Several Nuveen Closed-End Funds Announce Updated Portfolio Manager Teams

Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced changes to the portfolio management responsibilities for several Nuveen closed-end funds, effective as of January 1, 2011. These changes are taking place as a result of the completion on December 31, 2010, of the strategic combination of FAF Advisors and Nuveen Asset Management, the largest investment affiliate of Nuveen Investments. As part of this transaction, Nuveen Investments acquired the approximately $27 billion long-term investment business of FAF Advisors, including investment management responsibilities for the long-term mutual funds of the First American Funds family. In addition, the investment professionals managing these assets and most other key personnel, have become part of Nuveen Asset Management.

As a result of this new combination, Nuveen Asset Management is capitalizing on its collective and complementary strength to strategically realign portfolio manager responsibilities across a number of the funds its investment teams manage, to better position the funds for future growth. Following below is a complete list of those closed-end funds that are announcing a change in its portfolio management as well biographies for the funds’ new portfolio managers.

Note: The transaction results in subsidiaries of Nuveen Investments assuming investment management responsibilities for each of the former First American Funds, other than money market funds, and serving as sub-adviser to the First American closed-end funds.

Paul Brennan, CFA

Paul manages several Nuveen municipal national and state mutual funds and closed-end bond funds. Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year. He earned his B.S. in Accountancy and Finance from Wright State University. He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee. Brennan replaces the fund’s previously named portfolio manager, who remains with Nuveen Asset Management.

Daniel J. Close, CFA

Dan joined Nuveen Investments in 2000 as a member of Nuveen's product management and development team, where he was responsible for the oversight and development of Nuveen's mutual fund product line. He then served as a research analyst for Nuveen Asset Management's municipal investing team, covering corporate-backed, energy, transportation and utility credits, before becoming a portfolio manager. He received his B.S. in Business from Miami University, and his M.B.A. from Northwestern University's Kellogg School of Management. He has earned the Chartered Financial Analyst designation. Close replaces the fund’s previously named portfolio manager, who remains with Nuveen Asset Management.

Christopher L. Drahn, CFA

Chris manages several municipal funds and portfolios. He began working in the financial industry when he joined FAF Advisors in 1980. Chris became a portfolio manager in 1988. He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota. Chris holds the Chartered Financial Analyst designation. Drahn replaces John Wilhelm, who has left the firm, as well as Paul Brennan and Scott Romans, who remain with Nuveen Asset Management.

Michael S. Hamilton

Michael manages several municipal funds and portfolios and oversees the firm’s municipal bond trading and portfolio management in the Pacific Northwest region. He began working in the financial industry when he joined FAF Advisors in 1989, as a fixed-income fund manager and trader. Michael became a portfolio manager in 1992. He received a B.A. from Albertson’s College of Idaho and an M.B.A. from Western Washington University. Michael is a member of the CFA Institute, as well as the Portland Society of Financial Analysts. Michael replaces each fund’s previously named portfolio manager, who remains with Nuveen Asset Management.

Naomi Lynch

Naomi is responsible for Nuveen Asset Management’s Emerging Market research. She was born in Canada and grew

up in Switzerland, England and The Netherlands. Lynch started her career at Murex as a Fixed Income Derivatives Consultant focusing on Emerging Markets and Asset Management. Most recently, Lynch was an Associate at Credit Suisse. She obtained her Bachelor of Art, with a major in International Business from the University of Western Ontario and her MBA with concentration in Finance, Accounting and Strategic Management from the University of Chicago, Graduate School of Business.

Timothy A. Palmer, CFA

Tim leads the non-dollar and emerging markets debt sector teams of Nuveen Asset Management and is responsible for the Core Plus product. Tim began working in the financial industry in 1986, and became a portfolio manager in 1990. Before joining FAF Advisors in 2003, he was a senior fixed-income portfolio manager with American Express Financial Advisors (now Ameriprise Financial). Prior to that, Tim served as CEO and managing principal of Atlas Capital Management, and he was a senior fixed-income portfolio manager for Investment Advisors, Inc. Tim earned a B.A. in economics from the University of St. Thomas and an M.B.A. in finance from Columbia University’s Graduate School of Business. He holds the Chartered Financial Analyst (CFA) designation. Palmer replaces previously named portfolio managers, Andrew Stenwall, Wassim Abourjelli and Manuel Labrinos who have left the firm. He joins the funds’ current portfolio team members Steve Lee, William Campbell and Naomi Lynch.

Thomas C. Spalding, CFA

Tom is Vice President and Senior Investment Officer of Nuveen Asset Management. He has direct investment responsibility for several Nuveen municipal closed-end and mutual funds. He joined Nuveen in 1975 as assistant portfolio manager and has been the portfolio manager of the Nuveen Municipal Value Fund, Nuveen's first closed-end exchange-traded fund, since its inception in 1987. An authority on the subject of municipal bonds and bond fund investing, Spalding has been invited to speak before audiences for organizations such as The Bond Buyer, Institutional Investor, Morningstar, Institute for International Finance, Strategic Research Institute, Chicago Municipal Analysts Society and many more. He received his undergraduate degree and M.B.A. from the University of Michigan and attained the CFA designation in 1979. Spalding replaces each fund’s previously named portfolio manager, who remains with Nuveen Asset Management.

Douglas J. White, CFA

Doug began working in the financial industry in 1983 and he became a portfolio manager in 1985. Doug previously served as a co-manager of portfolio analysis/equity management at IDS Financial Services and portfolio manager at Marquette Capital Management Corporation. Doug most recently managed several municipal funds and portfolios for FAF Advisors, prior to joining Nuveen Asset Management and was the manager of FAF Advisors’ tax-exempt fixed-income team. He received a B.A. from Carleton College and an M.B.A. in finance from the University of Minnesota, and holds the CFA designation. White replaces each fund’s previously named portfolio manager, who remains with Nuveen Asset Management.

Corporate Restructuring of Nuveen Asset Management

Nuveen Investments also announces a change to the name of its subsidiary that serves as the Nuveen Funds’ investment adviser, and the creation of a new subsidiary engaged in portfolio management and an internal corporate restructuring of Nuveen Asset Management.

Effective January 1, 2011, Nuveen Asset Management has changed its name to Nuveen Fund Advisors, Inc. ("Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors has formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities, including those capabilities associated with the just-acquired long-term asset management business of FAF Advisors and the former First American mutual funds. Nuveen Asset Management, LLC now serves as one of Nuveen Investments’ seven distinct boutique asset management affiliates and as the sub-adviser (or in some cases one of multiple sub-advisers) to all the Nuveen funds to which Nuveen Fund Advisors has previously provided portfolio management services (in addition to providing overall fund management services as described above), and the fund’s portfolio manager or managers in all such cases have become employees of Nuveen Asset Management, LLC rather than Nuveen Fund Advisors.

This allocation of responsibilities between Nuveen Fund Advisors and Nuveen Asset Management, LLC affects both the pre-existing Nuveen closed-end and mutual funds to which Nuveen Asset Management provided portfolio management services, as well as the former First American mutual funds referenced above. Nuveen Fund Advisors (as each affected fund’s investment adviser) will compensate Nuveen Asset Management, LLC (as each such fund’s newly-appointed sub-adviser) for the portfolio management services it provides to the fund from the fund’s management fee, which will not change as a result of this restructuring. Nuveen Fund Advisors and Nuveen Asset Management, LLC retain the right to reallocate investment management and advisory responsibilities and fees between themselves in the future.

About Nuveen Investments

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high-net-worth and affluent 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—NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, Nuveen Investments managed approximately $195 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

An investor should carefully consider a fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at 800.257.8787. Read the prospectus carefully before you invest or send money.