Fund Description

The fund invests at least 80% of its assets in investment grade New York municipal bonds, including short-term tax-exempt obligations such as municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds; derivatives count toward this policy when they provide relevant exposure. It may hold fixed- or variable-rate bonds of any maturity and generally seeks an average duration of zero to ten years, which may vary. It uses bottom-up fundamental analysis with a macroeconomic risk framework and may use derivatives, tender option bond transactions, indexed and inverse floaters, and active trading. Up to 20% of its assets may be invested in securities that are not New York municipal bonds (including, but not limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate bonds). Up to 20% may be in non-investment grade municipals, including defaulted debt; interest may not be exempt from the Federal Alternative Minimum Tax.