The investment seeks income exempt from federal and Minnesota income taxes. The fund normally invests at least 80% of net assets in municipal obligations that are exempt from regular federal income tax and the Minnesota taxes. At least 75% of net assets may be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody?s Investors Services, Inc., or BBB or higher by either Standard & Poor?s Ratings Group or Fitch Ratings). The Fund normally acquires municipal obligations with maturities of ten years or more. It is nondiversified.
