Fund Description

The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal and New Jersey personal income taxes, generally focusing on investment-grade holdings. It may invest in municipal debt for general financing, eligible non-profits, or specific projects and facilities, including U.S. territories and possessions issues, general obligation, revenue or project bonds, pre-refunded or escrowed bonds, municipal money market securities, and synthetic securities. It may use derivatives included in its 80% policy and is managed to maintain similar overall interest rate risk to a supplemental index, while allocating across sectors and maturities.