Michael C. Marzolf



Andrew R. Adams, CFA

CIO, Lead Manager


Chris D. Strom, CFA



Inception 2011: MSCFX

Mairs & Power
Small Cap Fund

  • Regional emphasis
  • Access to a portfolio of companies who exhibit
    • - Attractive business niches
    • - Strong competitive positions
    • - Potential to grow revenues, earnings and cash flows consistently over the long term
  • Low turnover, tax efficient 
  • No load1


Explore the Small Cap Fund


Average Annualized Returns (%)

As of 12/31/2022

Inception 8/11/2011

Mairs & Power Small Cap Fund2 -13.935.665.879.9112.35
S&P Small Cap 600 Index3 -16.105.805.8810.8211.83
Russell 2000 TR Index4 -20.443.
Morningstar Small Blend Category5 -16.354.674.338.52-

Calendar Year Returns (%)

Mairs & Power Small Cap Fund2 -13.9326.008.7821.13-6.917.6427.27-4.686.7338.75
S&P Small Cap 600 Index3 -16.1026.8211.2922.78-8.4813.2326.56-1.975.7641.31
Russell 2000 TR Index4 -20.4414.8219.9625.52-11.0114.6521.31-4.414.8938.82
As of 03/31/2023: NAV - Daily Closing Price
Small Cap Fund MSCFX$26.65
As of 4/20/2022 Prospectus Expense Ratio
0.95% annualized as of 12/31/21

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.


As of 12/31/2022 among Small Blend Funds based on risk-adjusted returns.
OVERALL 1 YR 3 YR 5 YR Since Inception
Star Rating 4star - 4star 4star -
Funds in Category 584-584543-
Percentile Rank -2644292
Funds in Category -610593574454

Inception 8/11/2011


As of 12/31/2022:
Inception Date 8/11/2011
Style Small Cap Core
Annualized Turnover5 19.81%
Expense Ratio 0.95%
Active Share6 95.91%
Sharpe Ratio7 0.31
Net Asset Value8 $26.43
Wtd. Ave. Market Cap9 $4.8B
30-Day SEC Yield10 0.24%
Total Net Assets $335M
Sales Charge1 None
Min. Initial Investment $2,500
Min. Initial IRA Investment $1,000
Subsequent Investment $100
Income Distributions Annual
Capital Gains Distributions Annual


Seeks above-average, long-term appreciation.

  • Commits to long-term investing in consistently growing companies with minimal turnover
  • Emphasis on companies in Minnesota and the Upper Midwest
  • Focuses on small-cap companies
  • Focuses on companies with attractive business niches, strong competitive positions and the potential to grow revenues, earnings and cash flows consistently over the long term
  • Considers the importance of capable management with a track record of prudent capital deployment
  • Seeks to keep its assets reasonably fully invested, maintain modest portfolio turnover rates and mitigate risk by investing in a diversified portfolio of securities 


As of 12/31/2022:
Information Technology 20.3
Financials 18.8
Health Care 11.8
Consumer Staples 5.3
Consumer Discretionary 4.9
Materials 3.6
Communication Services 2.2
Real Estate 1.8
Inspire Medical Systems Inc. 4.2
AAR Corp. 4.1
Wintrust Financial Corp. 4.0
Cullen/Frost Bankers Inc. 4.0
Littelfuse Inc. 4.0
nVent Electric PLS 3.7
Casey's General Stores Inc. 3.7
Workiva Inc. Class A 3.6
HB Fuller Co. 3.6
Glacier Bancorp Inc. 3.3

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


The Mairs & Power Small Cap Fund declares and pays dividend income annually in 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. 

12/14/202212/15/2022 $26.53 $0.05 - $1.67

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

New account $2,500
Subsequent investments $100
New IRA account $1,000
Subsequent IRA investments $100


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.


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





Growth Fund




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
Mr. Joseph C. Neuberger, 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).


See legend above



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. The Fund may invest in initial public offerings by small cap companies, which can involve greater risks than investments in companies which are already publicly traded.

About Morningstar

Morningstar Small Blend Category, as defined by Morningstar are stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

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 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 top 10% of products in each product category receives 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 rating formula seems to give the most weight for the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. 

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

The Morningstar Rankings represent a fund’s total-return rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

© 2022 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. Past performance is no guarantee of future results. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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.

5Turnover 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).

6Active 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.

7Sharpe ratio: A measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment.

8Net Asset Value (NAV) Per Share. 

9Weighted 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. 

1030-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. 

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

Capitalization categories as defined by S&P Midcap as of 6/30/2022:  Mid Cap - greater than $7 Billion; Small Cap - $7 B to $87.9M; Micro Cap - less than $87.9M.