Fund Description

Incepted in December 1985, this fund is managed by Deutsche Investment Management Americas Inc. The fund seeks a high level of current income that is exempt from New York State and New York City income taxes and federal income taxes. Under normal circumstances, the fund invests at least 80% of net assets in municipal securities whose income is free from federal and New York State income tax. In addition, the fund invests at least 65% of net assets in municipal securities and other securities that are exempt from New York City income taxes. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax. The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source), general obligation bonds (which are typically backed by the issuer's ability to levy taxes), industrial development bonds, as well as municipal lease obligations and, to a limited extent, investments representing an interest in these. The portfolio managers look for securities that appear to offer the best total return potential and often seek those that are protected against being called in before maturity. The fund declares dividends daily and pays them monthly. The fund distributes capital gains, if any, annually.