Mutual Funds


Nuveen New Jersey Municipal Bond Fund

Portfolio Manager(s)

Paul L. Brennan, CFA - Paul manages a number of tax-exempt fixed-income portfolios, including the Intermediate Duration Municipal Bond, the Limited Term Municipal Bond, the New Jersey Municipal Bond and the Pennsylvania Municipal Bond strategies. He also oversees several national and state-specific municipal closed-end funds.

He began his career in the financial industry in 1991 as a municipal credit analyst for Flagship Financial before becoming a portfolio manager in 1994. Paul joined Nuveen Asset Management in 1997 when the firm acquired Flagship Financial. Previously, he audited mutual funds and investment advisors as a member of Deloitte & Touche’s audit group.

As one of the company’s spokesmen on municipal market issues, Paul has been featured in many media outlets including Barron’s, Bloomberg News, The Bond Buyer, BusinessWeek, CNBC TV, Reuters and The Wall Street Journal.

Paul received a B.S. in accountancy and finance from Wright State University. He also earned the Chartered Financial Analyst designation and is a member of the CFA Institute. In addition, Paul is a registered C.P.A. (inactive) in the state of Ohio and a member of the American Institute of Certified Public Accountants.


Nuveen Asset Management
Fixed Income, Equity and Specialty Strategies

Nuveen Asset Management is a premier asset manager with a broad range of investment solutions for high net worth individuals and institutional clients. With an extensive history evaluating the municipal bond markets, Nuveen Asset Management offers our clients an approach to investing that emphasizes quality and ingenuity. Today our solutions span multiple asset classes, from traditional and specialized equity to taxable and municipal fixed income. Our heritage demonstrates quality and innovation that stand the test of time.

1.   The Municipal Security Investment Oversight Group considers four strategic inputs - economic outlook, credit analysis, trading and yield curve analysis - when determining overall investment strategy.
2. The Municipal Security Investment Oversight Group provides the Investment Team with recommendations, targets and/or guidelines regarding duration, yield curve positioning, security structure, sectors and credit quality.
3. The Investment Team utilizes the Municipal Securities Investment Oversight Group targets and guidelines in portfolio construction (which can include the opportunistic use of leverage).
4. Process and performance are regularly evaluated through attribution analysis.

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A Word On Risk

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund's use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility and interest rate risk.

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