Nuveen Minnesota Quality Municipal Income Fund and Nuveen Virginia Quality Municipal Income Fund are asking shareholders to approve mergers into Nuveen Municipal Credit Income Fund. The state-specific funds would combine into a larger, nationally diversified municipal bond fund.
Common and preferred shares of each Target Fund would convert into newly issued common and preferred shares of the Acquiring Fund, with preferred shares exchanged one-for-one into series with substantially similar terms. The combined fund is expected to have about $2.70 billion in common assets and total investment exposure of $4.57 billion, increasing scale and operating efficiency.
The Boards highlight potential benefits such as higher common-share earnings, lower operating expenses, and improved secondary-market liquidity, but note trade-offs. The Acquiring Fund can invest up to 55% of managed assets in lower-rated securities and does not provide Minnesota or Virginia state income tax exemption, changing both risk profile and tax characteristics for shareholders.
Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Virginia Quality Municipal Income Fund (NPV) are proposing mergers into Nuveen Municipal Credit Income Fund (the Acquiring Fund). Each Target Fund’s Board unanimously approved the Merger and recommends shareholders vote FOR. Preferred shareholders will receive one-for-one newly issued Acquiring Fund preferred shares with substantially similar terms, except they will not include state-specific "gross-up" provisions. The transactions are conditioned on shareholder approvals, customary third-party consents and receipt of a tax opinion that the Mergers qualify as reorganizations under Section 368(a). The Closing Date is expected on or about a date to be agreed in 2026; valuation of common shares will use NAV as of the Valuation Time.
Nuveen Virginia Quality Municipal Income Fund is registering up to 2,543,898 common shares under a prospectus supplement dated June 5, 2026. The Fund intends to sell the shares primarily via an at-the-market program through Nuveen Securities and Stifel Nicolaus, with sales priced no lower than NAV plus the distributor commission.
The prospectus supplement cites a closing market price of $11.52 and a NAV of $11.50 per share as of June 2, 2026, and estimates net proceeds of approximately $28,991,648 if all offered shares were sold at that price. The Fund will invest net proceeds in accordance with its investment objectives and may temporarily invest proceeds in U.S. government or high-quality money-market instruments.
Nuveen Virginia Quality Municipal Income Fund is registering an offering of securities. The Fund's base prospectus states it is registering up to 7,243,898 common shares (and may also register Preferred Shares and Rights) to be offered on an immediate, continuous or delayed basis. The prospectus provides that offerings may be made directly, through underwriters, dealers or agents and that prospectus supplements will describe specific terms. As of May 27, 2026 the Fund reported 19,562,720 Common Shares outstanding, a net asset value per share of $11.37 and a closing market price of $11.35. The prospectus discusses the Fund’s investment objectives, use of leverage (including outstanding VRDP Shares), distribution policy, and governance matters.
Nuveen Virginia Quality Municipal Income Fund announced a proposed merger to combine NPV and Nuveen Minnesota Quality Municipal Income Fund (NMS) into Nuveen Municipal Credit Income Fund (NZF). The mergers are conditioned on shareholder approval and other customary conditions, and detailed proxy materials are expected to be filed in the coming weeks. If approved, shareholders of NPV and NMS would no longer retain their funds' state-specific tax exemption because NZF is a national municipal fund; each merger may close independently of the other.
Nuveen’s closed-end funds, including Nuveen Virginia Quality Municipal Income Fund, are calling virtual annual shareholder meetings to elect board members and address routine governance matters. The meetings will be held online on April 16, 2026 at 2:00 p.m. Central time for all listed funds.
Shareholders of record at the close of business on February 9, 2026 may vote, with Nuveen Virginia Quality Municipal Income Fund having 19,158,768 common shares and 1,280 VRDP preferred shares outstanding. Common and, where applicable, preferred holders will elect staggered Class I, II and III trustees, with preferred holders in certain funds separately electing two trustees.
All nominees are independent under the Investment Company Act, and the boards unanimously recommend voting FOR each nominee. The filing also details a unitary, committee-based board structure and updates to independent trustee compensation, including a $350,000 annual base retainer and higher committee retainers effective January 1, 2025.
NUVEEN VIRGINIA QUALITY MUNICIPAL INCOME FUND reported a new insider position for Joseph Castro on a Form 3. He is listed as an officer with the title EVP, Chief Risk & Compliance. The filing does not report any share transactions, only his status as a reporting person.