missouri fund into NMZ, creating a larger combined municipal income fund. As of July 31, 2025, the combined fund would have about $3.37 billion in managed assets and $2.12 billion in common assets.
For common shareholders, the materials highlight a post-merger NMZ common earnings yield of 6.17%, versus about 3.30%–3.54% for the target funds, and taxable equivalent rates rising by roughly 3.6%–4.3%. Total expense ratios are projected to fall, with indicated savings such as 0.34% for NXJ and 1.42% for the Missouri fund.
The merger is also expected to narrow trading discounts and improve liquidity, with bid/ask spreads tightening and average daily trading volume increasing. For preferred shareholders, NMZ’s diversified national portfolio means its preferred shares will not include the state tax gross-up feature, and the merged structure would have a leverage ratio around 42.04% and preferred share coverage of about 334.24% as of July 31, 2025.
Nuveen is asking shareholders to approve a merger combining Nuveen New Jersey (NXJ), Nuveen Pennsylvania (NQP) and Nuveen Missouri municipal funds into Nuveen Municipal High Income Opportunity Fund (NMZ). Common shareholders would receive newly issued NMZ shares, and preferred shareholders also vote on the proposal.
The materials highlight projected benefits for common shareholders as of July 31, 2025, including higher post‑merger common earnings yields of 6.17% for NMZ, with increases of about 2.6–2.9 percentage points for the target funds, and taxable equivalent rate increases of about 3.6–4.3 percentage points. Estimated total expense savings range up to 1.42 percentage points for one target fund. The merger is also expected to narrow trading discounts, improve bid/ask spreads, and increase average daily trading volume.
For preferred shareholders, the NMZ preferred shares received in the merger would no longer include state tax gross‑up provisions, reflecting NMZ’s nationally diversified portfolio. The combined fund is shown with managed assets of $3.37 billion, a leverage ratio of 42.04%, and preferred share coverage of 334.24%, illustrating the capital structure and coverage metrics after combining the funds.
Nuveen is asking common and preferred shareholders of Nuveen New Jersey Quality Municipal Income Fund (NXJ), Nuveen Pennsylvania Quality Municipal Income Fund (NQP), a Nuveen Missouri municipal fund, and Nuveen Municipal High Income Opportunity Fund (NMZ) to approve a merger of the three state funds into NMZ, with shareholders receiving newly issued NMZ common and preferred shares.
As of July 31, 2025, the combined fund would have common assets of
The materials highlight potential secondary-market benefits such as bid/ask spread improvements and higher average daily trading volume, plus discount narrowing based on three-year averages. They also note trade-offs: preferred shareholders will lose existing “state tax gross-up” features, and the combined portfolio will reflect NMZ’s lower-rated municipal credit profile, albeit with combined leverage of about
Nuveen is asking shareholders of three single-state municipal funds (NXJ, NQP, and the Missouri fund) to approve a merger into Nuveen Municipal High Income Opportunity Fund (NMZ). The combined fund would have common assets of
For common shareholders, the materials highlight higher post-merger common earnings yields for the target funds (for example, NQP rising from
Preferred shareholders are told that NMZ preferred shares will not retain the existing “state tax gross-up” feature, but the combined structure would have a leverage ratio of
Nuveen is asking shareholders to approve a merger of Nuveen New Jersey Quality Municipal Income Fund (NXJ), Nuveen Pennsylvania Quality Municipal Income Fund (NQP) and Nuveen Missouri Quality Municipal Income Fund into Nuveen Municipal High Income Opportunity Fund (NMZ). The target funds would merge into a wholly owned subsidiary of NMZ in exchange for newly issued NMZ common shares.
As of July 31, 2025, the combined fund would have about $3.37 billion in managed assets6.17%, versus 3.30%–3.54% for NXJ and NQP, and the taxable equivalent rate at 10.42%. Total expense ratios are expected to decline, with savings of up to 1.42 percentage points for the Missouri fund and smaller reductions for the others.
The material highlights narrower historical discounts to NAV, tighter bid/ask spreads and higher trading volumes for NMZ compared with the target funds. For preferred shareholders, a key change is the loss of state tax gross-up provisions, offset by a larger, nationally diversified portfolio, leverage ratio of about 42.04% and combined preferred share coverage of 334.24% as of July 31, 2025.
Nuveen is asking shareholders to approve a merger of three state-specific municipal funds into Nuveen Municipal High Income Opportunity Fund (NMZ). Common shares of Nuveen New Jersey Quality Municipal Income Fund (NXJ), Nuveen Pennsylvania Quality Municipal Income Fund (NQP), and Nuveen Missouri Quality Municipal Income Fund would be exchanged for newly issued NMZ common shares, with all four funds’ preferred shareholders also voting.
As of July 31, 2025, the combined fund would have about $3.37 billion in managed assets, with NMZ representing 53.9% of that total. Post‑merger, the projected common earnings yield for NXJ, NQP and the Missouri fund rises to 6.17%, implying gains of roughly 2.6–2.9 percentage points, while taxable equivalent rates for those funds increase by about 3.6–4.3 percentage points.
Total expense ratios are expected to decline for each target fund, with indicated savings of 0.34% for NXJ, 0.24% for NQP and 1.42% for the Missouri fund, and bid/ask spreads and average daily trading volume are shown improving. However, preferred shareholders moving into NMZ will lose existing state tax gross‑up provisions, and the combined portfolio will hold more lower‑rated municipal securities, reflecting NMZ’s credit profile, though it will also be more diversified, with 909 holdings as of December 31, 2025.