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Commentary

Q3 2024 Mutual Fund Commentaries

: September 30, 2024

Mairs & Power Mutual Fund managers share their insights for the market and their respective funds in first of 2024. ...

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Investing involves risk, including potential loss of principal.

Investing in the Funds is subject to investment risks, including, but not limited to, possible loss of the principal amount invested. These investment risks are explained in the Mutual Funds Prospectus and ETF Prospectus.

The Mairs & Power Balanced, Growth, Small Cap Mutual Funds and the Minnesota Municipal Bond ETF are offered by Prospectus only. The Funds are not available for sale to investors residing outside of the United States. See each individual Fund for more information. You should read the Prospectus carefully before you invest. The Mutual Funds Prospectus, Growth Fund Summary Prospectus, Balanced Fund Summary Prospectus, and Small Cap Fund Summary Prospectus are available online at this website. You may also obtain a Mutual Funds Prospectus by calling Mutual Fund Shareholder Services at 800-304-7404. The ETF Prospectus and ETF Summary Prospectus are available online at this website. You may also obtain a ETF Prospectus by calling ETF Shareholder Services at 855-839-2800. This website is not intended to be nor should it be considered, a solicitation to buy or any offer to sell shares of the Mairs & Power Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Diversification does not eliminate the risk of experiencing investment loss.

Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns. Because the funds concentrate their investments in specific industries, the funds may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. The funds are non-diversified, meaning they may concentrate more of their assets in a smaller number of issuers than diversified funds.

Foreside Fund Services, LLC is the Distributor for the Mairs & Power Funds. Foreside Fund Services, LLC is not affiliated with Mairs & Power, Inc. Foreside Fund Services, LLC does not distribute the individually managed accounts

CFA is a registered trademark of the CFA Institute.

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