Fund Description

The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax. By concentrating its investments in New York, the fund will be subject to New York State-Specific Risk, and it may invest in debt securities of an issuer located outside of New York whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax. It may invest without limitation in private activity bonds subject to AMT; may invest 25% or more in Municipal Bonds financing projects and 25% or more in industrial development bonds; primarily holds investment grade, may invest up to 20% in high yield, is non-diversified, and may use derivatives, short sales, when-issued trades, mortgage- or asset-backed securities, and up to 10% in preferred securities.