The investment seeks the highest level of current income exempt from Federal and New York State and City income taxes while preserving capital. The fund typically invests at least 80% of assets in investment grade municipal securities that pay interest that is exempt from Federal and New York state and city income taxes. The principal issuers of these securities are state and local governments and agencies located in New York, as well as Puerto Rico and other U.S. territories and possessions. The fund is nondiversified.
