The investment seeks current income exempt from New York City, New York State, and federal income taxes. The fund invests at least 80% of assets in bonds and notes that are exempt from federal, New York State and New York City income taxes. It may invest up to 20% in AMT-subject securities. Under normal market conditions, the fund maintains a dollar-weighted average effective portfolio maturity between three years and ten years. The fund is nondiversified.
