NZF - Nuveen Municipal Credit Income Fund

What this means for you

Bank of America Corp. has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. June 30, 2026

   The fund proposed taking in NPV; holders of that fund would become holders of this one. Holders vote on Sept 24, 2026.

   Original document →

3. June 30, 2026

   The fund said it may sell new shares.

   Original document →

4. June 30, 2026

   The fund proposed taking in NMS, NPV; holders of that fund would become holders of this one. Holders vote on Sept 24, 2026. Latest document June 30, 2026.

   Original document →

5. June 26, 2026

   The fund proposed taking in NMS, NPV; holders of that fund would become holders of this one. Holders vote on Sept 24, 2026.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $2.42 billion of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 41% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 78% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 3.6% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 34 charge a lower management fee and 57 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.95 a share. $0.61 of that was income; $0.34 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.86. The shares traded at $12.63, about 1.8% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 0.5% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2001.

How this has changed

• Payouts per share: $0.95 in the fiscal year ended Oct 31, 2025; $0.78 in the year ended Oct 31, 2024; $0.53 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.34 in the year ended Oct 31, 2025; $0.16 in the year ended Oct 31, 2024; none in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.61% a year in the fiscal year ended Oct 31, 2025; 3.88% a year in the year ended Oct 31, 2024; 3.87% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $2.49 billion at Oct 31, 2025; $2.62 billion at Oct 31, 2024; $2.32 billion at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 41% on top of its own money at Oct 31, 2025; 40% at Oct 31, 2024; 43% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 194 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +7.6%, counting payouts; the holdings +2.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +33.8%, counting payouts; the holdings +19.5%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -2.4%, counting payouts; the holdings +1.6%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -31.8%, counting payouts; the holdings -24.2%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +19.1%, counting payouts; the holdings +11.5%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +14.1%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $11,400 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +9.6%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 15 reported a higher share return for that year and 30 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

0.8% of holdings are in default.

1. New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project - 6%
2. Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 - 4.1%
3. Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Se - 3.7%
4. New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 - 3.4%
5. Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien - 2.9%
6. San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second - 2.5%
7. Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project - 1.6%
8. Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien - 1.5%
9. California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center - 1.4%
10. Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier - 1.4%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →