Nuveen Closed-End Funds Announce Distribution Increases and Adoption of Level Distribution Policy

Several Nuveen Closed-End Funds today announced that the Board of Trustees of the Funds has approved the adoption of a level distribution policy. Under the new policy, the Funds are increasing their current distribution rates as outlined below. The following dates apply to today's declaration:

The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by a Fund. Each Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually.

In addition, in any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. If a Fund's distribution includes anything other than net investment income, the Fund will provide a notice of its best estimate of the distribution sources at that time, which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms delivered after the end of the calendar year.

Each Fund's ability to maintain a level distribution amount will depend on a number of factors, including the amount and stability of investment income earned by the Fund, underlying market conditions, and the Fund's expenses, including expenses associated with the Fund's use of leverage.

You should not draw any conclusions about the Fund's investment performance from the amount of the distribution or from the terms of the Level Distribution Policy. A return of capital is a non-taxable distribution of a portion of a Fund's capital. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with "yield" or "income."

For more information, please visit Nuveen's Closed-End Fund homepage at https://www.nuveen.com/CEF.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Dec 2020 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

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