The investment seeks as 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 management while seeking capital preservation. The fund normally invests at least 80% of net assets in tax-exempt securities, 75% of which must be investment grade. The fund's investments have no maturity limitations and can include municipal bonds, municipal notes and interests in municipal leases. It can also buy variable and floating rate obligations and invest a significant portion in tobacco settlement revenue bonds.
