Several Nuveen municipal funds approve investment-strategy changes

By Wendy Van Sickle

Columbus, Ohio, Aug. 5 – Two Nuveen AMT-free and several Nuveen non-AMT municipal closed-end funds have approved changes to their investment policies, according to an 8-K filing with the Securities and Exchange Commission.

The approved changes alter the limits on exposure to securities subject to the federal alternative minimum tax (AMT) applicable to individuals.

The Nuveen New York AMT-Free Municipal Income Fund and the Nuveen California AMT-Free Municipal Income Fund adopted a new investment policy to require the funds to invest 100%, increased from 80%, of their managed assets in securities from which the income is exempt from AMT at the time of purchase.

The following Nuveen municipal closed-end funds have lowered the limit on the amount securities subject to AMT to no more than 20%, from 30%, of a fund’s managed assets:

• Nuveen Arizona Premium Income Municipal Fund;

• Nuveen Enhanced Municipal Value Fund;

• Nuveen Municipal 2021 Target Term Fund;

• Nuveen Intermediate Duration Municipal Term Fund;

• Nuveen Intermediate Duration Quality Municipal Term Fund; and

• Nuveen Municipal High Income Opportunity Fund.

The following Nuveen municipal closed-end funds have limited the amount securities subject to AMT to no more than 20% of a fund’s managed assets, from no limit previously:

• Nuveen California Dividend Advantage Municipal Fund;

• Nuveen Dividend Advantage Municipal Fund;

• Nuveen New York Dividend Advantage Municipal Fund;

• Nuveen California Municipal Value Fund, Inc.;

• Nuveen Select Maturities Municipal Fund;

• Nuveen Georgia Dividend Advantage Municipal Fund 2;

• Nuveen Municipal Income Fund, Inc.;

• Nuveen Minnesota Municipal Income Fund;

• Nuveen Massachusetts Premium Income Municipal Fund;

• Nuveen Maryland Premium Income Municipal Fund;

• Nuveen North Carolina Premium Income Municipal Fund;

• Nuveen New York Municipal Value Fund, Inc.;

• Nuveen Missouri Premium Income Municipal Fund;

• Nuveen Virginia Premium Income Municipal Fund;

• Nuveen Pennsylvania Investment Quality Municipal Fund;

• Nuveen Connecticut Premium Income Municipal Fund;

• Nuveen Texas Quality Income Municipal Fund;

• Nuveen Michigan Quality Income Municipal Fund;

• Nuveen Ohio Quality Income Municipal Fund;

• Nuveen Municipal Value Fund, Inc.;

• Nuveen California Dividend Advantage Municipal Fund 2;

• Nuveen New Jersey Dividend Advantage Municipal Fund;

• Nuveen Enhanced Municipal Credit Opportunities Fund; and

• Nuveen California Dividend Advantage Municipal Fund 3.

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