The investment seeks the highest level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.
The fund invests at least 80% of assets in investment grade municipal securities that pay interest that is exempt from federal and New Jersey state income taxes. The principal issuers of these securities are state and local governments and agencies located in New Jersey, as well as Puerto Rico and other U.S. territories and possessions. The sub-adviser strives to maintain an average weighted portfolio maturity of three to ten years. The fund may also invest in junk bonds. It is non-diversified.