| Investment Objective: |
The Fund seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. The Fund may invest in municipal obligations issued by the State of New York, New York City, their political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or New York State and New York City personal income taxes. The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage- backed and asset-backed securities. The Fund may invest up to 20% of its total assets in securities rated below investment grade. The Fund's securities may be of any maturity, but under normal circumstances, the Fund's duration will be the duration of the Bloomberg New York Municipal Bond Index, the Fund's benchmark (Benchmark). |
