Industry description
The investment seeks to maximize after-tax total return.
The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax and New York State and New York City personal income taxes. It invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. The fund may invest up to 50% of its net assets in obligations rated below investment grade. It may invest in pooled investment. The fund is non-diversified.