excaponal: There is a lot of commonality between the holdings of NCZ and NCV. My guess is about 60%. Both funds just recently (last quarter) started to generate more net investment income than they pay in dividends. For the past six months both funds were paying slighlty more in dividends than they were earning each month. They made up the small dividend deficit from undistributed net investment income. Over the last two years NCZ has a slightly better track record in covering its dividend than NCV.