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Nuveen New Jersey Premium Income Municipal Fund Inc
Nuveen New Jersey Premium Income Municipal Fund Inc. (NJP) is a closed-end fund, registered under the Investment Company Act of 1940. The Fund's primary investment objective is to provide current income exempt from federal income tax, consistent with the preservation of capital. The Fund intends to meet its investment objective by investing at least 80% of its Managed Assets in a portfolio of tax-exempt municipal securities rated investment grade or, if rated below investment grade, judged to be of comparable quality by Nuveen Fund Advisors, LLC (the "Adviser").
Financial Information:
As of December 31, 2020, the Fund's net assets were approximately $1.3 billion, and its net asset value (NAV) was $15.15 per share. The Fund's annual report for the year ended October 31, 2020, shows an annual total return of 4.22%, compared to 4.63% for its benchmark, the ICE BofAML 3-10 Year Blend Index.
Earnings and Distributions:
The Fund aims to provide a steady stream of income to its shareholders. For the fiscal year ended October 31, 2020, Nuveen New Jersey Premium Income Municipal Fund Inc. paid out $0.65 per share in dividends, representing an annual distribution rate of 4.30% based on the NAV as of October 31, 2020.
Growth:
Although the primary goal of Nuveen New Jersey Premium Income Municipal Fund Inc. is to provide income rather than capital appreciation, the NAV has shown some growth over the years. From 2017 to 2020, the NAV per share has increased from $14.02 to $15.15, representing an annual growth rate of approximately 2.14%.
It is essential to keep in mind that past performance does not guarantee future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. This information and more can be found in the Fund's prospectus, which should be read carefully before investing.
Risks:
Like any investment, investing in Nuveen New Jersey Premium Income Municipal Fund Inc. involves risks, including the possible loss of principal. The Fund's investments in municipal securities are subject to various risks, including credit risk, interest rate risk, and call risk. As a non-diversified fund, the Fund may invest a more considerable portion of its assets in a limited number of issuers, which could make the Fund more susceptible to its risks. Investors should review the Fund's prospectus for a detailed discussion of the risks associated with an investment in the Fund.
Please thoroughly research and consider the investment objectives, risks, charges, and expenses before investing in any security. It is prudent to consult with your financial professional about the suitability of any investment for your specific circumstances.