The investment seeks current income exempt from federal and New Jersey income taxes, consistent with preservation of capital. The fund normally invests at least 80% of assets in New Jersey municipal securities that are not subject to New Jersey personal income tax in the opinion of bond counsel to the issuer at the time the security is issued. It does not limit its investments to securities of a particular maturity range, and may hold short-, intermediate- and long-term securities. The fund can invest as much as 25% of total assets in below investment-grade securities. It is nondiversified.