The investment seeks a high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The fund invests primarily in a portfolio of investment-grade municipal debt obligations, and seeks a dollar-weighted average effective portfolio maturity of five years or less. It normally invests at least 95% of assets in securities issued by the New York State and its political subdivisions, agencies, instrumentalities and public authorities. The fund can also invest in industrial revenue bonds and "private activity" municipal securities.
