Nuveen Municipal Income Fund adopts 20% limit on AMT-taxed securities, effective Aug. 5, 2016
Effective August 5, 2016, Nuveen Municipal Income Fund, Inc. (NMI) adopted a new investment policy limiting securities subject to the federal alternative minimum tax to no more than 20% of managed assets. The fund previously had no limit on such securities, so the change adds a new restriction on its holdings as part of a uniform 20% limit across Nuveen's municipal funds.
- NMI's prior AMT exposure limit was 'No Limit'; the new limit is 20% of managed assets.
- The change is effective August 5, 2016, and is one of many Nuveen municipal closed-end fund policy changes in the filing.
- The new policy replaces the fund's old investment policy on AMT securities, per the filing.