The fund's primary objective is achieved by concentrating its investments in municipal debt obligations issued by New York State, its various agencies, and local government entities within the state. A core principle guides its asset allocation: at least 80% of its total assets, or 80% of its gross income, must be derived from securities that provide exemption from federal, New York State, and New York City income taxes. These investments are also carefully chosen to ensure they do not subject investors to the federal Alternative Minimum Tax (AMT).
