In plain terms — Nuveen Quality Municipal Income Fund
Shares currently cost about 2.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.0% discount, so today's level is somewhat wide for this fund (Z-score -1.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.2% a year of the share price (8.0% 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 $1.02 of assets — a ReinvestCapture™ rate of 8.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 7.1% 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 | -1.02% | 2.00% | -1.00 | 62 |
| 6 months | -1.00% | 1.56% | -1.31 | 118 |
| 1 year | -1.00% | 1.44% | -1.41 | 224 |
| 3 years | -6.46% | — | — | — |
| 5 years | -7.66% | — | — | — |
Current contemporaneous premium/discount -3.03% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.42% to +2.00%. 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 | -7.40% | -15.51% | -15.72% | -14.87% | +0.07% | -8.17% |
| Market price total return | -6.80% | -13.95% | -11.08% | -8.59% | +7.09% | -2.52% |
| NAV return | -5.03% | -11.92% | -12.43% | -13.50% | -4.27% | -8.10% |
| NAV total return | -4.42% | -10.29% | -7.61% | -7.15% | +2.08% | -2.83% |
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 Quality Municipal Income Fund (NAD) is a U.S.-domiciled, closed-end mutual fund that began operations on January 15, 1999, having previously been known as the Nuveen Dividend Advantage Municipal Fund. Launched by Nuveen Investments, Inc., this fund is jointly overseen by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. Its core objective is to invest in undervalued municipal bonds and similar instruments within the American fixed-income market, aiming to generate income that is exempt from federal income taxes. The fund's portfolio predominantly comprises investment-grade securities, targeting an average maturity of roughly 18 years. Management employs a bottom-up, fundamental analysis approach for constructing its holdings. Its performance is measured against benchmarks set by Standard & Poor's (S&P).
CEF Explorer research page for Nuveen Quality Municipal 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.