The investment seeks income exempt from federal, New York State, and New York City income taxes, consistent with preservation of capital. The fund normally invests at least 80% of assets in investment-grade New York municipal obligations. New York municipal securities include securities issued by the State of New York and certain other municipal issuers, political subdivisions, agencies and public authorities. The fund may invest up to 20% of assets in securities rated below investment-grade. It expects to maintain an average portfolio maturity of between three and 10 years. The fund is nondiversified.
