Industry description
The investment seeks total return with an emphasis on income exempt from federal income tax and personal income tax, if any, of New York, but also considering capital appreciation.
The fund invests, under normal market conditions, at least 80% of its net assets in securities and other investments, the interest on which is exempt from federal income tax and personal income tax, if any, of New York. The adviser normally invests the fund's assets primarily in municipal instruments. It primarily invests the fund's assets in investment grade quality debt instruments, but may also invest in below investment grade quality debt instruments.