New York, March 19, 2015 -- Moody's Investors Service, Inc. ("Moody's") has put the short-term ratings of the existing Variable Rate Demand Preferred Shares ("VRDP") issued by four closed-end funds, managed by Nuveen Investments, on review for upgrade. The short-term ratings are based on the liquidity support provided by Deutsche Bank Trust Company Americas and Morgan Stanley Bank, N.A., whose ratings were recently put on review for upgrade in conjunction with Moody's release of its revised bank rating methodology. In conjunction with these rating actions, guidance was published on the positioning of Counterparty Risk Assessments (CR Assessments) when they are eventually assigned. The CR Assessment will be used as an input to reflect the short-term payment risk of each bank as liquidity provider, prompting the review for upgrade of these five series of VRDP short-term ratings.

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