Fund Description

The fund is actively managed and invests primarily in high-quality municipal bonds issued by New York state and local governments and by regional governmental and public financing authorities. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in securities whose income is exempt from federal and New York state taxes. It primarily buys investment-grade municipal bonds as rated by a nationally recognized statistical rating organization or, if unrated, deemed comparable by the advisor. It expects a dollar-weighted average maturity of 10-25 years, with no limits on individual maturities, and is nondiversified.