Mairs & Power Growth Fund

Mairs & Power Announces Lead Investment Manager Changes at Funds

ST. PAUL, Minn.--(BUSINESS WIRE)--Veteran fund managers Mark L. Henneman and Ronald L. Kaliebe were named lead manager of the Mairs & Power Growth Fund and Mairs & Power Balanced Fund respectively, effective July 1st. William Frels, lead manager of both funds, moves to a co-manager role in preparation for his retirement in 18 months. “Bill’s leadership and mentorship at Mairs & Power over the past three decades leave an important legacy. He has worked effectively with both Mark and Ron for several years and the Funds will benefit as that close working relationship continues during this planned management transition,” said Jon A. Theobald, President and CEO, Mairs & Power, Inc. These portfolio management moves are being made to allow for a smooth transition in the management of the Funds during the eighteen months leading up to Frels’ mandatory retirement date of December 31, 2014 at age 75. The conservative, long-term investment management approach of both the Growth Fund and the Balanced Fund will remain unchanged. Frels, who joined Mairs & Power in 1992, has been lead manager of the Mairs & Power Balanced Fund since then. He was co-manager of the Mairs & Power Growth Fund with George A. Mairs III from 1999 through 2004, when he became lead manager. Kaliebe, who joined Mairs & Power in 1999 and Henneman, who joined in 2004, both assumed co-manager roles at their respective funds in 2006. Henneman and Frels were named Morningstar’s Domestic Equity Fund Managers of the Year for 2012. As of June 28, 2013, the Mairs & Power Growth Fund (MPGFX) held $3 billion in assets under management and the Balanced Fund (MAPOX) held $463 million in assets under management. About Mairs & Power Mairs & Power is an independent, employee owned investment management firm focused on long-term performance. The firm’s strength and success have been built by applying a consistent, conservative investment approach since 1931. The cornerstone of the firm’s equity approach is a regional strategy with a heavy representation in stocks of companies headquartered in the Upper Midwest. Mairs & Power manages mutual funds and individually managed portfolios. For further information go to www.mairsandpower.com. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary prospectuses or full prospectus contain this and other important information about the Funds, and they may be obtained by calling Shareholder Services at (800) 304-7404, or by visiting www.mairsandpower.com. Read the summary prospectuses or full prospectus carefully before investing. All investments have risks. The Funds are designed for long-term investors. The Funds’ share prices can fall because of weakness in the broad market, a particular industry, or specific holdings. Investments in small and midcap 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 United States corporations. The Balanced Fund is subject to yield and share price variances with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short-term. There is also a chance that some of the Fund’s holdings may have their credit rating downgraded or may default. ALPS Distributors, Inc. is the Distributor for the Mairs & Power Funds.