FTNYX Nomura Tax-Free New York A Forecast, Technical & Fundamental Analysis

The investment seeks as high a level of current income exempt from federal income tax and from New York state personal income taxes as is consistent with preservation of capital. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from New York state personal income taxes. It will generally have a dollar-weighted average effective maturity of between 5 and 30 years.