Nuveen Mortgage and Income Fund (NYSE: JLS) is a closed-end management investment company that seeks to provide a high level of current income by investing primarily in mortgage-related securities. The fund primarily allocates its assets to residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized mortgage obligations (CMOs) and other structured mortgage products. By focusing on a diversified portfolio of agency-backed and non-agency mortgage instruments, JLS aims to capitalize on income opportunities across a broad spectrum of the U.S. and global mortgage markets.
The fund employs both traditional and opportunistic strategies to enhance yield, including the use of leverage through borrowings, reverse repurchase agreements and preferred share issuances. Its investment approach balances exposure between agency-backed securities, which carry implied government guarantees, and non-agency securities, which may offer higher yield potential but carry additional credit risk. Portfolio managers actively adjust duration, sector weights and credit profiles in response to evolving interest rate environments and mortgage market conditions.
First launched in the mid-2000s and managed by Nuveen, a TIAA company with a heritage dating back to 1898, JLS draws on a long‐standing legacy of mortgage expertise. Nuveen’s Global Mortgage team leverages extensive research capabilities and trading resources to source opportunities across both primary and secondary markets. While the fund’s primary focus is on U.S. mortgage markets, it may also selectively invest in mortgage securities issued by non-U.S. agencies and banks, providing a degree of geographical diversification.
Leadership of the fund resides with an experienced team of fixed-income professionals within Nuveen’s global platform. The portfolio management group, supported by dedicated credit analysts and traders, works in close collaboration to assess market trends, monitor credit quality and manage risk. Through its structured approach to mortgage investing, the fund aims to deliver consistent income generation while preserving capital over the long term.
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