The investment seeks current income exempt from federal and Minnesota income taxes consistent with preservation of capital. The fund normally invests 100% (no less than 80%) of net assets in such tax-exempt municipal securities. It may invest up to 20% of assets in securities that generate interest income subject to both Minnesota and federal alternative minimum tax (AMT). The fund substantially invests in municipal securities issued by the state of Minnesota and its political subdivisions. It is nondiversified.
