Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in municipal bonds whose interest is exempt from federal income tax and New Jersey personal income tax, treating qualifying bonds as meeting this test even if issued outside New Jersey and potentially investing substantially out of state. It is nondiversified and uses the Bloomberg Municipal Bond Index's volatility as a reasonable risk approximation. It generally focuses on investment grade municipals, may invest up to 20% in below-investment-grade bonds, up to 20% in AMT-subject municipals, and up to 20% in taxable fixed income, and may use inverse floaters and other derivatives. It may invest across structures, maturities, and cash equivalents, without limitation in a single region, and may consider ESG factors.