Eight Nuveen Closed-End Funds Issue At-Par Redemption Notices for Auction-Rate Preferred Securities

Eight closed-end funds sponsored by Nuveen Investments, Nuveen Diversified Dividend and Income Fund (NYSE: JDD), Nuveen Multi-Strategy Income and Growth Fund (NYSE: JPC), Nuveen Multi-Strategy Income and Growth Fund 2 (NYSE: JQC), Nuveen Quality Preferred Income Fund (NYSE: JTP) Nuveen Quality Preferred Income Fund 2 (NYSE: JPS), Nuveen Quality Preferred Income Fund 3 (NYSE: JHP), Nuveen Real Estate Income Fund (NYSEALTERNEXT: JRS) and Nuveen Tax-Advantaged Total Return Strategy Fund (NYSE: JTA), today called for redemption at par a portion of their outstanding auction-rate preferred securities (ARPS). The funds’ Board of Trustees has approved each redemption.

This latest round of refinancing brings the total amount of Nuveen funds’ taxable ARPS redeemed to approximately $3.4 billion, or nearly 80% of the $4.3 billion in taxable Nuveen fund ARPS outstanding, beginning in February of this year.

JDD is redeeming $15 million of its currently outstanding $87 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JDD redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
T 6706EP204 300 $7,500,000 December 31, 2008
W 6706EP303 300 $7,500,000 December 31, 2008

JPC is redeeming $139.35 million of its currently outstanding $258 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JPC redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67073B205 929 $23,225,000 January 6, 2009
T 67073B304 929 $23,225,000 December 31, 2008
W 67073B403 929 $23,225,000 December 31, 2008
TH 67073B502 929 $23,225,000 January 2, 2009
F 67073B601 929 $23,225,000 January 5, 2009
F2

67073B700 929 $23,225,000 January 5, 2009

JQC is redeeming $159.2 million of its currently outstanding $325 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JQC redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67073D201 637 $15,925,000 January 6, 2009
M2 67073D300 637 $15,925,000 January 6, 2009
T 67073D409 637 $15,925,000 December 31, 2008
T2 67073D508 637 $15,925,000 December 31, 2008
W 67073D607 637 $15,925,000 December 31, 2008
W2 67073D706 637 $15,925,000 December 31, 2008
TH 67073D805 637 $15,925,000 January 2, 2009
TH2 67073D888 637 $15,925,000 January 2, 2009
F 67073D870 637 $15,925,000 January 5, 2009
F2 67073D862 637 $15,925,000 January 5, 2009

JTP is redeeming $119.125 million of its currently outstanding $184 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JTP redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67071S200 953 $23,825,000 January 6, 2009
T 67071S309 953 $23,825,000 December 31, 2008
W 67071S408 953 $23,825,000 December 31, 2008
TH 67071S507 953 $23,825,000 January 2, 2009
F 67071S606 953 $23,825,000 January 5, 2009

JPS is redeeming $190 million of its currently outstanding $320 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JPS redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67072C204 1,140 $28,500,000 January 6, 2009
T 67072C303 1,140 $28,500,000 December 31, 2008
T2 67072C709 950 $23,750,000 December 31, 2008
W 67072C402 1,140 $28,500,000 December 31, 2008
TH 67072C501 1,140 $28,500,000 January 2, 2009
TH2 67072C808 950 $23,750,000 January 2, 2009
F 67072C600 1,140 $28,500,000 January 5, 2009

JHP is redeeming $38.9 million of its currently outstanding $57 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JHP redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67072W200 778 $19,450,000 January 6, 2009
TH 67072W309 778 $19,450,000 January 2, 2009

JRS is redeeming $25 million of its currently outstanding $62 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JRS redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
M 67071B207 197 $4,925,000 January 6, 2009
T 67071B306 198 $4,950,000 December 31, 2008
W 67071B405 197 $4,925,000 December 31, 2008
TH 67071B603 211 $5,275,000 January 2, 2009
F 67071B504 197 $4,925,000 January 5, 2009

JTA is redeeming $16.15 million of its currently outstanding $45 million of ARPS. The table below lists the total number of shares, par amounts and scheduled redemption dates for JTA redemptions:

SeriesCusip #

Total Shares
Redeemed

Total Amount
Redeemed

Redemption
Date
W 67090H201 1,800 $45,000,000 December 31, 2008

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s 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, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $134 billion of assets on September 30, 2008.

Contacts:

Nuveen
Kathleen Cardoza
312-917-7813
KATHLEEN.CARDOZA@NUVEEN.COM
or
Kristyna Sujata
312-917-8343
KRISTYNA.SUJATA@NUVEEN.COM
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