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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 2,120,784,666 and managed assets of 3,368,142,306 as of July 31, 2025, creating a larger, nationally diversified portfolio.
For common shareholders, the materials highlight higher post-merger common earnings yields for the target funds (for example, NQP rising from 3.54% to NMZ’s 6.17%) and higher taxable equivalent rates, along with total expense reductions of up to 1.42%. They also show potential secondary market benefits such as narrower average discounts, tighter bid/ask spreads, and higher average daily trading volume.
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 42.04% and preferred share coverage of 334.24% as of July 31, 2025. The funds also emphasize diversification, with NMZ holding 909 positions as of December 31, 2025, and reiterate that all projections are subject to typical investment and market risks.
Saba Capital Management and affiliates have updated their ownership filing for Nuveen Pennsylvania Quality Municipal Income Fund. Amendment No. 17 to Schedule 13D reports that Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein beneficially own 2,283,826 common shares, representing 6.14% of the fund’s outstanding common shares.
The percentage is based on 37,217,802 common shares outstanding as of August 31, 2025, as disclosed in the fund’s N-CSR. Approximately $25,321,120 was paid to acquire the reported shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. The filing notes that all trades during the recent period through January 21, 2026 were executed in the open market and that Saba-advised funds and accounts are entitled to dividends and sale proceeds from these shares.
Saba Capital Management and related parties have updated their ownership in Nuveen Pennsylvania Quality Municipal Income Fund. The group reports beneficial ownership of 2,702,529 common shares, representing 7.26% of the fund’s outstanding common stock, based on 37,217,802 shares outstanding as of 8/31/25. All voting and dispositive power over these shares is shared among the reporting persons.
The reporting group states that approximately $29,963,343 was paid to acquire the reported shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. Recent transactions between 12/30/25 and 01/13/26 were executed in the open market, and the funds and accounts advised by Saba Capital are entitled to dividends and sale proceeds from these shares. This Amendment No. 16 specifically updates Items 3, 5, and 7 of the prior Schedule 13D.
Saba Capital Management, L.P. and related entities report an 8.28% beneficial ownership stake in Nuveen Pennsylvania Quality Municipal Income Fund. The group, including Saba Capital Management GP, LLC and Boaz R. Weinstein, reports beneficial ownership of 3,082,228 common shares with shared voting and dispositive power and no sole voting or dispositive power.
The percentage is based on 37,217,802 common shares outstanding as of 8/31/25, as disclosed in the fund's N-CSR. The filing states that approximately $34,173,123 was paid to acquire the reported shares using investor subscription proceeds, capital appreciation, and margin borrowings in the ordinary course of business.
Nuveen Pennsylvania Quality Municipal Income Fund and two related state funds are asking shareholders to approve mergers into Nuveen Municipal High Income Opportunity Fund, along with electing Board members. If approved, each Target Fund will combine into the larger national fund, and common and preferred shares will be converted into newly issued Acquiring Fund shares.
Boards cite potential benefits such as higher common share net earnings, better secondary market liquidity, a historically narrower trading discount, and greater portfolio and leverage flexibility from a larger, nationally diversified fund that can invest more in lower rated municipal bonds. For Missouri, total operating expenses (excluding leverage costs) are expected to be lower; for New Jersey and Pennsylvania, expenses are expected to be higher but with a broader mandate and potential for higher net earnings.
Shareholders are warned that the Acquiring Fund may hold more lower rated securities, increasing credit risk, and that investors will lose New Jersey, Pennsylvania, or Missouri state income tax exemption on distributions. Preferred holders will receive new preferred shares with substantially similar terms, but without state tax–related gross-up provisions. The mergers are intended to qualify as tax-free reorganizations for federal income tax purposes and are expected to take effect on or about February 9, 2026, if all approvals and conditions are met.
Nuveen’s New Jersey (NXJ), Pennsylvania (NQP) and Missouri (NOM) Quality Municipal Income Funds are asking preferred shareholders to approve mergers into Nuveen Municipal High Income Opportunity Fund (NMZ) and to elect board members. Each Target Fund would merge into an NMZ subsidiary, with common and preferred shares converted into newly issued NMZ common and preferred shares.
The combined fund would shift from state‑specific portfolios focused on investment‑grade bonds and state tax‑exempt income to a nationally diversified portfolio that may allocate up to 75% of managed assets to lower‑rated municipal securities, increasing credit risk and generally eliminating New Jersey, Pennsylvania and Missouri state tax exemptions. Preferred shareholders would receive NMZ preferred shares with substantially similar priority and terms but without state tax gross‑up features. Nuveen will waive part of its advisory fee for six months after closing, and pro forma expense tables show slightly lower total annual expenses for common shareholders versus the individual Target Funds.
Nuveen Pennsylvania Quality Municipal Income Fund reported an updated large shareholder disclosure. An Amendment No. 14 Schedule 13D filing shows that funds and accounts advised by Saba Capital Management, L.P., together with Saba Capital Management GP, LLC and Boaz R. Weinstein, beneficially own 3,481,758 common shares, or 9.36% of the fund’s common shares.
The ownership percentage is based on 37,217,802 common shares outstanding as of 8/31/25, as cited from the fund’s N-CSR filed 11/6/25. The filing states that approximately $38,602,772 was paid to acquire the reported position, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. The purpose of the transaction is listed as not applicable, and Saba-managed funds have the right to receive dividends and sale proceeds from these shares.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP) reported an insider transaction by a major holder. On 11/20/2025, the reporting person disposed of 15,108 common shares in a sale transaction at a price of $12.11 per share. After this sale, the reporting person beneficially owns 3,715,104 common shares, held indirectly. The filing notes that, as a result of this disposition, the reporting person now owns less than 10% of the fund’s outstanding common shares, which changes their status from a 10% owner to a holder below that threshold.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP) reported an insider transaction by a 10% owner. On 11/18/2025, the reporting person sold 30,454 shares of common stock at a price of $12.14 per share. After this sale, the reporting person beneficially owned 3,730,212 shares, held indirectly.