New York, July 30, 2014 -- Moody's Investors Service, ("Moody's") has downgraded the short-term ratings of eight series of Variable Rate Demand Preferred (VRDP) Shares issued by 7 closed-end funds managed by Nuveen Fund Advisors, LLC to P-2 from P-1. The short term ratings of the VRDP shares are based on the Variable Rate Demand Preferred Shares (VRDP) Purchase Agreements provided by Deutsche Bank Trust Company Americas (DBTCA, A3/P-2). These rating actions follow Moody's rating actions taken on July 29, 2014 downgrading the short-term ratings of DBTCA to P-2. This rating action concludes the review for downgrade that was initiated on May 6, 2014. Please use the following link to access Moody's announcement of this rating action:

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