Fiscal Year End
|| Muni New Jersey
The fund's investment objective is to provide the highest level of income exempt from federal and New Jersey state income taxes by investing primarily in investment-grade New Jersey municipal bonds.
Invests at least 80% of net assets in New Jersey municipal bonds. The fundís weighted average maturity is expected to exceed 10 years.
The fund is made suited for New Jersey taxpayers who, because of their tax bracket, can benefit from income that is exempt from federal and New Jersey state income taxes. It is not appropriate for tax-deferred retirement plans, such as IRAs. Some income may be subject to the federal alternative minimum tax. Income earned by non-New Jersey residents may be subject to applicable state and local taxes.
DC, FL, GA, HI, IL, MD, NC, NJ, PA, WY
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The fund offers New Jersey investors double-tax-free income. It focuses on long-term securities to provide high yields. Assets are concentrated in investment-grade New Jersey municipal bonds to help reduce credit risk.
Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund's holdings will have their credit ratings downgraded or will default. The fund is less diversified than a municipal bond portfolio that invests nationally.