The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest level of income exempt from federal, New York state, and New York City income taxes.
The New York Tax-Free Money Fund will invest at least 65% of total assets in New York municipal securities, and at least 80% of the fund's income is expected to be exempt from federal, New York state, and New York City income taxes. The fund's securities will mature in 13 months or less, and the fund's weighted average maturity will not exceed 60 days. While the fund's yield will fluctuate with changes in interest rates, its share price is managed to remain stable. Investments into retail money market funds are limited to natural persons or retail customers.
The New York Tax-Free Money Fund can be an appropriate place to put money between investments or during uncertain market conditions. This fund is not appropriate for tax-deferred retirement plans, such as IRAs. New York taxpayers, depending on their tax bracket, can benefit from income that is exempt from federal, state, and local income taxes. Some income may be subject to the federal alternative minimum tax. Income earned by non-New York residents will be subject to applicable state and local taxes.
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The New York Tax-Free Money Fund offers investors stability of principal, liquidity, and income exempt from federal, New York state, and New York City income taxes.
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.