Investment, Market, and Price Risk: Closed-end fund shares are subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. At any point in time, your common shares may be worth less than you paid, even after considering the reinvestment of fund distributions.
Real Estate Securities Risk: Real estate securities such as REITs (Real Estate Investment Trusts) may be affected by economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws, in addition to geographical concentration risks.
Concentration Risk: The fund’s investments are concentrated in issuers of one or a few specific economic sectors, so the fund may be subject to more risks than if it were broadly diversified across the economy.
Common Stock Risk: Common stock returns often have experienced significant volatility.
Interest Rate Risk: Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Credit Risk: Debt or preferred securities held by the fund may fail to make dividend or interest payments when due. Investments in securities below investment grade credit quality are predominantly speculative and subject to greater volatility and risk of default. Unrated securities are evaluated by fund managers using industry data and their own analysis processes that may be similar to that of a nationally recognized rating agency; however, such internal ratings are not equivalent to a national agency credit rating. Counterparty credit risk may arise if counterparties fail to meet their obligations, should the fund hold any derivative instruments for either investment exposure or hedging purposes.
Leverage Risk: The fund’s use of leverage may cause higher volatility for the fund’s per share NAV, market price, and distributions. Leverage typically magnifies the total return of the fund’s portfolio, whether that return is positive or negative. Leverage is intended to increase common share net income, but there is no assurance that the fund’s leveraging strategy will be successful. Different forms of leverage, including swaps, may introduce additional credit or interest rate risk. Leverage may also increase a fund’s liquidity risk, as the fund may need to sell securities at inopportune times to stay within fund or regulatory limits.
Foreign Investment Risk: Investments in non-U.S securities involve special risks not typically associated with domestic investments including currency risk - the risk that changes in exchange rates will affect the value of the fund’s investments, as well as adverse political, social and economic developments. These risks often are magnified in emerging markets.
Preferred Securities Risk: Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk.
Tax Risk: The tax treatment of fund distributions may be affected by future changes in tax laws and regulations or their interpretation by the Internal Revenue Service or state tax authorities.
Potential distribution sources include net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. Under its Managed Distribution policy, the fund seeks to maintain an attractive and stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate.
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.