Description

Under normal market conditions, this fund's primary objective is to commit at least 80% of its net assets (including any capital acquired via borrowing for investment) to bonds. These specific fixed-income instruments are chosen because their interest payments are exempt from federal, New York State, and New York City income taxes. Consequently, a minimum of 80% of the fund's anticipated income is also expected to be free from these federal, state, and city income tax liabilities. This fund is structured as non-diversified.