As far as I can see from your note you haven't lost much except some  sleep.

I own 4 Nuveen funds.  "Pfd Income 2" dividend  is off about 10%; "Sr. Income" dividend about 33%. from 2//07, and not counting year end special dividends and capital gains distributions. The other two payouts have been constant.  Even with the dividend cuts the yield on market cost is not bad. Granted that at years end some of the return on the 4 funds will be cap gains and ROC, but since i need the income i will forego growth in the NAV for income  to put food on the table. As an income investor I worry more about NAV growth and dividends from NII and C.G. than I do about market pricing. Of course I am not happy about all the red in my CEF portfolio, but i knew when I bought leveraged CEF's the ride could get rough (however not this rough!!!).

I'm figuring that a year from now the auction debacle will be pretty much squared away as Nuveen moves into new forms of leverage. Hopefully the yields will begin to rise as the market for loans becomes unfrozen.  And as Bond 100 wonders where would you put the money for income and rising market prices if you could get out of Nuveen.