The primary objective of the fund is current income exempt from regular federal income taxes and Pennsylvania personal income taxes. The secondary objective is the enhancement of portfolio value.
Seeks to provide:
- Attractive monthly tax-free income
- Portfolio diversification
- Attractive after tax total returns
The fund invests in municipal securities that are exempt from federal, Pennsylvania state, and local income taxes. The fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade (Baa/BBB or better by S&P, Moody’s, or Fitch) or, if they are unrated, are judged by the manager to be of comparable quality. The fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The fund uses leverage.
|Closing Share Price (As of 5/3/2016)||$14.94
|Closing NAV per Share (As of 5/3/2016)||$16.13
|Premium / Discount**||-7.38%
|Current Distribution Rate (Market price)††||5.42%
|Distribution Amount (Monthly)††||$0.0675
|Distribution Type ||Income
Income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.
Distributions are sourced entirely from net investment income, unless noted otherwise.
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.
Taxable equivalent yield is the yield or distribution rate needed from a taxable investment to be economically equal to receiving the stated tax-free yield from a municipal bond investment. Please note that the income levels shown in the calculator do not reflect (i) any federal or state limitations on the amounts of allowable itemized deductions, phaseouts of personal or dependent exemption credits or other allowable credits, (ii) any local taxes imposed, or (iii) any alternative minimum taxes or any taxes other than personal income taxes. The user is responsible for selecting the applicable federal and, as applicable, state tax rates. The stated federal tax rates for joint incomes over $250,000 include the 3.8% medicare tax imposed on the net investment income of certain taxpayers with higher incomes. This calculator is for illustrative purposes only and is not intended to represent actual performance, or to predict future performance, of any Nuveen Investments product. Certain taxpayers may find their effective marginal tax rates to be greater than those shown in the calculator. In that case, the taxable equivalent yield may be even higher.
Income may be subject to state and local taxes, as well as the federal alternative minimum tax. There is no assurance that tax rates will remain unchanged; the rates used are believed to be correct for tax year 2015.