Four Nuveen Closed-End Funds Have Certain Long-Term Preferred Share Ratings Withdrawn

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that at the request of the fund’s investment adviser, Standard & Poor’s (S&P) withdrew its long-term ratings from all series of Variable Rate Demand Preferred (VRDP) and MuniTerm Preferred (MTP) shares issued by four Nuveen municipal bond closed-end funds. The S&P short-term ratings for the two VRDP series remain A-1+. Fitch and Moody’s continue to provide both long-term and short-term ratings for each of the funds. The long-term and short-term Fitch ratings for each of the funds’ preferred shares are AAA and F-1+ respectively. The long-term and short-term Moody’s rating are Aa2 and P-1.

The four funds, their prior S&P long-term and, for VRDP, short-term ratings and their current S&P ratings after S&P’s actions are as follows:

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.