The investment seeks a high level of current interest income exempt from federal income tax and from New York individual income tax. The fund normally invests at least 80% of net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax) and New York individual income tax. It normally invests at least 80% of total assets in municipal securities that are rated investment grade. The fund may invest up to 10% of total assets in securities that are rated below investment grade or are unrated. It is nondiversified.
