Investment objective & strategy
As of Aug. 28, 2025 · prospectusObjective. The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.
Strategy. The Fund seeks to achieve its investment goal, under normal circumstances, by investing its net assets so that at least 80% of the income it distributes will be exempt from federal regular income tax and personal income tax imposed by the State of New York and New York municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (AMT). The Fund generally invests in investment grade municipal securities. The Fund seeks to maintain a weighted average maturity of three to ten years. However, the Fund has no maturity restrictions on individual issues, and the weighted average maturity of the Funds portfolio will vary depending on market conditions. In selecting securities, the Funds investment advisor … The Fund seeks to achieve its investment goal, under normal circumstances, by investing its net assets so that at least 80% of the income it distributes will be exempt from federal regular income tax and personal income tax imposed by the State of New York and New York municipalities. However, the income on these securities may be subject to the federal alternative minimum tax (AMT). The Fund generally invests in investment grade municipal securities. The Fund seeks to maintain a weighted average maturity of three to ten years. However, the Fund has no maturity restrictions on individual issues, and the weighted average maturity of the Funds portfolio will vary depending on market conditions. In selecting securities, the Funds investment advisor focuses on credit analysis, the relative values of different sectors of the market, geographic diversity and securities with different and potentially advantageous structures. The investment advisor seeks to construct a portfolio with substantially the same interest rate exposure as the Standard & Poors Investment Grade Intermediate Municipal Bond Index, and does not select securities based on forecasts of interest rates.
Top holdings
As of Jan. 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Trust for Cultural Resources of The City of New York/The | — | $1.67M | 3.88% |
| NY MTA TRANSP 5% 11/15/2029 | — | $1.61M | 3.75% |
| NY LBTDEV 5.25 10/01/2035 | LBTDEV | $1.29M | 3.01% |
| NY DASNY-A-REF | — | $1.26M | 2.92% |
| New York State Dormitory Authority | — | $1.17M | 2.71% |
| Port Authority of New York & New Jersey | — | $1.11M | 2.58% |
| Trust for Cultural Resources of The City of New York (The), Series 2018 A | — | $1.10M | 2.56% |
| New York (City of), NY, Series 2022 A-1, GO Bonds | — | $1.10M | 2.56% |
| City of Yonkers NY | — | $1.10M | 2.56% |
| Springville-Griffith Institiute Central School District | — | $1.10M | 2.55% |
Portfolio moves
Oct 31, 2025 → Jan 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| DWS New York Tax-Free Income Fund · KNTAX, KNTCX, SNWYX, DNTIX | 4% | 0.65% |
| Franklin New York Intermediate-Term Tax-Free Income Fund · FKNIX, FKNCX, FNYZX, FKNRX, FKNQX | 4% | 0.56% |
| NEW YORK MUNICIPAL BOND FUND · SENYX, SNYYX | 3% | 0.57% |
Advisers
| Firm | Role |
|---|---|
| Wilmington Funds Management Corporation | Adviser |
| Wilmington Trust Investment Advisors, Inc. | Sub-adviser |
Footnotes
- Expense ratio as of August 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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