Fund Description

The fund was incepted in July 2002 and is managed by Smith Barney Fund Management. The objective of the fund is to provide New York investors with as high a level of current income exempt from federal income taxes and New York State and New York City personal income taxes as is consistent with the preservation of principal. At least 80% of the fund's net assets are invested in investment-grade New York municipal securities. Dividends are distributed monthly. The fund generally makes capital gain distributions, if any, once a year, typically in December.