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FUND MANAGERS

Robert W. Thompson,   CFA

Co-Manager

Kevin V. Earley, CFA

Lead Manager

Inception 1961: MAPOX

Mairs & Power
Balanced Fund

  • Regional emphasis
  • Diversifies across a portfolio of approximately 60% equity and 40% fixed income 
  • Access to a portfolio of companies that exhibit
    • - Consistent, above average growth potential
    • - Durable competitive advantages
    • - Reasonable valuations
  • Low expense ratio
  • Low turnover, tax efficient
  • No load1

Resources

Explore the Balanced Fund

PERFORMANCE & NAV

Average Annualized Returns (%)

As of 06/30/2024

Inception 1/10/1961

FUND/INDEX 1 YR 5 YR 10 YR 20 YR 25 YR SINCE INCEPTION
Mairs & Power Balanced Fund2 11.437.336.787.447.209.37
Composite Index3 15.489.088.457.696.498.95
Morningstar Category4 12.707.005.905.955.03-
S&P 500 TR Index5 24.5615.0512.8610.297.67-
Bloomberg U.S.Govt/Credit Bond Index6 2.74-0.071.513.213.98-

Calendar Year Returns (%)

FUND/INDEX20232022202120202019201820172016201520142013201220112010200920082007200620052004
Mairs & Power Balanced Fund2 13.39-14.9118.3010.4420.32-2.8011.9011.42-2.548.0419.0217.343.2314.8721.35-21.124.2812.104.5012.00
Composite Index3 17.76-16.0015.7615.3022.64-2.5214.418.481.1310.6317.4011.585.0515.0612.17-21.916.2010.993.867.46
As of 07/12/2024: NAV - Daily Closing Price
Balanced Fund MAPOX$108.08
As of 4/30/2023 Prospectus Expense Ratio
0.69% annualized as of 12/31/22

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance as of the most recent month end is available by calling 800-304-7404.

2Performance shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Index Definitions

Mairs & Power Balanced Fund Has Out-Performed 4 of the Last 6 Full Economic Cycles

When Mairs & Power talks about the advantages of holding through a “full economic market cycle,” we are referring to the business cycle fluctuation between contraction and expansion, also called recession and recovery. Investors who enjoy growth opportunities during times of expansion must consider and prepare for times when the economy inevitably contracts. Mairs & Power’s portfolios are designed with the intent to help preserve capital over full cycles.

The periods in this chart are called “trough to trough.” The beginning point of each period marks the start of a recovery following a recession. During the period, a “peak” is reached and then another contraction begins. The end of the period marks the low point prior to the next recovery starting, and is also referred to as a “trough.”

A recessionary period is a period of significant decline in widespread economic activity spread lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales.

PERFORMANCE OVER ECONOMIC CYCLES, ANNUALIZED TOTAL RETURNS %: 1975-2022

FULL ECONOMIC CYCLES

CURRENT CYCLE (INCOMPLETE)

COMBINED PERIOD

FUND/INDEXES

  • Mairs & Power Balanced Fund
  • Composite Index3
  • Morningstar Category4
PERIOD DATE RANGE
Per. 1 3/31/1975 - 7/31/1980
Per. 2 7/31/1980 - 11/30/1982
Per. 3 11/30/1982 - 3/29/1991
Per. 4 3/29/1991 - 11/30/2001
Per. 5 11/30/2001 - 6/30/2009
Per. 6 6/30/2009 - 4/30/2020
Current 4/30/2020 - 3/31/2024
Combined 3/31/1975 - 3/31/2024

The information shown is only for the time periods indicated. Performance for other periods may differ, possibly significantly.

MORNINGSTAR RATINGS & RANKINGS

As of 3/31/2024 among Moderate Allocation Funds based on risk-adjusted returns.
OVERALL 1 YR 3 YR 5 YR 10 YR Since Inception
Star Rating 4star - 3star 3star 4star -
Funds in Category 695-695655486-
Percentile Rank -3434373234
Funds in Category -74070368560038

Inception 1/10/1961

FUND FACTS

As of 3/31/2024:
TickerMAPOX
Inception
Date
1/10/1961
StyleBalanced
Annualized
Turnover7
11.74%
Expense
Ratio
0.69%
Equity
Holdings
49
Active
Share8
78.06%
Sharpe
Ratio9
0.20
Net/
Asset Value10
$106.86
Wtd. Ave. Market
Cap11
$388B
Fixed Income
Holdings
219
30-Day SEC
Yield12
2.36%
Effective
Maturity (Years)
7.4
Effective
Duration13
5.4
Total Net
Assets
$787M
Sales
Charge1
None
Min. Initial
Investment
$2,500
Min. Initial IRA
Investment
$1,000
Subsequent
Investment
$100
Income
Distribution
Quarterly
Capital Gains
Distributions
Annual

OBJECTIVE & STRATEGY

To provide capital growth, current income and preservation of capital.

  • Commits to long-term investing in consistently growing companies with minimal turnover
  • Emphasis on companies in Minnesota and the Upper Midwest
  • Identifies companies exhibiting the potential for strong returns on invested capital and consistent, above-average growth and durable competitive advantages
  • Considers the importance of capable management with a track record of prudent capital deployment
  • Seeks to keep assets reasonably fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities
  • Diversifies across a portfolio of approximately 60% equity and 40% fixed income
  • Buy and hold fixed income portfolio continually reinvests maturities 

PORTFOLIO CHARACTERISTICS

As of 3/31/2024:
Equity Sector Weights % PORTFOLIO
Financials12.5
Information Technology 11.7
Health Care 11.7
Industrials11.1
Consumer Staples 6.5
Communication Services 4.8
Materials4.2
Utilities 1.3
Consumer Discretionary 1.1
0.0
0.0
Total Common Stock 64.9
TOP 10 HOLDINGS % PORTFOLIO
Microsoft Corp. 4.0
Alphabet Inc. 3.4
JPMorgan Chase & Co. 2.7
Fiserv Inc. 2.6
UnitedHealth Group Inc. 2.4
Ecolab, Inc. 2.0
Visa Inc. 2.0
Toro Company 2.0
Medtronic PLC 2.0
Eli Lilly & Co. 1.8

Holdings in the portfolio are subject to change without notice and may or may not represent current or future portfolio composition. 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.

Sector Allocation

See Legend Above.

Market Cap Allocation

Large Cap 91.0%
Mid Cap 9.0%
Small Cap 0.0%

Geographic Allocation

Minnesota 33.0%
Upper Midwest 16.0%
Other 51.0%

Asset Allocation

Common Stock 65.0%
Corporate Bonds 30.0%
Asset Backed Securities 1.0%
Municipal Bonds 1.0%
U.S. Government Obligations 2.0%
Cash 1.0%

DISTRIBUTION HISTORY

The Mairs & Power Balanced Fund declares and pays dividend income quarterly, in March, June, September and December. If any capital gains are realized during the year, the Fund will distribute the net gains in December toward the end of the month.

RECORD DATE EX-DIVIDEND PAYABLE/REINVEST
DATE
REINVEST NAV DIVIDEND PER SHARE SHORT-TERM CAPITAL
GAINS
LONG-TERM CAPITAL
GAINS
3/27/20243/28/2024 $106.86 $0.55 --
6/26/20246/27/2024 $106.52 $0.52 --
9/27/20239/28/2023 $98.14 $0.49 --
12/14/202312/15/2023$100.44$0.58-$1.63

ADDITIONAL RESOURCES

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.

FUND DOCUMENTS

APPLICATIONS / MAINTENANCE

RESOURCES

REPORTS