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NATIONAL TAX-EXEMPT FUND
MINNESOTA TAX-EXEMPT FUND
SUPPLEMENT DATED JULY 31, 1997 TO
PROSPECTUS DATED NOVEMBER 27, 1996, AS SUPPLEMENTED FEBRUARY 18, 1997
Commencing on the date of this Supplement, Minnesota Tax-Exempt Fund is
offering a second class of shares, referred to as Class Y shares. Such shares
have their own expense structure (including elimination of all sales charges)
and are available only to investors making an initial investment of $1 million
or more. To obtain more information about the Class Y shares of Minnesota
Tax-Exempt Fund, call the Fund at the telephone number that appears on the cover
of the Prospectus. National Tax-Exempt Fund continues to offer only one class
of shares. In connection with the offering of Class Y shares by Minnesota
Tax-Exempt Fund, the Statement of Additional Information about the Funds
referred to on the cover of the Prospectus has been amended and is dated July
31, 1997.
