Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal and New Jersey state personal income taxes. It invests at least 80% of net assets in investment-grade municipal bonds (Baa/BBB or higher) or unrated equivalents as determined by the sub-adviser, and may invest up to 20% in below investment-grade bonds. The portfolio's dollar-weighted average maturity normally exceeds 10 years, though it may invest without regard to maturity. Security selection emphasizes fundamental credit analysis, relative value, and active trading across sectors, with ongoing sell discipline; some income may be subject to federal alternative minimum tax.