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Financial Professional
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  • Global Cities REIT (GCREIT)
  • Green Capital
  • Private Capital Income Fund (PCAP)
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Potential benefits
  • Attractive total return through a strategy that dynamically adapts allocations across debt and equity to changing market conditions.
  • Thoughtful investment process that diversifies risk factor exposures to more efficiently seek income versus traditional asset class-based approaches
  • Nuveen’s time-tested legacy of delivering income for more than 120 years, helping investors achieve their objectives through changing market environments

Fund description

The Fund’s investment objective is to provide attractive total return through high current income and capital appreciation.

The Fund dynamically invests in a portfolio of equity and debt securities of issuers located around the world. This dynamic investment strategy uses a risk-based framework in which any amount can be allocated to an asset-class at any time. The Fund may invest in equity and debt securities of any type without limit. The relative allocations of the Fund’s managed assets for investment between equity and debt securities, and relative allocations to the different types of equity and income strategies, will vary from time to time, consistent with the Fund’s investment objective. 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.

Other Expenses and Total Expenses do not include interest expenses arising from the application of SFAS No. 140 to certain inverse floating rate securities (if any) held by the Fund. Interest expense arises because accounting rules require the Fund to treat interest paid by trusts issuing certain inverse floating rate instruments held by the Fund as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of additional income earned (also indirectly), the Fund's net asset value per share, net investment income and total return have not been affected by this accounting treatment. See the Fund's Annual Report for information on the Fund's inverse floating rate investments and recognized interest expense.​

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

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

  • Asset allocation
  • Top 5 industries
  • Top countries
  • Credit quality
  • Top currencies

Asset allocation

Top 5 industries

Top countries

Based on bond holdings and reflects country of risk of the issuer. Holdings may vary and are subject to change.

Credit quality

Ratings shown are given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government and agency mortgage-backed 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 and, where applicable, include net derivative positions.

Top currencies

Top 10 portfolio positions

Holdings may vary and are subject to change without notice.

Literature

  • Fund literature
  • Fund reports
  • 19(a) notices
  • Fund announcements
  • Education

Important information on risk

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Allocation Risk. The Fund's ability to achieve its investment objective depends upon the Fund's sub-adviser, Nuveen Asset Management's skill in determining the Fund's allocation to differen tsub-advisers and strategies. There is the riskthat that Nuveen Asset Management's evaluations and assumptions used in making such allocations may be incorrect. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. Common stocks have experienced significantly more volatility in returns and may significantly underperform relative to debt securities during certain periods. Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure, and therefore are subject to greater credit risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principalor interest when due. The Fund is subject to interest rate risk; as interest ratesrise, bond prices fall. Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer's capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. 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. These and other risk considerations such as foreign currency risk are described in more detail in the Shareholder Update section of the Fund's annual report at nuveen.com/NMAI-annual-report.

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.

Nuveen Asset Management LLC, Teachers Advisors, LLC, and Winslow Capital Management, LLC are subadvisers to the Fund and affiliates of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

E-3256455P-E1223W

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Distribution history since inception