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Potential benefits
  • Enhanced income opportunity: Actively managed investments in real assets may offer higher income potential than traditional stocks and bonds.
  • Access infrastructure growth: Investing in modernization trends in the United States and abroad may provide appreciation to help balance the fixed-income portion of a portfolio.
  • Diversify to help manage risk: Complementary to traditional equities and fixed income, real assets can help smooth overall returns through fluctuating markets, although they are subject in part to the volatility of real estate markets.

Fund description

The Fund seeks to deliver a high level of current income and long-term capital appreciation by investing in real asset-related companies across the world and the capital structure, including common stocks, preferred securities, and debt. Real asset-related companies include those engaged in owning, operating, or developing infrastructure projects, facilities, and services, as well as REITs.

Up to 40% of its assets may be debt securities, all of which may be rated below investment grade, though no more than 10% of its assets may be invested in securities rated CCC+/Caa1 or lower at any time. Non-U.S. exposure represents 25% to 75% of the Fund's managed assets. The Fund uses leverage, and to a limited extent may also opportunistically write call options, seeking to enhance its risk-adjusted total returns over time.

Important fund notice

Effective 08 Feb 2024, Jay Rosenberg announced he will retire from Nuveen on 01 Jul 2024. These changes will not impact the Fund’s investment strategy.

For term definitions and index descriptions, please access the glossary in the footer.

**If the fund’s distribution includes anything other than net investment income, the fund provides a 19a notice of the best estimate of its distribution sources at that time.
  • Fund basics
  • Capital structure
  • Leverage
  • Common shares
  • Annual expense ratios

Fund basics

Capital structure

Leverage

*The ratio of total assets of the Fund, less all liabilities that are not outstanding borrowings or outstanding preferreds, at par, to the sum of the Fund’s outstanding borrowings and outstanding preferreds, at par.

**The annualized ratio of the sum of leverage costs to the average leverage amount for a given time period.

Common shares

Annual expense ratios

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Pricing

  • Overview
  • Premium/discount history
  • Share price and NAV history

Overview

*The premium/discount is calculated as (most recent price/most recent NAV) -1.

Premium/discount history

Share price and NAV history

Premium/discount history and Share price and NAV history data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

Performance

  • Hypothetical growth of 10K
  • Calendar year returns
  • Average annual total returns

Hypothetical growth of 10K

The table illustrates the performance of a hypothetical $10,000 investment made on the date indicated. Original Investment & Cumulative Distributions is the original investment value added to the cash flow received from distributions. The total returns are not adjusted to reflect the effects of taxation and assume reinvestment of dividends and capital gains.

Calendar year returns

Average annual total returns

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Distributions

Key information regarding distributions

Total distributions per share

Distribution sources may 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 nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIVforms after the end of the year. 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 market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

  • Asset allocation
  • Top sector allocation
  • Call exposure
  • Top countries
  • Credit quality
  • Maturity breakdown
  • Top currencies

Asset allocation

Top sector allocation

Call exposure

For the percentage of the portfolio in debt, preferred and other hybrid securities, including CoCos (if any). Percentages reflect the percentage of the Fund's investment exposure callable in the timeframe relative to the “as of” date shown. The "Next 12 months" figure (if shown) includes investments that are currently callable, as well as callable in the next 12 months. Securities subject to call may not be called.

Top countries

#N/A

Credit quality

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies.

Maturity breakdown

Top currencies

Top 10 portfolio positions

Holdings may vary and are subject to change without notice.

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Literature

  • Fund literature
  • Fund reports
  • 19(a) notices
  • Fund announcements
  • Education
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Closed-end fund managed distribution programs are designed to facilitate regular, relatively consistent distributions to shareholders.

Important information on risk

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.

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.

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.

Infrastructure Risk: Infrastructure-related securities may face adverse economic, regulatory, political, and legal changes, which could negatively affect the value of the security, its income, or both.

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, if not hedged - 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.

Convertible Securities Risk: Convertible securities generally offer lower interest or dividend yields than non-convertible fixed-income securities of similar credit quality.

Call Option Risk: The value of call options sold (written) by the fund will fluctuate. The fund may not participate in any appreciation of its equity portfolio as fully as it would if the fund did not sell call options. In addition, the fund will continue to bear the risk of declines in the value of its equity portfolio.

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.

Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Nuveen Asset Management, LLC is the subadviser to the Fund and an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

E-3375156P-E0224W

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Distribution history since inception