About: The policy is to invest at least 80% of its assets in municipal obligations that are rated in the highest category at the time of investment. The investments are primarily made in high grade New York municipal obligations that are insured. Up to 20% of its total assets may be invested in obligations rated below Aaa or AAA and comparable unrated obligations. Accordingly, it does not intend to invest any of its assets in obligations rated below investment grade or in comparable unrated obligations. It may invest 25% or more of its total assets in municipal obligations of issuers located in the same U.S. territory. The Fund may purchase and sell various kinds of financial futures contracts and related options, to seek to hedge against changes in interest rates or for other risk management purposes.
Tags: Asset Management Financial Services