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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 12/31/2024:
TOP 10 HOLDINGS % PORTFOLIO
Microsoft Corp. 10.1
NVIDIA Corp. 8.3
Amazon.com, Inc. 6.7
JPMorgan Chase & Co. 5.5
UnitedHealth Group, Inc. 5.0
Apple, Inc. 4.5
Fiserv, Inc. 3.7
Graco, Inc. 3.2
Alphabet, Inc. 3.0
Alliant Energy Corp. 3.0

Balanced Fund

As of 12/31/2024:
TOP 10 HOLDINGS % PORTFOLIO
Microsoft Corp. 3.9
Alphabet, Inc. 3.5
Fiserv, Inc. 3.2
JP Morgan Chase & Co. 2.8
UnitedHealth Group, Inc. 2.8
Visa, Inc. 2.4
Graco, Inc. 2.3
Texas Instuments, Inc. 2.2
Ecolab, Inc. 2.0
The Toro Company 2.0

Small Cap Fund

As of 12/31/2024:
TOP 10 HOLDINGS % PORTFOLIO
JBT Corp. 5.3
AZEK Company, Inc. 4.3
Plexus Corp. 4.1
Knife River Corp. 4.0
Hub Group, Inc. 4.0
Casey's General Stores, Inc. 3.7
Workiva, Inc. 3.7
AAR Corp. 3.7
Littelfuse, Inc. 3.5
Medpace Holdings, Inc. 3.4

Minnesota Municipal Bond Fund

FULL PORTFOLIO AS OF 02/12/2025 CUSIP SHARES $ MARKET VALUE % PORTFOLIO
Forest Lake Independent School District No 831 4% 02/01/2039 345874VT5 500,000 510,943 2.14%
State of Minnesota 5% 08/01/2043 60412AH55 400,000 442,390 1.85%
State of Minnesota 5% 10/01/2025 60412AKM4 425,000 431,381 1.80%
City of Northfield MN 5% 02/01/2041 666179GW0 385,000 418,618 1.75%
Redwood Area Schools Independent School District No 2897 4% 02/01/2039 757763DL8 360,000 368,828 1.54%
University of Minnesota 5% 04/01/2033 914460PE4 350,000 357,159 1.49%
City of Chaska MN 4% 02/01/2040 161664QP5 350,000 349,013 1.46%
County of Koochiching MN 5% 02/01/2035 500494FQ7 300,000 331,895 1.39%
Otsego Economic Development Authority 4% 02/01/2044 689152AT3 350,000 332,329 1.39%
Alden-Conger Independent School District No 242 3% 02/01/2027 014083CK3 330,000 329,318 1.38%
Anoka-Hennepin Independent School District No 11 4% 02/01/2032 0363034E2 320,000 330,615 1.38%
City of New Prague MN 4% 02/01/2037 648159F63 315,000 325,872 1.36%
State of Minnesota 5% 08/01/2025 60412AC68 310,000 313,431 1.31%
International Falls Independent School District No 361 4% 02/01/2041 459488GD8 300,000 302,579 1.27%
Rocori Area Schools Independent School District No 750 4% 02/01/2038 774836HB9 300,000 304,372 1.27%
City of Hermantown MN 4% 02/01/2043 427500VU4 300,000 296,623 1.24%
Rosemount-Apple Valley-Eagan Independent School District No 196 4% 02/01/2043 777594ZX3 300,000 297,388 1.24%
Truman Independent School District No 458 4% 02/01/2044 898014DF9 300,000 296,892 1.24%
Hibbing Independent School District No 701 3% 03/01/2033 428599AM6 300,000 290,611 1.22%
Minnesota Higher Education Facilities Authority 5% 10/01/2034 60416JBY5 260,000 278,621 1.17%
Minnesota Higher Education Facilities Authority 5% 10/01/2029 60416JEV8 255,000 276,201 1.16%
Robbinsdale Independent School District No 281 5% 02/01/2034 770265LD6 250,000 277,765 1.16%
County of St Louis MN 2% 12/01/2035 791230XW0 350,000 277,610 1.16%
City of Delano MN 5% 02/01/2038 245667TT7 250,000 273,971 1.15%
City of Rosemount MN 5% 02/01/2037 7775773L9 250,000 276,105 1.15%
County of Carlton MN 5% 02/01/2042 142879MT9 250,000 273,005 1.14%
Minnesota Agricultural & Economic Development Board 5% 01/01/2042 6049202Z0 250,000 272,044 1.14%
Stillwater Independent School District No 834 5% 02/01/2040 860758TA9 250,000 272,113 1.14%
Crookston Independent School District No 593 5% 02/01/2029 227237PS7 250,000 269,772 1.13%
City of St Cloud MN 5% 05/01/2043 78916VER7 250,000 269,134 1.13%
City of Apple Valley MN 4% 09/01/2041 03800RBE5 290,000 266,936 1.12%
State of Minnesota 5% 08/01/2034 60412APJ6 250,000 266,411 1.11%
County of Wright MN 3% 12/01/2038 982276AU1 295,000 266,274 1.11%
County of Hubbard MN 4% 02/01/2036 443348ET0 250,000 262,841 1.10%
Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 161681UU3 250,000 260,093 1.09%
City of Grand Rapids MN 4% 02/01/2038 386335HF3 250,000 259,551 1.09%
Elk River Independent School District No 728 4% 02/01/2037 287425T28 250,000 257,380 1.08%
State of Minnesota 5% 08/01/2026 60412AQS5 250,000 258,717 1.08%
Minnesota Higher Education Facilities Authority 3% 10/01/2041 60416JCZ1 300,000 255,576 1.07%
Zumbro Education District 4% 02/01/2038 989781BA6 275,000 256,181 1.07%
County of Beltrami MN 4% 12/01/2042 081131HC1 250,000 252,410 1.06%
Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 85236DBJ6 250,000 250,967 1.05%
State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2035 20261DCE1 220,000 249,736 1.04%
City of Hutchinson MN 2% 02/01/2034 448285QY5 300,000 247,122 1.03%
Waterville-Elysian-Morristown Independent School District No 2143/MN 4% 02/01/2045 94222RBY0 250,000 245,227 1.03%
St Cloud Independent School District No 742/MN 5% 02/01/2041 789177SP8 225,000 238,430 1.00%
University of Minnesota 5% 10/01/2026 914460TB6 220,000 228,288 0.95%
County of Wright MN 3% 12/01/2039 982276AV9 250,000 223,930 0.94%
State of Minnesota 5% 08/01/2044 60412AN58 200,000 222,283 0.93%
St Paul Independent School District No 625 5% 02/01/2042 792897SK7 200,000 219,040 0.92%
South Washington County Independent School District No 833/MN 5% 04/01/2031 840611DL8 200,000 220,674 0.92%
Minnesota Higher Education Facilities Authority 4% 03/01/2036 60416H3N2 215,000 216,515 0.91%
Bold Independent School District No 2534 5% 02/01/2044 090808BY1 200,000 215,403 0.90%
County of Hennepin MN 5% 12/01/2030 425507GN4 195,000 206,922 0.87%
Rochester Independent School District No 535 4% 02/01/2031 771614SZ8 200,000 205,672 0.86%
State of Minnesota 5% 08/01/2035 60412ATN3 185,000 203,907 0.85%
City of Winona MN 5% 02/01/2032 975230A78 180,000 202,635 0.85%
Minnesota State Colleges And Universities Foundation 4% 10/01/2029 60414FMU1 200,000 200,125 0.84%
County of Itasca MN 4% 02/01/2044 465452NN6 200,000 198,175 0.83%
Rochester Independent School District No 535 2.5% 02/01/2039 771614TH7 250,000 198,657 0.83%
City of Northfield MN 4% 02/01/2044 666179GZ3 200,000 196,839 0.82%
St Paul Independent School District No 625 3% 02/01/2033 792897JY7 200,000 195,990 0.82%
City of Hastings MN 5% 02/01/2027 418509MY8 175,000 183,291 0.77%
State of Minnesota 5% 08/01/2025 60412AEB5 180,000 181,992 0.76%
Minnesota Higher Education Facilities Authority 3% 10/01/2036 60416JEL0 200,000 181,153 0.76%
Pine City Independent School District No 578 2% 04/01/2032 722514AL0 200,000 175,746 0.73%
State of Minnesota 5% 08/01/2028 60412ARQ8 155,000 166,928 0.70%
City of Rochester MN 5% 02/01/2040 771588VY3 150,000 166,563 0.70%
City of St Cloud MN 2% 02/01/2034 78916CAM4 200,000 164,748 0.69%
St Louis Park Independent School District No 283 5% 04/01/2032 791759AG8 150,000 165,110 0.69%
City of Apple Valley MN 4% 09/01/2030 03800RBB1 160,000 159,645 0.67%
Metropolitan Council 4% 03/01/2030 591852F29 155,000 158,282 0.66%
State of Minnesota 4% 08/01/2037 60412AQ22 150,000 157,424 0.66%
St Francis Independent School District No 15 4% 02/01/2036 789466TQ2 150,000 157,225 0.66%
University of Minnesota 5% 04/01/2040 914460SR2 150,000 158,553 0.66%
City of Minneapolis MN 5% 11/15/2036 60374VEB5 150,000 154,964 0.65%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2031 603827WW2 150,000 155,250 0.65%
Owatonna Independent School District No 761/MN 4% 02/01/2028 690564RK7 150,000 154,879 0.65%
Alexandria Lake Area Sanitation District 4% 02/01/2036 015091DF5 150,000 153,886 0.64%
Duluth Independent School District No 709 0% 02/01/2031 264471LL5 200,000 152,933 0.64%
City of Minnetrista MN 4% 02/01/2031 604229RU0 145,000 152,986 0.64%
City of Cold Spring MN 4% 02/01/2044 193000XP6 150,000 145,540 0.61%
Dakota County Community Development Agency 4.2% 05/01/2043 23409VFP0 150,000 144,606 0.60%
City of Jordan MN 4% 02/01/2033 480700R96 135,000 142,402 0.60%
City of Chaska MN Electric Revenue 5% 10/01/2025 161670EW0 140,000 142,004 0.59%
City of Minneapolis MN 5% 11/15/2052 60374VEW9 130,000 137,806 0.58%
St Cloud Housing & Redevelopment Authority 2% 02/01/2033 789163AX0 160,000 138,142 0.58%
City of Center City MN 4% 11/01/2027 151452BW8 135,000 136,750 0.57%
City of Elk River MN Electric Revenue 3% 08/01/2032 287423EM5 140,000 135,547 0.57%
Elk River Independent School District No 728 4% 02/01/2026 287425M33 125,000 126,431 0.53%
City of Greenfield MN 5% 12/15/2030 395108EB5 115,000 127,022 0.53%
Zumbro Education District 4% 02/01/2034 989781AY5 125,000 120,720 0.50%
St Cloud Housing & Redevelopment Authority 2% 02/01/2031 789163AV4 130,000 117,831 0.49%
Fergus Falls Independent School District No 544 5% 02/01/2034 314801LU3 100,000 110,357 0.46%
Princeton Public Utilities Commission 5% 04/01/2031 742271BG3 100,000 108,827 0.46%
Metropolitan Council 5% 12/01/2028 591852Z76 100,000 108,221 0.45%
Cleveland Independent School District No 391 4% 02/01/2026 186216EG8 105,000 106,102 0.44%
Minnesota Higher Education Facilities Authority 3% 03/01/2043 60416JDW7 125,000 104,472 0.44%
Metropolitan Council 5% 03/01/2026 591852A99 100,000 102,432 0.43%
City of Richfield MN 4% 02/01/2027 763326HP3 100,000 102,363 0.43%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 792909FE8 110,000 102,444 0.43%
City of Madelia MN 2% 02/01/2033 556394JQ8 115,000 99,290 0.42%
City of Wayzata MN 3% 12/01/2027 946796WS4 100,000 99,529 0.42%
Westonka Independent School District No 277 4% 02/01/2041 960906GD1 100,000 100,299 0.42%
City of Minneapolis MN 4% 11/15/2040 60374VEV1 100,000 98,743 0.41%
Waconia Independent School District No 110 3% 02/01/2028 930047LZ6 100,000 98,897 0.41%
City of Coon Rapids MN 2.5% 02/01/2036 21657ARX9 100,000 85,767 0.36%
County of Pennington MN 2.375% 02/01/2035 708288JR7 100,000 84,944 0.36%
St Paul Independent School District No 625 2.25% 02/01/2035 792897NY2 100,000 84,793 0.35%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 852297BV1 65,000 64,244 0.27%
Cash & Other Cash&Other 440,998 440,998 1.84%

 

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

  • Going Online 
  • Calling Shareholder Services at 800-304-7404, or
  • Completing the appropriate application and mailing it with your check to: 


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.

The Small Cap Fund may invest in initial public offerings by small cap companies, which can involve greater risks than investments in companies which are already publicly traded.