Nuveen Closed-End Funds Declare Quarterly Distributions
02 June 2011 - 7:39AM
Business Wire
Nuveen Investments, a leading global provider of investment
services to institutions, high-net-worth and affluent investors,
today announced regular quarterly distributions for 18 Nuveen
closed-end funds. These funds represent a broad range of equity and
taxable fixed-income investment strategies for investors seeking to
build sophisticated and diversified long-term investment portfolios
for cash flow.
Distributions of income from Nuveen's taxable closed-end funds
are generally subject to Federal income taxes. In addition,
distributions for certain funds investing in real estate investment
trusts (REITs) may later be characterized as capital gains and/or a
return of capital, depending on the character of the dividends
reported to each fund after year-end by REIT securities held by
each fund. Funds that may be affected by such re-characterization
are noted on our web site at
http://www.nuveen.com/corporate/taxinfo/Default.aspx.
Each of these 18 funds has adopted a managed distribution
program. The goal of a fund’s managed distribution program is to
provide shareholders relatively consistent and predictable cash
flow by systematically converting its expected long-term return
potential into regular distributions. As a result, regular
distributions throughout the year will likely include a portion of
expected long-term gains (both realized and unrealized), along with
net investment income and/or a return of capital. Important points
to understand about Nuveen fund managed distributions are:
- Each Nuveen fund seeks to establish a
relatively stable distribution rate that roughly corresponds to the
projected total return from its investment strategy over an
extended period of time. However, you should not draw any
conclusions about a fund’s past or future investment performance
from its current distribution rate.
- Actual returns will differ from
projected long-term returns (and therefore a fund’s distribution
rate), at least over shorter time periods. Over a specific
timeframe, the difference between actual returns and total
distributions will be reflected in an increasing (returns exceed
distributions) or a decreasing (distributions exceed returns) fund
net asset value.
- Each quarter’s distributions are
expected to be paid from some or all of the following sources:
- net investment income (regular interest
and dividends),
- realized capital gains, and
- unrealized gains, or, in certain cases,
a return of principal (non-taxable distributions)
- A non-taxable distribution is a payment
of a portion of the fund’s capital. When fund returns exceed
distributions, it may represent portfolio gains earned, but not
realized as a taxable capital gain. In periods when fund returns
fall short of distributions, it will represent a portion of your
original principal unless the shortfall is offset during other time
periods over the life of your investment (previous or subsequent)
when the fund’s total return exceeds distributions.
- Because distribution source estimates
are updated quarterly based on a fund’s performance and forecast
for its current fiscal year (which is the calendar year for all the
funds listed below), these estimates may differ from both the tax
information reported to you in your fund’s 1099 statement, as well
as the ultimate economic sources of distributions over the life of
your investment.
Information regarding each fund’s distributions and total return
performance over various time periods will be sent to shareholders
with their distributions, and posted on www.nuveen.com/cef.
Additionally, estimates of the tax characteristics of each
fund’s distribution sources reflecting year-to-date cumulative
experience will also be mailed to shareholders and shown on
www.nuveen.com/cef. These estimates are for informational purposes
only. The estimates are calculated on a tax basis rather than on a
generally accepted accounting principles (GAAP) basis, but should
not be used for tax reporting purposes. The actual amounts and
sources for tax reporting purposes will depend upon each fund’s
investment experience during the remainder of its fiscal year. The
final determination of the source and tax characteristics of all
distributions will be made in early 2010 and reported to
shareholders on Form 1099-DIV at that time.
The following dates apply to today’s distribution
declarations:
Record Date June 15, 2011 Ex-Dividend
Date June 13, 2011 Payable Date July 1,
2011
Quarterly Taxable Distribution
Per Share*
Change From Amount Previous
Quarter
Global
Equity
JGV Global Value Opportunities Fund .3450 .0150
Equity
JTA Tax-Advantaged Total Return Strategy Fund .2300 - JTD
Tax-Advantaged Dividend Growth Fund .2600 - JCE Core Equity Alpha
Fund .2700 - QQQX NASDAQ Premium Income & Growth .3160 -
Real
Estate
JRS Real Estate Income Fund .2300 .0100
Equity
Option
JPZ Equity Premium Income Fund .3030 - JSN Equity Premium
Opportunity Fund .3150 - JLA Equity Premium Advantage Fund .3170 -
JPG Equity Premium and Growth Fund .2800 - DPD
Dow 30SM Premium & Dividend Income
Fund Inc.
.3090 - DPO Dow 30SM Enhanced Premium and Income Fund Inc. .2550 -
Balanced
JDD Diversified Dividend and Income Fund .2500 -
Multi-Strategy
JPC Multi-Strategy Income and Growth Fund .1900 .0100 JQC
Multi-Strategy Income and Growth Fund 2 .2000 .0100
Global
Debt
JGG Global Government Enhanced Income Fund .3300 (.0200) JGT
Multi-Currency Short-Term Govt Income Fund .3300 - GCF Global
Income and Currency .2250 .0100
* This represents a managed distribution amount. A description
of each fund’s managed distribution program appears in the text
preceding the table.
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions, high
net worth and affluent investors as well as the consultants and
financial advisors who serve them. Nuveen Investments markets a
wide range of specialized investment solutions which provide
investors access to capabilities of its high-quality boutique
investment affiliates - NWQ, Nuveen Asset Management, Santa
Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen
Investments had $212 billion of assets under management as of April
30, 2011. For more information, please visit the Nuveen Investments
website at www.nuveen.com.
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