Fund Description

The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in municipal securities whose interest is, in counsel's opinion, exempt from regular federal individual income tax and, as applicable, state income tax and, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in New York municipal securities; these fundamental policies, including use of derivatives with similar economic characteristics, require shareholder approval to change. It may invest up to 20% in AMT-subject securities, up to 25% of total assets in below-investment-grade bonds, use Inverse Floaters, which can expose up to 20% of its total assets to the effects of leverage, and borrow money for investment-related purposes, with leveraging from borrowings not exceeding one-third of the fund's total assets, and use futures and swaps to manage interest-rate exposure.