Nuveen Municipal Credit Income Fund filed a Rule 425 communication on October 29, 2026, urging shareholders of Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Virginia Quality Municipal Income Fund (NPV) to vote on merger proposals that would combine both funds into NZF.

Key Highlights

  • Special Meeting adjourned: The Special Meeting of Shareholders was adjourned to allow more time for voting and will reconvene on December 3, 2026.
  • Pro-forma common earnings yield: The combined NZF pro-forma common earnings yield is shown as 5.36% as of March 31, 2026, compared to 4.13% for NMS and 4.32% for NPV.
  • After-tax potential: The pro-forma taxable equivalent rate for the combined fund is listed as 8.91%, versus 8.25% for NMS and 7.96% for NPV as of March 31, 2026.
  • Expected lower expenses: The filing states the merger is expected to provide lower total operating expenses, excluding leverage, for shareholders of the merging funds.
  • Greater liquidity cited: According to the filing, merging into NZF is expected to provide shareholders with the potential for greater liquidity.
  • Filer and subject: The filing was made by Nuveen Municipal Credit Income Fund (Commission File No. 333-295829); the subject company is Nuveen Virginia Quality Municipal Income Fund (Commission File No. 811-07490).

Merger Proposal Details for NMS and NPV Shareholders

According to the Rule 425 filing, shareholders of Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Virginia Quality Municipal Income Fund (NPV) are being asked to approve merging their respective funds into Nuveen Municipal Credit Income Fund, which trades on the NYSE under the symbol NZF. The filing describes NZF as a closed-end municipal bond fund and frames the proposed combinations as offering potential benefits across earnings, expenses, and liquidity for existing shareholders of both merging funds.

The filing presents pro-forma figures as of March 31, 2026. The NMS common earnings yield stands at 4.13%, with the change versus the combined fund's 5.36% listed as +1.23 percentage points. For NPV, the common earnings yield is 4.32%, reflecting a +1.04 percentage point difference relative to the pro-forma combined fund figure. On an after-tax basis, the filing notes max federal and state tax rates of 50.65% for Minnesota shareholders and 46.55% for Virginia shareholders, compared to 40.80% for the combined NZF pro-forma. The filing cautions that "pro-forma figures are estimates based on the assumptions described in the proxy materials and do not reflect actual combined results," and that "each fund's past performance (before and after taxes) is no guarantee of future results."

The Special Meeting of Shareholders was adjourned to allow additional time for voting, with the reconvened meeting scheduled for December 3, 2026. The filing directs shareholders to proxy materials containing information about the proposal and provides an online resource at the Nuveen website for proxy information related to closed-end funds. Shareholders are offered multiple ways to submit their votes, including online, by mail, or by telephone using the number printed on their individual proxy cards.

What Was Disclosed

Nuveen Municipal Credit Income Fund filed a Rule 425 shareholder communication seeking votes to merge NMS and NPV into NYSE:NZF. The filing presents pro-forma yield and tax-rate comparisons as of March 31, 2026, and sets December 3, 2026 as the reconvened Special Meeting date.