Message #8 From:
NewsBot Date: December 1, 2006 02:04:00 PM
NMT News Nuveen Closed-End Funds Declare Monthly Dividends and Distributions
CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading provider of diversified investment
services, today announced 116 Nuveen closed-end funds and portfolios
have declared regular monthly dividends and distributions. These funds
represent a broad range of tax-exempt and taxable equity and
fixed-income investment strategies for investors seeking to build
diversified long-term investment portfolios.
Monthly dividends from Nuveen's municipal closed-end funds 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.
All of these funds seek to pay stable dividends or distributions 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.
Dividends and distributions from Nuveen's taxable closed-end funds are
generally subject to Federal income taxes. In addition, monthly
distributions 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 the Nuveen
Quality Preferred Income Fund (JTP), Nuveen Quality Preferred Income
Fund 2 (JPS) and Nuveen Quality Preferred Income Fund 3 (JHP) may later
be characterized as capital gains and/or a return of capital because of
those funds’ modest investments in REITs.
The Nuveen Real Estate Income Fund (JRS), Nuveen Diversified Dividend
and Income Fund (JDD), Nuveen Preferred and Convertible Income Fund
(JPC), Nuveen Preferred and Convertible Income Fund 2 (JQC), Nuveen
Tax-Advantaged Total Return Strategy Fund (JTA), Nuveen Global
Government Enhanced Income Fund (JGG) and Nuveen Global Value
Opportunities Fund (JGV) 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 Nuveen Equity Premium Income Fund (JPZ), Nuveen
Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage
Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) intend to
make regular monthly distributions based on their past and projected
performance. JPZ, JSN, JLA and JPG expect that a portion of their
distributions will represent “qualified
dividend income” taxed at a maximum federal
income tax rate of 15%, and the balance will represent a combination of
long-term and short-term capital gains, and/or a return of capital,
which in most cases represents net unrealized gains. The final
determination of the source and tax characteristics of all distributions
in 2006 will be made after the end of the year. More details about the
estimated composition of the distributions of each of these funds are
available on www.nuveen.com/etf
The following dates apply to today’s dividend
and distribution declarations:
