FMNY

The fund seeks to achieve its investment objectives by investing at least 80% 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. It may invest in Municipal Securities of any duration and any maturity, however, the Advisor expects it will have an effective duration of approximately 3-9 years. The fund is non-diversified.