- Income is exempt from federal and New York state & New York city personal income taxes.
- Little or no exposure to the alternative minimum tax.
- Diversified; seeks to help protect principal.
The Fund's investment objective is to provide a high level of current interest income that is exempt from federal income tax and New York State and New York City personal income taxes. The Fund invests primarily in long-term investment-grade securities issued by the state of New York, its political subdivisions, municipalities and public authorities, instrumentalities, and by other government entities. At least 80% of the Fund's net assets will consist of New York tax exempt securities. The Fund's dollar-weighted average portfolio maturity is not restricted, but is expected to be greater than 10 years.