In plain terms — Nuveen Mortgage & Income Fund
Shares currently cost about 12.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 6.0% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.4% a year of the share price (9.9% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.14 of assets — a ReinvestCapture™ rate of 13.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 4.4% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -9.74% | 1.88% | -0.74 | 61 |
| 6 months | -7.55% | 3.00% | -1.19 | 117 |
| 1 year | -6.01% | 2.81% | -1.82 | 222 |
| 3 years | -6.76% | — | — | — |
| 5 years | -9.25% | — | — | — |
Current contemporaneous premium/discount -11.12% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.81% to -1.95%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -1.93% | -7.45% | -10.50% | -13.77% | +1.07% | -4.98% |
| Market price total return | -1.01% | -4.92% | -3.33% | -4.55% | +11.54% | +3.79% |
| NAV return | -0.86% | -1.85% | -4.24% | -5.17% | -0.05% | -3.80% |
| NAV total return | -0.03% | +0.59% | +3.00% | +4.44% | +9.63% | +4.29% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen Mortgage and Income Fund functions as a closed-end mutual fund concentrating on fixed-income assets, originally founded by Nuveen Investments, Inc. Its oversight is a collaborative effort between Nuveen Fund Advisors LLC, Nuveen Asset Management, LLC, and Wellington Management Company LLP. The fund directs its investments towards the United States' fixed income markets, primarily targeting undervalued mortgage-backed securities (MBS). These include, but are not limited to, non-agency residential and commercial MBS, with the goal of achieving strong total returns. It also strategically seeks out securities classified as below investment grade. To build its portfolio, the fund utilizes a fundamental, bottom-up analytical approach. This rigorous process assesses the credit performance of the underlying mortgage loan portfolios, the structural characteristics of the MBS (such as payment priority, credit enhancement, and default patterns of the underlying loans), and the financial strength of the mortgage loan servicers. Its performance is benchmarked against the Barclays Capital U.S. Aggregate Bond Index. Formerly recognized as the Nuveen Mortgage Opportunity Term Fund, this fund was established on September 10, 2009, and maintains its domicile in the United States.
CEF Explorer research page for Nuveen Mortgage & Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.