Mairs and Power

Small Cap Fund Quarterly Fund Commentary

September 30, 2014

Third Quarter Results

For the first three quarters of 2014, the Small Cap Fund outperformed its index and peer group. Year-to-date, the Small Cap Fund is down very slightly (-0.05%), while the S&P Small Cap 600 Index is down 3.72% and the peer group as measured by the Lipper Small-Cap Core Funds Index is down 3.33%. The small cap sector itself declined in the third quarter of 2014 with the S&P Small Cap 600 Index down 6.73%. The Fund held up slightly better in the third quarter, but was still down 5.36% and erased all gains from the first half of the year.

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