Fund Description

The fund invests primarily in U.S. common stocks, favoring companies with potential for above-average growth and durable competitive advantages at reasonable valuations, which in the adviser's experience typically have strong returns on invested capital. It uses a multi-cap approach, investing across small-, mid- and large-cap stocks, and generally focuses on companies located in Minnesota and other Upper Midwest states (Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin). It may invest up to 25% of total assets in foreign issuers via U.S.-listed securities or ADRs, and may have significant information technology exposure. The adviser aims to keep assets reasonably fully invested, maintain modest turnover, and moderate risk through diversification; holdings may be sold to secure gains, limit losses, or redeploy assets.