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 12/31/2025: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Microsoft Corp. | 10.7 |
| NVIDIA Corp. | 9.4 |
| Amazon.com, Inc. | 7.0 |
| JPMorgan Chase & Co. | 5.1 |
| Alphabet, Inc. | 4.0 |
| Apple, Inc. | 3.9 |
| Roche Holding AG | 3.2 |
| Graco, Inc. | 3.1 |
| UnitedHealth Group, Inc. | 3.0 |
| Eli Lilly & Co. | 3.0 |
Balanced Fund
| As of 12/31/2025: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| Microsoft Corp. | 4.0 |
| Alphabet, Inc. | 3.6 |
| Visa, Inc. | 2.5 |
| Ecolab, Inc. | 2.4 |
| Amazon.com, Inc. | 2.3 |
| Texas Instruments, Inc. | 2.3 |
| JPMorgan Chase & Co. | 2.2 |
| Abbott Laboratories | 2.1 |
| Xcel Energy, Inc. | 2.0 |
| UnitedHealth Group, Inc. | 1.9 |
Small Cap Fund
| As of 12/31/2025: |
| TOP 10 HOLDINGS | % PORTFOLIO |
| JBT Marel Corp. | 4.5 |
| Hub Group, Inc. | 4.3 |
| Bio-Techne Corp. | 4.2 |
| AAR Corp. | 4.0 |
| Entegris, Inc. | 3.7 |
| Knife River Corp. | 3.7 |
| Workiva, Inc. | 3.6 |
| H.B. Fuller | 3.4 |
| nVent Electric PLC | 3.3 |
| Medpace Holdings, Inc. | 3.1 |
Minnesota Municipal Bond Fund
| FULL PORTFOLIO AS OF 02/02/2026 | CUSIP | SHARES | $ MARKET VALUE | % PORTFOLIO |
|---|---|---|---|---|
| State of Minnesota 5% 08/01/2037 | 60412AW33 | 1,000,000 | 1,176,441 | 3.16% |
| State of Minnesota 5% 08/01/2039 | 60412AM83 | 1,000,000 | 1,143,519 | 3.08% |
| South Washington County Independent School District No 833/MN 5% 02/01/2037 | 840610VA4 | 1,000,000 | 1,113,674 | 3.00% |
| Metropolitan Council 5% 03/01/2043 | 5918527Q5 | 1,000,000 | 1,113,401 | 2.99% |
| State of Minnesota 5% 08/01/2027 | 60412A2V4 | 1,000,000 | 1,041,822 | 2.80% |
| Mankato Independent School District No 77 4% 02/01/2042 | 563690TZ9 | 1,000,000 | 1,002,077 | 2.70% |
| Madelia Independent School District No 837 4% 02/01/2045 | 556411ED4 | 1,000,000 | 991,910 | 2.67% |
| County of Ramsey MN 3% 02/01/2028 | 751622RB9 | 700,000 | 700,140 | 1.88% |
| City of Bloomington MN 4% 02/01/2040 | 0947808G1 | 655,000 | 685,335 | 1.84% |
| Minneapolis Special School District No 1 5% 02/01/2028 | 603792VM1 | 565,000 | 595,591 | 1.60% |
| Inver Grove Heights Independent School District No 199 5% 02/01/2032 | 461225GD0 | 500,000 | 571,431 | 1.54% |
| State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2031 | 60414HBA3 | 500,000 | 563,806 | 1.52% |
| County of Hennepin MN 5% 12/01/2044 | 425507QF0 | 500,000 | 547,131 | 1.47% |
| Forest Lake Independent School District No 831 4% 02/01/2039 | 345874VT5 | 500,000 | 518,114 | 1.39% |
| Fairmont Independent School District No 2752 4% 02/01/2040 | 305229HW9 | 500,000 | 510,710 | 1.37% |
| Minnesota Housing Finance Agency 4.85% 07/01/2045 | 60416UWR2 | 500,000 | 508,435 | 1.37% |
| State of Minnesota 5% 08/01/2043 | 60412AH55 | 400,000 | 437,164 | 1.18% |
| City of Northfield MN 5% 02/01/2041 | 666179GW0 | 385,000 | 421,274 | 1.13% |
| City of Center City MN 5% 11/01/2038 | 151452CN7 | 370,000 | 406,113 | 1.09% |
| Big Lake Economic Development Authority 5% 02/01/2046 | 089267AU2 | 370,000 | 382,534 | 1.03% |
| Redwood Area Schools Independent School District No 2897 4% 02/01/2039 | 757763DL8 | 360,000 | 375,433 | 1.01% |
| City of Chaska MN 4% 02/01/2040 | 161664QP5 | 350,000 | 357,497 | 0.96% |
| University of Minnesota 5% 04/01/2033 | 914460PE4 | 350,000 | 350,974 | 0.94% |
| City of Marshall MN Public Utility Revenue 5% 07/01/2038 | 572565JD2 | 300,000 | 342,777 | 0.92% |
| County of Ramsey MN 5% 02/01/2038 | 751622ZT1 | 300,000 | 342,390 | 0.92% |
| County of Koochiching MN 5% 02/01/2035 | 500494FQ7 | 300,000 | 336,742 | 0.91% |
| Alden-Conger Independent School District No 242 3% 02/01/2027 | 014083CK3 | 330,000 | 330,079 | 0.89% |
| Anoka-Hennepin Independent School District No 11 4% 02/01/2032 | 0363034E2 | 320,000 | 330,838 | 0.89% |
| City of New Prague MN 4% 02/01/2037 | 648159F63 | 315,000 | 331,697 | 0.89% |
| Minneapolis Special School District No 1 5% 02/01/2042 | 603790YD2 | 295,000 | 322,838 | 0.87% |
| International Falls Independent School District No 361 4% 02/01/2041 | 459488GD8 | 300,000 | 309,395 | 0.83% |
| Rocori Area Schools Independent School District No 750 4% 02/01/2038 | 774836HB9 | 300,000 | 308,713 | 0.83% |
| City of Hermantown MN 4% 02/01/2043 | 427500VU4 | 300,000 | 302,807 | 0.81% |
| Rosemount-Apple Valley-Eagan Independent School District No 196 4% 02/01/2043 | 777594ZX3 | 300,000 | 300,907 | 0.81% |
| Truman Independent School District No 458 4% 02/01/2044 | 898014DF9 | 300,000 | 301,234 | 0.81% |
| State of Minnesota 5% 08/01/2028 | 60412ARQ8 | 280,000 | 299,105 | 0.80% |
| Robbinsdale Independent School District No 281 5% 02/01/2034 | 770265LD6 | 250,000 | 289,204 | 0.78% |
| Cedar Mountain Independent School District No 2754 5% 02/01/2036 | 150452DV9 | 250,000 | 285,341 | 0.77% |
| City of Albert Lea MN 5% 02/01/2038 | 012788K20 | 250,000 | 283,803 | 0.76% |
| St Paul Housing & Redevelopment Authority Parking Enterprise Revenue 5% 12/01/2034 | 79289WBL8 | 250,000 | 282,539 | 0.76% |
| City of Maple Lake MN 5% 02/01/2036 | 565250RM1 | 260,000 | 279,003 | 0.75% |
| Minnesota Health & Education Facilities Authority 5% 10/01/2034 | 60416JBY5 | 260,000 | 277,786 | 0.75% |
| City of Rosemount MN 5% 02/01/2037 | 7775773L9 | 250,000 | 277,982 | 0.75% |
| City of Delano MN 5% 02/01/2038 | 245667TT7 | 250,000 | 275,245 | 0.74% |
| Minnesota Health & Education Facilities Authority 5% 10/01/2029 | 60416JEV8 | 255,000 | 276,743 | 0.74% |
| County of Carlton MN 5% 02/01/2042 | 142879MT9 | 250,000 | 272,295 | 0.73% |
| Stillwater Independent School District No 834 5% 02/01/2040 | 860758TA9 | 250,000 | 272,978 | 0.73% |
| City of Apple Valley MN 4% 09/01/2041 | 03800RBE5 | 290,000 | 268,792 | 0.72% |
| Crookston Independent School District No 593 5% 02/01/2029 | 227237PS7 | 250,000 | 269,051 | 0.72% |
| City of Grand Rapids MN 4% 02/01/2038 | 386335HF3 | 250,000 | 267,115 | 0.72% |
| County of Hubbard MN 4% 02/01/2036 | 443348ET0 | 250,000 | 268,686 | 0.72% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2032 | 603827B54 | 250,000 | 269,470 | 0.72% |
| Minnesota Agricultural & Economic Development Board 5% 01/01/2042 | 6049202Z0 | 250,000 | 266,712 | 0.72% |
| Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 | 161681UU3 | 250,000 | 262,714 | 0.71% |
| County of Hennepin MN 5% 12/15/2037 | 425507HS2 | 250,000 | 264,173 | 0.71% |
| State of Minnesota 5% 08/01/2034 | 60412APJ6 | 250,000 | 264,918 | 0.71% |
| Minnesota Health & Education Facilities Authority 3% 10/01/2041 | 60416JCZ1 | 300,000 | 265,469 | 0.71% |
| City of St Cloud MN 5% 05/01/2043 | 78916VER7 | 250,000 | 265,019 | 0.71% |
| Zumbro Education District 4% 02/01/2038 | 989781BA6 | 275,000 | 263,850 | 0.71% |
| Elk River Independent School District No 728 4% 02/01/2037 | 287425T28 | 250,000 | 261,970 | 0.70% |
| County of Beltrami MN 4% 12/01/2042 | 081131HC1 | 250,000 | 255,000 | 0.69% |
| State of Minnesota 5% 08/01/2029 | 60412AD26 | 235,000 | 256,986 | 0.69% |
| City of Victoria MN 4% 02/01/2042 | 926278XH0 | 250,000 | 256,457 | 0.69% |
| State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2035 | 20261DCE1 | 220,000 | 253,835 | 0.68% |
| State of Minnesota 5% 08/01/2026 | 60412AQS5 | 250,000 | 253,490 | 0.68% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 | 85236DBJ6 | 250,000 | 251,538 | 0.68% |
| City of Cambridge MN 5% 02/01/2035 | 132339N32 | 215,000 | 249,358 | 0.67% |
| City of Duluth MN 5% 02/01/2030 | 264438X72 | 250,000 | 250,532 | 0.67% |
| Waterville-Elysian-Morristown Independent School District No 2143/MN 4% 02/01/2045 | 94222RBY0 | 250,000 | 248,305 | 0.67% |
| City of Hutchinson MN 2% 02/01/2034 | 448285QY5 | 270,000 | 239,096 | 0.64% |
| St Cloud Independent School District No 742/MN 5% 02/01/2041 | 789177SP8 | 225,000 | 239,695 | 0.64% |
| Cloquet Area Fire & Ambulance Special Taxing District 5% 02/01/2035 | 189019AJ1 | 200,000 | 232,889 | 0.63% |
| County of Wright MN 3% 12/01/2039 | 982276AV9 | 250,000 | 232,892 | 0.63% |
| South Washington County Independent School District No 833/MN 5% 04/01/2031 | 840611DL8 | 200,000 | 222,926 | 0.60% |
| University of Minnesota 5% 10/01/2026 | 914460TB6 | 220,000 | 224,078 | 0.60% |
| City of Montgomery MN 5% 02/01/2030 | 613851PC2 | 200,000 | 219,794 | 0.59% |
| St Paul Independent School District No 625 5% 02/01/2042 | 792897SK7 | 200,000 | 218,299 | 0.59% |
| Minnesota Health & Education Facilities Authority 4% 03/01/2036 | 60416H3N2 | 215,000 | 216,545 | 0.58% |
| County of Hennepin MN 5% 12/01/2030 | 425507GN4 | 195,000 | 204,580 | 0.55% |
| Rochester Independent School District No 535 4% 02/01/2031 | 771614SZ8 | 200,000 | 206,318 | 0.55% |
| County of Itasca MN 4% 02/01/2044 | 465452NN6 | 200,000 | 200,322 | 0.54% |
| Minnesota State Colleges And Universities Foundation 4% 10/01/2029 | 60414FMU1 | 200,000 | 200,219 | 0.54% |
| City of Northfield MN 4% 02/01/2044 | 666179GZ3 | 200,000 | 199,503 | 0.54% |
| City of Owatonna MN 4% 03/01/2035 | 690530ZW3 | 175,000 | 188,956 | 0.51% |
| Pine City Independent School District No 578 2% 04/01/2032 | 722514AL0 | 200,000 | 184,431 | 0.50% |
| County of Hennepin MN 5% 12/01/2042 | 425507QD5 | 155,000 | 173,724 | 0.47% |
| State of Minnesota 4% 09/01/2034 | 60412AWP4 | 165,000 | 175,516 | 0.47% |
| Duluth Independent School District No 709 0% 02/01/2031 | 264471LL5 | 200,000 | 169,813 | 0.46% |
| St Louis Park Independent School District No 283 5% 04/01/2032 | 791759AG8 | 150,000 | 168,786 | 0.45% |
| Waconia Independent School District No 110 5% 02/01/2038 | 930047QU2 | 150,000 | 166,018 | 0.45% |
| City of Apple Valley MN 4% 09/01/2030 | 03800RBB1 | 160,000 | 163,075 | 0.44% |
| County of Hennepin MN 5% 12/01/2043 | 425507PL8 | 150,000 | 164,371 | 0.44% |
| Alexandria Lake Area Sanitation District 4% 02/01/2036 | 015091DF5 | 150,000 | 156,950 | 0.42% |
| Metropolitan Council 4% 03/01/2030 | 591852F29 | 155,000 | 157,752 | 0.42% |
| City of Minneapolis MN 5% 11/15/2036 | 60374VEB5 | 150,000 | 155,054 | 0.42% |
| Owatonna Independent School District No 761/MN 4% 02/01/2028 | 690564RK7 | 150,000 | 154,731 | 0.42% |
| University of Minnesota 5% 04/01/2040 | 914460SR2 | 150,000 | 157,685 | 0.42% |
| Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2031 | 603827WW2 | 150,000 | 153,354 | 0.41% |
| Dakota County Community Development Agency 4.2% 05/01/2043 | 23409VFP0 | 150,000 | 147,922 | 0.40% |
| Minnesota Housing Finance Agency 3.1% 02/01/2027 | 60416URC1 | 150,000 | 150,339 | 0.40% |
| City of Jordan MN 4% 02/01/2033 | 480700R96 | 135,000 | 145,211 | 0.39% |
| City of Center City MN 4% 11/01/2027 | 151452BW8 | 135,000 | 137,247 | 0.37% |
| City of Minneapolis MN 5% 11/15/2052 | 60374VEW9 | 130,000 | 138,440 | 0.37% |
| Stillwater Independent School District No 834 4% 02/01/2041 | 860758TB7 | 130,000 | 132,982 | 0.36% |
| Zumbro Education District 4% 02/01/2034 | 989781AY5 | 125,000 | 124,664 | 0.34% |
| St Cloud Independent School District No 742/MN 0% 02/01/2033 | 789177SZ6 | 150,000 | 120,715 | 0.32% |
| Princeton Public Utilities Commission 5% 04/01/2031 | 742271BG3 | 100,000 | 110,285 | 0.30% |
| Metropolitan Council 5% 12/01/2028 | 591852Z76 | 100,000 | 107,629 | 0.29% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 | 792909FE8 | 110,000 | 107,855 | 0.29% |
| Minnesota Health & Education Facilities Authority 3% 03/01/2043 | 60416JDW7 | 125,000 | 104,455 | 0.28% |
| Metropolitan Council 5% 03/01/2026 | 591852A99 | 100,000 | 100,221 | 0.27% |
| Waconia Independent School District No 110 3% 02/01/2028 | 930047LZ6 | 100,000 | 100,024 | 0.27% |
| Westonka Independent School District No 277 4% 02/01/2041 | 960906GD1 | 100,000 | 102,185 | 0.27% |
| St Paul Independent School District No 625 2.25% 02/01/2035 | 792897NY2 | 100,000 | 91,150 | 0.25% |
| City of Wayzata MN 3% 12/01/2027 | 946796WS4 | 65,000 | 65,015 | 0.17% |
| Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 | 852297BV1 | 35,000 | 34,913 | 0.09% |
| Cash & Other | Cash&Other | 1,134,177 | 1,134,177 | 3.05% |
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.