Description

This fund primarily invests at least 80% of its total assets in high-quality municipal bonds. The interest earned from these securities is free from federal income tax, and for New Jersey residents, it is also exempt from state personal income tax. The portfolio manager diversifies holdings by spreading investments across various segments of the municipal market and different bond maturities. Importantly, the fund operates as a non-diversified entity, meaning it has the flexibility to commit more than 25% of its assets to municipal bonds that fund similar project categories.