From Nuveen's 19a report regarding NEA (a 19a report is an SEC-required report on the amount of a distribution that's unrelated to investment income. Often (usually?) that's a return of capital) (https://documents.nuveen.com/Documents/Nuveen/Defa... ):

Return of capital for its fiscal year ending 31 Oct, ROC was nearly 22% of the year's total distribution, and it's 7% YTD (31 May).

Expense ratio was 2.33% (https://www.nuveen.com/en-us/closed-end-funds/nea-... and select "Annual expense ratio" at the first menu bar below the Fund Description.

Regulatory Leverage was above 38% and Effective Leverage was nearly 40.5%. I'm unclear on the difference, but that's more leverage than interests me.

I'm less concerned about the investment quality; with 1100+ holdings, the risk of any particular investment, or any (small) collection of them, is well enough spread across the fund that the fund seems reasonably unlikely to go bust.

NVG and NMZ are similar.

Eric Hines

Bond Investing FAQ

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