Nuveen Investments, a leading global provider of investment services to individual investors and their financial advisors, today announced that the reorganizations of eight national municipal closed-end funds were completed prior to the open of the New York Stock Exchange on April 11, 2016. Additionally, the acquiring funds, Nuveen Dividend Advantage Municipal Fund 3 (NYSE:NZF) and Nuveen Dividend Advantage Municipal Income Fund (NYSE:NVG) have been renamed Nuveen Enhanced Municipal Credit Opportunities Fund and Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, respectively. The funds will continue to trade under the symbols NZF and NVG.

As part of the previously announced reorganization, the funds have been merged 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      
 
     
Acquired Fund   Symbol   Acquiring Fund   Symbol

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      
 

In the mergers, NZF and NVG acquired substantially all of the assets and liabilities of their respective acquired funds as set forth above, in tax-free transactions in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on April 8, 2016. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring funds are listed below:

   
Fund     Exchange Ratio
Nuveen Premium Income Municipal Fund 4, Inc.     0.89550894
Nuveen Dividend Advantage Municipal Fund 2     0.99171570
Nuveen Municipal Advantage Fund, Inc.     0.96192244
Nuveen Municipal Opportunity Fund, Inc.     0.96279789
Nuveen Quality Municipal Fund, Inc.     0.93635366
Nuveen Quality Income Municipal Fund, Inc.     0.97893770
 

Additionally, preferred shareholders of each acquired fund received an equivalent number of newly issued preferred shares from the acquiring fund, with substantially the same terms as their previous preferred shares.

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 is contained in the proxy materials previously filed with the SEC.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the financial advisors who serve them. Through the expertise and capabilities of its high-caliber investment managers, the firm is committed to providing world-class consultative services and advice that align with client needs. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is an operating division of TIAA Global Asset Management. In total, Nuveen Investments managed approximately $225 billion as of December 31, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.

15099-INV-O-04/17