Address And Details

90 S. Seventh St., Ste. 4600 , Minneapolis, MN 55402
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund seeks high current income that is exempt from federal regular income tax and Minnesota regular personal income tax consistent with preservation of capital. The Fund seeks to achieve its objective by investing primarily in municipal securities that generate interest income that is exempt from regular federal income tax and Minnesota regular personal income tax. During normal market conditions, the Fund invests 100% (and, as a fundamental policy, no less than 80%) of its net assets in such tax-exempt municipal securities. The Fund may invest up to 20% of its assets in securities that generate interest income subject to both Minnesota and federal alternative minimum tax ( AMT ). Investors subject to AMT treat the Fund s income subject to AMT as an item of tax preference in computing their alternative minimum taxable income. The Fund substantially invests in municipal securities issued by the state of Minnesota and its political subdivisions. The Fund invests in both general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality, and in revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source. The Fund generally invests a significant portion of its assets in obligations of municipal housing authorities, which include single family and multi-family mortgage revenue bonds, revenue bonds of health care-related facilities, and revenue bonds of educational institutions, which include higher education institutions, public, private and charter schools, and student loan-backed bonds. The Fund primarily invests in securities rated investment-grade at the time of purchase or, if unrated, determined to be of comparable quality by the Adviser. Investment-grade securities are rated within the four highest grades by the major rating agencies. However, the Fund may invest up to 30% of its assets in municipal securities rated below investment-grade (commonly referred to as junk bonds) or determined to be of comparable quality by the Adviser, but the Fund may not invest in securities rated lower than B3 by Moody s Investors Service, or B- by Standard and Poor s or Fitch Ratings or, if unrated, determined by the Adviser to be of comparable quality. The Fund may invest in open-end investment companies (mutual funds) and closed-end investment companies which invest in the same types of securities in which the Fund may invest directly. In selecting securities for the Fund, the Adviser seeks securities providing high current tax-exempt income. In making purchase and sales decisions for the Fund, the Adviser considers its economic outlook and interest rate forecast, as well as its evaluation of a security s structure, credit quality, yield, maturity, and liquidity. The Adviser attempts to maintain an average effective duration for the portfolio of approximately 3 to 8 years. Duration is a measure of total price sensitivity relative to changes in interest rates. Portfolios with longer durations are typically more sensitive to changes in interest rates. The Adviser may hedge the Fund s duration by investing in interest rate futures and options, but not in excess of 5% of the Fund s net assets. The Fund s dollar-weighted average maturity will, under normal market conditions, range between 10 and 20 years. However, since the Fund s securities are subject to various types of call provisions which make their expected average lives shorter than their stated maturity dates, the Adviser believes that the Fund s average effective duration is a more accurate measure of the Fund s price sensitivity to changes in interest rates than the Fund s dollar-weighted average maturity.

Net Asset Value

as of 5:14 PM ET 09/13/2021


  • 1 Week
  • -0.09%
  • 1 Month
  • -0.28%
  • 3 Months
  • -0.18%
  • 1 Yr Return
  • +1.69%
  • 5 Yr Return
  • +0.84%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 93.24%
Other 6.76%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 680.30 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.08 -0.46 -0.24
Beta 1.03 1.02 0.99
R Squared 0.92 0.92 0.92
Std Deviation 4.30 4.15 3.73
Sharpe Ratio 0.71 0.44 n/a

Purchase Information

as of 5:16 PM ET 09/01/2021
Minimum Initial $5000
Minimum Additional $100
Minimum Initial IRA $2000


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +4.58%
  • +6.71%
+4.58% +6.71%
3 Year
  • +4.30%
  • +4.10%
+4.30% +4.10%
10 Year
  • +4.01%
  • +4.23%
+4.01% +4.23%
Life Of Fund
  • +4.62%
  • +4.62%
+4.62% +4.62%

Top 10 Holdings

Symbol Company Name % Of Assets

Recent Articles from TheStreet

Hong Kong Stocks Slump On Tech Sector Worries As US Official Signals Flaws In China Trade Deal

Intraday Reversals Signal Struggles for Market

But James "Rev Shark" Deporre says the trading action is both normal, and appropriate for September, and he's been adding some names to his portfolio.

stocks market index sh

Cramer's Mad Money Recap: FedEx, Costco, Nike

Jim Cramer says this is a rough season for stock, and investors need to take defensive action.

anxiety grocery mask sh

Jensen: Economy Has a Bearish Outlook

Real Money's Bret Jensen says a slower-than-expected pandemic recovery is a warning for the stock market.

Pfizer vaccine Lead

FDA Panel Recommends Covid Booster Shots for 65, Older and Those at High Risk

Food and Drug Administration's advisory panel on Friday voted to recommend Covid-19 booster shots of the Pfizer vaccine for a limited section of the population.

Ford Lead

Stock Market Today With Jim Cramer: How to Trade Ford

Jim Cramer discusses Ford and the impact of the impending tax policy changes on the stock market.

Jim Cramer: Stay Long Thermo Fisher, Sell FEI

Thermo Fisher Climbs on Strong 2022 Guidance

Thermo Fisher expects revenue to increase 12% year over year next year to $40.3 billion.