Close the Income Gap® with Nuveen closed-end funds

¹ Leverage typically magnifies the total return of a fund’s portfolio, whether that return is positive or negative, and creates an opportunity for increased common share net income as well as higher volatility of net asset value, market price, and distributions. There is no assurance that a fund’s leveraging strategy will be successful.

² Some income may be subject to state and local taxes and to the federal alternative minimum tax (AMT). Capital gains, if any, are subject to tax.

Risk

There are risks inherent in any investment, including the possible loss of principal. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. Past performance is no guarantee of future results.

Asset class related risks: There are risks inherent in any investment, including the possible loss of principal. Different types of asset investments have different types of risks, which may provide higher returns but also greater volatility. In general, equity securities tend to be more volatile than fixed income or hybrid securities. Foreign investments may involve exposure to additional risks such as currency fluctuation and political and economic instability. The value of, and income generated by, debt securities will decrease or increase based on changes in market interest rates. High yield corporate bonds are subject to liquidity risks and heightened credit risk. Government bonds are guaranteed as to the timely payment of principal and interest.

For these and other risks, please see the Funds’ web pages at nuveen.com/cef.

Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital.

Nuveen Securities, LLC, member FINRA and SIPC

Glossary

Duration: A measure of the price sensitivity of a fixed income security or portfolio to changes in interest rates. Duration is stated in years. For example, if a bond has a duration of four years, the price of the bond is expected to change by approximately 4% for every one percentage point change in interest rates. The shorter the duration, the less price variability expected in the security’s price due to changes in interest rates.

Standard deviation: A measure of the degree to which a fund’s actual returns varied from its average return over a certain period. The smaller the variation, the lower the standard deviation will be. The standard deviation is a common measure of volatility and risk.

Qualified dividend income (QDI): Qualified dividend income (“QDI”) is dividend income that is paid by a “qualifying” company and for which the recipient (shareholder) meets certain holding period requirements. A qualifying company for this purpose includes any domestic company (with special rules for REITs and regulated investment companies). In order for a foreign company to be treated as a qualifying company, either its shares must be traded on a qualifying exchange or the foreign company’s country of origin must have a comprehensive income tax treaty with the United States that includes an exchange of information program.