Fund Description

Under normal market conditions, the fund invests at least 80% of net assets (plus borrowings) in securities whose income is exempt from regular federal individual and, as applicable, state income tax, and at least 80% in New Jersey municipal securities or derivatives/instruments with similar economic characteristics. It selects investments without regard to the federal AMT. Most holdings are investment-grade, but up to 25% of total assets may be below investment grade at purchase and it may hold downgraded issues. It has no maturity limits and may hold fixed- or variable-rate securities. It may use inverse floaters, reverse repurchase agreements, futures, and borrowing for leverage, and may invest up to 20% in taxable investments. The fund is non-diversified and may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the adviser determines the yields available from obligations in that segment justify the additional risks The fund may not invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry, and it can invest up to 25% of its total assets in tobacco settlement revenue bonds and up to 25% of its total assets in tobacco bonds subject to a state's appropriation pledge.