Nuveen Investments, a leading provider of diversified investment services, today released monthly fund data for its taxable exchange-traded closed-end funds, including: -0- *T Earnings Rates: Average monthly earnings per common share for each fund, calculated using actual earnings over the previous three months. UNII Balance: Average undistributed net investment income balance per common share, calculated using the month-end balances of each of the previous three months. Declared Distribution: The most recent previously declared monthly distribution per common share. Managed Distribution: Fixed amount of net investment income and net realized capital gains per common share. *T

Nuveen funds strive to provide dependable monthly dividends over time. Generally, there will be a close relationship between what a fund earns (net of expenses) and what it pays in dividends. However, since net earnings rates will fluctuate from month to month while dividends tend to remain relatively stable, there will be periods when a fund may modestly overearn or underearn its dividend. This results in additions to or draws from the fund's undistributed net investment income (UNII) balance.

Just as earnings rates may vary, the appropriate UNII balance for each fund may vary over time because of fund activity or market factors. Fund management looks at a fund's current and anticipated net earnings rates, as well as the fund's current and desired amounts of UNII, when setting monthly dividends.

The Nuveen Real Estate Income Fund (JRS), the Nuveen Diversified Dividend and Income Fund (JDD), the Nuveen Tax-Advantaged Total Return Strategy Fund (JTA), the Nuveen Preferred and Convertible Income Fund (JPC), and the Nuveen Preferred and Convertible Income Fund 2 (JQC) have adopted a managed distribution policy under which the funds seek to maintain a stable monthly distribution level, stated in terms of a fixed amount per common share, representing net investment income and net realized capital gains and, if necessary, return of capital. There is no guarantee that a fund will produce capital gains in any given year. The final determination of the source of all distributions in 2006 will be made after the end of the year.

Dividends and distributions from Nuveen's taxable exchange-traded closed-end funds are generally subject to Federal income taxes. In addition, monthly dividends for the Nuveen Real Estate Income Fund (JRS) may later be characterized as capital gains and/or a return of capital depending on the character of the dividend reported to JRS after year-end by real estate investment trusts (REITs) whose securities are held by the fund.

Additionally, smaller portions of the monthly dividend for Nuveen Quality Preferred Income Fund (JTP), Nuveen Quality Preferred Income Fund 2 (JPS), Nuveen Quality Preferred Income Fund 3 (JHP), Nuveen Preferred and Convertible Income Fund (JPC) and Nuveen Preferred and Convertible Income Fund 2 (JQC) may later be characterized as capital gains and/or a return of capital because of those funds' modest investments in REITs.

Nuveen has made available on Nuveen.com estimates of tax characterization for 12 of its Exchange Traded Closed-end funds for the year 2006. This information is simply a consolidation of information already made available through 1099s. Please consult your tax expert in preparing your tax returns, as this info is for informational purposes only.

Also available on Nuveen.com and in this release is equity option fund information.

More details about the estimated composition of the distributions of each of these taxable funds are also available and updated monthly on www.nuveen.com/cef. -0- *T Nuveen Taxable Closed-End Exchange Traded Funds Per Share Earnings/Gains Summary May 31, 2006 Taxable Fixed Income Funds Net Fund Fund Type Income (1) UNII (1) Distribution ---- --------- ---------- -------- ------------ NSL Senior Loans .0529 .0417 .0535 JFR Senior Loans .0931 .0444 .0900 JRO Senior Loans .1000 .0387 .0950 JTP Preferreds .0922 -.0317 .0900 JPS Preferreds .1001 .0077 .0930 JHP Preferreds .0961 -.0202 .0910 JFP Floating Rate Preferreds .0678 -.1106 .0720 Managed Distribution Funds Year-To-Date Net Realized Unrealized Net Gain/Loss Gain/Loss Fund Fund Type Income (2) Distribution (3) (3) ---- --------- ---------- ------------ --------- ----------- JDD Balanced .0779 .1100 .4900 2.6700 JTA Equity .0702 .1300 .5100 4.0200 JPC Multi-Strategy .0753 .0950 .0800 -.1600 JQC Multi-Strategy .0750 .0950 .1500 -.2500 JRS Real Estate .1094 .1650 1.8700 6.6500 Equity Option Funds Fund Fund Type Net Income (2) Distribution ---- --------- -------------- ------------ JPZ Equity Option .0355 .1420 JSN Equity Option .0281 .1480 JLA Equity Option .0170 .1510 JPG Equity Option .0389 .1350 Year-To-Date --------------------------------- Realized & Unrealized Gain/Loss --------------------- Life-To-Date NAV Fund Fund Type Options Equity NAV Change Change (4) ---- --------- ------- ------ ---------- ------------ JPZ Equity Option .1500 .3200 -.07 -.65 JSN Equity Option .2600 -.0100 -.35 -.75 JLA Equity Option .3800 -.1400 -.42 -.64 JPG Equity Option .1400 .3500 .01 -.01 (1) The net income and UNII figures are three month averages for the senior loan funds and six month averages for the preferred and floating rate preferred funds. (2) The net income figure is a six month average. For JRS and 25% of JDD, the net income represents net REIT cash flow which may consist of income, capital gains, and/or a return of capital. (3) These are approximations. Actual amounts may be more or less than these approximations. (4) NAV change represents the life to date change in NAV relative to the initial NAV of $19.06, which reflects the deduction of the initial sales load and fund-borne offering expenses. *T

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 highly specialized investment teams, each with its own brand name and area of expertise: NWQ, specializing in value-style equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to growth equities; Tradewinds NWQ, specializing in global value equities; Rittenhouse, focused on "blue-chip" growth equities; and Symphony, with expertise in alternative investments as well as equity and income portfolios. In total, the Company manages just over $145 billion in assets. Nuveen Investments is listed on The New York Stock Exchange and trades under the symbol "JNC."