Two Nuveen New Jersey municipal funds announce share offerings

By Toni Weeks

San Luis Obispo, Calif., Aug. 5 - Two Nuveen New Jersey municipal funds announced in separate 497 filings with the Securities and Exchange Commission their plans to conduct share offerings.

The Nuveen New Jersey Investment Quality Municipal Fund, Inc. will offer 2 million shares. The fund's closing price on the New York Stock Exchange (Symbol: NQJ) on Aug. 2 was $12.83.

In addition, the Nuveen New Jersey Premium Income Municipal Fund, Inc. will offer 1.2 million shares. Shares of the fund (NYSE: NNJ) closed at $13.57 on Aug. 2.

Each fund is a diversified, closed-end management investment company that seeks to provide current income by investing at least 80% of its managed assets in investment-grade municipal securities and other related investments, the income from which is exempt from regular federal and New Jersey income taxes. The funds' secondary objective is to enhance portfolio value relative to the New Jersey municipal bond market by investing in tax-exempt New Jersey municipal securities that are underrated or undervalued or represent municipal market sectors that are undervalued.

Paul Brennan is the portfolio manager of both funds.

The sales load for each fund is 4%. Including management fees of 0.89%, annual expenses of the Nuveen New Jersey Investment Quality Municipal Fund are expected to be 1.58%. For the Nuveen New Jersey Premium Income Municipal Fund, the management fee is 0.9%, and the annual expenses are expected to be 1.62%.

Chicago-based Nuveen Fund Advisors, LLC is the investment adviser to both funds.

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