NAD - Nuveen Quality Municipal Income Fund

What this means for you

Karpus owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Oct 5, 2026

   Bank of America Corp. raised its stake to 52.5% of the fund's preferred shares (from 52.3%), not the common shares most holders own.

   Original document →

2. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

3. Sept 25, 2026

   Wells Fargo & Company cut its stake to 11.8% of the fund's preferred shares (from 13.5%), not the common shares most holders own.

   Original document →

4. Aug 31, 2026

   The fund said it may sell new shares.

   Original document →

5. June 22, 2026

   Bank of America Corp. raised its stake to 52.3% of the fund's preferred shares (from 49.9%), not the common shares most holders own.

   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 $2.73 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 42% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 76% 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: 0.5% a year in management fees; 3.7% 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, 13 charge a lower management fee and 63 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 $0.90 a share. $0.52 of that was income; $0.38 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): $12.23. The shares traded at $11.99, about 2% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 0.8% 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 1999.

How this has changed

• Payouts per share: $0.90 in the fiscal year ended Oct 31, 2025; $0.71 in the year ended Oct 31, 2024; $0.48 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: $0.38 in the year ended Oct 31, 2025; $0.19 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: 3.74% a year in the fiscal year ended Oct 31, 2025; 3.92% a year in the year ended Oct 31, 2024; 3.73% 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 $2.86 billion at Oct 31, 2025; $3 billion at Oct 31, 2024; $2.7 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 42% on top of its own money at Oct 31, 2025; 41% 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 233 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 +8%, counting payouts; the holdings +2.4%. 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 +29.9%, counting payouts; the holdings +17.3%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -3.7%, counting payouts; the holdings +1.3%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -28.4%, counting payouts; the holdings -22.8%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +13.3%, counting payouts; the holdings +6.9%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +9.7%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $11,000 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: +8.9%. 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, 12 reported a higher share return for that year and 33 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.

1. E-470 Public Highway Authority, Colorado, Toll Revenue Bonds - 3%
2. New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project - 1.9%
3. New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding - 1.4%
4. New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 - 1.1%
5. Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Seri - 1.1%
6. Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated - 1.1%
7. Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 - 1%
8. Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds - 1%
9. Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects - 1%
10. Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations - 0.9%

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