Nuveen Equity and Corporate Debt Closed-End Funds Announce Further Progress in Completing Auction Rate Preferred Shares Refinancing

Funds Intend to Redeem Remaining $750 million in ARPS
CHICAGO--(Business Wire)--
Nuveen Investments, a leading global provider of investment services to
institutions and high-net-worth investors, today announced further progress in
refinancing the remaining portion of the outstanding auction-rate preferred
shares (ARPS) of its equity and corporate debt closed-end funds. This final
portion of outstanding ARPS totals approximately $750 million. The funds have
sought temporary exemptive relief from Section 18 of the Investment Company Act
of 1940 (`40 Act) from the Securities and Exchange Commission (SEC). This
relief, which the Funds expect to become effective within approximately three
weeks, would permit the funds to temporarily operate with reduced asset coverage
levels for the debt used to refinance these remaining ARPS.

This additional $750 million redemption, if completed as contemplated, would
finish the refinancing of all remaining Nuveen equity and corporate debt fund
ARPS which froze in February 2008. All the funds for which the SEC relief is
pending have financing arrangements that would enable them to redeem all
outstanding ARPS, although market conditions could make it unfeasible for the
funds to refinance some or all of their ARPS as planned, even with committed
financing in place. In addition, there is no guarantee the relief will receive
final SEC approval.

In addition, refinancing Nuveen`s remaining closed-end municipal bond fund ARPS
remains a priority. To date, $2.15 billion of the original $11.1 billion of
municipal ARPS have been redeemed.

"We are very pleased to report to our leveraged equity and corporate debt
closed-end fund investors that those funds continue to make progress toward
completing the final refinancing of their ARPS," said Bill Adams, Executive Vice
President, Nuveen Investments. "Further, we want to remind our leveraged
closed-end fund investors that we remain committed to refinancing all of our
closed-end funds` ARPS, which currently consists primarily of ARPS issued by our
municipal bond funds."

The funds that have applied for exemptive relief from the SEC are:

Ticker Fund Name Approximate ARPS
Outstanding
JDD Nuveen Diversified Dividend & Income Fund $15 million
JPC Nuveen Multi-Strategy Income & Growth Fund $119 million
JQC Nuveen Multi-Strategy Income & Growth Fund 2 $166 million
JTP Nuveen Quality Preferred Income Fund $65 million
JPS Nuveen Quality Preferred Income Fund 2 $130 million
JHP Nuveen Quality Preferred Income Fund 3 $18 million
JRS Nuveen Real Estate Income Fund $17 million
JTA Nuveen Tax-Advantaged Total Return Strategy Fund $29 million
NSL Nuveen Senior Income Fund $26 million
JFR Nuveen Floating Rate Income Fund $105 million
JRO Nuveen Floating Rate Income Opportunity Fund $60 million

The funds expect to release additional information regarding the timing of the
refinancing of each fund`s ARPS in early July. For more information about Nuveen
ARPS, please see the Auction-Rate Preferred Resource Center at
www.nuveen.com/arps.

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 $115 billion of
assets on March 31, 2009.

MEDIA CONTACT:
Nuveen Investments
Kathleen Cardoza
312-917-7813
kathleen.cardoza@nuveen.com
or
Kristyna Sujata
312-917-8343
kristyna.sujata@nuveen.com

Copyright Business Wire 2009