The investment seeks total return, consisting of current income exempt from federal income tax and New York individual income tax and of capital appreciation. The fund normally invests at least 80% of net assets in municipal bonds that pay interest exempt from federal income tax (including the federal alternative minimum tax) and New York individual income tax. It primarily invests in municipal securities that are rated investment grade but also may invest up to 25% of total assets in securities that are rated below investment grade or are unrated. The fund is nondiversified.