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Potential benefits
  • Attractive quarterly distributions
  • Balanced equity & debt strategy focused on providing current income & total return potential while reducing US interest rates sensitivity
  • Diversification potential – lower historical correlations among asset classes provides opportunity for more consistent returns
  • Managed by specialists in several non-traditional asset classes, providing retail income-oriented investors access to institutional strategies where active professional management can potentially add value to the fund’s total return

Fund description

The Fund's investment objectives are high current income and total return.

The Fund invests approximately equal proportions in 1) U.S. and foreign dividend-paying common stocks, 2) dividend-paying common Real Estate Investment Trusts issued by real estate companies, 3) emerging markets sovereign debt, and 4) senior loans. The Fund expects to invest between 40% and 70% of its managed assets in equity security holdings and between 30% and 60% of its managed assets in debt security holdings. Under normal circumstances, the Fund's target weighting is approximately 50% equity and 50% debt. The Fund uses leverage.

For term definitions and index descriptions, please access the glossary in the footer.

*For more information about the fund's distributions, please reference the 19a notices.
  • Fund basics
  • Capital structure
  • Leverage
  • Common shares
  • Annual expense ratios

Fund basics

Capital structure

Leverage

*The ratio of total assets of the Fund, less all liabilities that are not outstanding borrowings or outstanding preferreds, at par, to the sum of the Fund’s outstanding borrowings and outstanding preferreds, at par.

**The annualized ratio of the sum of leverage costs to the average leverage amount for a given time period.

Common shares

Annual expense ratios

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Pricing

  • Overview
  • Premium/discount history
  • Share price and NAV history

Overview

*The premium/discount is calculated as (most recent price/most recent NAV) -1.

Premium/discount history

Share price and NAV history

Premium/discount history and Share price and NAV history data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

Performance

  • Hypothetical growth of 10K
  • Calendar year returns
  • Average annual total returns

Hypothetical growth of 10K

The table illustrates the performance of a hypothetical $10,000 investment made on the date indicated. Original Investment & Cumulative Distributions is the original investment value added to the cash flow received from distributions. The total returns are not adjusted to reflect the effects of taxation and assume reinvestment of dividends and capital gains.

Calendar year returns

Average annual total returns

Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Distributions

Key information regarding distributions

Total distributions per share

Managed Distribution: Historical distribution sources have included net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the Fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate.

Distribution Rates represent the latest declared regular distribution, annualized, relative to the market price and NAV as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

  • Asset allocation
  • Top 10 issuers
  • Top 5 industries
  • Top countries
  • Credit quality
  • Maturity breakdown
  • Top currencies

Asset allocation

Top 10 issuers

Top 5 industries

Top countries

 

Credit quality

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies.

Maturity breakdown

Top currencies

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Literature

  • Fund literature
  • Fund reports
  • 19(a) notices
  • Fund announcements
  • Education
A word on risk

Investment, Market, and Price Risk: Closed-end fund shares are subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. At any point in time, your common shares may be worth less than you paid, even after considering the reinvestment of fund distributions.

Common Stock Risk: Common stock returns often have experienced significant volatility.

Real Estate Securities Risk: Real estate securities such as REITs (Real Estate Investment Trusts) may be affected by economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws, in addition to geographical concentration risks.

Senior Loan Risk: Senior loans, both secured and unsecured, may not be rated by a national rating agency, are generally not registered with the Securities and Exchange Commission (SEC) and generally are not listed on a securities exchange. Consequently, the amount of public information available about senior loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities. In addition, some adjustable rate loans may be unsecured or insufficiently collateralized, which increases the risk of fund losses if the loan’s issuer defaults.

Credit Risk: Debt or preferred securities held by the fund may fail to make dividend or interest payments when due. Investments in securities below investment grade credit quality are predominantly speculative and subject to greater volatility and risk of default. Unrated securities are evaluated by fund managers using industry data and their own analysis processes that may be similar to that of a nationally recognized rating agency; however, such internal ratings are not equivalent to a national agency credit rating. Counterparty credit risk may arise if counterparties fail to meet their obligations, should the fund hold any derivative instruments for either investment exposure or hedging purposes.

Foreign Investment Risk: Investments in non-U.S. securities involve special risks not typically associated with domestic investments including currency risk, if not hedged - the risk that changes in exchange rates will affect the value of the fund’s investments, as well as adverse political, social and economic developments. These risks often are magnified in emerging markets.

Leverage Risk: The fund’s use of leverage may cause higher volatility for the fund’s per share NAV, market price, and distributions. Leverage typically magnifies the total return of the fund’s portfolio, whether that return is positive or negative. Leverage is intended to increase common share net income, but there is no assurance that the fund’s leveraging strategy will be successful. Different forms of leverage, including swaps, may introduce additional credit or interest rate risk. Leverage may also increase a fund’s liquidity risk, as the fund may need to sell securities at inopportune times to stay within fund or regulatory limits.

Tax Risk: The tax treatment of fund distributions may be affected by future changes in tax laws and regulations or their interpretation by the Internal Revenue Service or state tax authorities.

Preferred Securities Risk: Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk.

Interest Rate Risk: Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Basis Risk: As short-term rates change, interest from floating rate loans may not increase in concert with increases in floating rate leverage, introducing basis or imperfect hedging risk.

Illiquid Securities Risk: The fund may not be able to sell securities in its portfolio at the time or price the fund desires.

Currency Risk: Changes in exchange rates will affect the value of the fund’s investments.

Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Effective 31 Dec 2021, James W. Valone, currently a portfolio manager for the emerging market debt strategy sleeve of the Fund, will retire. Effective 17 Aug 2020, changes were announced to the portfolio management team for the strategy. For more information, please see the press release.

Nuveen Asset Management LLC, and NWQ Investment Management Company, LLC are subadvisers to the Fund and affiliates of Nuveen, LLC. Security Capital Research & Management Incorporated (SC-R&M) and Wellington Management Company LLP are subadvisers to the Fund and not affiliates of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

EWB-1451849PR-E1221W

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Distribution history since inception