Before considering an investment in the Fund, you should understand that you could lose money.
Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities.
A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax.
The Underlying Funds may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.
High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities.
The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.
Because the Fund invests primarily in municipal bonds issued by or on behalf of the State of New York and its political subdivisions, agencies, and instrumentalities, events in New York are likely to affect the Fund's investments and performance. These events may include fiscal or political policy changes, tax base erosion, and state constitutional limits on tax increases, budget deficits, and other financial difficulties. New York may experience financial difficulties due to the economic environment. Any deterioration of New York's fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in New York.
Bloomberg New York Municipal Bond Index is a market value-weighted index of New York investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
An investment cannot be made directly into an index.
Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.
Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.
Annual Turnover Rate is as of the most recent annual shareholder report.
Final Maturity is the weighted average of the stated time to maturity for the securities held in the portfolio.
Modified Duration is inversely related to the approximate percentage change in price for a given change in yield.
Duration to Worst is the duration of a bond, computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.
Average Price is based on market value and is the market weighted average of all bonds held in the Fund's portfolio, including any zero coupon bonds.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.