The investment seeks to provide investors with a high level of current income exempt from federal, New York State and New York City income taxes, consistent with preservation of capital. The fund invests primarily in a portfolio of New York municipal securities that are rated investment-grade at the time of purchase. It may invest up to 20% of total assets in New York municipal securities rated below-investment grade. The fund may invest up to 20% of total assets in municipal securities that are subject to the federal alternative minimum tax. It is nondiversified.