Fund Description

The fund is actively managed and invests primarily in high-quality municipal bonds issued by New Jersey state and local governments, as well as regional governmental and public financing authorities. Under normal circumstances, it invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities whose income is exempt from federal and New Jersey state taxes. It primarily buys investment-grade municipal bonds (or unrated bonds deemed comparable by the advisor) and expects a dollar-weighted average maturity of 10 to 25 years, with no limits on individual maturities. It is nondiversified.