In plain terms — Nuveen AMT-Free Quality Municipal Income Fund
Shares currently cost about 1.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.5% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.1% 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 8.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 6.9% 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 | -0.11% | 1.39% | -1.95 | 62 |
| 6 months | -0.08% | 1.12% | -2.46 | 118 |
| 1 year | -0.47% | 1.28% | -1.85 | 224 |
| 3 years | -6.12% | — | — | — |
| 5 years | -7.64% | — | — | — |
Current contemporaneous premium/discount -2.84% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -4.22% to +1.72%. 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 | -8.11% | -15.36% | -15.22% | -13.74% | +0.48% | -8.16% |
| Market price total return | -7.51% | -13.81% | -10.57% | -7.38% | +7.52% | -2.59% |
| NAV return | -4.31% | -11.52% | -12.35% | -13.32% | -4.22% | -8.26% |
| NAV total return | -3.69% | -9.87% | -7.52% | -6.94% | +2.15% | -3.06% |
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 AMT-Free Quality Municipal Income Fund is a closed-ended mutual fund specializing in fixed income, launched by Nuveen Investments Inc. Management responsibilities are shared by Nuveen Asset Management, LLC and Nuveen Fund Advisors LLC. This fund primarily allocates capital within the U.S. fixed income market, with a key focus on acquiring undervalued municipal bonds that offer exemption from both federal income tax and the alternative minimum tax (AMT). It seeks to include securities with a credit rating of Baa/BBB or better from prominent agencies like S&P, Moody's, or Fitch. The fund's diverse investment portfolio spans various industries, including transportation, healthcare, utilities, housing/multifamily, and water and sewer systems. Originally established on November 21, 2002, and based in the United States, this fund was formerly recognized as the Nuveen AMT-Free Municipal Income Fund.
CEF Explorer research page for Nuveen AMT-Free 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.