Nuveen Build America Bond Closed-End Funds Enact 2020 Term Provisions

Nuveen Build America Bond Closed-End Funds Enact 2020 Term Provisions

Funds to Remain Actively Managed for Income

CHICAGO--(BUSINESS WIRE)-- Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the contingent 10-year term provisions for the Nuveen Build America Bond Fund (NYS: NBB) and the Nuveen Build America Bond Opportunity Fund (NYS: NBD) went into effect as of December 31, 2012. In connection with its initial public offering, each fund adopted a fundamental policy to convert from a perpetual to a 10-year defined term if there were no new issuance of Build America Bonds or other similar U.S. Treasury-subsidized taxable municipal bonds for any continuous 24-month period ending on or prior to December 31, 2014. When the Build America Bond (BAB) program was not renewed at the end of 2010, the implementation of the contingent termination provisions was anticipated, as described in the funds' shareholder reports during 2011 and 2012.


The defined terms for NBB and NBD end June 30, 2020 and December 31, 2020, respectively. The funds' Board has the option of extending the termination date for up to six months beyond the June and December, 2020 dates, without shareholder approval. In addition, the funds can be terminated at any time by action of the funds' Board or shareholders prior to the June and December, 2020 dates. Upon termination, the funds will liquidate their non-cash assets and make pro rata cash distributions to shareholders.

Nuveen Asset Management, the funds' portfolio sub-adviser, believes that active management of the funds' investment strategy will remain strong. Despite the nonrenewal of the BABS program, the portfolio management team sees continued opportunity to seek to achieve the funds' primary objective of offering current income through investments in taxable municipal securities, as well as their secondary objective of seeking enhanced portfolio value and total return, through active management and strong credit research.

More information on these and other Nuveen closed-end funds is posted on Nuveen's web site at www.nuveen.com/cef.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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 statements.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at www.sec.gov and on Nuveen`s web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on our web site is not a part of this press release.

Nothing contained in this press release shall constitute an offer for sale of any securities.



Nuveen Investments
Media Contact:
Kristyna Munoz
(312) 917-8343
KRISTYNA.MUNOZ@NUVEEN.COM

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

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