The investment seeks current income that is exempt from both federal and New York personal income taxes while maintaining a stable net asset value of $1 per share. Under normal circumstances, the fund invests at least 80% of its assets in a variety of high-quality, short-term New York municipal securities whose income is exempt from federal and New York state taxes. It invests in securities with effective maturities of 397 days or less, maintains a dollar-weighted average maturity of 60 days or less, and maintains a dollar-weighted average life of 120 days or less. The fund is non-diversified.