At a Glance
Mairs & Power
Family of Funds
Our mutual funds and ETF portfolios encompass a wide range of investment products. Each fund has a specific objective and its holdings may include one or more asset classes, company sizes, and types of securities. By investing in these portfolios, you have the opportunity to easily diversify your total investment portfolio.
Growth Fund
| As of 6/30/2024: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Microsoft Corp. | 10.6 |
| NVIDIA Corp. | 7.8 |
| Amazon.com, Inc. | 5.8 |
| UnitedHealth Group, Inc. | 4.9 |
| JPMorgan Chase & Co. | 4.6 |
| Alphabet, Inc. | 4.5 |
| Apple, Inc. | 3.6 |
| QUALCOMM, Inc. | 2.9 |
| Graco, Inc. | 2.9 |
| Toro Company | 2.9 |
Balanced Fund
| As of 6/30/2024: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Microsoft Corp. | 4.1 |
| Alphabet Inc. | 4.0 |
| UnitedHealth Group Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.7 |
| Fiserv Inc. | 2.5 |
| Texas Instruments, Inc. | 2.2 |
| Ecolab, Inc. | 2.1 |
| Toro Company | 2.1 |
| Eli Lilly & Co. | 2.1 |
| Visa Inc. | 2.0 |
Small Cap Fund
| As of 6/30/2024: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Casey's General Stores Inc. | 4.5 |
| AAR Corp. | 4.1 |
| Altair Engineering Inc. | 4.1 |
| Hub Group Inc. | 4.0 |
| Piper Sandler Cos. | 3.9 |
| Medpace Holdings, Inc. | 3.7 |
| Littlefuse, Inc. | 3.7 |
| HB Fuller Co. | 3.7 |
| JBT Corp. | 3.7 |
| AZEK Company, Inc. | 3.5 |
Minnesota Municipal Bond Fund
| FULL PORTFOLIO AS OF 10/15/2024 | CUSIP | SHARES | $ MARKET VALUE | % PORTFOLIO |
|---|---|---|---|---|
| City of Chanhassen MN 5% 02/01/2036 | 159106EG4 | 515,000 | 593,301 | 2.74% |
| Forest Lake Independent School District No 831 4% 02/01/2039 | 345874VT5 | 500,000 | 515,964 | 2.38% |
| State of Minnesota 5% 08/01/2043 | 60412AH55 | 400,000 | 449,330 | 2.08% |
| City of Northfield MN 5% 02/01/2041 | 666179GW0 | 385,000 | 426,643 | 1.97% |
| University of Minnesota 5% 04/01/2033 | 914460PE4 | 350,000 | 359,335 | 1.66% |
| County of Koochiching MN 5% 02/01/2035 | 500494FQ7 | 300,000 | 336,605 | 1.55% |
| Anoka-Hennepin Independent School District No 11 4% 02/01/2032 | 0363034E2 | 320,000 | 332,589 | 1.54% |
| Alden-Conger Independent School District No 242 3% 02/01/2027 | 014083CK3 | 330,000 | 329,994 | 1.52% |
| City of New Prague MN 4% 02/01/2037 | 648159F63 | 315,000 | 329,755 | 1.52% |
| State of Minnesota 5% 08/01/2025 | 60412AC68 | 310,000 | 314,816 | 1.45% |
| Rocori Area Schools Independent School District No 750 4% 02/01/2038 | 774836HB9 | 300,000 | 306,497 | 1.42% |
| City of Hermantown MN 4% 02/01/2043 | 427500VU4 | 300,000 | 304,298 | 1.41% |
| Truman Independent School District No 458 4% 02/01/2044 | 898014DF9 | 300,000 | 300,298 | 1.39% |
| Hibbing Independent School District No 701 3% 03/01/2033 | 428599AM6 | 300,000 | 295,189 | 1.36% |
| County of St Louis MN 2% 12/01/2035 | 791230XW0 | 350,000 | 281,792 | 1.30% |
| Minnesota Higher Education Facilities Authority 5% 10/01/2034 | 60416JBY5 | 260,000 | 279,533 | 1.29% |
| Minnesota Higher Education Facilities Authority 5% 10/01/2029 | 60416JEV8 | 255,000 | 278,261 | 1.29% |
| City of Rosemount MN 5% 02/01/2037 | 7775773L9 | 250,000 | 278,868 | 1.29% |
| County of Carlton MN 5% 02/01/2042 | 142879MT9 | 250,000 | 277,998 | 1.28% |
| City of Delano MN 5% 02/01/2038 | 245667TT7 | 250,000 | 277,198 | 1.28% |
| Minnesota Agricultural & Economic Development Board 5% 01/01/2042 | 6049202Z0 | 250,000 | 276,220 | 1.28% |
| Stillwater Independent School District No 834 5% 02/01/2040 | 860758TA9 | 250,000 | 276,249 | 1.28% |
| City of St Cloud MN 5% 05/01/2043 | 78916VER7 | 250,000 | 274,188 | 1.27% |
| Crookston Independent School District No 593 5% 02/01/2029 | 227237PS7 | 250,000 | 273,726 | 1.26% |
| State of Minnesota 5% 08/01/2034 | 60412APJ6 | 250,000 | 270,081 | 1.25% |
| City of Apple Valley MN 4% 09/01/2041 | 03800RBE5 | 290,000 | 266,833 | 1.23% |
| County of Hubbard MN 4% 02/01/2036 | 443348ET0 | 250,000 | 266,112 | 1.23% |
| County of Wright MN 3% 12/01/2038 | 982276AU1 | 295,000 | 266,434 | 1.23% |
| City of Grand Rapids MN 4% 02/01/2038 | 386335HF3 | 250,000 | 263,463 | 1.22% |
| Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 | 161681UU3 | 250,000 | 261,235 | 1.21% |
| State of Minnesota 5% 08/01/2026 | 60412AQS5 | 250,000 | 260,654 | 1.20% |
| Minnesota Higher Education Facilities Authority 3% 10/01/2041 | 60416JCZ1 | 300,000 | 260,001 | 1.20% |
| Zumbro Education District 4% 02/01/2038 | 989781BA6 | 275,000 | 260,670 | 1.20% |
| County of Beltrami MN 4% 12/01/2042 | 081131HC1 | 250,000 | 256,051 | 1.18% |
| Iron Range Resources & Rehabilitation Commissioner 5% 10/01/2035 | 20261DCE1 | 220,000 | 255,225 | 1.18% |
| City of Hutchinson MN 2% 02/01/2034 | 448285QY5 | 300,000 | 250,150 | 1.16% |
| City of St Paul MN Sales & Use Tax Revenue 5% 11/01/2026 | 79307TBZ2 | 250,000 | 250,159 | 1.16% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 | 85236DBJ6 | 250,000 | 251,312 | 1.16% |
| St Cloud Independent School District No 742/MN 5% 02/01/2041 | 789177SP8 | 225,000 | 241,775 | 1.12% |
| Northfield Independent School District No 659 5% 02/01/2025 | 666195QE5 | 230,000 | 231,167 | 1.07% |
| University of Minnesota 5% 10/01/2026 | 914460TB6 | 220,000 | 230,490 | 1.06% |
| St Paul Independent School District No 625 5% 02/01/2042 | 792897SK7 | 200,000 | 223,237 | 1.03% |
| County of Wright MN 3% 12/01/2039 | 982276AV9 | 250,000 | 224,012 | 1.03% |
| Bold Independent School District No 2534 5% 02/01/2044 | 090808BY1 | 200,000 | 220,256 | 1.02% |
| County of Hennepin MN 5% 12/01/2030 | 425507GN4 | 195,000 | 209,184 | 0.97% |
| State of Minnesota 5% 08/01/2035 | 60412ATN3 | 185,000 | 206,947 | 0.96% |
| Mankato Independent School District No 77 5% 02/01/2026 | 563690QX7 | 200,000 | 205,875 | 0.95% |
| Rochester Independent School District No 535 2.5% 02/01/2039 | 771614TH7 | 250,000 | 203,177 | 0.94% |
| County of Itasca MN 4% 02/01/2044 | 465452NN6 | 200,000 | 201,800 | 0.93% |
| City of Northfield MN 4% 02/01/2044 | 666179GZ3 | 200,000 | 202,082 | 0.93% |
| Minnesota State Colleges And Universities Foundation 4% 10/01/2029 | 60414FMU1 | 200,000 | 200,153 | 0.92% |
| St Paul Independent School District No 625 3% 02/01/2033 | 792897JY7 | 200,000 | 198,174 | 0.92% |
| State of Minnesota 5% 08/01/2027 | 6041294L7 | 190,000 | 190,250 | 0.88% |
| City of Hastings MN 5% 02/01/2027 | 418509MY8 | 175,000 | 184,542 | 0.85% |
| Minnesota Higher Education Facilities Authority 3% 10/01/2036 | 60416JEL0 | 200,000 | 181,871 | 0.84% |
| North St Paul-Maplewood-Oakdale Independent School District No 622 2% 02/01/2031 | 662152GY7 | 200,000 | 178,582 | 0.82% |
| Pine City Independent School District No 578 2% 04/01/2032 | 722514AL0 | 200,000 | 177,262 | 0.82% |
| State of Minnesota 5% 08/01/2028 | 60412ARQ8 | 155,000 | 169,275 | 0.78% |
| City of Rochester MN 5% 02/01/2040 | 771588VY3 | 150,000 | 169,480 | 0.78% |
| City of St Cloud MN 2% 02/01/2034 | 78916CAM4 | 200,000 | 166,767 | 0.77% |
| City of Apple Valley MN 4% 09/01/2030 | 03800RBB1 | 160,000 | 159,831 | 0.74% |
| University of Minnesota 5% 04/01/2040 | 914460SR2 | 150,000 | 160,386 | 0.74% |
| State of Minnesota 4% 08/01/2037 | 60412AQ22 | 150,000 | 158,955 | 0.73% |
| St Francis Independent School District No 15 4% 02/01/2036 | 789466TQ2 | 150,000 | 157,949 | 0.73% |
| Owatonna Independent School District No 761/MN 4% 02/01/2028 | 690564RK7 | 150,000 | 156,274 | 0.72% |
| Alexandria Lake Area Sanitation District 4% 02/01/2036 | 015091DF5 | 150,000 | 154,126 | 0.71% |
| City of Minneapolis MN 5% 11/15/2036 | 60374VEB5 | 150,000 | 154,622 | 0.71% |
| Duluth Independent School District No 709 0% 02/01/2031 | 264471LL5 | 200,000 | 152,142 | 0.70% |
| City of Cold Spring MN 4% 02/01/2044 | 193000XP6 | 150,000 | 149,264 | 0.69% |
| Dakota County Community Development Agency 4.2% 05/01/2043 | 23409VFP0 | 150,000 | 149,280 | 0.69% |
| City of Minneapolis MN 4% 11/15/2040 | 60374VEV1 | 150,000 | 150,133 | 0.69% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2031 | 603827WW2 | 140,000 | 146,223 | 0.68% |
| Metropolitan Council 4% 03/01/2030 | 591852F29 | 140,000 | 144,182 | 0.67% |
| City of Chaska MN Electric Revenue 5% 10/01/2025 | 161670EW0 | 140,000 | 142,883 | 0.66% |
| City of Jordan MN 4% 02/01/2033 | 480700R96 | 135,000 | 143,058 | 0.66% |
| City of Elk River MN Electric Revenue 3% 08/01/2032 | 287423EM5 | 140,000 | 137,658 | 0.64% |
| City of Minneapolis MN 5% 11/15/2052 | 60374VEW9 | 130,000 | 139,448 | 0.64% |
| St Cloud Housing & Redevelopment Authority 2% 02/01/2033 | 789163AX0 | 160,000 | 139,599 | 0.64% |
| City of Center City MN 4% 11/01/2027 | 151452BW8 | 135,000 | 136,892 | 0.63% |
| Elk River Independent School District No 728 4% 02/01/2026 | 287425M33 | 125,000 | 127,141 | 0.59% |
| City of Greenfield MN 5% 12/15/2030 | 395108EB5 | 115,000 | 128,714 | 0.59% |
| Centennial Independent School District No 12 5% 02/01/2025 | 150908JM4 | 125,000 | 125,638 | 0.58% |
| Western Minnesota Municipal Power Agency 5% 01/01/2025 | 958697KF0 | 120,000 | 120,424 | 0.56% |
| Zumbro Education District 4% 02/01/2034 | 989781AY5 | 125,000 | 122,095 | 0.56% |
| St Cloud Housing & Redevelopment Authority 2% 02/01/2031 | 789163AV4 | 130,000 | 118,759 | 0.55% |
| Fergus Falls Independent School District No 544 5% 02/01/2034 | 314801LU3 | 100,000 | 111,582 | 0.52% |
| Metropolitan Council 5% 12/01/2028 | 591852Z76 | 100,000 | 109,892 | 0.51% |
| Princeton Public Utilities Commission 5% 04/01/2031 | 742271BG3 | 100,000 | 110,169 | 0.51% |
| Cleveland Independent School District No 391 4% 02/01/2026 | 186216EG8 | 105,000 | 106,423 | 0.49% |
| Minnesota Higher Education Facilities Authority 3% 03/01/2043 | 60416JDW7 | 125,000 | 105,426 | 0.49% |
| Metropolitan Council 5% 03/01/2026 | 591852A99 | 100,000 | 103,221 | 0.48% |
| City of Richfield MN 4% 02/01/2027 | 763326HP3 | 100,000 | 103,012 | 0.48% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 | 792909FE8 | 110,000 | 102,945 | 0.48% |
| Westonka Independent School District No 277 4% 02/01/2041 | 960906GD1 | 100,000 | 101,693 | 0.47% |
| City of Center City MN 4.5% 11/01/2034 | 151452BK4 | 100,000 | 100,038 | 0.46% |
| City of Madelia MN 2% 02/01/2033 | 556394JQ8 | 115,000 | 100,337 | 0.46% |
| Waconia Independent School District No 110 3% 02/01/2028 | 930047LZ6 | 100,000 | 99,816 | 0.46% |
| City of Wayzata MN 3% 12/01/2027 | 946796WS4 | 100,000 | 99,997 | 0.46% |
| University of Minnesota 5% 12/01/2024 | 914460QU7 | 90,000 | 90,183 | 0.42% |
| City of Coon Rapids MN 2.5% 02/01/2036 | 21657ARX9 | 100,000 | 86,219 | 0.40% |
| County of Pennington MN 2.375% 02/01/2035 | 708288JR7 | 100,000 | 86,274 | 0.40% |
| St Paul Independent School District No 625 2.25% 02/01/2035 | 792897NY2 | 100,000 | 85,417 | 0.39% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 | 852297BV1 | 65,000 | 64,323 | 0.30% |
| Dakota County Community Development Agency 2% 01/01/2032 | 23410NCX1 | 65,000 | 57,469 | 0.27% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2029 | 603827WU6 | 50,000 | 52,368 | 0.24% |
| Cash & Other | Cash&Other | 180,576 | 180,576 | 0.83% |
Full holdings
Holdings in the portfolios are subject to change without notice and may or may not represent current or future portfolio compositions. The mention of specific securities is not intended as a recommendation or an offer of a particular security nor is it intended to be a solicitation for the purchase or sale of any security.
How to Invest
Mutual Funds
Existing shareholders: You can add to your current investment or open a new account in any of the Mairs & Power mutual funds by logging in to My Fund Account, calling Shareholder Services at 800-304-7404, or mailing your application and investment to the addresses below.
New investors working with financial advisors: Your financial advisor can open an account for you on most platforms.
New direct investors: You can open a new account by
For regular mail delivery:
U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
For express and overnight mail delivery:
U.S. Bank Global Fund Services
3rd Floor
615 East Michigan Street
Milwaukee, WI 53202
| MUTUAL FUNDS MINIMUM INVESTMENT AMOUNTS | |
|---|---|
| New account | $2,500 |
| Subsequent investments | $100 |
| New IRA account | $1,000 |
| Subsequent IRA investments | $100 |
MUTUAL FUND QUESTIONS?
We’re here to help you with all your account opening or servicing questions.
Please call 800-304-7404
Exchange Traded Fund | ETF
Talk with your financial planner or brokerage firm to purchase the Mairs & Power Minnesota Municipal Bond ETF. Shares can also be purchased through an online brokerage firm.
ETF QUESTIONS?
Investing questions should be directed to your financial advisor or online brokerage. Learn more about the Minnesota Municipal Bond ETF by calling 855-839-2800 or emailing us at MINN@mairsandpower.com.
IMPORTANT RISKS
All investments have risks. The Funds are designed for long-term investors.
Equity investments are subject to market fluctuations and the Funds share price can fall because of weakness in the broad market, a particular industry or specific holdings. Investments in small and mid-cap companies generally are more volatile. International investing risks include among others political, social or economic instability, difficulty in predicting international trade patterns, taxation, and foreign trading practices and greater fluctuations in price than U.S. corporations.
Mairs & Power Minnesota Municipal Bond ETF has the same risks as the underlying securities traded on the exchange throughout the day. Redemptions are limited and often commissions are charged on every trade.
The ETF may trade at a premium or discount to NAV. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices. The data presented represents past performance and cannot be used to predict future results.
The ETF is also subject to risks associated with investments in the municipal bond market, municipal mortgage backed securities, and other investment companies. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. There is also a risk that the Fund will not grow to or maintain an economically viable size, in which case it could ultimately liquidate without shareholder approval.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities.