Filing Analysis
The Fund has entered into a new sub-advisory agreement with Nuveen Asset Management, LLC (NAM) following the merger of Teachers Advisors, LLC (TAL) into NAM. This change is an administrative result of corporate restructuring within the Nuveen/Teachers Insurance and Annuity Association of America umbrella.
🚩 Red Flags
- None identified; this is a routine intra-affiliate restructuring.
📋 Key Facts
- Merger of Teachers Advisors, LLC (TAL) into Nuveen Asset Management, LLC (NAM) completed as of July 31, 2026.
- New sub-advisory agreement effective August 1, 2026, between Nuveen Fund Advisors, LLC (NFAL) and NAM.
- Terms are substantially similar in all material respects to the prior agreement with TAL.
- No change to total fees paid by the Fund or the fee structure between NFAL and NAM.
- No changes to portfolio management team, investment objective, policies, strategies, or risks.
The Fund's Board of Trustees adopted Amended and Restated By-Laws on February 28, 2024. The primary change is the elimination of 'control share' provisions that had been suspended since February 24, 2022.
📋 Key Facts
- Board of Trustees adopted Amended and Restated By-Laws on February 28, 2024.
- The amendment specifically eliminates 'control share' provisions.
- These control share provisions had been under suspension since February 24, 2022.
- All other aspects of the By-Laws remain identical to the previous version.
Nuveen Mortgage and Income Fund (JLS) is implementing significant changes to its investment policies effective March 1, 2024. The updates allow for increased exposure to non-mortgage ABS and provide more flexibility in the use of derivatives and short selling.
🚩 Red Flags
- Reduction in the minimum requirement for mortgage-backed securities (MBS) from 65% to 50%, indicating a shift away from its core mandate toward higher-yielding/higher-risk assets like CLOs.
📋 Key Facts
- Effective date: March 1, 2024.
- MBS investment floor reduced from 65% to 50% of Managed Assets under normal market conditions.
- Non-mortgage related ABS (e.g., CLOs, auto loans, aircraft leases) cap increased from 35% to 50% of Managed Assets.
- Catastrophe bond investment limit remains at 5%.
- The Fund is eliminating specific restrictions regarding futures contracts and short selling capabilities.