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Nuveen Closed-End Funds Declare Quarterly Distributions

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 30 SM Premium & Dividend Income Fund Inc.
.3090 -
DPO Dow 30 SM 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.

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