NEW YORK--(BUSINESS WIRE)--As previously announced, the Board of Trustees of Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE: NIQ) has approved the liquidation of the fund upon the fund’s originally scheduled termination date. NIQ intends to liquidate on or before June 30, 2023. The fund will not declare its regular monthly income distribution in June 2023 and expects to make a special tax-exempt income distribution in connection with the fund’s liquidation. The amount and dates applying to any special income distribution will be announced at a later date. The fund anticipates making its final liquidating distribution on or about June 30, 2023. The final tax character of all distributions paid in 2023 will be reported to shareholders on Form 1099-DIV, which will be sent out in early 2024. Nuveen does not provide tax advice; investors should consult a professional tax advisor regarding their specific tax situation.
Several Nuveen closed-end funds have declared distributions. These funds represent investment strategies for investors seeking diversified sources of cash flow to prepare for and sustain their retirement income needs. For further information regarding fund distributions, including earnings, undistributed net investment income, and notices, please visit www.nuveen.com/cef.
Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have access to the latest information, timely distribution and fund updates can be subscribed to at www.nuveen.com/subscriptions, under the closed-end funds tab of the Product Documents section. You can also follow updates by navigating to the Closed-End Fund section of our Resource Center, located at www.nuveen.com/resource-center.
The following dates apply to today's monthly distribution declarations for the following tax-exempt and taxable closed-end funds:
Record Date |
June 15, 2023 |
Ex-Dividend Date |
June 14, 2023 |
Payable Date |
July 3, 2023 |
Monthly Distribution Per Share |
||||
Change From |
||||
Ticker |
Exchange |
Fund Name |
Amount |
Previous Month |
NXP |
NYSE |
Nuveen Select Tax-Free Income Portfolio |
$0.0485 |
- |
NUV |
NYSE |
Nuveen Municipal Value Fund, Inc. |
$0.0280 |
- |
NUW |
NYSE |
Nuveen AMT-Free Municipal Value Fund |
$0.0405 |
- |
NMI |
NYSE |
Nuveen Municipal Income Fund, Inc. |
$0.0300 |
- |
NIM |
NYSE |
Nuveen Select Maturities Municipal Fund |
$0.0260 |
- |
NZF |
NYSE |
Nuveen Municipal Credit Income Fund |
$0.0430 |
- |
NMZ |
NYSE |
Nuveen Municipal High Income Opportunity Fund |
$0.0455 |
- |
NAD |
NYSE |
Nuveen Quality Municipal Income Fund |
$0.0380 |
- |
NEA |
NYSE |
Nuveen AMT-Free Quality Municipal Income Fund |
$0.0350 |
- |
NVG |
NYSE |
Nuveen AMT-Free Municipal Credit Income Fund |
$0.0425 |
- |
NMCO |
NYSE |
Nuveen Municipal Credit Opportunities Fund |
$0.0500 |
- |
California |
|
|
||
NAC |
NYSE |
Nuveen California Quality Municipal Income Fund |
$0.0360 |
- |
NKX |
NYSE |
Nuveen California AMT-Free Quality Municipal Income Fund |
$0.0415 |
- |
NCA |
NYSE |
Nuveen California Municipal Value Fund |
$0.0290 |
- |
NXC |
NYSE |
Nuveen California Select Tax-Free Income Portfolio |
$0.0435 |
- |
New York |
|
|
||
NRK |
NYSE |
Nuveen New York AMT-Free Quality Municipal Income Fund |
$0.0345 |
- |
NAN |
NYSE |
Nuveen New York Quality Municipal Income Fund |
$0.0375 |
- |
NXN |
NYSE |
Nuveen New York Select Tax-Free Income Portfolio |
$0.0410 |
- |
NNY |
NYSE |
Nuveen New York Municipal Value Fund |
$0.0280 |
- |
Other State Funds |
|
|
||
NAZ |
NYSE |
Nuveen Arizona Quality Municipal Income Fund |
$0.0325 |
- |
NMT |
NYSE |
Nuveen Massachusetts Quality Municipal Income Fund |
$0.0260 |
- |
NMS |
NYSE |
Nuveen Minnesota Quality Municipal Income Fund |
$0.0360 |
- |
NOM |
NYSE |
Nuveen Missouri Quality Municipal Income Fund |
$0.0255 |
- |
NXJ |
NYSE |
Nuveen New Jersey Quality Municipal Income Fund |
$0.0305 |
- |
NQP |
NYSE |
Nuveen Pennsylvania Quality Municipal Income Fund |
$0.0290 |
- |
NPV |
NYSE |
Nuveen Virginia Quality Municipal Income Fund |
$0.0340 |
- |
Monthly Distribution Per Share |
||||
|
Change From |
|||
Ticker |
Exchange |
Fund Name |
Amount |
Previous Month |
Preferred and Income Securities |
|
|
||
JPC |
NYSE |
Nuveen Preferred & Income Opportunities Fund |
$0.0440 |
- |
JPI |
NYSE |
Nuveen Preferred and Income Term Fund |
$0.0980 |
- |
JPS |
NYSE |
Nuveen Preferred & Income Securities Fund |
$0.0380 |
- |
JPT |
NYSE |
Nuveen Preferred and Income Fund |
$0.0930 |
- |
NPFD |
NYSE |
Nuveen Variable Rate Preferred & Income Fund |
$0.0865 |
- |
Taxable Municipals |
|
|
||
NBB |
NYSE |
Nuveen Taxable Municipal Income Fund |
$0.0680 |
- |
Corporate High Yield Debt |
|
|
||
JHAA |
NYSE |
Nuveen Corporate Income 2023 Target Term Fund |
$0.0185 |
- |
Monthly Level Distributions
The goal of each fund’s level distribution program is to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the funds. Each fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income and potentially a return of capital and/or capital gains for tax purposes. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at the time of the distribution which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A distribution including return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”
Record Date |
June 15, 2023 |
Ex-Dividend Date |
June 14, 2023 |
Payable Date |
July 3, 2023 |
Monthly Distribution Per Share |
||||
|
Change From |
|||
Ticker |
Exchange |
Fund Name |
Amount |
Previous Month |
Floating Rate |
|
|
||
NSL |
NYSE |
Nuveen Senior Income Fund |
$0.0435 |
- |
JFR |
NYSE |
Nuveen Floating Rate Income Fund |
$0.0745 |
- |
JRO |
NYSE |
Nuveen Floating Rate Income Opportunity Fund |
$0.0740 |
- |
JSD |
NYSE |
Nuveen Short Duration Credit Opportunities Fund |
$0.1110 |
- |
JQC |
NYSE |
Nuveen Credit Strategies Income Fund |
$0.0475 |
- |
Mortgage-Backed Securities |
|
|
||
JMM |
NYSE |
Nuveen Multi-Market Income Fund |
$0.0275 |
- |
JLS |
NYSE |
Nuveen Mortgage and Income Fund |
$0.1230 |
- |
Global High Yield Debt |
|
|
||
JGH |
NYSE |
Nuveen Global High Income Fund |
$0.1035 |
- |
Monthly Managed Distributions
The goal of each fund’s managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting expected long-term return potential into regular distributions. Historical distribution sources have included net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization contained in shareholders’ 1099-DIV forms after the end of the year.
Under a Managed Distribution policy, Nuveen closed-end funds seek to maintain a stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. Investors should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate or from the terms of its Managed Distribution Policy.
- Actual returns likely will differ from projected long-term returns, (and therefore a fund’s distribution rate, also), at least over shorter time periods. Over a specific timeframe, a fund’s net asset value will increase (if returns exceed distributions), or decrease (if distributions exceed returns), by the difference between actual returns and total distributions.
- A return of capital is a non-taxable distribution of a portion of the fund’s capital. When a fund’s returns exceed distributions, return of capital may represent portfolio gains earned, but not realized as a taxable capital gain. In periods when a fund’s returns fall short of distributions, it will represent a portion of the investors’ original principal unless the shortfall is offset during other time periods over the life of the investment (previous or subsequent) when the fund’s total return exceeds distributions.
- For additional information about managed distributions, please see Understanding Managed Distributions.
The following dates apply to today's declarations:
Record Date |
June 15, 2023 |
Ex-Dividend Date |
June 14, 2023 |
Payable Date |
July 3, 2023 |
Monthly Distribution Per Share |
||||
|
Change From |
|||
Ticker |
Exchange |
Fund Name |
Amount |
Previous Month |
Real Assets |
|
|
||
JRI |
NYSE |
Nuveen Real Asset Income and Growth Fund |
$0.0870 |
- |
National Municipal |
|
|
||
NDMO |
NYSE |
Nuveen Dynamic Municipal Opportunities Fund |
$0.0620 |
- |
Taxable Fixed Income-Multi-Sector |
|
|
||
NPCT |
NYSE |
Nuveen Core Plus Impact Fund |
$0.0830 |
- |
Information regarding each fund’s last 19(a) Distribution Notice (as of April 30, 2023) is also included below. This informational notice provides further details on the sources of fund distributions. The full text of this notice is also available on the Nuveen website via Distribution Source Estimates.
The following tables provide estimates of each fund’s distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. For all funds, it is estimated that the funds have distributed more than their income and net realized capital gains; therefore, a portion of their distributions may be (and is shown below as being estimated to be) a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Each Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.
Data as of 4/30/2023 |
||||||||||||||
Current Month |
Fiscal YTD |
|||||||||||||
Estimated Sources of Distribution |
|
Estimated Sources of Distribution |
Estimated Percentages of Distribution 1 |
|||||||||||
Per Share |
LT |
ST |
Return
|
Per Share |
LT |
ST |
Return
|
LT |
ST |
Return
|
||||
Distribution |
NII |
Gains |
Gains |
Capital |
Distribution |
NII |
Gains |
Gains |
Capital |
NII |
Gains |
Gains |
Capital |
|
NDMO (FYE 10/31) |
.0620 |
0.0317 |
0.0000 |
0.0000 |
0.0303 |
0.4300 |
0.2201 |
0.0000 |
0.0000 |
0.2099 |
51.2% |
0.0% |
0.0% |
48.8% |
JRI (FYE 12/31) |
.0870 |
0.0442 |
0.0000 |
0.0000 |
0.0428 |
0.3670 |
0.1866 |
0.0000 |
0.0000 |
0.1804 |
50.8% |
0.0% |
0.0% |
49.2% |
NPCT (FYE 12/31) |
.0830 |
0.0309 |
0.0000 |
0.0000 |
0.0521 |
0.3720 |
0.1384 |
0.0000 |
0.0000 |
0.2336 |
37.2% |
0.0% |
0.0% |
62.8% |
1 Net investment income (NII) and capital gain amounts are as of the stated month-end date above. |
The following table provides information regarding each fund’s distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.
Data as of 4/30/2023 |
||||||||
|
|
|
Annualized |
Cumulative |
||||
Inception
|
Monthly
|
Fiscal
|
NAV |
5-Year
|
Fiscal YTD
|
Fiscal YTD
|
Fiscal YTD
|
|
NDMO (FYE 10/31) |
Aug-2020 |
.0620 |
.4300 |
11.03 |
-4.91% |
7.80% |
10.79% |
3.90% |
JRI (FYE 12/31) |
Apr-2012 |
.0870 |
.3670 |
13.82 |
1.49% |
7.97% |
4.53% |
2.66% |
NPCT (FYE 12/31) |
Apr-2021 |
.0830 |
.3720 |
12.12 |
-15.90% |
9.21% |
1.75% |
3.07% |
|
||||||||
1 As a percentage of 4/30/2023 NAV. |
||||||||
2 NPCT and NDMO 5 year return figure reflects the annualized since inception return on NAV |
Quarterly Managed Distributions
The goal of each fund’s managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting expected long-term return potential into regular distributions. Historical distribution sources have included net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization contained in shareholders’ 1099-DIV forms after the end of the year.
Under a Managed Distribution policy, Nuveen closed-end funds seek to maintain a stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. Investors should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate or from the terms of its Managed Distribution Policy.
-
Actual returns likely will differ from projected long-term returns, (and therefore a fund’s distribution rate, also), at least over shorter time periods. Over a specific timeframe, a fund’s net asset value will increase (if returns exceed distributions), or decrease (if distributions exceed returns), by the difference between actual returns and total distributions.
-
A return of capital is a non-taxable distribution of a portion of the fund’s capital. When a fund’s returns exceed distributions, return of capital may represent portfolio gains earned, but not realized as a taxable capital gain. In periods when a fund’s returns fall short of distributions, it will represent a portion of the investors’ original principal unless the shortfall is offset during other time periods over the life of the investment (previous or subsequent) when the fund’s total return exceeds distributions.
- For additional information about managed distributions, please see Understanding Managed Distributions.
The following dates apply to today's declarations:
Record Date |
June 15, 2023 |
Ex-Dividend Date |
June 14, 2023 |
Payable Date |
July 3, 2023 |
Quarterly Distribution Per Share |
||||
Change From |
||||
Ticker |
Exchange |
Fund Name |
Amount |
Previous Quarter |
Domestic Equity |
|
|
||
JCE |
NYSE |
Nuveen Core Equity Alpha Fund |
$0.3200 |
- |
Covered Call |
|
|
||
DIAX |
NYSE |
Nuveen Dow 30℠ Dynamic Overwrite Fund |
$0.2867 |
- |
BXMX |
NYSE |
Nuveen S&P 500 Buy-Write Income Fund |
$0.2365 |
- |
QQQX |
NASDAQ |
Nuveen NASDAQ 100 Dynamic Overwrite Fund |
$0.4200 |
- |
SPXX |
NYSE |
Nuveen S&P 500 Dynamic Overwrite Fund |
$0.2940 |
- |
Real Assets |
|
|
||
JRS |
NYSE |
Nuveen Real Estate Income Fund |
$0.1700 |
- |
Multi-Asset |
|
|
||
NMAI |
NYSE |
Nuveen Multi-Asset Income Fund |
$0.3000 |
- |
Information regarding each fund’s last 19(a) Distribution Notice (as of February 28, 2023) is also included below. This informational notice provides further details on the sources of fund distributions. The full text of this notice is also available on the Nuveen website via Distribution Source Estimates.
The following table provides estimates of the Funds’ distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. It is estimated that JRS, DIAX, JCE and NMAI have distributed more than their income and net realized capital gains; therefore, a portion of the distributions may be (and is shown below as being estimated to be) a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Each Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.
Data as of 2/28/2023 |
||||||||||||||
Current Quarter |
Fiscal YTD |
Estimated Percentages |
||||||||||||
Estimated Sources of Distribution |
|
Estimated Sources of Distribution |
of Distribution 1 |
|||||||||||
Per Share |
LT |
ST |
Return
|
Per Share |
LT |
ST |
Return
|
LT |
ST |
Return
|
||||
Distribution |
NII |
Gains |
Gains |
Capital |
Distribution |
NII |
Gains |
Gains |
Capital |
NII |
Gains |
Gains |
Capital |
|
JRS (FYE 12/31) |
.1700 |
0.0000 |
0.0000 |
0.0000 |
0.1700 |
0.1700 |
0.0000 |
0.0000 |
0.0000 |
0.1700 |
0.0% |
0.0% |
0.0% |
100.0% |
QQQX (FYE 12/31) |
.4200 |
0.0113 |
0.3051 |
0.1036 |
0.0000 |
0.4200 |
0.0113 |
0.3051 |
0.1036 |
0.0000 |
2.7% |
72.6% |
24.7% |
0.0% |
SPXX (FYE 12/31) |
.2940 |
0.0341 |
0.2599 |
0.0000 |
0.0000 |
0.2940 |
0.0341 |
0.2599 |
0.0000 |
0.0000 |
11.6% |
88.4% |
0.0% |
0.0% |
BXMX (FYE 12/31) |
.2365 |
0.0337 |
0.0264 |
0.1764 |
0.0000 |
0.2365 |
0.0337 |
0.0264 |
0.1764 |
0.0000 |
14.3% |
11.2% |
74.6% |
0.0% |
DIAX (FYE 12/31) |
.2867 |
0.0503 |
0.0347 |
0.0000 |
0.2017 |
0.2867 |
0.0503 |
0.0347 |
0.0000 |
0.2017 |
17.5% |
12.1% |
0.0% |
70.4% |
JCE (FYE 12/31) |
.3200 |
0.0185 |
0.0000 |
0.0000 |
0.3015 |
0.3200 |
0.0185 |
0.0000 |
0.0000 |
0.3015 |
5.8% |
0.0% |
0.0% |
94.2% |
NMAI (FYE 12/31) |
.3000 |
0.2252 |
0.0000 |
0.0000 |
0.0748 |
0.3000 |
0.2252 |
0.0000 |
0.0000 |
0.0748 |
75.1% |
0.0% |
0.0% |
24.9% |
|
||||||||||||||
1 Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year. |
The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.
Data as of 2/28/2023 |
|
||||||||
|
|
|
Annualized |
Cumulative |
|
||||
Inception
|
Quarterly
|
Fiscal
Distribution |
NAV |
5-Year
|
Fiscal YTD
|
Fiscal YTD
|
Fiscal YTD
|
|
|
|
|||||||||
JRS (FYE 12/31) |
Nov-2001 |
.1700 |
.1700 |
8.83 |
5.38% |
7.70% |
8.74% |
1.93% |
|
QQQX (FYE 12/31) |
Jan-2007 |
.4200 |
.4200 |
21.44 |
5.13% |
7.84% |
9.33% |
1.96% |
|
SPXX (FYE 12/31) |
Nov-2005 |
.2940 |
.2940 |
15.38 |
5.47% |
7.65% |
3.92% |
1.91% |
|
BXMX (FYE 12/31) |
Oct-2004 |
.2365 |
.2365 |
12.97 |
5.35% |
7.29% |
3.18% |
1.82% |
|
DIAX (FYE 12/31) |
Apr-2005 |
.2867 |
.2867 |
15.98 |
3.32% |
7.18% |
-1.30% |
1.79% |
|
JCE (FYE 12/31) |
Mar-2007 |
.3200 |
.3200 |
12.44 |
6.24% |
10.29% |
3.32% |
2.57% |
|
NMAI (FYE 12/31) |
Nov-2021 |
.3000 |
.3000 |
13.92 |
-13.96% |
8.62% |
3.80% |
2.16% |
|
|
|||||||||
1 As a percentage of 2/28/2023 NAV. |
|||||||||
2 NMAI 5 year return figure reflects the annualized since inception return on NAV |
Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 54 CEFs as of 31 Mar 2023. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs. For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds or contact:
Financial Professionals:
800-752-8700
Investors:
800-257-8787
Media:
media-inquiries@nuveen.com
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 31 Mar 2023 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this announcement.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:
- market developments;
- legal and regulatory developments; and
- other additional risks and uncertainties.
Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.
Income may be subject to state and local taxes, as well as the federal alternative minimum tax. Capital gains, if any, are subject to capital gains tax.
EPS- 2931397PR-E0623W