Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80 percent of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes and New York State and New York City income taxes (collectively, Municipal Securities). Municipal Securities will be issued by or on behalf of the State of New York or territories or possessions of the U.S. (including, but not limited to, Puerto Rico, the U.S. Virgin Islands and Guam), and/or the political subdivisions, agencies, authorities and other instrumentalities of such State, territories or possessions. In general, interest on Municipal Securities issued by or on behalf of the State of New York will be exempt from the New York individual income tax. Municipal Securities issued by or on behalf of territories or possessions of the U.S. and/or the political subdivisions, agencies, authorities and other instrumentalities of such territories or possessions (collectively, Territorial Obligations) will pay interest that is exempt from regular federal income taxes and the New York individual income tax. The Fund may invest up to 100 percent of its net assets in Municipal Securities that pay interest that generates income subject to the federal alternative minimum tax on individuals.