Monitor the special shareholder meetings for approval results. If approved, the merger will close around October 5, 2026, and NMS common shares will convert to shares of the acquiring fund, which has historically paid higher distributions. The loss of state tax exemption is a key consideration for Minnesota-based investors.
Price Chart
Executive Summary
Nuveen Minnesota Quality Municipal Income Fund (NMS) filed additional definitive proxy materials (DEFA14A) on September 18, 2026, providing proxy advisory firms with a Q&A section from the Joint Proxy Statement/Prospectus regarding the proposed merger of NMS and Nuveen Virginia Quality Municipal Income Fund (NPV) into Nuveen Municipal Credit Income Fund. The merger is expected to close on or about October 5, 2026, subject to shareholder approval. The filing is a routine solicitation update with no new financial data or material changes.
Key Financial Metrics
Key Facts
- Shareholders of NMS and NPV are asked to vote on a merger into Nuveen Municipal Credit Income Fund.
- The merger is expected to close on or about October 5, 2026, if shareholder approvals and other conditions are met.
- Estimated merger costs are $1,270,000, allocated $370,000 to NMS, $820,000 to NPV, and $80,000 to the acquiring fund.
- Post-merger, the combined fund would have pro forma common assets of $2,700,666,839 and managed assets of $4,571,518,688.
- The combined fund's total annual expenses are projected at 3.47%, down from NMS's 3.79% and NPV's 3.63%.
- Common shareholders lose state tax exemption but gain a higher common earnings yield (5.36% vs 4.13% for NMS and 4.32% for NPV).
- The acquiring fund's most recent monthly distribution per common share was $0.0795, versus $0.0665 for NMS and $0.0650 for NPV.
Financial Impact
Estimated merger costs of $1,270,000; pro forma combined fund common assets of $2.70 billion; total annual expenses decrease from 3.79% (NMS) to 3.47% (combined); common earnings yield increases from 4.13% (NMS) to 5.36% (combined).
Risk Factors
- Shareholder approval may not be obtained, causing the merger to fail and shareholders to bear the estimated $1,270,000 in costs.
- Preferred shareholders (especially institutional holders) may block the merger, as their approval is required.
- Post-merger, the combined fund may invest up to 55% in below-investment-grade securities, increasing credit risk.
- Distributions from the combined fund may be subject to state and local income tax, unlike the current state-tax-exempt distributions.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001999371-26-020837 |
| Document: 0001999371-26-020837-index-headers.html | 0001999371-26-020837 |
| Document: 0001999371-26-020837-index.html | 0001999371-26-020837 |
| Document: 0001999371-26-020837.txt | 0001999371-26-020837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | SC 13D/A | $10.08 | awaiting T+20 | — | $10.24 (+1.59%) |
Sep 18, 2026 5w ago | DEFA14A | $10.20 $10.28 | ▲ +0.78% | ▲ +0.58% | $10.24 (+0.39%) |
Sep 3, 2026 7w ago | 425 | $10.57 $9.99 | ▼ −5.49% | ▼ −4.30% | $10.24 (−3.12%) |
Jul 7, 2026 16w ago | 425 | $12.19 $11.47 | ▼ −5.93% | ▼ −9.20% | $10.24 (−16.02%) |
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