The investment seeks a high level of current income exempt from federal, New York State and New York City income tax or other local income taxes, consistent with the preservation of capital. The fund normally invests at least 80% of assets in securities that pay interest exempt from federal, New York State and New York city income tax or other local income taxes. It may invest up to 20% of total assets in taxable money market instruments, tax-exempt securities of other states and municipalities and securities that pay interest income subject to the "alternative minimum tax."
