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Potential benefits
  • Income enhancing opportunities: Actively managed, primarily high-quality portfolio of traditional (core) and non-traditional, higher yielding investments.
  • Environmental and societal impact: Strategic allocation to bonds with direct and measurable impact within affordable housing, community or economic development, and renewable energy and natural resources.
  • Environmental, social and governance (ESG) quality: Bonds must demonstrate ESG leadership within their issuers’ industries, which can help add value to performance and mitigate risk.

Fund description

The Fund seeks total return through high current income and capital appreciation, investing primarily in fixed income investments while giving special consideration to certain impact and environmental, social and governance (“ESG”) criteria.

The Fund may invest up to 50% of Managed Assets in below investment-grade investments (rated BB+/Ba1 or lower at the time of investment or unrated but judged to be of comparable quality) but no more than 10% in investments rated CCC/Caa or lower at the time of investment (or unrated but judged to be of comparable quality). The Fund can invest without limitation in investments of foreign issuers, with no more than 30% of Managed Assets in investments of foreign issuers located in emerging market (EM) countries.

The Fund uses leverage and has a 12-year term with the potential to convert to perpetual.1

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

Leverage reference guide

*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, except for new funds where the prospectus expense ratios are used for the first full three months following the Fund’s inception.  After the initial three months, actual expenses, annualized, are used until a full 12 months of expenses have been recorded. 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 history

Since inception
Distribution schedule
19(a) notices

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. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

All characteristics are asset-weighted using the current market value of investments held in the portfolio as well as the full amount and exposure of bonds held in a tender option bond (TOB) trust, even though the fund owns only the residual inverse floater in its portfolio. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Debt characteristics (duration, maturity, bond price) are relative to the percentage of the portfolio invested in debt securities.

Effective duration can be measured differently by different analytics tools used by Nuveen or the fund sub-adviser. The effective duration measures presented here may differ from those used by portfolio teams to manage the portfolios, or in other presentations describing these portfolios. Also, this effective duration measure may differ from that used by other fund sponsors, so effective durations of funds in different fund complexes may not be directly comparable.

  • Top sector allocation
  • Call exposure
  • Credit quality

Top sector allocation

Sector allocation tables include exposures achieved through credit default swaps. Such exposures are reflected based on the notional value (rather than the market value) of the swaps, with exposures weighted negatively when the Fund has purchased credit protection and positively when the Fund has sold credit protection. Other reflects an offset to (i.e. the inverse of) such notional amounts, and any sectors not specifically identified. Negative sector weightings may result from the use of derivatives and from unsettled trade positions. Positions are subject to change.

Call exposure

For the percentage of the portfolio in debt, preferred and other hybrid securities, including CoCos (if any). Percentages reflect the percentage of the Fund's investment exposure callable in the timeframe relative to the “as of” date shown. The "Next 12 months" figure (if shown) includes investments that are currently callable, as well as callable in the next 12 months. Securities subject to call may not be called.

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 10 portfolio positions

View all holdings
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
Related articles
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Global fixed income impact report 2021
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Portfolio managers

Liberatore,

Stephen M. Liberatore, CFA

Managing Director, Head of ESG/Impact, Global Fixed Income
Zarzycki,

Jessica Zarzycki, CFA

Portfolio Manager
No

Kristal Y. Seales, CFA

Portfolio Manager
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1 The Fund will terminate as of the close of business on 2 May, 2033, provided that the Fund’s Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, by vote of a majority of the then Board of Trustees with notice to the shareholders, extend the Fund’s term for up to two one year periods. In addition, the Board may determine to cause the Fund to conduct an Eligible Tender Offer. If the Eligible Tender Offer is completed, the Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, by vote of a majority of the then Board of Trustees, provide that the Fund may continue without limitation of time subject to certain terms and conditions. If an Eligible Tender Offer is not conducted, the Fund will cease investment operations, retire or redeem its leverage facilities, liquidate its investment portfolio (to the extent possible) and distribute all of its liquidated net assets to Common Shareholders of record in one or more distributions on or after 2 May, 2033 or as extended by the Board.

Important information on risk

Risk Considerations

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.

Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investment that perform well.

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

Nuveen Securities, LLC, member FINRA and SIPC.

EWB-1622367PR-E0421W

E-2683508P-E0123W

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Distribution history since inception