Mairs & Power's Small Cap Fund Closes to New Investors

Announcement - August 15, 2016

After careful deliberation, Mairs & Power has decided to close the Small Cap Fund (MSCFX/ the "Fund") to new investors effective as of the close of business on September 30, 2016 (the "Closing Date"). The Fund will remain open to investment by existing shareholders, existing Mairs & Power private clients, retirement plans with an existing agreement and new or existing clients of an individual financial adviser representative with pre-existing investments in the Fund.

Mairs & Power Growth Fund (MPGFX) and Mairs & Power Balanced Fund (MAPOX) remain open to new investors.

"With our disciplined, low turnover and long-term investment approach, we hold relatively concentrated positions in a carefully selected portfolio of companies. This strategy means that we manage our asset base carefully," said Mark Henneman, Chief Investment Officer of Mairs & Power, Inc. (the "Adviser"). "We manage capacity for each of our Funds individually, taking a conservative approach that considers, among other factors, total assets under management, the rate of asset growth and the availability of securities that meet the Funds' investment objectives."

"We believe this decision is in the best long-term interest of the Small Cap Fund's existing shareholders, as it allows us to maintain stable and balanced growth with the Fund. We remain confident in our ability to continue to find attractive investment opportunities within the small cap universe and we remain committed to protecting the interests of our Fund's shareholders. This soft close demonstrates that commitment," said Andrew Adams, lead portfolio manager of the Mairs & Power Small Cap Fund.

Launched in 2011, the Small Cap Fund has experienced significant, but manageable, asset flows. The Fund's performance success over one-, three-, and five-year periods led to strong asset growth from both existing and new investors. While this growth has not impacted the Adviser's ability to implement the Fund's stated investment strategy, the decision to close the Fund at this time followed careful deliberation and discussion on how best to serve the interests of existing shareholders by managing asset growth.

Complete guidelines on eligibility to invest in the Fund are available in the Fund's prospectus.


About the Small Cap Fund

The Small Cap Fund seeks above-average, long-term appreciation by investing in smaller companies with attractive business niches and prospects for profitable growth. Like all Mairs & Power mutual funds, the Small Cap Fund focuses the majority of its investments on companies located in the Upper Midwest. Lead portfolio manager Andrew R. Adams and co-manager Allen D. Steinkopf bring a total of 43 years of professional investment management experience to their roles, including a combined 14 years at Mairs & Power.


About Mairs & Power

Established in 1931, Mairs & Power is an independent, employee-owned investment advisory firm with a commitment to pursuing long-term growth. The firm's mutual funds and individually managed accounts are built on the strength and success of carefully selected bonds and quality growth stocks. One of the cornerstones of the firm's equity approach is a regional strategy with heavy representation in stocks of companies headquartered in the Upper Midwest. As of June 30th, 2016, Mairs & Power had over $8.5 billion in assets under management.

If you have any questions or concerns, please refer to the Fund's Prospectus or contact Shareholder Services at 1-800-304-7404.