The investment seeks current income exempt from federal and New Jersey income taxes. The fund normally invests at least 80% of net asset in municipal bonds, the interest on which is exempt from federal and New Jersey's personal income tax. It may invest up to 20% of net assets in municipal bonds rated below investment grade. It may also invest up to 20% of net assets in other fixed income securities with interest subject to federal and New Jersey's personal income tax. It may maintain the average weighted maturity between 10 and 25 years. It is nondiversified.