SMALL CAP FUND Ticker Symbol: MSCFX | April 30, 2025 | ||||
SUMMARY PROSPECTUS
Before you invest, you may want to review the Mairs & Power Small Cap Fund’s (the “Fund”) Prospectus, which contains more information about the Fund and its risks. The current statutory Prospectus and Statement of Additional Information (“SAI”) dated April 30, 2025, are incorporated by reference into this Summary Prospectus. You can find the Fund’s Prospectus, SAI, reports to shareholders, and other information about the Fund online at http://www.mairsandpower.com or call (855) 839-2800.
Investment Objective
The Fund’s fundamental objective is to seek above-average, long-term appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Shareholder Fees (fees paid directly from your investment) | |||||
| Redemption Fee (as a percentage of amount redeemed on shares held for 180 days or less) | 1.00 | % | |||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
| Management Fees | 0.80 | % | |||
| Other Expenses | 0.14 | % | |||
| Total Annual Fund Operating Expenses | 0.94 | % | |||
Expense Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and you then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual
costs may be higher or lower, based on these assumptions, your costs would be:
| 1 year | 3 years | 5 years | 10 years | ||||||||
| $96 | $300 | $520 | $1155 | ||||||||
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14.41% of the average value of its portfolio.
Principal Investment Strategies
The Fund normally will invest at least 80% of its net assets (including borrowings for investment purposes) in U.S. common stocks issued by small-cap companies. For this purpose, small-cap companies are defined as companies whose market capitalization is within the market capitalization range represented by companies in the Russell 2000 Total Return Index. The Russell 2000 Total Return Index is a widely used benchmark for small-cap performance and is rebalanced continuously. As of December 31, 2024, the market capitalization range for the Russell 2000 Total Return Index was approximately $4 million to $14.8 billion, but is expected to change frequently. The Fund also may invest in common stocks issued by companies with market capitalizations above the market
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capitalization range of the Russell 2000 Total Return Index only if, after the purchase is made, the Fund has at least 80% of its net assets invested in small-cap securities.
In selecting securities for the Fund, the Fund’s investment adviser, Mairs & Power, Inc. (the “Adviser”), gives preference to companies with attractive business niches, strong competitive positions, and the potential to grow revenues, earnings and cash flows consistently over the long-term. Capable management with a track record of prudent capital deployment is also an important consideration. The Adviser focuses generally on companies located in Minnesota and other states in the Upper Midwest region of the U.S. (which the Adviser considers to be the states of Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin). The Fund may also invest up to 25% of its total assets in securities of foreign issuers which are listed on a U.S. stock exchange or are represented by American Depositary Receipts (“ADRs”). From time to time, the Fund may invest in initial public offerings (“IPOs”). The Fund may have significant investments in the industrials sector. The Adviser seeks to keep the Fund’s assets reasonably fully invested, to maintain modest portfolio turnover rates, and to moderate risk by investing in a diversified portfolio of equity securities.
The Adviser may sell the Fund’s portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Principal Risks of Investing in the Fund
All investments have risks. The Fund is designed for long-term investors. You should be prepared to accept fluctuations in portfolio value as the Fund seeks to achieve its investment objective. The Fund cannot provide assurance that it will achieve its objective. Losing all or a portion of your investment is a risk of investing in the Fund. The Fund’s principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The following additional risks could affect the value of your investment, and are ordered alphabetically rather than by importance. You should understand these risks before investing. The main risks of investing in the Fund are:
Common Stock Risk
Common stocks held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions, leading to fluctuations in the Fund’s share price.
Fund Management Risk
Active management by the Adviser in selecting and maintaining a portfolio of securities that will achieve the Fund’s investment objective could cause the Fund to underperform compared to other funds having similar investment objectives.
Industrials Sector Risk
To the extent that the Fund invests a significant portion of its assets in the industrials sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the industrials sector. The industrials sector may be significantly affected by general economic trends, including such factors as import controls, commodity prices, and worldwide competition.
Initial Public Offering (IPO) Risk
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. The companies which undergo IPOs generally have limited operating histories, and their prospects for future profitability are uncertain. In addition, stock prices of IPOs can be highly unstable due to the absence of a prior public market and other factors.
Minnesota/Upper Midwest Geographic Risk
The Adviser focuses generally on securities of companies that are located in the Upper Midwest region of the U.S. The Fund typically emphasizes companies located in Minnesota in particular. The Fund may be impacted by events or conditions affecting the region to a greater extent than if the Fund invested in more geographically diverse investments. For example, political and economic conditions and changes in regulatory, tax or economic policy in a state or region could affect the economy or particular business operations of companies located in the state or region.
Recent Market Events Risk; General Market Events Risk
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and
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tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund.
Sector Emphasis Risk
To the extent the Fund emphasizes investments in a particular sector, the Fund will be subject to a greater degree of risks particular to that sector because companies in the sector may share common characteristics and may react similarly to market developments. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector.
Securities of Foreign Issuers and ADRs Risk
There are certain risks in securities of foreign issuers which are not associated with domestic securities. These risks, among others, include 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. In addition, there may be less publicly available information about a foreign company than about a U.S. domiciled company.
Small-Cap Securities Risk
Generally, companies with smaller market capitalizations have fewer shares traded daily, less liquidity, and greater price volatility than companies with larger market capitalizations. In addition, small-cap companies tend to have shorter track records, a more limited product or service base, more limited access to capital, and a greater possibility of failing. These factors increase the risk of investing in small-cap companies, as compared to mid-cap and large-cap companies.
Performance
Risk/Return Bar Chart and Table
The following bar chart and table illustrate the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year over a 10-year period. Both the chart and the table assume that all distributions have been reinvested. The Fund is the successor to the Mairs & Power Small Cap Fund, a series of Mairs & Power Funds Trust (the Predecessor Small Cap Fund). The returns presented reflect the historical performance of the Predecessor Small Cap Fund for the periods
prior to April 29, 2022. The Fund has adopted the performance of the Predecessor Small Cap Fund as a result of a reorganization in which the Fund acquired all the assets and liabilities of the Predecessor Small Cap Fund (the Reorganization) which occurred on April 29, 2022. Prior to the Reorganization, the Fund had not commenced operations. The Predecessor Small Cap Fund had the same Adviser, investment objectives and strategies as the Fund. Visit the Fund’s website at www.mairsandpower.com, or call 800-304-7404 for current performance figures. Past performance of the Fund, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Calendar Year Return as of December 31
During the period shown in the bar chart, the Fund’s best and worst quarters are shown below:
| Highest Quarter | 4th Quarter, 2020 | 27.06 | % | |||||
| Lowest Quarter | 1st Quarter, 2020 | -29.16 | % | |||||
Average Annual Total Returns
The following table shows how the Fund’s (and the Predecessor Small Cap Fund’s) average annual returns before and after taxes for one year, five and ten years compare to those of the S&P 500 Total Return Index, S&P SmallCap 600® Total Return Index and the Russell 2000 Total Return Index. The unaudited after-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
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Average Annual Total Returns (For the periods ended December 31, 2024) | |||||||||||
| 1 year | 5 years | 10 years | |||||||||
| Return Before Taxes | 7.25% | 7.04% | 7.54% | ||||||||
| Return After Taxes on Distributions | 6.73% | 6.09% | 6.70% | ||||||||
| Return After Taxes on Distributions and Sale of Fund Shares | 4.69% | 5.46% | 5.98% | ||||||||
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | ||||||||
S&P SmallCap 600® Total Return Index (reflects no deduction for fees, expenses or taxes) | 8.70% | 8.36% | 8.96% | ||||||||
Russell 2000 Total Return Index(1) (reflects no deduction for fees, expenses or taxes) | 11.54% | 7.40% | 7.82% | ||||||||
(1) Effective April 30, 2025, the primary benchmark index for the Mairs & Power Small Cap Fund changed from the S&P SmallCap 600® Total Return Index to the Russell 2000 Total Return Index because the Russell 2000 Total Return Index better aligns with the investment philosophy and strategy of the Fund.
Management
The Fund employs Mairs & Power, Inc. to manage the Fund’s investment portfolio. The Fund’s portfolio managers are as follows:
| Name/Primary Title with Fund | Primary Title with the Adviser | Tenure with the Fund | Tenure with the Adviser* | ||||||||
| Michael C. Marzolf, Lead Portfolio Manager | Investment Manager | Lead Portfolio Manager of the Fund since July 1, 2023; Co-Manager of the Fund and the Predecessor Small Cap Fund from January 1, 2022 to June 30, 2023 | Since 2021 | ||||||||
| Andrew R. Adams, Co-Manager | Chief Investment Officer | Co-Manager of the Fund since July 1, 2023; Lead Portfolio Manager of the Fund and the Predecessor Small Cap Fund from August 20, 2021 to June 30, 2023; Co-Manager of the Predecessor Small Cap Fund from April 1, 2019 to August 20, 2021; Lead Portfolio Manager of the Predecessor Small Cap Fund from 2011 to April 1, 2019 | Since 2006 | ||||||||
| Christopher D. Strom, Co-Manager | Investment Manager | Co-Manager of the Fund and the Predecessor Small Cap Fund since January 1, 2021 | Since 2017 | ||||||||
*Tenure with the Adviser is the year each individual started employment with the Adviser and may not align with their primary title with the Adviser.
Purchase and Sale of Fund Shares
The minimum initial and subsequent investment amounts offered by the Fund are:
| Type of Account | Minimum Investment | Subsequent Investment | ||||||
| Regular | $2,500 | $100 | ||||||
| IRA | $1,000 | $100 | ||||||
You may purchase, exchange or redeem Fund shares directly through the Fund’s transfer agent by writing or calling:
Mairs & Power Funds
c/o U.S. Bank Global Fund Services
PO Box 219337
Kansas City, MO 64121-9337
Telephone: 800-304-7404
Qualifying shareholders may also purchase, exchange or redeem Fund shares online at www.mairsandpower.com.
Fund transactions may be made on any day the New York Stock Exchange is open for business. Investors who wish to purchase or redeem Fund shares through a bank, broker-dealer, financial adviser or recordkeeper (Financial Intermediary) should contact the Financial Intermediary directly for information relating to the purchase or sale of Fund shares.
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Tax Information
The Fund’s distributions are taxable and will be taxed as ordinary income or long-term capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. You may be taxed later upon withdrawal of monies from tax-deferred or other tax-advantaged arrangements.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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