| Investment Objective: |
The Fund seeks to track the performance of a benchmark index that measures the investment-grade segment of the New York municipal bond market. The Fund is intended for New York residents only. The Fund employs an indexing approach designed to track the performance of the S&P New York AMT-Free Municipal USD10 Million Par Bond Index (the Index). The Index measures the performance of the investment-grade segment of the New York municipal bond market as determined by the Index provider, S&P Dow Jones Indices LLC. The Index comprises municipal bonds issued in the State of New York and primarily includes municipal bonds from issuers in New York that are New York state or local governments or agencies whose interest payments are exempt from U.S. federal income taxes, including the federal alternative minimum tax (AMT), and New York state income taxes. To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade, as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., at least BBB- by Fitch Ratings, Inc), and the lowest rating will be used in determining if the bond is investment-grade. |
