NVX Nuveen California Dividend Advantage Municipal Fund 2 Share of Beneficial Interest

Distributions Highlight Nuveen’s Broad Range of Strategies for Income-Seeking Investors

• Regular Monthly Tax-Exempt and Taxable Fund Distributions
• Four Funds Declare Monthly Cash-Flow Based Distributions
• Nine Funds Declare Regular Quarterly Fund Distributions

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that several closed-end funds declared regular monthly distributions. These funds represent investment strategies for investors seeking diversified sources of cash flow to prepare for and sustain their retirement income needs. For further information regarding fund distributions including earnings, undistributed net investment income, and notices please visit http://www.nuveen.com/cef.

The following dates apply to today's monthly distribution declarations for the following tax-exempt and taxable closed-end funds:

Record Date   June 15, 2015 Ex-Dividend Date June 11, 2015 Payable Date July 1, 2015 Reinvest Date July 1, 2015  

Monthly Tax-Exempt Municipal Closed-End Fund Distributions

Monthly distributions from Nuveen's municipal bond closed-end funds are generally exempt from regular Federal income taxes, and monthly distributions of single-state municipal funds are also generally exempt from state and, in some cases, local income taxes for in-state residents. Unless otherwise stated in the funds' objectives, monthly distributions of the municipal funds may be subject to the Federal Alternative Minimum Tax for some shareholders.*

      Monthly Distribution Per Share   Change From

Ticker

Exchange

Fund Name

Amount   Previous Month NXP NYSE Select Tax-Free Income Portfolio $.0475 - NXQ NYSE Select Tax-Free Income Portfolio 2 $.0445 (.0015) NXR NYSE Select Tax-Free Income Portfolio 3 $.0470 (.0020) NUV NYSE Municipal Value Fund $.0325 (.0020) NUW NYSE AMT-Free Municipal Value Fund $.0650 - NMI NYSE Municipal Income Fund $.0415 (.0010) NIM NYSE Select Maturities Municipal Fund $.0275 -

Leveraged Funds

National

NPI NYSE Premium Income Municipal Fund $.0685 - NPP NYSE Performance Plus Municipal Fund $.0730 (.0040) NMA NYSE Municipal Advantage Fund $.0660 - NMO NYSE Municipal Market Opportunity Fund $.0635 (.0035) NQI NYSE Quality Municipal Fund $.0570 .0020 NQS NYSE Select Quality Municipal Fund $.0665 - NQU NYSE Quality Income Municipal Fund $.0685 - NIO NYSE Municipal Opportunity Fund $.0730 - NPF NYSE Premier Municipal Income Fund $.0685 - NPM NYSE Premium Income Municipal Fund 2 $.0720 - NPT NYSE Premium Income Municipal Fund 4 $.0680 - NEA NYSE AMT-Free Municipal Income Fund $.0645 (.0040) NAD NYSE Dividend Advantage Municipal Fund $.0710 (.0030) NXZ NYSE MKT Dividend Advantage Municipal Fund 2 $.0680 - NZF NYSE MKT Dividend Advantage Municipal Fund 3 $.0665 .0025 NVG NYSE MKT Dividend Advantage Municipal Income Fund $.0630 .0020 NMZ NYSE MKT Municipal High Income Opportunity Fund $.0760 - NEV NYSE Enhanced Municipal Value Fund $.0800 - NID NYSE Intermediate Duration Municipal Term Fund $.0570 - NIQ NYSE Intermediate Duration Quality Municipal Term Fund $.0495 - NQM NYSE Investment Quality Municipal Fund $.0820 -

California

NAC NYSE CA Dividend Advantage Municipal Fund $.0760 (.0040) NKX NYSE CA AMT-Free Municipal Income Fund $.0720 - NCA NYSE CA Municipal Value Fund $.0390 - NVX NYSE MKT CA Dividend Advantage Municipal Fund 2 $.0700 - NZH NYSE MKT CA Dividend Advantage Municipal Fund 3 $.0670 - NXC NYSE CA Select Tax-Free Income Portfolio $.0545 (.0025) NCB NYSE MKT CA Municipal Value Fund 2 $.0650 -

New York

NRK NYSE NY AMT-Free Municipal Income Fund $.0585 (.0025) NXN NYSE NY Select Tax-Free Income Portfolio $.0460 - NNY NYSE NY Municipal Value Fund $.0325 - NYV NYSE MKT NY Municipal Value Fund 2 $.0525 -

Other State Funds

NAZ NYSE AZ Premium Income Municipal Fund $.0665 - NTC NYSE CT Premium Income Municipal Fund $.0570 - NKG NYSE GA Dividend Advantage Municipal Fund 2 $.0535 - NMT NYSE MA Premium Income Municipal Fund $.0590 - NMY NYSE MD Premium Income Municipal Fund $.0555 - NUM NYSE MI Quality Income Municipal Fund $.0640 (.0035) NMS NYSE MN Municipal Income Fund $.0690 - NOM NYSE MKT MO Premium Income Municipal Fund $.0610 - NNC NYSE NC Premium Income Municipal Fund $.0490 - NXJ NYSE NJ Dividend Advantage Municipal Fund $.0680 - NJV NYSE MKT NJ Municipal Value Fund $.0490 (.0010) NUO NYSE OH Quality Income Municipal Fund $.0700 - NQP NYSE PA Investment Quality Municipal Fund $.0690 - NPN NYSE MKT PA Municipal Value Fund $.0520 - NTX NYSE TX Quality Income Municipal Fund $.0545 - NPV NYSE VA Premium Income Municipal Fund $.0610 -  

Monthly Taxable Closed-End Fund Distributions

  Monthly Taxable Distribution Per Share Change From

Ticker

Exchange

Fund Name

Amount   Previous Month

Preferred Securities

JTP NYSE Quality Preferred Income Fund $.0550 - JPS NYSE Quality Preferred Income Fund 2 $.0580 - JHP NYSE Quality Preferred Income Fund 3 $.0560 - JPC NYSE Preferred Income Opportunities Fund $.0670 .0015 JPI NYSE Preferred and Income Term Fund $.1625 .0030

Floating Rate: Corporate Loans

NSL NYSE Senior Income Fund $.0350 - JFR NYSE Floating Rate Income Fund $.0600 - JRO NYSE Floating Rate Income Opportunity Fund $.0630 - JSD NYSE Short Duration Credit Opportunities Fund $.0970 - JQC NYSE Credit Strategies Income Fund $.0500 .0015

Mortgage-Backed Securities

JMM NYSE Multi-Market Income Fund $.0400 -

Taxable Municipal

NBB NYSE Build America Bond Fund $.1120 (.0040) NBD NYSE Build America Bond Opportunity Fund $.1085 (.0055)

Global Equity

JGH NYSE Global High Income Fund $.1320 -  

Monthly Cash-Flow-Based Closed-End Fund Distributions

Each of the four taxable funds listed immediately below have adopted a cash-flow based distribution program. Potential distribution sources include net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the estimate of its distribution sources at the time of payment which may be viewed at: www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization contained in shareholders’ 1099-DIV forms after the end of the year.

Under a cash-flow based distribution approach, each fund seeks to maintain a stable regular distribution amount based on the fund’s net cash flow received from portfolio investments. Fund distributions are not intended to include expected portfolio appreciation; each fund may invest in securities which have cash flow that ultimately may be fully or partially treated as gains or return of capital for tax purposes. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate.

The following dates apply to today's monthly cash-flow based distribution declarations and quarterly distributions for the following closed-end funds:

Record Date June 15, 2015   Ex-Dividend Date June 11, 2015 Payable Date July 1, 2015 Reinvest Date July 1, 2015       Monthly Distribution Per Share   Change From

Ticker

Exchange

Fund Name

Amount   Previous Month

Preferred Securities

JPW NYSE Flexible Investment Income Fund $.1260 -  

Mortgage-Backed Securities

JLS NYSE Mortgage Opportunity Term Fund $.1265 - JMT NYSE Mortgage Opportunity Term Fund 2 $.1275 -  

Real Assets

JRI NYSE Real Asset Income and Growth Fund $.1345 -  

Quarterly Taxable Closed-End Fund Distributions

The goal of a fund’s managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting its expected long-term return potential into regular distributions. As a result, potential distribution sources for regular distributions throughout the year include realized gains and return of capital, in addition to net investment income. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

Under a Managed Distribution policy, each of the five funds listed immediately below seeks to maintain an attractive and stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate. Actual returns likely will differ from projected long-term returns (and therefore a fund’s distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) fund net asset value.

• A return of capital is a non-taxable distribution of a portion of the fund’s capital. When fund returns exceed distributions, return of capital may represent portfolio gains earned, but not realized as a taxable capital gain. In periods when fund returns fall short of distributions, it will represent a portion of your original principal unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when the fund’s total return exceeds distributions.
• For additional information about managed distributions, please see Understanding Managed Distributions.

      Quarterly Taxable Distribution Per Share   Change From

Ticker

Exchange

Closed-End Funds:

Amount   Previous Quarter

Global Equity

JGV NYSE Global Value Opportunities Fund $.2520 -

Equity

JTA NYSE Tax-Advantaged Total Return Strategy Fund $.2720 - JTD NYSE Tax-Advantaged Dividend Growth Fund $.3230 - JCE NYSE Core Equity Alpha Fund $.3030 -

Equity Option

DIAX NYSE Dow 30SM Dynamic Overwrite Fund $.2660 - BXMX NYSE S&P 500 Buy-Write Income Fund $.2490 - QQQX NYSE NASDAQ 100 Dynamic Overwrite Fund $.3500 - SPXX NYSE S&P 500 Dynamic Overwrite Fund $.2610 -

Multi-Strategy

JDD NYSE Diversified Dividend and Income Fund $.2700 -  

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 $233 billion as of March 31, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.

* Nuveen does not provide tax advice; consult a professional tax advisor regarding your specific tax situation.

8345-INV-O-05/16

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