Fund Description

Under normal market conditions, the fund invests at least 80% of net assets plus borrowings in municipal bonds whose interest is exempt from regular federal and Minnesota personal income tax, including obligations issued by the State of Minnesota and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories or other U.S. states that pay such exempt interest. It may invest without limit in securities subject to the federal alternative minimum tax and normally up to 20% in taxable obligations. It targets a 10-25 year weighted average maturity, invests at least 80% in investment grade bonds and up to 20% in below investment grade bonds, may invest up to 15% in inverse floaters, and may use derivatives to manage risks and duration, using a value-oriented approach.