Nuveen Investments recently announced that it had entered into a definitive Agreement and Plan of Merger (?Merger Agreement?) to be acquired by an investor group majority-led by Madison Dearborn Partners, LLC. Madison Dearborn Partners, LLC is a private equity investment firm based in Chicago, Illinois. The investor group's financial advisors and investors include Merrill Lynch and Merrill Lynch Global Private Equity, Wachovia and Wachovia Capital Partners, LLC, Citi, Deutsche Bank and Deutsche Bank Investment Partners, and Morgan Stanley.

The merger is expected to be completed by the end of the year, subject to customary conditions, including

  • obtaining the approval of Nuveen Investments' stockholders,
  • obtaining necessary fund and client consents sufficient to satisfy the terms of the Merger Agreement, and
  • expiration of certain regulatory waiting periods.

There can be no assurance that the merger described above will be consummated as contemplated or that necessary shareholder approvals will be obtained.

The merger's consummation would be considered an ?assignment? (as defined in the Securities Act of 1940, or ?1940 Act?) of the investment management agreements between the funds (listed below) and Nuveen Asset Management (?NAM?, a Registered Investment Adviser and wholly owned subsidiary of Nuveen Investments). The merger consummation also would be deemed an assignment of the investment sub-advisory agreements between NAM and sub-advisers for those funds whose assets are managed by one or more sub-advisers. In both cases, the assignment will result in the automatic termination of each existing agreement.

We anticipate that the funds' Board of Trustees will consider a new investment management agreement with NAM and new investment sub-advisory agreements with each sub-adviser prior to the merger consummation. We further anticipate that these agreements will be identical in substance, with possible slight modifications (favorable to shareholders), to previous advisory and sub-advisory agreements. If approved by the Board, the new agreements would be presented to the funds' shareholders for approval later this year. If approved by shareholders, the agreements would take effect upon the merger's consummation or at a later time when shareholder approval is obtained.

Upon consummation of the merger, it is anticipated that Merrill Lynch will be an indirect ?affiliated person? (as that term is defined in the 1940 Act) of the funds. As a result, the funds would then generally be prohibited from entering into principal transactions with Merrill Lynch and certain of its affiliates. NAM and the funds do not believe that any such prohibition or limitation would have a materially adverse effect on the funds' ability to pursue its investment objective and policies.

There will be no change in the portfolio management of the funds or in the funds' investment objectives or policies as a result of these transactions.

Affected closed-end fund include:

Nuveen Municipal Value Fund, Inc. NUV
Nuveen California Municipal Value Fund, Inc. NCA
Nuveen New York Municipal Value Fund, Inc. NNY
Nuveen Municipal Income Fund, Inc. NMI
Nuveen Select Maturities Municipal Fund NIM
Nuveen Select Tax-Free Income Portfolio NXP
Nuveen Select Tax-Free Income Portfolio 2 NXQ
Nuveen California Select Tax-Free Income Portfolio NXC
Nuveen New York Select Tax-Free Income Portfolio NXN
Nuveen Select Tax-Free Income Portfolio 3 NXR
Nuveen Real Estate Income Fund JRS
Nuveen Quality Preferred Income Fund JTP
Nuveen Quality Preferred Income Fund 2 JPS
Nuveen Quality Preferred Income Fund 3 JHP
Nuveen Multi-Strategy Income and Growth Fund JPC
Nuveen Multi-Strategy Income and Growth Fund 2 JQC
Nuveen Diversified Dividend and Income Fund JDD
Nuveen Tax-Advantaged Total Return Strategy Fund JTA
Nuveen Tax-Advantaged Floating Rate Fund JFP
Nuveen Equity Premium Income Fund JPZ
Nuveen Equity Premium Opportunity Fund JSN
Nuveen Equity Premium Advantage Fund JLA
Nuveen Equity Premium and Growth Fund JPG
Nuveen Global Government Enhanced Income Fund JGG
Nuveen Global Value Opportunities Fund JGV
Nuveen Core Equity Alpha Fund JCE
Nuveen Multi-Currency Short-Term Government Income Fund JGT
Nuveen Senior Income Fund NSL
Nuveen Floating Rate Income Fund JFR
Nuveen Floating Rate Income Opportunity Fund JRO
Nuveen Premium Income Municipal Fund, Inc. NPI
Nuveen Performance Plus Municipal Fund, Inc. NPP
Nuveen California Performance Plus Municipal Fund, Inc. NCP
Nuveen New York Performance Plus Municipal Fund, Inc. NNP
Nuveen Municipal Advantage Fund, Inc. NMA
Nuveen Municipal Market Opportunity Fund, Inc. NMO
Nuveen California Municipal Market Opportunity Fund, Inc. NCO
Nuveen Investment Quality Municipal Fund, Inc. NQM
Nuveen California Investment Quality Municipal Fund, Inc. NQC
Nuveen New York Investment Quality Municipal Fund, Inc. NQN
Nuveen Insured Quality Municipal Fund, Inc. NQI
Nuveen Florida Investment Quality Municipal Fund NQF
Nuveen New Jersey Investment Quality Municipal Fund, Inc. NQJ
Nuveen Pennsylvania Investment Quality Municipal Fund NQP
Nuveen Select Quality Municipal Fund, Inc. NQS
Nuveen California Select Quality Municipal Fund, Inc. NVC
Nuveen New York Select Quality Municipal Fund, Inc. NVN
Nuveen Quality Income Municipal Fund, Inc. NQU
Nuveen Insured Municipal Opportunity Fund, Inc. NIO
Nuveen Florida Quality Income Municipal Fund NUF
Nuveen Michigan Quality Income Municipal Fund, Inc. NUM
Nuveen Ohio Quality Income Municipal Fund, Inc. NUO
Nuveen Texas Quality Income Municipal Fund NTX
Nuveen California Quality Income Municipal Fund, Inc. NUC
Nuveen New York Quality Income Municipal Fund, Inc. NUN
Nuveen Premier Municipal Income Fund, Inc. NPF
Nuveen Premier Insured Municipal Income Fund, Inc. NIF
Nuveen Premium Income Municipal Fund 2, Inc. NPM
Nuveen Arizona Premium Income Municipal Fund, Inc. NAZ
Nuveen Insured California Premium Income Municipal Fund, Inc. NPC
Nuveen Insured Florida Premium Income Municipal Fund NFL
Nuveen Michigan Premium Income Municipal Fund, Inc. NMP
Nuveen New Jersey Premium Income Municipal Fund, Inc. NNJ
Nuveen Insured New York Premium Income Municipal Fund, Inc. NNF
Nuveen Premium Income Municipal Fund 4, Inc. NPT
Nuveen Insured California Premium Income Municipal Fund 2, Inc. NCL
Nuveen Maryland Premium Income Municipal Fund NMY
Nuveen Massachusetts Premium Income Municipal Fund NMT
Nuveen Pennsylvania Premium Income Municipal Fund 2 NPY
Nuveen Virginia Premium Income Municipal Fund NPV
Nuveen Connecticut Premium Income Municipal Fund NTC
Nuveen Georgia Premium Income Municipal Fund NPG
Nuveen Missouri Premium Income Municipal Fund NOM
Nuveen North Carolina Premium Income Municipal Fund NNC
Nuveen California Premium Income Municipal Fund NCU
Nuveen Insured Premium Income Municipal Fund 2 NPX
Nuveen California Dividend Advantage Municipal Fund NAC
Nuveen New York Dividend Advantage Municipal Fund NAN
Nuveen Dividend Advantage Municipal Fund NAD
Nuveen Arizona Dividend Advantage Municipal Fund NFZ
Nuveen Connecticut Dividend Advantage Municipal Fund NFC
Nuveen Maryland Dividend Advantage Municipal Fund NFM
Nuveen Massachusetts Dividend Advantage Municipal Fund NMB
Nuveen North Carolina Dividend Advantage Municipal Fund NRB
Nuveen Virginia Dividend Advantage Municipal Fund NGB
Nuveen Dividend Advantage Municipal Fund 2 NXZ
Nuveen California Dividend Advantage Municipal Fund 2 NVX
Nuveen New Jersey Dividend Advantage Municipal Fund NXJ
Nuveen New York Dividend Advantage Municipal Fund 2 NXK
Nuveen Ohio Dividend Advantage Municipal Fund NXI
Nuveen Pennsylvania Dividend Advantage Municipal Fund NXM
Nuveen Dividend Advantage Municipal Fund 3 NZF
Nuveen California Dividend Advantage Municipal Fund 3 NZH
Nuveen Georgia Dividend Advantage Municipal Fund NZX
Nuveen Maryland Dividend Advantage Municipal Fund 2 NZR
Nuveen Michigan Dividend Advantage Municipal Fund NZW
Nuveen Ohio Dividend Advantage Municipal Fund 2 NBJ
Nuveen North Carolina Dividend Advantage Municipal Fund 2 NNO
Nuveen Virginia Dividend Advantage Municipal Fund 2 NNB
Nuveen Insured Dividend Advantage Municipal Fund NVG
Nuveen Insured California Dividend Advantage Municipal Fund NKL
Nuveen Insured New York Dividend Advantage Municipal Fund NKO
Nuveen Arizona Dividend Advantage Municipal Fund 2 NKR
Nuveen Connecticut Dividend Advantage Municipal Fund 2 NGK
Nuveen New Jersey Dividend Advantage Municipal Fund 2 NUJ
Nuveen Ohio Dividend Advantage Municipal Fund 3 NVJ
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 NVY
Nuveen Arizona Dividend Advantage Municipal Fund 3 NXE
Nuveen Connecticut Dividend Advantage Municipal Fund 3 NGO
Nuveen Georgia Dividend Advantage Municipal Fund 2 NKG
Nuveen Maryland Dividend Advantage Municipal Fund 3 NWI
Nuveen North Carolina Dividend Advantage Municipal Fund 3 NII
Nuveen Insured Tax-Free Advantage Municipal Fund NEA
Nuveen Insured California Tax-Free Advantage Municipal Fund NKX
Nuveen Insured Florida Tax-Free Advantage Municipal Fund NWF
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund NGX
Nuveen Insured New York Tax-Free Advantage Municipal Fund NRK
Nuveen Municipal High Income Opportunity Fund NMZ

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 NWQ, Nuveen, Santa Barbara, Tradewinds, Rittenhouse and Symphony. In total, the Company manages $166 billion in assets as of March 31, 2007. Nuveen Investments is listed on the New York Stock Exchange and trades under the symbol ?JNC.?

Nuveen Investments
Kathleen Cardoza
312-917-7813
kathleen.cardoza@nuveen.com