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.
Mairs & Power Fund
| As of 6/30/2026: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| NVIDIA Corp. | 9.4 |
| Microsoft Corp. | 7.9 |
| Amazon.com, Inc. | 6.8 |
| Alphabet, Inc. | 4.9 |
| Apple, Inc. | 3.7 |
| nVent Electric PLC | 3.5 |
| JPMorgan Chase & Co. | 3.2 |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.1 |
| Roche Holding AG | 3.0 |
| Eli Lilly & Co. | 3.0 |
Balanced Fund
| As of 6/30/2026: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Alphabet, Inc. | 3.4 |
| Microsoft Corp. | 3.3 |
| Amazon.com, Inc. | 3.0 |
| Texas Instruments, Inc. | 2.9 |
| Ecolab, Inc. | 2.6 |
| Visa, Inc. | 2.5 |
| Xcel Energy, Inc. | 2.1 |
| Entegris, Inc. | 2.0 |
| JPMorgan Chase & Co. | 1.9 |
| Fastenal Co. | 1.9 |
Small Cap Fund
| As of 6/30/2026: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| AAR Corp. | 4.4 |
| Plexus Corp. | 4.4 |
| Ambarella, Inc. | 4.0 |
| Cognex Corp. | 4.0 |
| Bio-Techne Corp. | 3.9 |
| Knife River Corp. | 3.9 |
| Entegris, Inc. | 3.8 |
| JBT Marel Corp. | 3.6 |
| Bentley Systems, Inc. | 3.3 |
| nVent Electric PLC | 3.2 |
Minnesota Municipal Bond Fund
| FULL PORTFOLIO AS OF 08/03/2026 | CUSIP | SHARES | $ MARKET VALUE | % PORTFOLIO |
|---|---|---|---|---|
| Stillwater Independent School District No 834 5% 02/01/2035 | 860758TP6 | 1,075,000 | 1,195,623 | 2.54% |
| State of Minnesota 5% 08/01/2037 | 60412AW33 | 1,000,000 | 1,113,218 | 2.36% |
| University of Minnesota 5% 04/01/2039 | 914460YS3 | 1,000,000 | 1,098,482 | 2.33% |
| State of Minnesota 5% 08/01/2039 | 60412AM83 | 1,000,000 | 1,087,009 | 2.31% |
| Metropolitan Council 5% 03/01/2043 | 5918527Q5 | 1,000,000 | 1,082,661 | 2.30% |
| South Washington County Independent School District No 833/MN 5% 02/01/2037 | 840610VA4 | 1,000,000 | 1,069,258 | 2.27% |
| State of Minnesota 5% 08/01/2027 | 60412A2V4 | 1,000,000 | 1,023,753 | 2.17% |
| Mankato Independent School District No 77 4% 02/01/2042 | 563690TZ9 | 1,000,000 | 993,042 | 2.11% |
| Minnesota Housing Finance Agency 4.35% 07/01/2041 | 60416UW43 | 1,000,000 | 985,993 | 2.09% |
| New London-Spicer Independent School District No 345 5% 02/01/2033 | 646666PS0 | 895,000 | 982,699 | 2.09% |
| Madelia Independent School District No 837 4% 02/01/2045 | 556411ED4 | 1,000,000 | 967,436 | 2.06% |
| City of Rochester MN 4% 11/15/2043 | 771902HZ9 | 1,000,000 | 961,383 | 2.04% |
| West St Paul-Mendota Heights-Eagan Independent School District No 197 3.65% 02/01/2038 | 955686TF7 | 1,000,000 | 918,669 | 1.95% |
| City of New Prague MN 4.125% 12/01/2044 | 648165CP1 | 955,000 | 915,334 | 1.94% |
| St Paul Independent School District No 625 4.125% 02/01/2045 | 792897UA6 | 835,000 | 811,695 | 1.72% |
| City of Bloomington MN 4% 02/01/2042 | 094781BK6 | 815,000 | 802,415 | 1.70% |
| North Mankato Port Authority 5% 02/01/2039 | 660760EA3 | 750,000 | 794,440 | 1.69% |
| County of Ramsey MN 3% 02/01/2028 | 751622RB9 | 700,000 | 700,034 | 1.49% |
| City of Bloomington MN 4% 02/01/2040 | 0947808G1 | 655,000 | 658,379 | 1.40% |
| St Michael-Albertville Independent School District No 885 5% 02/01/2040 | 792775RH3 | 540,000 | 587,158 | 1.25% |
| Minneapolis Special School District No 1 5% 02/01/2028 | 603792VM1 | 565,000 | 583,794 | 1.24% |
| Inver Grove Heights Independent School District No 199 5% 02/01/2032 | 461225GD0 | 500,000 | 548,105 | 1.16% |
| State of Minnesota 5% 08/01/2029 | 60412AD26 | 510,000 | 543,233 | 1.15% |
| State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2031 | 60414HBA3 | 500,000 | 542,151 | 1.15% |
| North Mankato Port Authority 5% 02/01/2036 | 660760DX4 | 500,000 | 539,393 | 1.15% |
| County of Hennepin MN 5% 12/01/2044 | 425507QF0 | 500,000 | 535,622 | 1.14% |
| Osseo Independent School District No 279 5% 02/01/2027 | 6884432P4 | 530,000 | 535,802 | 1.14% |
| Minnesota Agricultural & Economic Development Board 5% 01/01/2039 | 6049202W7 | 500,000 | 527,020 | 1.12% |
| Forest Lake Independent School District No 831 4% 02/01/2039 | 345874VT5 | 500,000 | 501,725 | 1.07% |
| Minnesota Housing Finance Agency 4.85% 07/01/2045 | 60416UWR2 | 500,000 | 504,863 | 1.07% |
| County of Ramsey MN 5% 02/01/2027 | 751622A35 | 500,000 | 505,671 | 1.07% |
| Fairmont Independent School District No 2752 4% 02/01/2040 | 305229HW9 | 500,000 | 484,864 | 1.03% |
| State of Minnesota 5% 08/01/2043 | 60412AH55 | 400,000 | 424,831 | 0.90% |
| City of Northfield MN 5% 02/01/2041 | 666179GW0 | 385,000 | 407,522 | 0.87% |
| City of Center City MN 5% 11/01/2038 | 151452CN7 | 370,000 | 395,245 | 0.84% |
| Big Lake Economic Development Authority 5% 02/01/2046 | 089267AU2 | 370,000 | 380,141 | 0.81% |
| Redwood Area Schools Independent School District No 2897 4% 02/01/2039 | 757763DL8 | 360,000 | 361,237 | 0.77% |
| Alden-Conger Independent School District No 242 3% 02/01/2027 | 014083CK3 | 330,000 | 329,864 | 0.70% |
| County of Ramsey MN 5% 02/01/2038 | 751622ZT1 | 300,000 | 328,113 | 0.70% |
| Anoka-Hennepin Independent School District No 11 4% 02/01/2032 | 0363034E2 | 320,000 | 324,791 | 0.69% |
| County of Koochiching MN 5% 02/01/2035 | 500494FQ7 | 300,000 | 324,687 | 0.69% |
| City of Marshall MN Public Utility Revenue 5% 07/01/2038 | 572565JD2 | 300,000 | 325,835 | 0.69% |
| City of New Prague MN 4% 02/01/2037 | 648159F63 | 315,000 | 318,877 | 0.68% |
| Minneapolis Special School District No 1 5% 02/01/2042 | 603790YD2 | 295,000 | 311,709 | 0.66% |
| International Falls Independent School District No 361 4% 02/01/2041 | 459488GD8 | 300,000 | 296,931 | 0.63% |
| City of Hermantown MN 4% 02/01/2043 | 427500VU4 | 300,000 | 293,038 | 0.62% |
| State of Minnesota 5% 08/01/2028 | 60412ARQ8 | 280,000 | 292,689 | 0.62% |
| Rosemount-Apple Valley-Eagan Independent School District No 196 4% 02/01/2043 | 777594ZX3 | 300,000 | 287,514 | 0.61% |
| Truman Independent School District No 458 4% 02/01/2044 | 898014DF9 | 300,000 | 287,254 | 0.61% |
| County of Renville MN 5% 02/01/2029 | 760184GX3 | 270,000 | 284,310 | 0.60% |
| Robbinsdale Independent School District No 281 5% 02/01/2034 | 770265LD6 | 250,000 | 276,410 | 0.59% |
| City of St Cloud MN 5% 05/01/2036 | 78916VFG0 | 250,000 | 275,931 | 0.59% |
| City of Albert Lea MN 5% 02/01/2038 | 012788K20 | 250,000 | 270,948 | 0.58% |
| Cedar Mountain Independent School District No 2754 5% 02/01/2036 | 150452DV9 | 250,000 | 272,558 | 0.58% |
| City of Maple Lake MN 5% 02/01/2036 | 565250RM1 | 260,000 | 271,176 | 0.58% |
| Minnesota Health & Education Facilities Authority 5% 10/01/2034 | 60416JBY5 | 260,000 | 270,719 | 0.58% |
| St Paul Housing & Redevelopment Authority Parking Enterprise Revenue 5% 12/01/2034 | 79289WBL8 | 250,000 | 270,885 | 0.58% |
| Minnesota Health & Education Facilities Authority 5% 10/01/2029 | 60416JEV8 | 255,000 | 269,118 | 0.57% |
| City of Rosemount MN 5% 02/01/2037 | 7775773L9 | 250,000 | 267,701 | 0.57% |
| City of Apple Valley MN 4% 09/01/2041 | 03800RBE5 | 290,000 | 265,323 | 0.56% |
| County of Carlton MN 5% 02/01/2042 | 142879MT9 | 250,000 | 264,013 | 0.56% |
| Crookston Independent School District No 593 5% 02/01/2029 | 227237PS7 | 250,000 | 262,849 | 0.56% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2032 | 603827B54 | 250,000 | 263,792 | 0.56% |
| Stillwater Independent School District No 834 5% 02/01/2040 | 860758TA9 | 250,000 | 264,775 | 0.56% |
| County of Hennepin MN 5% 12/15/2037 | 425507HS2 | 250,000 | 259,608 | 0.55% |
| State of Minnesota 5% 08/01/2034 | 60412APJ6 | 250,000 | 258,684 | 0.55% |
| Minnesota Agricultural & Economic Development Board 5% 01/01/2042 | 6049202Z0 | 250,000 | 259,033 | 0.55% |
| City of St Cloud MN 5% 05/01/2043 | 78916VER7 | 250,000 | 260,897 | 0.55% |
| Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 | 161681UU3 | 250,000 | 254,241 | 0.54% |
| Elk River Independent School District No 728 4% 02/01/2037 | 287425T28 | 250,000 | 251,930 | 0.54% |
| City of Grand Rapids MN 4% 02/01/2038 | 386335HF3 | 250,000 | 255,624 | 0.54% |
| County of Hubbard MN 4% 02/01/2036 | 443348ET0 | 250,000 | 256,140 | 0.54% |
| Zumbro Education District 4% 02/01/2038 | 989781BA6 | 275,000 | 255,988 | 0.54% |
| City of Duluth MN 5% 02/01/2030 | 264438X72 | 250,000 | 250,424 | 0.53% |
| City of Victoria MN 4% 02/01/2042 | 926278XH0 | 250,000 | 247,268 | 0.53% |
| County of Beltrami MN 4% 12/01/2042 | 081131HC1 | 250,000 | 244,886 | 0.52% |
| City of Minneapolis MN 4% 11/15/2037 | 60374VES8 | 250,000 | 243,954 | 0.52% |
| Minnesota Health & Education Facilities Authority 3% 10/01/2041 | 60416JCZ1 | 300,000 | 243,248 | 0.52% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 | 85236DBJ6 | 250,000 | 245,606 | 0.52% |
| State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2035 | 20261DCE1 | 220,000 | 241,574 | 0.51% |
| Waterville-Elysian-Morristown Independent School District No 2143/MN 4% 02/01/2045 | 94222RBY0 | 250,000 | 240,308 | 0.51% |
| City of Cambridge MN 5% 02/01/2035 | 132339N32 | 215,000 | 236,576 | 0.50% |
| St Cloud Independent School District No 742/MN 5% 02/01/2041 | 789177SP8 | 225,000 | 234,037 | 0.50% |
| Cloquet Area Fire & Ambulance Special Taxing District 5% 02/01/2035 | 189019AJ1 | 200,000 | 221,062 | 0.47% |
| University of Minnesota 5% 10/01/2026 | 914460TB6 | 220,000 | 220,827 | 0.47% |
| South Washington County Independent School District No 833/MN 5% 04/01/2031 | 840611DL8 | 200,000 | 216,907 | 0.46% |
| Minnesota Agricultural & Economic Development Board 5% 11/15/2044 | 60389WAS3 | 205,000 | 211,324 | 0.45% |
| Minnesota Health & Education Facilities Authority 4% 03/01/2036 | 60416H3N2 | 215,000 | 212,403 | 0.45% |
| City of Montgomery MN 5% 02/01/2030 | 613851PC2 | 200,000 | 213,236 | 0.45% |
| St Paul Independent School District No 625 5% 02/01/2042 | 792897SK7 | 200,000 | 213,094 | 0.45% |
| County of Hennepin MN 5% 12/01/2030 | 425507GN4 | 195,000 | 200,370 | 0.43% |
| Minnesota State Colleges And Universities Foundation 4% 10/01/2029 | 60414FMU1 | 200,000 | 200,101 | 0.43% |
| Rochester Independent School District No 535 4% 02/01/2031 | 771614SZ8 | 200,000 | 202,708 | 0.43% |
| County of Itasca MN 4% 02/01/2044 | 465452NN6 | 200,000 | 191,978 | 0.41% |
| City of Northfield MN 4% 02/01/2044 | 666179GZ3 | 200,000 | 192,811 | 0.41% |
| City of Owatonna MN 4% 03/01/2035 | 690530ZW3 | 175,000 | 180,371 | 0.38% |
| Pine City Independent School District No 578 2% 04/01/2032 | 722514AL0 | 200,000 | 176,918 | 0.38% |
| Duluth Independent School District No 709 0% 02/01/2031 | 264471LL5 | 200,000 | 167,935 | 0.36% |
| County of Hennepin MN 5% 12/01/2042 | 425507QD5 | 155,000 | 167,394 | 0.36% |
| State of Minnesota 4% 09/01/2034 | 60412AWP4 | 165,000 | 168,424 | 0.36% |
| City of Apple Valley MN 4% 09/01/2030 | 03800RBB1 | 160,000 | 160,577 | 0.34% |
| County of Hennepin MN 5% 12/01/2043 | 425507PL8 | 150,000 | 160,344 | 0.34% |
| St Louis Park Independent School District No 283 5% 04/01/2032 | 791759AG8 | 150,000 | 161,928 | 0.34% |
| Waconia Independent School District No 110 5% 02/01/2038 | 930047QU2 | 150,000 | 159,306 | 0.34% |
| Metropolitan Council 4% 03/01/2030 | 591852F29 | 155,000 | 155,969 | 0.33% |
| Alexandria Lake Area Sanitation District 4% 02/01/2036 | 015091DF5 | 150,000 | 150,572 | 0.32% |
| City of Minneapolis MN 5% 11/15/2036 | 60374VEB5 | 150,000 | 152,649 | 0.32% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2031 | 603827WW2 | 150,000 | 151,260 | 0.32% |
| Minnesota Housing Finance Agency 3.1% 02/01/2027 | 60416URC1 | 150,000 | 150,014 | 0.32% |
| Owatonna Independent School District No 761/MN 4% 02/01/2028 | 690564RK7 | 150,000 | 152,697 | 0.32% |
| Dakota County Community Development Agency 4.2% 05/01/2043 | 23409VFP0 | 150,000 | 139,126 | 0.30% |
| City of Jordan MN 4% 02/01/2033 | 480700R96 | 135,000 | 139,570 | 0.30% |
| City of Center City MN 4% 11/01/2027 | 151452BW8 | 135,000 | 136,538 | 0.29% |
| City of Minneapolis MN 5% 11/15/2052 | 60374VEW9 | 130,000 | 135,311 | 0.29% |
| Stillwater Independent School District No 834 4% 02/01/2041 | 860758TB7 | 130,000 | 129,656 | 0.28% |
| St Cloud Independent School District No 742/MN 0% 02/01/2033 | 789177SZ6 | 150,000 | 117,687 | 0.25% |
| Princeton Public Utilities Commission 5% 04/01/2031 | 742271BG3 | 100,000 | 106,247 | 0.23% |
| Metropolitan Council 5% 12/01/2028 | 591852Z76 | 100,000 | 105,211 | 0.22% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 | 792909FE8 | 110,000 | 102,323 | 0.22% |
| Minnesota Health & Education Facilities Authority 3% 03/01/2043 | 60416JDW7 | 125,000 | 101,125 | 0.21% |
| Waconia Independent School District No 110 3% 02/01/2028 | 930047LZ6 | 100,000 | 99,893 | 0.21% |
| Westonka Independent School District No 277 4% 02/01/2041 | 960906GD1 | 100,000 | 98,869 | 0.21% |
| St Paul Independent School District No 625 2.25% 02/01/2035 | 792897NY2 | 100,000 | 85,688 | 0.18% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 | 852297BV1 | 35,000 | 34,977 | 0.07% |
| Cash & Other | Cash&Other | 1,051,576 | 1,051,576 | 2.23% |
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:
Mairs & Power Funds
c/o U.S. Bank Global Fund Services
P.O. Box 219337
Kansas City, MO 64121-9337
For express and overnight mail delivery:
Mairs & Power Funds
c/o U.S. Bank Global Fund Services
3rd Floor
801 Pennsylvania Ave Suite 219337
Kansas City, MO 64105-1307
| 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.