Nuveen Closed-End Funds Announce Portfolio Management Update

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced an update to the portfolio management teams for the following Nuveen closed-end funds.

Thomas J. Ray, who has joined NWQ Investment Management Company (NWQ) as its new Head of Fixed Income, joins the funds’ current co-portfolio manager, Susi Budiman, in the portions of the funds managed by NWQ. Ray succeeds Mike Carne who is no longer with the firm. Each fund’s investment objectives and investment strategies remain unchanged. Additionally, while the Nuveen Flexible Investment Income Fund’s portfolio management is led solely by the NWQ team, there are no other portfolio management changes among the other Nuveen affiliates that manage certain portions of the Preferred Income Opportunities Fund, the Nuveen Tax-Advantaged Dividend Growth Fund, and the Nuveen Tax-Advantaged Total Return Strategy Fund.

Thomas J. Ray, CFA, Managing Director and Head of Fixed Income at NWQ, serves as portfolio manager of four Nuveen closed-end funds focusing on preferred and other fixed income securities. He also serves as portfolio manager of Nuveen NWQ Flexible Income Fund. Prior to joining NWQ in 2015, he served as Chief Investment Officer, President and founding member of Inflective Asset Management, a boutique investment firm specializing in convertible securities, from 2001 until 2011. From March 2011 through 2014, Mr. Ray was a private investor. Prior to founding Inflective, Mr. Ray also served as portfolio manager at Transamerica Investment Management where he co-managed the Transamerica Premier High-Yield Bond Fund. He began working in the financial services industry in 1991. Tom graduated from University of Wisconsin with a B.B.A in Finance, Investment & Banking and an M.S. in Finance. He holds the Chartered Financial Analyst designation (since 1994) and is a member of the CFA Institute.

Susi Budiman, CFA, with NWQ since 2006, serves as portfolio manager of four Nuveen closed-end funds focusing on preferred and other fixed income securities. She also serves as portfolio manager of Nuveen NWQ Flexible Income Fund, an open-ended mutual fund. Ms. Budiman was an assistant portfolio manager with NWQ from 2006 to 2009, and became a portfolio manager with NWQ in 2009. Ms. Budiman was a Vice President of NWQ from 2008 to 2012, became Senior Vice President in 2013 and Managing Director in 2014. She has over 14 years of investment experience. She manages NWQ’s Core Fixed Income strategies and works on the Preferred Income and Flexible Income strategy teams as well. Prior to joining NWQ, Ms. Budiman was Portfolio Manager for China Life Insurance Company, Ltd. in Taiwan. She managed US dollar and Euro denominated fixed income portfolios for insurance funds for six years with responsibility for assets of approximately $1.8 billion. Ms. Budiman graduated from the University of British Columbia, Canada with a Bachelor of Commerce degree in Finance and received her M.B.A. from University of Southern California. She earned the designations of Financial Risk Manager in 2003, and Fellow, Life Management Institute in 2004. She holds the Chartered Financial Analyst designation (since 2006) and is a member of the Los Angeles Society of Financial Analysts.

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 $229 billion as of September 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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