The investment seeks to maximize current income exempt from federal, New York state and New York city income taxes to the extent consistent with the preservation of capital. The fund invests at least 70% of assets in municipal bonds rated investment grade or the unrated equivalent as determined by Dreyfus. It may invest up to 30% of assets in municipal bonds rated below investment grade (high yield or junk bonds) or the unrated equivalent as determined by Dreyfus. The fund is nondiversified.
