The investment seeks to New Jersey investors with as high a level of income exempt from regular federal income tax and New Jersey state personal income tax as is consistent with prudent investment management and the preservation of capital. The fund invests at least 80% of assets in ?New Jersey municipal securities.? These securities include debt obligations issued by the State of New Jersey and its political subdivisions, agencies and public authorities, certain other governmental issuers and other qualifying issuers. The fund focuses on investment-grade bonds but may invest up to 20% of assets in below investment-grade bonds. It is nondiversified.
