The man who runs this fund recently put on a conference call to review his recent decision to increase the dividend. The call was absolutely pathetic. It did nothing but demonstrate that the fund manager has ZERO credibility.
This dividend increase is nothing but pure return of capital. When asked though, the manager said he didn't know yet whether it would come out of capital. Bullcr*p. The fund has NOLs out the ying yang, so huge that they won't have capital gains for years into the future. But the fund manager said he didn't know if there would be capital gains. LIAR.
He LIES. He's pulling the wool over your eyes. The dividend being paid here is smoke and mirrors. They are taking the money you give them, and returning it to you. PONZI. Clear and simple.
Nuveen Closed End Direct reports 0% return of capital for this fund. How can we get them to correct this glaring error if what you say is true? The fund doesn't seem to pay out much anyway since the cut fro .12 to .03 in 2009.