Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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Label | Element | Value | |||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Mairs & Power Balanced Fund | |||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objectives | |||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The objectives of the Mairs & Power Balanced Fund (the Fund) are to provide shareholders with regular current income, the potential for capital appreciation and a moderate level of risk by investing in a diversified portfolio including bonds, preferred stocks, common stocks and other securities convertible into common stock. The objective of the Fund is also to provide a current income yield of at least 25% greater than that of the S&P 500 Index, although there can be no assurance that this objective will be met. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | |||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) | |||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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 5.46% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 5.46% | |||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | The Total Annual Fund Operating Expenses for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as Acquired Fund Fees and Expenses, which was 0.01% for the fiscal year ended December 31, 2012. | |||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | |||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | 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 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. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | |||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund emphasizes investments in common stock and other securities convertible into common stock as well as fixed income securities such as corporate bonds and United States government securities. In selecting securities for the Fund, the Fund’s investment adviser, Mairs and Power, Inc. (the Adviser) gives preference to equity holdings in high quality companies, which are characterized by earnings that are reasonably predictable, have a return on equity that is above average, hold market dominance and have financial strength. Some emphasis is given to companies generally located in the Upper Midwest region of the United States and to small and midcap companies (the Adviser defines a small company as a company with less than two billion dollars in market capitalization at the time of initial purchase, and a midcap company has a market capitalization between two and ten billion dollars at the time of initial purchase). The Adviser also gives preference to higher rated investment-grade fixed income securities (rated Baa or better by Moody’s Investors Service). Lower rated convertible and non-convertible debt securities may be purchased if, in the opinion of the Adviser, the potential rewards outweigh the incremental risks. The Fund may invest in mortgage-backed securities. The Fund may also invest in ADRs and other foreign securities. The Fund seeks to keep its 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. The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund | |||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | 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 objectives. The Fund cannot provide assurance that it will achieve its objectives. Loss of money is a risk of investing in the Fund. The main risks of investing in the Fund are: Market Conditions The Fund’s investments are subject to market risk, which may cause the value of the Fund to decline. Equity securities are generally subject to greater risk than fixed income securities in adverse market conditions. Equity security prices may fluctuate markedly over the short-term due to changing market conditions, interest rate fluctuations and various economic and political factors. Fund Management Active management by the Adviser in selecting and maintaining a portfolio of securities that will achieve the Fund’s investment objectives could cause the Fund to underperform compared to other funds having similar investment objectives. Common Stock Common stocks held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions. The Fund could lose money if a company in which it invests becomes financially distressed. Interest Rate Risk Fixed-rate debt securities are subject to interest rate risk, which is the risk the value of a fixed-rate debt security will decline due to an increase in market interest rates. When interest rates rise, the value of a fixed-rate debt security generally decreases. When interest rates decline, the value of a fixed-rate debt security generally increases. Generally, a debt security with a longer maturity will have greater price volatility as a result of interest rate changes than a debt security with a shorter maturity. Investors in the Fund bear the risk that increases in market interest rates will cause the value of the investment portfolio to decline. Credit Risk Fixed income securities are subject to credit risk, which is the risk that the issuer of a debt security will fail to make interest and principal payments when due. Securities issued by the United States government generally are viewed as carrying minimal credit risk. Securities issued by private entities and governmental entities not backed by the full faith and credit of the United States are subject to higher levels of credit risk. Payment defaults could cause the value of the Fund’s investment portfolio to decline. Maturity Risk Longer-term securities generally have greater price fluctuations and are more sensitive to interest rate changes than shorter-term securities. Therefore, the Fund may experience greater price fluctuations when it holds securities with longer maturities. Debt Securities Rated Less than Investment-Grade 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. Call Risk The Fund invests in corporate bonds, which are subject to call risk. Corporate bonds and some securities issued by United States agencies may be called (redeemed) at the option of the issuer at a specified price before reaching their stated maturity date. If a bond held by the Fund is called during a period of declining interest rates, the Fund will likely reinvest the proceeds received by it at a lower interest rate than that of the called bond, causing a decrease in the Fund’s income. Government Obligations Risks 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. Mortgage-Backed Securities The Fund may invest in mortgage-backed securities, which represent “pools” of mortgages held in trust or in the form of collateralized mortgage obligations. Mortgage-backed securities are subject to the risk of default on the underlying mortgage. Mortgage-backed securities are also subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. If prepayment occurs, the Fund may have to replace the security by investing the proceeds in a less attractive security, which may reduce the Fund’s performance and income distribution. In a period of rising interest rates, these securities may exhibit additional volatility. Mortgage prepayments may slow, causing portfolio securities considered short or intermediate term to become long-term securities which fluctuate more widely in response to interest rates than shorter term securities. Securities of Foreign Issuers and ADRs There are certain risks in securities of foreign issuers which are not associated with domestic securities. These risks include 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. In addition, there may be less publicly available information about a foreign company than about a United States domiciled company. Small and Midcap Securities Small and midcap 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. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | Loss of money is a risk of investing in the Fund. | |||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Risk/Return Bar Chart and Table | |||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | 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 Mairs and Power Balanced Fund, Inc. (the Predecessor Fund), which was reorganized into the Fund effective December 31, 2011. The performance information for periods before December 31, 2011 reflects the historical performance of the Predecessor 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. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following bar chart and table illustrate the risks of investing in the Fund. | |||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 800-304-7404 | |||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.mairsandpower.com | |||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance of the Fund, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | |||||||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Returns as of December 31 | |||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the period shown on the bar chart, the Fund’s best and worst quarters are shown below:
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Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter | |||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | |||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 13.47% | |||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter | |||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | |||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (12.69%) | |||||||
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Returns | |||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | |||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | 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. | |||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | 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 arrangements, such as 401(k) plans or individual retirement accounts (IRAs). | |||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | 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 Index and a Composite Index. The Composite Index reflects an unmanaged portfolio comprised of 60% S&P 500 Index and 40% Barclays Government/Credit Bond Index, which is composed of high-quality, investment-grade U.S. government and corporate fixed income securities with maturities greater than one year. 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 arrangements, such as 401(k) plans or individual retirement accounts (IRAs). |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns (For the periods ended December 31, 2012) | |||||||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
Label | rr_AverageAnnualReturnLabel | S&P 500 Index (reflects no deduction for fees, expenses or taxes) | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | |||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | |||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.10% | |||||||
Composite Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
Label | rr_AverageAnnualReturnLabel | Composite Index (reflects no deduction for fees, expenses or taxes) | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.58% | |||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.87% | |||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 6.66% | |||||||
Investor Class
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
(fees paid directly from your investment) | rr_ShareholderFeeOther | none | |||||||
Management Fees | rr_ManagementFeesOverAssets | 0.60% | |||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.15% | [1] | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.75% | |||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 77 | |||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 240 | |||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 417 | |||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 930 | |||||||
Annual Return 2003 | rr_AnnualReturn2003 | 21.65% | |||||||
Annual Return 2004 | rr_AnnualReturn2004 | 12.02% | |||||||
Annual Return 2005 | rr_AnnualReturn2005 | 4.46% | |||||||
Annual Return 2006 | rr_AnnualReturn2006 | 12.10% | |||||||
Annual Return 2007 | rr_AnnualReturn2007 | 4.28% | |||||||
Annual Return 2008 | rr_AnnualReturn2008 | (21.12%) | |||||||
Annual Return 2009 | rr_AnnualReturn2009 | 21.35% | |||||||
Annual Return 2010 | rr_AnnualReturn2010 | 14.87% | |||||||
Annual Return 2011 | rr_AnnualReturn2011 | 3.23% | |||||||
Annual Return 2012 | rr_AnnualReturn2012 | 17.34% | |||||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.34% | |||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 5.90% | |||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 8.28% | |||||||
Investor Class | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.55% | |||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 5.02% | |||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.41% | |||||||
Investor Class | After Taxes on Distributions and Sale of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.64% | |||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 4.64% | |||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 6.88% | |||||||
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Mairs & Power Small Cap Fund | |||||||||||||||||||||||||
Mairs & Power Small Cap Fund | |||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||
The objective of the Mairs & Power Small Cap Fund (the Fund) is to seek above-average, long-term appreciation. |
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Fees and Expenses of the Fund | |||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
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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 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. |
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Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | |||||||||||||||||||||||||
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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 6.93% of the average value of its portfolio. |
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Principal Investment Strategies | |||||||||||||||||||||||||
The Fund normally will invest at least 80% of its net assets (including borrowings for investment purposes) in common stocks issued by small cap companies. For this purpose, small cap companies are defined as companies whose market capitalization at the time of purchase come within the range represented by companies in the S&P SmallCap 600 Index as of December 31 of the preceding year. The S&P SmallCap 600 Index is a widely used benchmark for small cap performance and is rebalanced continuously. As of December 31, 2012, the market capitalization ranges for the S&P SmallCap 600 Index were approximately $61 million to $4.0 billion. In selecting stocks, the Fund’s investment adviser, Mairs and 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. Some emphasis is given to companies generally located in the Upper Midwest region of the United States. The Fund also may invest in common stocks issued by companies with market capitalizations above the range of the S&P SmallCap 600 Index. The Fund may invest up to 25% of its total assets in securities of foreign issuers which are listed on a United States stock exchange or are represented by American Depositary Receipts (ADRs). The Fund seeks to keep its assets reasonably fully invested, to maintain modest portfolio turnover rates, and to mitigate risk by investing in a diversified portfolio of securities. The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. |
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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. Loss of money is a risk of investing in the Fund. The main risks of investing in the Fund are: Market Conditions The Fund’s investments are subject to market risk, which may cause the value of the Fund to decline. Equity securities are generally subject to greater risk than fixed income securities in adverse market conditions. Equity security prices may fluctuate markedly over the short-term due to changing market conditions, interest rate fluctuations and various economic and political factors. Fund Management 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. Common Stock Common stocks held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions. The Fund could lose money if a company in which it invests becomes financially distressed. Small Cap Stocks 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. Initial Public Offering (IPO) Risk This 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 make 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. Securities of Foreign Issuers and ADRs There are certain risks in securities of foreign issuers which are not associated with domestic securities. These risks include 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. In addition, there may be less publicly available information about a foreign company than about a United States domiciled company. |
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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 the Fund’s performance over a 1-year period. Both the chart and the table assume that all distributions have been reinvested. 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. |
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Calendar Year Return as of December 31 | |||||||||||||||||||||||||
During the period shown on the bar chart, the Fund’s best and worst quarters are shown below:
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Average Annual Total Returns | |||||||||||||||||||||||||
Average Annual Total Returns (For the periods ended December 31, 2012) | |||||||||||||||||||||||||
The following table shows how the Fund’s average annual returns before and after taxes for one year and since inception compare to those of the S&P SmallCap 600 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 arrangements, such as 401(k) plans or individual retirement accounts (IRAs). |
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