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Financial Professional
  • Institutional Investor
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  • Global Cities REIT (GCREIT)
  • Green Capital
  • Private Capital Income Fund (PCAP)
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Potential benefits
  • Access to an opportunistic strategy seeking high current income through investments in securitized credit including mortgage-backed securities and non-mortgage related asset-backed securities
  • Regular monthly distributions
  • Complement to a traditional income portfolio that may enhance diversification

Fund description

The Fund's objective is to generate high current income through opportunistic investments in securitized credit.

Under normal circumstances, the Fund invests at least 80% of its Assets in mortgage related assets including mortgage-backed securities (MBS) and other income producing securities including asset-backed securities (ABS), bonds, debt securities and other similar instruments. The Fund invests at least 50% of its Managed Assets in MBS, including residential MBS and commercial MBS, and up to 50% in non-mortgage related ABS including but not limited to any asset that generates reliable cash flows including collateralized loan obligations as well as pools of consumer auto loans, credit card receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics. A maximum of 5% can be invested in catastrophe bonds, which are backed by a secured collateral account and considered by the Fund to be ABS. The fund uses leverage.

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

**If the fund’s distribution includes anything other than net investment income, the fund provides a 19a notice of the best estimate of its distribution sources at that time.
  • 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 shown are annualized actual expenses using expense data since 1 November 2019. 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

Performance data shown represents past performance and does not predict or guarantee 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

Distribution sources may include 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-DIVforms 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. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

  • Sectors and credit quality
  • Coupon structure
  • Maturity breakdown

Top 10 portfolio positions

Holdings may vary and are subject to change without notice.

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

Important information 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.

Mortgage-Backed Securities (MBS) Risk: Investing in MBS entails various risks, including credit risks inherent in the underlying collateral, the risk that the servicer fails to perform its duties, liquidity risks, interest rate risks, structure risks, and geographical concentration risks.

MBS Prepayment Risk: MBS represent an interest in a pool of mortgages. These mortgages typically permit borrowers to prepay amounts owing, often with no penalty. In periods of falling interest rates, the rate of prepayments tends to increase, forcing a fund to reinvest in lower-yielding securities. However, prepayment risk for a MBS may not be the same as call risk for a corporate bond of similar maturity, making this risk difficult to estimate.

Asset-Backed Securities (ABS) Risk: Investing in ABS entails various risks, including credit risks inherent in the underlying collateral, the risk that the servicer fails to perform its duties, liquidity risks and prepayment risk.

Credit and Below Investment Grade 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 and distressed securities 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.

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

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.

Hedging Risk: The fund may use derivative instruments for hedging purposes, but there is no assurance that the fund’s hedging strategy will be successful. Derivatives may involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.

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

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.

Performance data shown represents past performance and does not predict or guarantee 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.

Teachers Advisors, LLC, is the subadviser to the Fund and an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

E-3409712P-E0224W

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Distribution history since inception