The investment seeks as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal. The fund normally invests: (i) at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a broad range of short-term obligations, the interest on which, in the opinion of counsel to the issuer of the obligation, is exempt from regular federal income tax; or (ii) so that at least 80% of the income distributed by the fund will be exempt from regular federal income tax.