Nuveen taxable equity and corporate debt closed-end funds today provided an update on their June 10, 2009 announcement which detailed progress in refinancing the remaining portion of the funds’ outstanding auction-rate preferred shares (ARPS). In the June 10th statement, the funds announced they had sought temporary exemptive relief from Section 18 of the Investment Company Act of 1940 (’40 Act) from the Securities and Exchange Commission (SEC). If granted, the relief would permit the funds to temporarily operate with reduced asset coverage levels for debt that would be used to refinance the remaining $750 million in ARPS that remain outstanding for those funds. The requested relief was expected to become effective near the beginning of July, subject to the expiration of a standard notice period during which interested persons could request a hearing before the Commission regarding the funds’ exemptive application.

Immediately prior to the expiration of the notice period, an individual investor who claims to own a total of approximately $2 million of ARPS in three Nuveen North Carolina municipal closed-end funds, but not the funds for which relief is being sought, filed such a hearing request with the SEC. The funds have communicated with the investor and requested that the hearing request be withdrawn, noting that Nuveen is making every effort to provide liquidity to all ARPS shareholders of Nuveen’s municipal funds, and that holding a hearing regarding the relief sought by Nuveen’s equity and corporate debt funds will not accelerate the process of refinancing the investor’s ARPS. To date, the investor has not withdrawn the hearing request.

The funds have filed a response with the SEC requesting that the SEC deny the request for hearing on the basis that the requesting party lacks proper standing in the matter, as he is not a shareholder of the funds seeking the Section 18 exemptive relief and, in addition, that the reasons cited in his request for a hearing do not present a valid basis on which relief might properly be denied. If a hearing is deemed necessary by the SEC, the funds will request that the SEC schedule the hearing as soon as practicable.

Although fund management continues to believe that the requested relief is in the best interests of the funds, the request for hearing has had the practical effect of delaying the funds’ receipt of the Section 18 relief and consequently delaying the refinancing of the funds’ remaining ARPS. Nuveen and the funds remain committed to refinancing their remaining ARPS and are committed to pursuing the requested relief from the SEC. However, it is not possible to determine when, or if, the requested relief will be obtained from the SEC. Also, as announced in the June 10th statement, all of the funds applying for relief have financing arrangements in place that would enable them to redeem all of their outstanding ARPS, although market conditions could make it unfeasible for the funds to refinance some or all of their ARPS as planned, even with committed financing in place. Nuveen will continue to provide updates on the funds’ request for exemptive relief, as well as on broader progress in refinancing all of its closed-end funds’ ARPS, as developments warrant.

The taxable equity and corporate debt closed-end funds that have applied for exemptive relief from the SEC are:

For more information about Nuveen ARPS, please see the Auction-Rate Preferred Resource Center at www.nuveen.com/arps.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.