Industry description
The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal, New York state, and New York City income taxes by investing primarily in investment-grade New York municipal bonds.
The fund normally invests at least 80% of its net assets in municipal bonds whose income is exempt from regular federal and New York state income taxes. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted toward compliance with the fund’s 80% investment policy.