ORNAX

Under normal market conditions, and as a fundamental policy, the fund expects to invest at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from federal individual and, as applicable, the fund's state income tax. Additionally, under normal market conditions, the fund expects to invest at least 80% of its net assets in New York municipal securities, and in derivatives and other instruments that have economic characteristics similar to such securities.