Nuveen New Jersey Quality Municipal Income Fund filings document the fund's regulatory status, common shares of beneficial interest, governance matters, and shareholder voting disclosures. The record includes proxy materials, material-event reports, capital-structure disclosures, operating and financial results, and updates involving portfolio management responsibilities.
SEC filings for NXJ also include Form 25 documentation for removal of the fund's common shares from listing and registration on the New York Stock Exchange, providing a formal record of the fund's exchange-listing status.
NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND reported insider information for Joseph Castro, who serves as EVP, Chief Risk & Compliance. The Form 3 data lists him as an officer and shows no buy, sell, acquire, or dispose transactions, with all transaction share counts reported as zero.
Nuveen outlines how a proposed merger into Nuveen Municipal High Income Opportunity Fund (NMZ) would affect shareholders of NXJ, NQP and another state-specific municipal fund. The key focus is the loss of state tax exemption versus changes in earnings yields.
As of July 31, 2025, common earnings yields were 3.30% for NXJ, 3.54% for NQP and 3.32% for the other fund, compared with a 6.17% common earnings yield for NMZ post-merger, implying increases of 2.87%, 2.63% and 2.85%. After adjusting for each state’s maximum tax rate, state tax adjusted equivalent rates were 3.70%, 3.65% and 3.49% versus NMZ’s 6.17%, still showing gains of 2.47%, 2.52% and 2.68%. The funds state that shareholders would experience no negative impact from losing state tax exemption on earnings because NMZ’s higher yield more than offsets it.
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 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.
Nuveen New Jersey, Pennsylvania, and Missouri municipal funds are asking shareholders to approve mergers into Nuveen Municipal High Income Opportunity Fund and to elect board members. Each Target Fund would combine with a subsidiary of the Acquiring Fund, and common and preferred shares would convert into newly issued Acquiring Fund shares.
Boards cite potential benefits for common shareholders such as higher net earnings from greater use of lower rated bonds, a larger, nationally diversified portfolio, better trading liquidity, and in one case lower operating expenses. New Jersey and Pennsylvania funds expect somewhat higher operating expenses but a broader mandate. All Target Fund shareholders would lose their state income tax exemption because the combined fund is national, and credit risk would increase due to higher permitted allocations to lower rated securities.
Preferred holders would receive new preferred shares on a one‑for‑one basis with substantially similar terms, but without state tax gross‑up features. The mergers are intended to qualify as tax‑free reorganizations, and the adviser will waive part of its fee for six months after closing. Meetings are scheduled in Chicago, with an expected merger date around February 9, 2026, if all approvals and conditions are met.