The investment seeks to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal. The fund invests primarily in a portfolio of high-quality, tax-exempt securities maturing in 5 business days or less. It will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The fund's Adviser also normally will invest its assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals, such that distributions of annual interest income are also exempt from the AMT.