The investment seeks current income exempt from federal, New York State, and New York City income taxes, consistent with the preservation of capital. The fund invests at least 65% of assets in municipal bonds rated investment grade or the unrated equivalent as determined by Dreyfus. For additional yield, it may invest up to 35% of assets in municipal bonds rated below investment grade (high yield or junk bonds) or the unrated equivalent as determined by Dreyfus. The dollar-weighted average maturity of the fund's portfolio is normally expected to exceed ten years. The fund is nondiversified.