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Closed-end funds

Understanding UNII balances

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Undistributed net investment income (“UNII”) reflects how much, beyond current earnings, a closed-end fund has available to pay future distributions. Here we provide an overview of how UNII, and trends in UNII balances, may impact distributions, and where to learn more about UNII in Nuveen closed-end funds.

Why is a change in UNII balance important?

A closed-end fund’s UNII balance reflects the total amount the fund has available, beyond current earnings, from which to make future distributions to shareholders. This amount can change each month as the fund earns income and/or pays out distributions. While the absolute level of the UNII balance is important, the trend of the UNII balance over time may be of equal or greater importance as it can impact both future distributions and the fund’s net asset value (NAV) per share. 

What is unii graphic (image)

What is unii graphic (image)
understanding unii table (image)

Finding UNII information

UNII appears in a downloadable file “Earnings and UNII Information” on under the Distributions section of any closed-end fund’s page.

Average UNII per share screenshot
The net income and UNII figures are monthly amounts based on three- or six-month averages. Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital, though the funds shown above include only net investment income in their regular distributions.
Important points

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1 Exceptions do apply, especially in cases with tax adjustments.

This report provides general tax information. Nuveen is not a tax professional. Individuals should consult their tax and financial professionals before making any tax or investment decisions.

This information should not replace a consultation with a tax professional regarding an individual’s tax situation. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.

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. Nuveen Securities, LLC, member FINRA and SIPC.

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