Key Highlights

● Monthly distribution fell from $0.065 to $0.0615 per share from the 15 June 2026 ex-date.

● NPV closed at $9.50 on 9 October 2026, giving a trailing distribution yield of 8.06%.

● Annualising the latest $0.0615 payment gives an indicated rate of 7.77% at the same price.

● The declared $0.0615 payment goes ex-dividend on 15 October 2026 and is payable 2 November.

Nuveen Virginia Quality Municipal Income Fund (NYSE:NPV) lowered its monthly distribution in mid-2026, and that step-down is the main thing to understand about the fund today. Market-data tables show the payment moving from $0.065 per share to $0.0615 per share from the 15 June 2026 ex-dividend date, a reduction of about 5.4% in the monthly amount. The most recently declared payment, $0.0615 per share, goes ex on 15 October 2026 and is payable on 2 November 2026.

The fund and the figures

NPV is a closed-end fund, so its NYSE-listed shares can trade above or below the net asset value (NAV) of the portfolio. As the name indicates, it focuses on Virginia municipal bonds.

The trailing distribution yield is 8.06%. This is calculated from total distributions of $0.766 per share with ex-dividend dates from 10 October 2025 to 9 October 2026, divided by the closing price of $9.50 on 9 October 2026. The total is made up of eight monthly payments of $0.065 ($0.52) and four monthly payments of $0.0615 ($0.246). No special or capital-gain distributions appear in the table for the period, so all twelve payments are treated as regular. It is a distribution yield, not a total return.

Because the monthly amount has just been reduced, the trailing figure overstates what the current rate alone would produce. Annualising the latest declared payment of $0.0615 across twelve months gives $0.738 per share, or an indicated distribution rate of 7.77% at the same closing price. The board can change the monthly amount, as this year's reduction shows.

What a cut can signal, and what it cannot

A lower distribution does not by itself show that a fund is in trouble. Municipal bond funds pay out from the interest earned on their holdings after expenses and any borrowing costs, so the sustainable level moves with bond yields and financing costs. A reduction can mean income no longer covered the old rate, or it can be a deliberate alignment of payout with earnings.

Key risks

A state-specific municipal fund is exposed to the credit quality and economy of one state's issuers. Closed-end funds can trade at wide discounts to NAV, and a discount can widen even when the distribution is steady. Rising interest rates generally reduce bond prices, and any leverage magnifies gains and losses. The tax character of the distributions is reported in Section 19(a) notices under the Investment Company Act of 1940, including any return-of-capital estimate.

Distribution Sources and Discount Moves Will Show How Firm $0.0615 Is

The next ex-dividend date is 15 October 2026, and shareholders can watch whether the $0.0615 rate holds in following months. The fund's latest NAV, premium or discount, shareholder reports and the sponsor's distribution-source estimates will show how much of each payment comes from net investment income rather than realised gains or return of capital.