  We examine the effect of a non-trivial nut charge on the action of
non-compact four-dimensional instantons with a U(1) isometry. If the instanton
action is calculated by dimensionally reducing along the isometry, then the nut
charge is found to make an explicit non-zero contribution. For metrics
satisfying AF, ALF or ALE boundary conditions, the action can be expressed
entirely in terms of quantities (including the nut charge) defined on the fixed
point set of the isometry. A source (or sink) of nut charge also implies the
presence of a Misner string coordinate singularity, which will have an
important effect on the Hamiltonian of the instanton.
