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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 03/31/2024

Inception 1/10/1961

FUND/INDEX 1 YR 5 YR 10 YR 20 YR 25 YR SINCE INCEPTION
Mairs & Power Balanced Fund2 16.548.047.207.557.499.42
Composite Index3 17.999.418.587.546.548.94
Morningstar Category4 15.167.386.145.874.92-
S&P 500 TR Index5 29.8815.0512.9610.157.78-
Bloomberg U.S.Govt/Credit Bond Index6 1.740.621.703.043.93-

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 04/15/2024: NAV - Daily Closing Price
Balanced Fund MAPOX$102.66
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.

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 - 12/31/2023
Combined 3/31/1975 - 12/31/2023

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

MORNINGSTAR RATINGS & RANKINGS

As of 12/31/2023 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 701-701659488-
Percentile Rank -5728373034
Funds in Category -73970368459538

Inception 1/10/1961

FUND FACTS

As of 12/31/2023:
TickerMAPOX
Inception
Date
1/10/1961
StyleBalanced
Annualized
Turnover7
11.74%
Expense
Ratio
0.69%
Equity
Holdings
46
Active
Share8
78.23%
Sharpe
Ratio9
0.21
Net/
Asset Value10
$101.65
Wtd. Ave. Market
Cap11
$353B
Fixed Income
Holdings
218
30-Day SEC
Yield12
2.43%
Effective
Maturity (Years)
7.48
Effective
Duration13
5.5
Total Net
Assets
$779M
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 12/31/2023:
Equity Sector Weights % PORTFOLIO
Health Care 12.8
Financials12.5
Information Technology 11.4
Industrials11.1
Consumer Staples 4.7
Communication Services 4.7
Materials4.1
Consumer Discretionary 1.2
Utilities 1.5
0.0
0.0
Total Common Stock 64.0
TOP 10 HOLDINGS % PORTFOLIO
Microsoft Corp. 3.9
Alphabet Inc. 3.6
Fiserv Inc. 2.7
JPMorgan Chase & Co. 2.6
UnitedHealth Group Inc. 2.5
Toro Company 2.1
Abbott Laboratories 2.1
Ecolab, Inc. 2.0
Visa Inc. 1.9
Medtronic PLC 1.9

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 90.0%
Mid Cap 9.0%
Small Cap 1.0%

Geographic Allocation

Minnesota 33.0%
Upper Midwest 19.0%
Other 48.0%

Asset Allocation

Common Stock 64.0%
Corporate Bonds 31.0%
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 --
6/28/20236/29/2023 $97.96 $0.49 --
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

General

RESOURCES

Growth Fund

REPORTS

Prospectuses

BOARD OF TRUSTEES

The Board has structured itself in a manner that it believes allows it to effectively perform its oversight function.

The Board of Trustees is composed of six Independent Trustees and one Trustee who is an “interested person” of the Trust (the “Interested Trustee”).

Dr. Michael D. Akers
Mr. Gary A. Drska
Vincent P. Lyles
Erik K. Olstein
Lisa Zúñiga Ramírez
Gregory M. Wesley
John P. Buckel, Interested Trustee

Accordingly, 85% of the members of the Board are Independent Trustees, Trustees who are not affiliated with the Adviser or its affiliates, or any other investment adviser or other service provider to the Trust or any underlying fund. The Board of Trustees has established three standing committees, an Audit Committee, a Nominating Committee and a Valuation Committee. Each of the Audit Committee and the Nominating Committee is comprised entirely of Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust. More information is available in the Statement of Additional Information (SAI).

IMPORTANT RISKS

All investments have risks. The Fund is designed for long-term investors. Equity investments are subject to market fluctuations and the Fund’s 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. 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.

About Morningstar

Morningstar Moderate Allocation Category portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors  underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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1No load/Sales charge: You pay no sales charge for the purchase or sale of Fund shares and no 12b-1 marketing fees. You will, however, incur expenses for investment advisory, management and administrative services, which are included in annual fund operating expenses.

7Turnover ratio: The turnover ratio or turnover rate is the percentage of a mutual fund or other portfolio’s holdings that have been replaced in a given year (calendar year or whatever 12-month period represents the fund’s fiscal year).

8Active share: a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index. Typically, managers with high Active Share outperform their benchmark indexes and Active Share tends to predict fund performance.

9Sharpe ratio: A measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment.

10Net Asset Value (NAV) Per Share.  

11Weighted average market capitalization is determined by multiplying the current market price by the number of outstanding shares and then taking an average to determine weighting. 

1230-day SEC yield reflects the dividends and interest earned during the period after the deduction of the Fund's expenses. It may help investors estimate income, expressed as a percentage. 

13Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.  

Upper Midwest includes Minnesota, Illinois, Iowa, Wisconsin, North Dakota and South Dakota.

Capitalization categories as defined by Mairs & Power: Large Cap - greater than $10 Billion; Mid Cap - $2B to $10B; Small Cap - less than $2B.