The investment seeks to obtain as high a level of current income exempt from federal, New York State and New York City individual income taxes as is consistent with preservation of capital. The fund normally invests at least 80% of assets in municipal obligations originating in New York State which are exempt from New York State and regular federal income taxes, and normally invests 100% of assets in municipal obligations originating in New York or issued by United States territories and possessions. It may invest up to 20% of assets in taxable securities. The fund is nondiversified.
