The fund invests primarily in a non-diversified portfolio of investment-grade municipal securities. It invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and New York income tax, but not necessarily the federal alternative minimum tax. The fund may invest in ETFs, U.S. Treasury securities, securities subject to the federal alternative minimum tax, taxable municipal bonds and inflation-protected securities and similar bonds issued by governments outside of the U.S. It is non-diversified.