Nuveen Municipal Closed-End Funds Announce Distribution Updates

Today, the Board of Trustees of certain Nuveen municipal closed-end funds declared regular monthly distribution rates and updated certain distribution policies.

Additionally, several leveraged municipal closed-end funds have announced distribution rate increases of between 7% and 24% to deliver higher monthly cash flows to shareholders. These changes are intended to help support secondary market trading in fund shares and improve each fund’s discount to NAV. It is anticipated that to maintain the distribution amounts outlined below, certain funds may ultimately make distributions from sources other than the current net investment income of the funds. In this regard, the source of monthly distributions may include prior accumulated undistributed net investment income and, potentially, a return of capital.

The following dates apply to today’s monthly distribution declarations:

Monthly distribution rates for each fund can be found below:

Each Fund’s distribution policy, which may be changed by its Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared distribution amount, each Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. If a Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at the time of the distribution 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.

Each Fund’s ability to maintain its declared distribution amount will depend on a number of factors; including the amount and stability of investment income earned by the Fund, underlying market conditions, and the Fund’s expenses, including expenses associated with the Fund’s use of leverage.

You should not draw any conclusions about a Fund’s investment performance from the amount of the distribution or from the terms of the distribution policy. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

Nuveen is a leading sponsor of closed-end funds (CEFs) with $53 billion of assets under management across 51 CEFs as of 30 Jun 2023. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs. For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Jun 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this announcement.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

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