Nuveen Closed-End Funds’ Proposals Receive Support of Leading Proxy Advisory Service

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Institutional Shareholder Services Inc. (ISS) has recommended that shareholders vote in favor of a plan to merge eight national municipal closed-end funds and to reposition the portfolios of the two acquiring funds. ISS is widely recognized as the leading independent proxy advisory firm in the nation. Its recommendations are relied upon by hundreds of major institutional investment firms, mutual funds, and other fiduciaries throughout the country.

ISS recommends the funds’ shareholders vote in favor of the proposed changes and mergers at the funds’ annual shareholder’s meeting on December 9, 2015. The proposals seek to enhance the funds’ competitiveness and investor appeal 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.

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 $220 billion as of September 30, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.

12183-INV-O-11/16

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Nuveen InvestmentsMedia Contact:Kristyna Munoz(312) [e-mail]