INVESTMENT STRATEGIES

1 Diversification does not insure against market loss.

2 Exempt from federal taxes.

3 Managed Accounts Portfolio solutions (MAPs) are specialized, registered investment portfolios offered only to Nuveen managed accounts. No direct offering or promotion of this portfolio is made hereby.

4, 8 The MAPs investment grade portfolio may invest in leveraged municipal securities including inverse floaters, swaps, Treasury futures and swaptions. The credit quality of the bonds underlying all leveraged municipal securities will be rated AA/Aa or better.

5, 9 May include rated and non-rated bonds. A “high yield” or “junk” bond is a high paying bond with a lower credit rating than investment-grade bonds and is considered speculative.

6 Available only within the individual bond component of the portfolio. State-specific and state-preference portfolios are offered in California, Florida, Michigan, New Jersey, New York, Ohio and Pennsylvania. State-specific portfolios hold only bonds from the client’s state of residence or U.S. territories (Puerto Rico, U.S. Virgin Islands and Guam). State-preference portfolios hold bonds from the client’s state of residence or U.S. territories, which together will account for a minimum of 50% of the portfolio. Out-of-state bonds may total up to 50% of the portfolio. NAM seeks to purchase out-of-state bonds at an after-state-tax yield that is equivalent to or greater than a comparable in-state bond. Prospective clients and their financial advisors should consider that a state-preference portfolio may provide a higher yield, better diversification and a shorter invest-up period than a state-specific portfolio. State-preference only portfolios are offered in Arizona, Connecticut, Colorado, Georgia, Maryland, Massachusetts, North Carolina, Tennessee and Virginia. Utah’s reciprocity provision maintains that it will not tax income from bonds issued by states that do not tax income on Utah bonds. NAM can manage a portfolio for a Utah resident that considers this reciprocity provision, but it is not a state preference portfolio.

7 Emphasis on AAA and AA rated bonds.

The statements contained herein are the opinions of Nuveen Asset Management and are provided for informational purposes only. This profile contains no recommendations or offer to buy any specific securities and should not be considered investment advice of any kind. Diversification does not insure against market loss. Investing entails risk and there is no assurance that an investment will provide positive performance over any period of time . Investing in municipal bonds and a municipal bond investment vehicle involves risks such as interest rate risk, credit risk and market risk, including the possible loss of principal. The value of the portfolio will fluctuate based on the value of the underlying securities. There are special risks associated with investments in high yield bonds, hedging activities, and the potential use of leverage. Because the portfolio may include lower rated municipal bonds, commonly referred to as "high yield" or "junk" bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. Investors should contact a tax advisor regarding the suitability of tax-exempt investments in their portfolio. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on state of residence. It is important to review investment objectives, risk tolerance, tax liability and liquidity needs before choosing an investment style or manager.

Nuveen Investments Advisers Inc. ("NIA") provides Managed Accounts marketing services for its affiliates, including Nuveen Asset Management. All are registered investment advisors and subsidiaries of Nuveen Investments, Inc.

10 NAM employs the following criteria when referring to managed accounts’ average credit quality (“ACQ”): Ratings are from nationally recognized rating agencies (or, to the extent permitted, if unrated, judged by NAM to be of equivalent quality). Split-rated securities receive the highest rating. ACQ is determined at the time the portfolio securities are purchased and may not reflect rating changes subsequent to purchase. A portfolio may include substantial holdings of individual securities that are rated (or, if unrated, judged) materially higher or lower than the average. ACQ does not necessarily reflect the credit risk of individual holdings and its potential impact on an overall portfolio. For example, ACQ may understate the credit risk from a substantial holding in a lower-rated security. There are limitations associated with the use of ACQ as a gauge of portfolio credit risk. ACQ is internally calculated by NAM without the involvement of a rating agency. A portfolio’s individual holdings, the ratings of these holdings, and the ACQ of a portfolio may change over time. For certain strategies and/or programs, additional restrictions may apply.