Asset management firm Nuveen Investments has announced that the board of trustees of Nuveen Funds has approved changes in investment policies for all insured municipal bond closed-end and open-end funds. Some of the changes are subject to shareholder notice or approval.
The changes are intended to increase portfolio manager flexibility to pursue each fund’s investment objective and to retain the insured nature of the fund’s portfolio for investors and shareholders in current and future environments.
All of the affected insured funds are managed by Nuveen Asset Management and are designed for investors seeking attractive regular distributions. These distributions are exempt from regular federal income taxes and in some cases specific state income taxes as well. Certain municipal bond funds may require individuals to pay federal taxes under alternative minimum tax provisions.