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Nuveen Closed-End Funds Declare Distributions and Updates to Distribution Policies

December 1, 2023 4:15 PM EST

NEW YORK--(BUSINESS WIRE)-- Nuveen Closed-End Funds today announced that the Board of Trustees of the Funds has approved the regular monthly and quarterly distributions. In addition, the Board of Trustees has approved updated distribution polices described below under “Monthly & Quarterly Distributions” for The Nuveen Preferred & Income Opportunities Fund (NYSE: JPC), Nuveen Preferred and Income Term Fund (NYSE: JPI), Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD), Nuveen Taxable Municipal Income Fund (NYSE: NBB), Nuveen Real Asset Income and Growth Fund (NYSE: JRI), Nuveen Dynamic Municipal Opportunities Fund (NYSE: NDMO), Nuveen Core Plus Impact Fund (NYSE: NPCT) and Nuveen Multi-Asset Income Fund (NYSE: NMAI).

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.

For further information regarding fund distributions, including earnings, undistributed net investment income, and notices, please visit www.nuveen.com/cef.

Monthly & Quarterly Distributions

The funds listed in the tables below have adopted a policy to make regular monthly or quarterly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income through its regular monthly or quarterly distribution and to distribute realized capital gains at least annually. In addition, in any monthly or quarterly period, to maintain its declared per common share distribution amount, each Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. 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 distribution including return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

The following dates apply to today's distribution declarations for the following closed-end funds:

Record Date

December 15, 2023

Ex-Dividend Date

December 14, 2023

Payable Date

December 29, 2023

Monthly Distribution Per Share

 

Change From

Ticker

Exchange

Fund Name

Amount

Previous Month

Floating Rate

 

 

JFR*

NYSE

Nuveen Floating Rate Income Fund

$0.0850

-

JQC*

NYSE

Nuveen Credit Strategies Income Fund

$0.0540

-

Mortgage-Backed Securities

 

 

JMM*

NYSE

Nuveen Multi-Market Income Fund

$0.0275

-

JLS*

NYSE

Nuveen Mortgage and Income Fund

$0.1420

-

Global High Yield Debt

 

 

JGH*

NYSE

Nuveen Global High Income Fund

$0.1035

-

Preferred and Income Securities

 

 

JPC*

NYSE

Nuveen Preferred & Income Opportunities Fund

$0.0475

0.0035

JPI*

NYSE

Nuveen Preferred and Income Term Fund

$0.0980

-

NPFD*

NYSE

Nuveen Variable Rate Preferred & Income Fund

$0.0935

0.0070

Taxable Municipals

 

 

NBB*

NYSE

Nuveen Taxable Municipal Income Fund

$0.0735

0.0055

Real Assets

 

 

JRI

NYSE

Nuveen Real Asset Income and Growth Fund

$0.1000

0.0130

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

-

Quarterly Distribution Per Share

 

Change From

Ticker

Exchange

Fund Name

Amount

Previous Quarter

Multi-Asset

 

 

NMAI

NYSE

Nuveen Multi-Asset Income Fund

$0.4000

0.1000

*The funds indicated above are currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”).

The following dates apply to today's monthly distribution declarations for the following tax-exempt closed-end funds:

Record Date

December 15, 2023

Ex-Dividend Date

December 14, 2023

Payable Date

December 29, 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.

$0.0290

-

NUW

NYSE

Nuveen AMT-Free Municipal Value Fund

$0.0425

-

NMI

NYSE

Nuveen Municipal Income Fund, Inc.

$0.0340

0.0025

NIM

NYSE

Nuveen Select Maturities Municipal Fund

$0.0260

-

NZF

NYSE

Nuveen Municipal Credit Income Fund

$0.0515

-

NMZ

NYSE

Nuveen Municipal High Income Opportunity Fund

$0.0425

-

NAD

NYSE

Nuveen Quality Municipal Income Fund

$0.0440

-

NEA

NYSE

Nuveen AMT-Free Quality Municipal Income Fund

$0.0425

-

NVG

NYSE

Nuveen AMT-Free Municipal Credit Income Fund

$0.0505

-

NMCO

NYSE

Nuveen Municipal Credit Opportunities Fund

$0.0455

-

California

 

 

NAC

NYSE

Nuveen California Quality Municipal Income Fund

$0.0435

-

NKX

NYSE

Nuveen California AMT-Free Quality Municipal Income Fund

$0.0455

-

NCA

NYSE

Nuveen California Municipal Value Fund

$0.0290

-

NXC

NYSE

Nuveen California Select Tax-Free Income Portfolio

$0.0455

0.0020

New York

 

 

NRK

NYSE

Nuveen New York AMT-Free Quality Municipal Income Fund

$0.0410

-

NAN

NYSE

Nuveen New York Quality Municipal Income Fund

$0.0430

-

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

$0.0350

-

NMT

NYSE

Nuveen Massachusetts Quality Municipal Income Fund

$0.0310

-

NMS

NYSE

Nuveen Minnesota Quality Municipal Income Fund

$0.0410

-

NOM

NYSE

Nuveen Missouri Quality Municipal Income Fund

$0.0315

-

NXJ

NYSE

Nuveen New Jersey Quality Municipal Income Fund

$0.0345

-

NQP

NYSE

Nuveen Pennsylvania Quality Municipal Income Fund

$0.0325

-

NPV

NYSE

Nuveen Virginia Quality Municipal Income Fund

$0.0365

-

**All of the funds listed in the table immediately above are currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Quarterly Managed Distributions

The fund’s listed in the tables below have adopted a “managed distribution” policy. The goal of each fund’s managed distribution policy is to provide shareholders relatively consistent and predictable cash flow by systematically converting expected long-term return potential into regular distributions. Distribution sources may include 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.

The following dates apply to today's declarations:

Record Date

December 15, 2023

Ex-Dividend Date

December 14, 2023

Payable Date

December 29, 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 30SM 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

-

Information regarding each fund’s last 19(a) Distribution Notice (as of August 31, 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, QQQX, SPXX, DIAX, BXMX, 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 8/31/2023

Current Quarter

Fiscal YTD

Estimated Percentages

 

Estimated Sources of Distribution

 

Estimated Sources of Distribution

of Distribution 1

Per Share

 

LT

ST

Return of

Per Share

 

LT

ST

Return of

 

LT

ST

Return of

Distribution

NII

Gains

Gains

Capital

Distribution

NII

Gains

Gains

Capital

NII

Gains

Gains

Capital

JRS (FYE 12/31)

.1700

0.0404

0.0000

0.0000

0.1296

0.5100

0.1212

0.0000

0.0000

0.3888

23.8%

0.0%

0.0%

76.2%

QQQX (FYE 12/31)

.4200

0.0000

0.1816

0.0325

0.2059

1.2600

0.0000

0.5447

0.0976

0.6177

0.0%

43.2%

7.7%

49.0%

SPXX (FYE 12/31)

.2940

0.0292

0.0965

0.0000

0.1683

0.8820

0.0875

0.2896

0.0000

0.5049

9.9%

32.8%

0.0%

57.2%

BXMX (FYE 12/31)

.2365

0.0279

0.1326

0.0588

0.0172

0.7095

0.0836

0.3979

0.1764

0.0516

11.8%

56.1%

24.9%

7.3%

DIAX (FYE 12/31)

.2867

0.0549

0.0778

0.0000

0.1540

0.8601

0.1646

0.2334

0.0000

0.4621

19.1%

27.1%

0.0%

53.7%

JCE (FYE 12/31)

.3200

0.0159

0.0074

0.0000

0.2967

0.9600

0.0477

0.0222

0.0000

0.8900

5.0%

2.3%

0.0%

92.7%

NMAI (FYE 12/31)

.3000

0.1524

0.0000

0.0000

0.1476

0.9000

0.4571

0.0000

0.0000

0.4429

50.8%

0.0%

0.0%

49.2%

 

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 8/31/2023

 

 

 

 

 

Annualized

Cumulative

Inception Date

Quarterly

Distribution

Fiscal

YTD

Distribution

NAV

5-Year

Return on NAV2

Fiscal YTD

Distribution Rate on NAV1

Fiscal YTD

Return on NAV

Fiscal YTD

Distribution Rate on NAV1

JRS (FYE 12/31)

Nov-2001

.1700

.5100

8.43

1.94%

8.07%

8.09%

6.05%

QQQX (FYE 12/31)

Jan-2007

.4200

1.2600

24.48

6.94%

6.86%

29.35%

5.15%

SPXX (FYE 12/31)

Nov-2005

.2940

.8820

16.40

6.14%

7.17%

14.95%

5.38%

BXMX (FYE 12/31)

Oct-2004

.2365

.7095

14.01

6.52%

6.75%

15.41%

5.06%

DIAX (FYE 12/31)

Apr-2005

.2867

.8601

15.85

3.09%

7.24%

1.46%

5.43%

JCE (FYE 12/31)

Mar-2007

.3200

.9600

13.36

7.54%

9.58%

16.54%

7.19%

NMAI (FYE 12/31)

Nov-2021

.3000

.9000

13.69

-8.78%

8.77%

6.62%

6.57%

 

1As a percentage of 8/31/2023 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 $51 billion of assets under management across 48 CEFs as of 30 Sep 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.

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 30 Sep 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.

EPS-3254850CR-E1223W

Financial Professionals:
800-752-8700

Investors:
800-257-8787

Media:
[email protected]

Source: Nuveen



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