The Fund's primary investment objective is to provide current income exempt from regular federal and New York income taxes; secondary investment objective is to enhance portfolio value and total return.
The Fund invests in municipal securities that are exempt from federal, New York state, and New York City income taxes. The Fund invests at least 80% of its managed assets in municipal securities rated investment grade at the time of investment, or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of managed assets in municipal securities that are not exempt from New York state income taxes if the manager believes doing so would enhance the Fund's after-tax total returns. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund may invest in inverse floating rate municipal securities, also known as tender option bonds. The Fund's use of tender option bonds to more efficiently implement its investment strategy may create up to 10% effective leverage.
Important fund notice
Effective 30 Mar 2021, NYV and NNY announced pre-reorganization distributions payable 03 May 2021. As previously announced the pre-reorganization distribution for the fund being acquired is intended to fully distribute the acquired fund's accumulated undistributed net investment income (UNII) prior to the reorganization going effective. Following the transaction the surviving fund, NNY is expected to declare an additional post-reorganization distribution. The total per-common share dollar amount of the pre- and post-closing tax-exempt distributions received on 03 May 2021 will be equal to or greater than the per-common share dollar amount of the prior month's tax-exempt dividend.
For more information, please see the press release
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