Nuveen Closed-End Funds’ Board Approves Fund Mergers and Portfolio Repositionings

Plan Seeks to Enhance Income Potential and Reduce Trading Discounts

CHICAGO--()--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of Trustees of the Nuveen closed-end funds approved a plan to merge eight national municipal closed-end funds and to reposition the portfolios of the two acquiring funds. The funds will hold special shareholder meetings later this year to seek approval for those aspects of the plan that require shareholder approval.

The goal of the proposals is to enhance the funds’ competitiveness and investor appeal and thereby improve the market price at which the common shares trade relative to net asset value. The proposals seek to accomplish this by:

  • Improving fund net earnings potential through a broader investment mandate;
  • Creating significantly larger funds that offer greater liquidity and ease of trading; and
  • Eliminating overlapping products and enhancing fund differentiation.

The proposed fund mergers are as follows:

Acquired Fund     Symbol     Acquiring Fund     Symbol
Nuveen Premium Income Municipal Fund 4, Inc.     NPT    

Nuveen Dividend Advantage
Municipal Fund 3, to be renamed
Nuveen Enhanced Municipal
Credit Opportunities Fund

    NZF
Nuveen Dividend Advantage Municipal Fund 2 NXZ
Nuveen Municipal Advantage Fund, Inc.     NMA          
Nuveen Municipal Opportunity Fund, Inc. NIO

Nuveen Dividend Advantage
Municipal Income Fund, to be
renamed Nuveen Enhanced
AMT-Free Municipal Credit
Opportunities Fund

NVG
Nuveen Quality Municipal Fund, Inc. NQI
Nuveen Quality Income Municipal Fund, Inc.     NQU          

A Nuveen Municipal Bond Closed-End Funds Q&A posted on Nuveen’s web site provides a summary of the proposed mergers. Detailed information on the proposals will be contained in the proxy materials expected to be filed in the near future.

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 independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed approximately $230 billion as of June 30, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.

The funds expect to file proxy statements with the SEC in connection with the proposed merger and repositioning. Investors are urged to read the proxy statement and any other relevant documents when they become available because they will contain important information about the proposals. After they are filed, free copies of the proxy statements will be available on the SEC’s web site at www.sec.gov.

This communication is not a solicitation of a proxy from any fund shareholder. The funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the proposals. Information about the directors/trustees and officers of the funds may be found in their respective annual reports and annual proxy statements previously filed with the SEC and will be contained in the proxy statement when available.

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.

10097-INV-AN-08/16

Contacts

Media Contact:
Nuveen Investments
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com

Contacts

Media Contact:
Nuveen Investments
Kristyna Munoz, (312) 917-8343
kristyna.munoz@nuveen.com