Distributions Increase for 80 Municipal Closed-End Funds
Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that 106 Nuveen closed-end funds had declared regular monthly distributions. These funds represent a broad range of tax-exempt, taxable fixed and floating rate income investment strategies for investors seeking to build sophisticated and diversified long-term investment portfolios for cash flow. The funds' monthly distributions are listed below.
Monthly distributions from Nuveen's municipal closed-end funds and portfolios are generally exempt from regular Federal income taxes, and monthly distributions 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 distributions of the municipal funds and portfolios may be subject to the Federal Alternative Minimum Tax for some shareholders.
Nuveen funds generally seek to pay stable distributions at rates that reflect each fund's past results and projected future performance. During certain periods, each fund may pay distributions 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 distributions, 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 distributions 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 distributions 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/cef.
JFP, the Nuveen Tax-Advantaged Floating Rate Fund, has implemented a managed distribution policy which permits it to include as part of its monthly distributions supplemental amounts from sources other than net investment income. This fund currently expects that any supplemental amounts would represent anticipated portfolio price appreciation over time once financial market conditions stabilize and prospects begin to improve for the middle market financial companies in which the fund primarily invests. Because the timing and extent of any such recovery is presently difficult to assess in light of continued market volatility and the negative effects on financial companies of the on-going credit crisis, the fund's latest monthly distribution is estimated to contain only net investment income and does not include any supplemental amounts.
Because a managed distribution program permits regular distributions from sources other than net investment income, it is important to understand the components of a managed distribution and the fund's NAV performance relative to its distribution rate. JFP posts information and estimates on www.nuveen.com/cef regarding the sources of distributions and total return performance over various time periods. In addition, at least in any month in which fund distributions include supplemental amounts from sources other than net investment income, the fund will also send this information directly to shareholders. Estimates are for informational purposes only, and the final determination of the source and tax characteristics of all distributions paid in 2009 will be made in early 2010 and reported to shareholders on Form 1099-DIV at that time.
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. The Nuveen preferred securities funds, JTP, JPS and JHP may invest in REITs; a list of funds that are likely to be affected by re-characterization is posted to www.nuveen.com each January, and updated tax characteristics are posted to the web site and mailed to shareholders via form 1099-DIV during the first quarter of the year.
The following dates apply to today's distribution declarations:
Record Date May 15, 2009
Ex-Dividend Date May 13, 2009
Payable Date June 1, 2009
Monthly Tax-Free Distribution Per Share
Change From
Amount Previous Month
Ticker Closed-End Portfolios
NXP Select Portfolio $.0570 -
NXQ Select Portfolio 2 .0555 -
NXR Select Portfolio 3 .0535 -
NXC CA Select Portfolio .0555 -
NXN NY Select Portfolio .0510 -
Closed-End Funds
Non-Leveraged Funds
NUV Municipal Value .0390 -
NUW Municipal Value 2 .0750 -
NCA CA Municipal Value .0380 -
NNY NY Municipal Value .0355 -
NMI Municipal Income .0445 -
NIM Select Maturities .0350 -
Leveraged Funds
National
NPI Premium Income .0680 .0060
NPP Performance Plus .0680 .0035
NMA Advantage .0715 .0035
NMO Market Opportunity .0690 .0045
NQM Investment Quality .0635 .0010
NQI Insured Quality .0625 .0010
NQS Select Quality .0740 .0070
NQU Quality Income .0685 .0035
NIO Insured Opportunity .0605 .0015
NPF Premier .0630 .0040
NIF Premier Insured .0635 .0035
NPM Premium Income 2 .0690 .0055
NPT Premium Income 4 .0615 .0040
NPX Insured Premium 2 .0595 .0080
NAD Dividend Advantage .0715 .0060
NXZ Dividend Advantage 2 .0730 -
NZF Dividend Advantage 3 .0735 .0055
NVG Insured Dividend Advantage .0645 .0045
NEA Insured Tax-Free Advantage .0620 .0030
NMZ High Income Opportunity Fund .0835 -
NMD High Income Opportunity Fund 2 .0800 -
California
NCP Performance Plus .0655 .0055
NCO Market Opportunity .0675 .0060
NQC Investment Quality .0685 .0065
NVC Select Quality .0710 .0055
NUC Quality Income .0735 .0080
NPC Insured Premium Income .0615 .0010
NCL Insured Premium Income 2 .0650 .0070
NCU Premium Income .0570 .0015
NAC Dividend Advantage .0665 .0035
NVX Dividend Advantage 2 .0695 .0035
NZH Dividend Advantage 3 .0675 .0035
NKL Insured Dividend Advantage .0695 .0060
NKX Insured Tax-Free Advantage .0630 .0040
Florida
NQF Investment Quality .0610 .0020
NUF Quality Income .0550 .0010
NFL Insured Premium Income .0575 .0020
NWF Insured Tax-Free Advantage .0540 .0010
New York
NNP Performance Plus .0645 .0050
NQN Investment Quality .0615 .0055
NVN Select Quality .0595 .0050
NUN Quality Income .0590 .0050
NNF Insured Premium Income .0550 .0045
NAN Dividend Advantage .0635 .0045
NXK Dividend Advantage 2 .0645 .0065
NKO Insured Dividend Advantage .0620 .0070
NRK Insured Tax-Free Advantage .0545 -
Other State Funds
NAZ AZ Premium Income .0540 .0010
NFZ AZ Dividend Advantage .0525 -
NKR AZ Dividend Advantage 2 .0585 -
NXE AZ Dividend Advantage 3 .0545 -
NTC CT Premium Income .0535 .0035
NFC CT Dividend Advantage .0570 .0015
NGK CT Dividend Advantage 2 .0590 .0040
NGO CT Dividend Advantage 3 .0510 .0010
NPG GA Premium Income .0525 .0010
NZX GA Dividend Advantage .0560 .0010
NKG GA Dividend Advantage 2 .0530 -
NMY MD Premium Income .0580 .0020
NFM MD Dividend Advantage .0600 .0015
NZR MD Dividend Advantage 2 .0600 .0015
NWI MD Dividend Advantage 3 .0580 .0045
NMT MA Premium Income .0610 .0055
NMB MA Dividend Advantage .0600 .0020
NGX Insured MA Tax-Free Advantage .0565 .0010
NUM MI Quality Income .0585 .0030
NMP MI Premium Income .0565 .0035
NZW MI Dividend Advantage .0565 .0010
NOM MO Premium Income .0545 -
NQJ NJ Investment Quality .0600 .0055
NNJ NJ Premium Income .0580 .0065
NXJ NJ Dividend Advantage .0590 .0040
NUJ NJ Dividend Advantage 2 .0620 .0045
NNC NC Premium Income .0550 .0045
NRB NC Dividend Advantage .0620 .0020
NNO NC Dividend Advantage 2 .0585 .0020
NII NC Dividend Advantage 3 .0565 .0010
NUO OH Quality Income .0645 .0070
NXI OH Dividend Advantage .0620 .0050
NBJ OH Dividend Advantage 2 .0580 .0035
NVJ OH Dividend Advantage 3 .0635 .0045
NQP PA Investment Quality .0630 .0045
NPY PA Premium Income 2 .0590 .0025
NXM PA Dividend Advantage .0610 .0025
NVY PA Dividend Advantage 2 .0635 .0030
NTX TX Quality Income .0620 .0040
NPV VA Premium Income .0605 .0050
NGB VA Dividend Advantage .0620 .0045
NNB VA Dividend Advantage 2 .0620 .0025
Monthly Taxable Distribution Per Share
Change From
Closed-End Funds: Amount Previous Month
Ticker Taxable Funds
Preferred Securities
JTP Quality Preferred Income Fund .0520 -
JPS Quality Preferred Income Fund 2 .0620 -
JHP Quality Preferred Income Fund 3 .0540 -
Floating Rate: Corporate Loans
NSL Senior Income Fund .0335 -
JFR Floating Rate Income Fund .0410 -
JRO Floating Rate Income Opportunity Fund .0500 -
Floating Rate: Tax Advantaged
JFP Tax-Advantaged Floating Rate Fund .0345* -
* This represents a managed distribution amount. A description of the fund's managed distribution program appears in the text preceding the tables.
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 HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $119 billion of assets on December 31, 2008. For more information, please visit the Nuveen Investments website at www.nuveen.com.
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