One hundred nine Nuveen closed-end exchange-traded funds (ETFs) and portfolios have declared regular monthly dividends and distributions. There were 18 dividend reductions and 3 dividend increases from the previous month.

In addition, 60 Nuveen closed-end ETFs and portfolios have declared additional distributions. These dividends, which are taxable under the Internal Revenue Code, may include long-term capital gains as well as ordinary income arising from gains upon the sale of securities held for one year or less and, pursuant to the Revenue Reconciliation Act of 1993, market discount realized upon the sale of securities.

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

Dividends and distributions from Nuveen's taxable closed-end ETFs 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. A small portion of the total monthly dividends for the fiscal year ended July 31, 2004 paid by the Nuveen Floating Rate Income Fund (JFR) will be characterized as a return of capital.

The Nuveen Real Estate Income Fund (JRS), the Nuveen Diversified Dividend and Income Fund (JDD), and the Nuveen Tax-Advantaged Total Return Strategy Fund (JTA) have adopted a managed distribution policy under which the fund seeks 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. The final determination of the source of all distributions in 2004 will be made after the end of the year. More details about each of the funds are available on www.nuveen.com/etf.

All of these funds seek to pay stable dividends at rates that reflect each fund's past results and projected future performance. During certain periods, each fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund's net asset value (NAV). Conversely, if a fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund's NAV. Each fund will, over time, pay all of its net investment income as dividends to shareholders. The funds' positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/etf.

Nuveen Investments provides high-quality investment services that contribute to the building of well diversified investment portfolios. The Company serves institutional clients, financial advisors and high-net worth investors. The firm's asset management capabilities are marketed through four distinct brands, each with an independent investment team and area of expertise: Nuveen, focused on fixed-income investments; NWQ, specializing in value-style equities; Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with expertise in alternative investment portfolios. In total, the Company manages approximately $107 billion in assets. Nuveen Investments, Inc. (NYSE:JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE:STA).