Fund Description

The fund was incepted in April 1988 and is managed by Smith Barney Fund Management. The objective of the fund is to provide New Jersey investors with as high a level of current income exempt from federal income taxes and New Jersey personal income taxes as is consistent with prudent investment management and the preservation of capital. The fund invests at least 80% of its net assets in New Jersey municipal securities. The fund may invest up to 25% of its assets in bonds rated below investment grade or in unrated securities of equivalent quality (commonly known as 'junk bonds'). Dividends are distributed monthly. The fund generally makes capital gain distributions, if any, once a year, typically in December.