The investment seeks to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity. The fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. It will invest at least 80% of the value of its net assets in municipal obligations. The fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.