Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (including borrowings for investment purposes) in municipal debt securities that pay interest that is exempt from regular federal income tax and Minnesota state income tax (collectively, "Municipal Securities"). It may invest up to 20% of its net assets in debt securities that pay interest subject to taxation, including the federal alternative minimum tax ("AMT"). The fund is non-diversified.