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TRUST FOR PROFESSIONAL MANAGERS
2026-04-30
MAIRS & POWER FUND
Investment Objective
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Mairs & Power Fund’s (the “Fund”) fundamental objective is to provide shareholders with a diversified portfolio of common stocks, which have the potential for above-average, long-term appreciation.</span></div>
Fees and Expenses of the Fund
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:120%">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.</span></div>
Shareholder Fees(fees paid directly from your investment)
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0055
0.0007
0.0062
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:
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
63
63
199
199
346
346
774
774
Portfolio Turnover
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></div>
0.13
Principal Investment Strategies
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in U.S. common stocks. The Fund’s investment adviser, Mairs & Power, Inc. (the “Adviser”), uses a long-term, bottom-up investment approach focused on identifying companies with above-average growth potential, durable competitive advantages, and attractive returns on invested capital, purchased at valuations the Adviser believes are reasonable. The Adviser follows a multi-cap approach and the Fund invests in stocks of small-cap, mid-cap and large-cap companies. In that pursuit, the Adviser does give some preference to companies in Minnesota and the Upper Midwest region of the U.S. (which the Adviser considers to be Illinois, Iowa, North Dakota, South Dakota and Wisconsin). The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or represented by American Depositary Receipts (“ADRs”). The Fund may invest a significant portion of its assets in one or more sectors, including the Information Technology sector.</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser seeks to keep the Fund’s assets reasonably fully invested, maintain relatively low portfolio turnover, and manage risks through diversification. Portfolio securities may be sold to realize gains, limit losses, manage risk or reallocate assets.</span></div>
The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or represented by American Depositary Receipts (“ADRs”). The Fund may invest a significant portion of its assets in one or more sectors, including the Information Technology sector.
Losing all or a portion of your investment is a risk of investing in the Fund.
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Stock Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fund Management Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Information Technology Sector Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">To the extent the Fund invests a significant portion of its assets in the information technology sector, the Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Large-Cap Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Large-cap companies perform differently from, and at times and for extended periods of time worse than, stocks of mid- and small-cap companies. Larger, more established companies may be unable to respond quickly to new competitive challenges.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Minnesota/Upper Midwest Geographic Risk</span></div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund has signigicant exposure to companies located in Minnesota and other states in the Upper Midwest region. As a result, the Fund is more susceptible to economic, political, regulatory, or other events affecting that region than a fund with more geographically diversified investments.</span>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recent Market Events Risk; General Market Events Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">conditions or other events may have an adverse effect on the performance of the Fund</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sector Emphasis Risk </span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div>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.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Securities of Foreign Issuers and ADRs Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Small-Cap and Mid-Cap Securities Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Small-cap and mid-cap companies may have a shorter history of operations and be less diversified with respect to their product line. Stocks of these companies tend to be more volatile and less liquid than large company stocks.</span></div>
Performance Risk/Return Bar Chart and Table
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 Growth Fund, a series of Mairs & Power Funds Trust (the Predecessor Growth Fund). The returns presented reflect the historical performance of the Predecessor Growth Fund for the periods prior to April 29, 2022. The Fund has adopted the performance of the Predecessor Growth Fund as a result of a reorganization in which the Fund acquired all the assets and liabilities of the Predecessor Growth Fund (the Reorganization) which occurred on April 29, 2022. Prior to the Reorganization, the Fund had not commenced operations. Visit the Fund’s website at www.mairsandpower.com, or call 800-304-7404 for current performance figures. Past performance of the </span></div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Fund, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span>
The following bar chart and table illustrate the risks of investing in the Fund.
www.mairsandpower.com
800-304-7404
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 Returns as of December 31
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">During the period shown in the bar chart, the Fund’s best and worst quarters are shown below:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.527%"><tr><td style="width:1.0%"></td><td style="width:35.950%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.828%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Highest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">2nd Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">17.36</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Lowest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">1st Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">-18.84</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div>
Highest Quarter
2020-06-30
0.1736
Lowest Quarter
2020-03-31
-0.1884
Average Annual Total Returns
<span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows how the Fund’s average annual returns before and after taxes for one, five and ten years compare to those of the S&P 500</span><span style="color:#000000;font-family:'Garamond',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> 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”).</span>
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.
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”).
Average Annual Total Returns(For the periods ended December 31, 2025)
Return Before Taxes
0.1054
0.1149
0.1275
Return After Taxes on Distributions
0.0939
0.1011
0.1103
Return After Taxes on Distributions and Sale of Fund Shares
0.0704
0.0890
0.1007
S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
0.1788
0.1442
0.1482
MAIRS & POWER BALANCED FUND
Investment Objective
Mairs & Power Balanced Fund’s (the “Balanced Fund” or the “Fund”) fundamental objective is to provide capital growth, current income and preservation of capital.
Fees and Expenses of the Fund
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:120%">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.</span></div>
Shareholder Fees(fees paid directly from your investment)
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0060
0.0012
0.0072
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:
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
74
74
230
230
401
401
894
894
Portfolio Turnover
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></div>
0.13
Principal Investment Strategies
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in U.S. common stock and other securities convertible into common stock as well as fixed income securities such as corporate bonds and U.S. Government securities. In selecting equity securities for the Fund, the Fund’s investment adviser, Mairs & Power, Inc. (the “Adviser”), uses a long-term, bottom-up investment approach focused on identifying companies with above-average growth potential, durable competitive advantages, and attractive returns on invested capital, purchased at valuations the Adviser believes are reasonable. In that pursuit, the Adviser does give some preference to companies in Minnesota and the Upper Midwest region of the U.S. (which the Adviser considers to be Illinois, Iowa, North Dakota, South Dakota and Wisconsin). The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or represented by American Depositary Receipts (“ADRs”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 and fixed income securities.</span></div><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span>
The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or represented by American Depositary Receipts (“ADRs”).
Losing all or a portion of your investment is a risk of investing in the Fund.
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Stock Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Convertible Debt Securities Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Convertible securities are fixed income securities that the Fund has the option to exchange for equity securities at a specified conversion price. Consequently, the value of the convertible security may be exposed to the market risk of the underlying stock, interest rate risk and the credit risk of the issuer.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt Securities Rated Less than Investment-Grade Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">These securities have a higher degree of credit risk than investment-grade securities. Companies that issue these lower rated securities (also known as “high yield” or “junk bonds”) are often highly leveraged and traditional methods of financing may not be available to them. Also, market values of lower rated securities may be more sensitive to developments which affect the individual issuer and to general economic conditions.</span></div>
<div style="text-align:justify"><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fixed Income Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Risks related to fixed income investments include credit risk, interest rate risk, prepayment risk, extension risk and call risk, among others. Credit risk is the risk that the issuer of a debt security will fail to make interest and principal payments when due. Interest rate risk is the risk that the value of a fixed-rate debt security will decline due to an increase in market interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. For example, the market price of a debt security with a duration of four years would be expected to fall approximately 4% if interest rates rose by one percentage point immediately. Prepayment risk is the risk that in times of declining interest rates, the Fund’s higher yielding securities will be prepaid and the Fund will have to replace them with securities having a lower yield. Extension risk is the risk that in times of rising interest rates, prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities, which fluctuate more widely in response to changes in interest rates than shorter term securities. Call risk is the risk that an issuer, especially during a period of falling interest rates, may call (redeem) a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fund Management Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Government Obligations Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">No assurance can be given that the U.S. Government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law, such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Securities issued by Fannie Mae and Freddie Mac have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. government-sponsored agencies and instrumentalities, such as Fannie Mae and Freddie Mac, no assurance can be given that it will always do so.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Large-Cap Risk</span></div>Large-cap companies perform differently from, and at times and for extended periods of time worse than, stocks of mid- and small-cap companies. Larger, more established companies may be unable to respond quickly to new competitive challenges.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Minnesota/Upper Midwest Geographic Risk</span></div>The Fund has signigicant exposure to companies located in Minnesota and other states in the Upper Midwest region. As a result, the Fund is more susceptible to economic, political, regulatory, or other events affecting that region than a fund with more geographically diversified investments.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recent Market Events Risk; General Market Events Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Securities of Foreign Issuers and ADRs Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Small-Cap and Mid-Cap Securities Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Small-cap and mid-cap companies may have a shorter history of operations and be less diversified with respect to their product line. Stocks of these companies tend to be more volatile and less liquid than large company stocks.</span></div>
Performance Risk/Return Bar Chart and Table
<span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 Balanced Fund, a series of Mairs & Power Funds Trust (the Predecessor Balanced Fund). The returns presented reflect the historical performance of the Predecessor Balanced Fund for the periods prior to April 29, 2022. The Fund has adopted the performance of the Predecessor Balanced Fund as a result of a reorganization in which the Fund acquired all the assets and liabilities of the Predecessor Balanced Fund (the Reorganization) which occurred on April 29, 2022. Prior to the Reorganization, the Fund had not commenced operations. 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.</span>
The following bar chart and table illustrate the risks of investing in the Fund.
www.mairsandpower.com
800-304-7404
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 Returns as of December 31
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">During the period shown in the bar chart, the Fund’s best and worst quarters are shown below:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.305%"><tr><td style="width:1.0%"></td><td style="width:35.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.076%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Highest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">2nd Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">11.99 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Lowest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">1st Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">-15.13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div>
Highest Quarter
2020-06-30
0.1199
Lowest Quarter
2020-03-31
-0.1513
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows how the Fund’s (and the Predecessor Balanced Fund’s) average annual returns before and after taxes for one, five and ten years compare to those of the Mairs & Power Blended Index, the S&P 500</span><span style="color:#000000;font-family:'Garamond',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> Total Return Index and the Bloomberg U.S. Government/Credit Bond Index. The Mairs & Power Blended Index reflects an unmanaged portfolio comprised of 60% of the S&P 500</span><span style="color:#000000;font-family:'Garamond',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> Total Return Index and 40% of the Bloomberg U.S. Government/Credit Bond Index.</span></div>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”).
The following table shows how the Fund’s (and the Predecessor Balanced Fund’s) average annual returns before and after taxes for one, five and ten years compare to those of the Mairs & Power Blended Index, the S&P 500® Total Return Index and the Bloomberg U.S. Government/Credit Bond 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.
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”).
Average Annual Total Returns(For the periods ended December 31, 2025)
Return Before Taxes
0.0661
0.0593
0.0794
Return After Taxes on Distributions
0.0568
0.0471
0.0670
Return After Taxes on Distributions and Sale of Fund Shares
0.0423
0.0436
0.0609
Mairs & Power Blended Index (reflects no deduction for fees, expenses or taxes)
0.1352
0.0837
0.0985
S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes)
0.1788
0.1442
0.1482
Bloomberg U.S. Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
0.0688
-0.0059
0.0216
MAIRS & POWER SMALL CAP FUND
Investment Objective
Mairs & Power Small Cap Fund’s (the “Small Cap Fund” or the “Fund”) fundamental objective is to seek above-average, long-term appreciation.
Fees and Expenses of the Fund
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:120%">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.</span></div>
Shareholder Fees (fees paid directly from your investment)
-0.0100
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0080
0.0017
0.0097
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:
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
99
99
309
309
536
536
1190
1190
Portfolio Turnover
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio.</span></div>
0.19
Principal Investment Strategies
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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, 2025, the market capitalization range for the Russell 2000 Total Return Index was approximately $5.6 million to $31.1 billion, but is expected to change frequently. The Fund also may invest in common stocks issued by companies with market capitalizations above the market 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.</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s investment adviser, Mairs & Power, Inc. (the “Adviser”), uses a long‑term, bottom‑up investment approach focused on identifying companies with above‑average growth potential, durable competitive advantages, and attractive returns on invested capital, purchased at valuations the Adviser believes are reasonable. In that pursuit, the Adviser does give some preference to companies in Minnesota and the Upper Midwest region of the U.S. (which the Adviser considers to be Illinois, Iowa, North Dakota, South Dakota, and Wisconsin). The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
The Fund may also invest up to 25% of its total assets in securities of foreign issuers listed on a U.S. exchange or 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.
Losing all or a portion of your investment is a risk of investing in the Fund.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Stock Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fund Management Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Industrials Sector Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Initial Public Offering (IPO) Risk</span></div>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.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Minnesota/Upper Midwest Geographic Risk</span></div>The Fund has signigicant exposure to companies located in Minnesota and other states in the Upper Midwest region. As a result, the Fund is more susceptible to economic, political, regulatory, or other events affecting that region than a fund with more geographically diversified investments.
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recent Market Events Risk; General Market Events Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sector Emphasis Risk </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Securities of Foreign Issuers and ADRs Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Small-Cap Securities Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">companies, as compared to mid-cap and large-cap companies.</span></div>
Performance Risk/Return Bar Chart and Table
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">T</span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">he following bar chart and table illustrate the risks of investing in the Fund. </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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. </span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Reorganization, the Fund had not commenced operations. Visit the Fund’s website at </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
The following bar chart and table illustrate the risks of investing in the Fund.
www.mairsandpower.com
800-304-7404
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
<div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">During the period shown in the bar chart, the Fund’s best and worst quarters are shown below:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.580%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.219%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.901%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Highest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">4th Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">27.06 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Lowest Quarter</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">1st Quarter, 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">-29.16 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div>
Highest Quarter
2020-12-31
0.2706
Lowest Quarter
2020-03-31
-0.2916
<span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows how the Fund’s average annual returns before and after taxes for one year, five and ten years compare to those of the S&P 500</span><span style="color:#000000;font-family:'Garamond',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> 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.</span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred </span><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">or other tax-advantaged </span><span style="color:#231f20;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).</span>
The following table shows how the 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 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.
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”).
Average Annual Total Returns(For the periods ended December 31, 2025)
Return Before Taxes
0.0398
0.0608
0.0848
Return After Taxes on Distributions
0.0345
0.0513
0.0761
Return After Taxes on Distributions and Sale of Fund Shares
0.0276
0.0468
0.0678
S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes)
0.1788
0.1442
0.1482
Russell 2000 Total Return Index(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
0.1281
0.0609
0.0962
0.13
0.13
0.19