The investment seeks as high a level of income exempt from federal income tax consistent with preservation of capital while seeking to minimize price volatility. The fund will invest in a broad range of short-term obligations issued by or on behalf of states, territories and possessions of the U.S., the District of Columbia, and their respective authorities, agencies, instrumentalities and political subdivision, in the opinion of counsel to the issuer of the obligation, is exempt from regular federal income tax. It invests in securities maturing in two years or less and will maintain a dollar-weighted average maturity of 120 days or less.