In plain terms — Nuveen Municipal Credit Income Fund
Shares currently cost about 1.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.6% discount, so today's level is somewhat wide for this fund (Z-score -1.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.7% a year of the share price (8.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.01 of assets — a ReinvestCapture™ rate of 8.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 6.5% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -0.71% | 1.00% | -1.17 | 62 |
| 6 months | -0.33% | 0.88% | -1.76 | 118 |
| 1 year | -0.63% | 1.18% | -1.06 | 224 |
| 3 years | -6.01% | — | — | — |
| 5 years | -7.35% | — | — | — |
Current contemporaneous premium/discount -1.89% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -4.27% to +1.57%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.61% | -14.96% | -14.63% | -14.63% | +0.92% | -8.37% |
| Market price total return | -5.95% | -13.27% | -9.58% | -7.85% | +8.28% | -2.52% |
| NAV return | -5.12% | -11.60% | -12.15% | -13.32% | -3.82% | -8.08% |
| NAV total return | -4.46% | -9.85% | -6.96% | -6.47% | +2.84% | -2.60% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen Municipal Credit Income Fund (NZF) functions as a closed-end mutual fund that concentrates on fixed-income investments, established by Nuveen Investments, Inc. Its oversight is a joint effort between Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund primarily allocates its capital within the fixed income markets of the United States. Its strategy involves identifying and acquiring undervalued municipal debt instruments and related investments, specifically chosen for their ability to provide income exempt from standard federal income taxes. The fund targets investment-grade securities, requiring a rating of Baa/BBB or better, and aims for an approximate average maturity of 18 years. Portfolio creation is guided by a bottom-up security selection method, supported by thorough fundamental analysis. The performance of its portfolio is evaluated against the Standard & Poor's (S&P) National Municipal Bond Index. Formerly, this fund was known as the Nuveen Enhanced Municipal Credit Opportunities Fund. It was founded in the United States on March 21, 2001.
CEF Explorer research page for Nuveen Municipal Credit Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.