The investment seeks current income exempt from federal and Minnesota income taxes to the extent consistent with preservation of capital. The fund normally invests at least 80% of assets in municipal securities that pay interest that is exempt from federal and Minnesota income tax. It invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the fund's advisor. The fund may invest up to 20% of assets in "high-yield" securities. The average weighted maturity typically ranges from three to 10 years. It is nondiversified.
