Fund Description

The fund invests primarily in U.S. common stocks and securities convertible into common stock, along with fixed income securities such as corporate bonds and U.S. Government securities. It may invest up to 25% of total assets in foreign issuers listed on U.S. exchanges or represented by ADRs. Equity selection favors companies with potential for above-average growth, durable competitive advantages, and reasonable valuations, often with strong returns on invested capital, with a general focus on firms in Minnesota and the Upper Midwest. It uses a multi-cap approach. Fixed income emphasizes higher-rated investment-grade securities, with selective use of lower-rated debt when deemed warranted. The portfolio is kept reasonably fully invested, diversified, and with modest turnover.