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Nuveen Investments Announces Portfolio Management Update

Nuveen Investments, a leading provider of diversified investment services to institutional and high-net-worth investors, today announced an update to the portfolio management for five Nuveen municipal bond closed-end funds and one municipal bond mutual fund. This update follows the departure of John Wilhelm, who has left the firm, and affects the following funds:

Nuveen Investment Quality Municipal Fund (NYSE: NQM)
Nuveen Municipal High Income Opportunity Fund 2 (NYSE: NMD)
Nuveen Municipal Income Fund (NYSE: NMI)
Nuveen Enhanced Municipal Value Fund (NYSE: NEV)
Nuveen Premium Income Municipal Fund 4 (NYSE: NPT)

Nuveen All-American Municipal Bond Fund—(FLAAX)

Effective immediately, portfolio management responsibilities for the Nuveen All-American Municipal Bond Fund and the Nuveen Municipal High Income Opportunity Fund 2 (NMD) will be assumed by Nuveen Asset Management’s municipal Chief Investment Officer, John Miller. The Nuveen Municipal Income Fund (NMI), Nuveen Premium Income Municipal Fund 4 (NPT) and Nuveen Investment Quality Municipal Fund (NQM) will now be managed by Paul Brennan. The Nuveen Enhanced Municipal Value Fund (NEV) will be managed by Steven Hlavin.

As Chief Investment Officer of Nuveen Asset Management, John Miller supervises Nuveen’s municipal fixed income investment activities. He joined Nuveen Investments as a credit analyst in 1996. He has been responsible for analysis of municipal high yield credits and managed the Nuveen High Yield Municipal Bond Fund since 2000. Mr. Miller became a managing director and head of the portfolio managers in 2006, and Nuveen Asset Management CIO in 2007. He has a BA in Economics and Political Science from Duke University, and an MA in Economics from Northwestern University and an MBA with honors in Finance from the University of Chicago. Mr. Miller has earned the Chartered Financial Analyst designation.

Paul Brennan manages several national open- and closed-end municipal bond funds. Mr. Brennan began his career in the investment business in 1991, as a municipal credit analyst, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, while at Flagship Financial which Nuveen acquired. He earned his BS in Accountancy and Finance from Wright State University. He is a CPA, has earned the Chartered Financial Analyst designation, and currently sits on the Nuveen Asset Management Investment Management Committee.

Steven Hlavin joined Nuveen in 2003, and currently serves as an assistant portfolio manager for the firm’s SPDR Nuveen Exchange Traded Funds (ETF) and several institutional portfolios. In addition, he develops and assists in executing quantitative strategies for indexing purposes and yield curve positioning. He serves as chairman of Nuveen Asset Management’s Yield Curve Committee. Prior to his current position, he worked as a senior analyst responsible for the risk management and performance reporting process for Nuveen Asset Management. He earned his B.A. in finance and accounting and his M.B.A. in finance from Miami University.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed nearly $163 billion of assets on September 30, 2010.

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