I post this weekly series elsewhere. I am posting it here in view of the unusual recent developments. If there is interest in this, I may post it here too from time to time. Sentiment indicators are contrary indicators.
For the week ending on 2/23/22, bearish remained the top sentiment (53.7%; very high; the highest since 4/11/13 when it was 54.5%) & neutral became the bottom sentiment (22.9%; low); bullish became the middle sentiment (23.4%; low). So, the neutral/fence-sitters turned bearish in large numbers. Bull-bear spread (-30.3%) was also the worse only in 2013. In the Survey week (Thursday-Wednesday), the Russia-Ukraine situation went from bad to the worst possible. Russia declared parts of Ukraine "independent" & sent military "peacekeepers" on Monday, & then the war erupted on Wednesday night (Central time). Besides a great human tragedy in the region, this geopolitical crisis will cause further runups in oil and grain prices (a lot of it may have already occurred in the futures markets). This is in addition to the high current inflation & the coming Fed tightening actions (QE-taper ongoing, rate hikes to start in March, balance sheet reduction from mid/late-2022). The debate whether the Fed should be "aggressive" or "moderate" with monetary tightening may have been resolved in the favor of "moderate" in view of the new developments this week.
https://ybbpersonalfinance.proboards.com/post/518/thread

Well then, since nothing untoward has happened with M&P since 2011, perhaps I will vote in favor of the propose change. Or not. They expect shareholder expenses to go down.... but not until shareholders pay 1/3 of the expense to make the change.

As regards equity valuations, the Market should at some point revert back to historical norms.
P/E ratio is a simple metric, and some will dismiss it. But a -35% drop from here would not be that outrageous. If the Fed is busy tightening, can Powell still prop up equities? Punchbowl removal, Russian aggression, inflation, asset bubbles, etc.
The stage is set for a volatile 2022.
Current S&P 500 P/E Ratio: 24.1
(Feb 23, 2022)
Mean: 16.0
Median: 14.9

Putin tells Ukrainians to lay down arms and go home. Some military action has taken place (10 pm EST) in the eastern oblasts, of which Putin claimed to be independent from Ukraine.
CNN live news feed........continuous update, newest reports at the top of the page. Scroll down a bit to read stream, and continue scroll for earlier news.
Time frames will be indicated (in minutes) since initial post.
NOTE: the global equity markets are not happy at this time (10:30 pm, EST)
***UN holding a special meeting now, but only words are available, the last time I checked.
ADD: A portion of Putin's broadcast on Russian TV.............
"Now a few important, very important words for those who may be tempted to intervene in ongoing events from the outside," Putin said. "Whoever tries to interfere with us, and even more so to create threats to our country, to our people, should know that Russia's response will be immediate and will lead you to such consequences as you have never experienced in your history. We are ready for any development of events. All necessary decisions in this regard have been made. I hope that I will be heard."
Lastly, for this evening; he (Putin) is indeed insane; a madman. Choose your own similar expressions.
Good Evening,
Catch

(I should have read more carefully.) The link that Lewis provided is for a 2011 proxy. Here's the current proxy:
https://www.sec.gov/Archives/edgar/data/0001521353/000089418922001123/mairspowertpmproxy.htm
The 2011 restructuring into a Delaware trust did take place; the current SAI reads:

The Mairs & Power Growth Fund (Growth Fund), the Mairs & Power Balanced Fund (Balanced Fund) and the Mairs & Power Small Cap Fund (Small Cap Fund) are series of Mairs & Power Funds Trust (the Trust), a Delaware statutory trust established under a Declaration of Trust dated May 9, 2011 (the Declaration of Trust).

This vote is much more innocuous. It's merely moving the funds from the Mairs and Powers Trust (already incorporated in Delaware) into a larger Delaware Trust under which funds from various families already operate.

Thank you, one and all. All I can add at this point (maybe more tomorrow) is that
1) "Trust For Professional Managers" of which Mairs & Power proposes to become a series, or to "become series" as the proxy booklet puts it, seems to be *already" incorporated in Delaware.
and
2) The question about how much I trust management is well put and on target. At this point I don't know the answer other than to say I have been trusting them a long time and I have not found my trust to be misplaced. But when a fund company that has been sending me reports and statements for 25 years which have been written in clear English sentences with nothing obscure now sends me 83 pages containing difficult-to-penetrate language I naturally wonder why the language is obscure. George Mairs and his successors did not write in scintillating prose. Bob Torray back in the day was certainly more entertaining. But I did know what every sentence in each M&P missive meant without having to read it over and over.

From M&P's website (a very abbreviated explanation):
https://www.mairsandpower.com/about-us/company-news/item/132-proxy-vote-proposed-reorganization-mairs-power-mutual-funds
FAQs:
https://www.mairsandpower.com/images/resources/Mairs__Power_Funds_Reorganization_FAQs.pdf

+1.

This last miscue by TRP was relatively minor compared with my once-in-a-century travails in transferring an IRA. What got me was the way the conversation went. It wasn't so much that I had to push the rep to actually dig into the records. Unfortunately, this occasionally happens at other companies also. Rather it was the assurance that I wouldn't get any more mailings on the very closed account.
No action was taken, nothing was noted. But miraculously after more than three years (plan was closed in 2018) the system would now realize it wasn't supposed to send more mailings? Sure.
TRP used to be very helpful and a pleasure to contact. It is too bad they have changed so much.
Fidelity's request for a recent statement is standard operating procedure in the industry. I imagine it is done for protection, yours as well as theirs. This helps them check that the account information provided is correct and that the correct assets are being transferred. I usually just download my most recent statement and then upload it to Fidelity.

Interval-funds are not listed, can be bought any tine, but redemptions are limited in amounts to quarterly, semi-annual or annual windows. There are about 70 such funds now. A good analogy is to "roach-motels". A filing has been made for ARK Venture Fund.
Interval-funds try to address some issues related to mutual funds/OEFs (constant inflows/outflows), ETFs (liquid wrapper for some illiquid assets) and CEFs (premiums/discounts).
https://www.morningstar.com/articles/1080000/ark-invest-turns-to-an-innovative-fund-structure
SEC/Edgar https://www.sec.gov/Archives/edgar/data/1905088/000110465922011382/tm225314d1_n2.htm

Luckily, ETFs cannot have classes. But they can come up with more ETFs, also ETNs, CEFs, if they want (I have not heard of such plans).
But some American Funds mutual funds (OEFs) have one-and-a-half dozen or more classes. It was a laugh when they launched the F-classes as their attempt to simplify the class-madness but that just added 6 more classes (F1, F2, F3, 529F1, 529F2, 529F3).

Digging deeper I stumbled upon the "idea" (something between a suggestion and a fact) that M&P wishes to transform itself into a "series" (?!) of Trust For Professional Managers. It's right there on page one of the booklet but the language is so dense I didn't at first catch on that this was the name of something.
https://docoh.com/company/1141819/trust-for-professional-managers

Thanks everyone. More info is welcome if anyone knows what is happening at M&P.
@LewisBraham: page 14 of the booklet I was sent lists the managers of the Growth Fund. The linked document is similar to and sometimes apparently identical to what I was sent but with the sections in a different order.
It seems to me that the previous limits on their funds made the funds stronger. If management wants to make these funds into something else then maybe this is the beginning of the end of Mairs & Power. I hope not.

I assume you mean this? https://sec.gov/Archives/edgar/data/61628/000110465911058419/a11-27145_1def14a.htm
It seems like they want to leave Minnesota--not physically but legally--and reincorporate or reorganize in Delaware. American corporations love Delaware because of its lax pro-business regulations. A tiny state, that has probably the most incorporations in the nation.
Far more important is the second proposal, that will change the funds' investment restrictions, making them much more lax, giving the funds' more flexibility, which is obviously a double-edged sword. These changes start on page 14, and include shifts in stock concentration, industry concentration limits, the ability to hedge with options or short sales and invest in real estate. It's hard to say how many of these options the funds will avail themselves of, but the new rules in this filing would allow them to do things very differently from what they currently are doing.

All good recommendations. I would also take a look at Vanguard core international and YAFFX or YACKX which are really global funds if you look at their portfolios. I also think that DFIV and EWU look interesting because of their sector makeup and value orientation. Personally though I’m not adding any international while Ukraine is mess is going on. I’m still holding MIOPX but likely to sell soon. It’s been painful for intl Large cap growth. That fund was so strong over last 19 years

M* article from Auguat, 2021, https://www.morningstar.com/articles/1056134/capital-groups-fashionably-late-entry-to-the-etf-party
"Capital Group, the parent of American Funds, expects to introduce its first suite of exchange-traded funds early next year. According to preliminary prospectus filings on Aug. 24, 2021, the firm will launch six actively managed, transparent ETFs in the latter half of 2022's first quarter: fixed-income strategy Capital Group Core Plus Income CGCP; U.S.-centric equity mandates Capital Group Growth CGGR, Capital Group Core Equity CGUS, and Capital Group Dividend Value CGDV; and international/global equity strategies Capital Group Global Growth Equity CGGO and Capital Group International Focus CGXU....."

I received a thick booklet from Mairs & Power asking me, a shareholder in two of their funds, for a proxy vote approving a proposed reorganization from its present Trust status to something else. In 83 pages of print the details of the Something Else are not made explicit. I phoned the supplied number for more info and got someone who seemed to sincerely believe she was giving me useful information by robotically reading sentences from the booklet I had already read. I asked her if she, like me, also did not understand what was being voted upon. Her answer was to recite the names of the three Mairs & Power funds. I thanked her for her time and called the shareholder phone number instead. I got a polite but ignorant person who kept putting me on hold while she asked her supervisor for information, After 15 minutes of brief conversation, separated by 3 minute holds accompanied by music that was not annoying, I was advised to phone the Proxy info number.
Does anyone here understand what is actually being proposed by M&P? I understand that the proposition is to switch to a "multiple series trust platform" and I understand in principal what that is, but no details are given. Part of the murkiness of the proposal is due to what seems to me to be poor English usage, particular the use of the word "series" as a plural without an article ("series" instead of " a series" for instance) and "reorganizations" in place of "reorganization" in a situation where one event of reorganization is proposed. An example: " If the reorganizations (as described below) are completed, the Target Funds would become series of a multiple series trust platform comprised of the Target Funds and other third-party funds". No one I asked on the phone could tell me what that meant or what the third-party funds would be. To add to the confusion, on another page each of the three M&P funds is described as being a "series". What?
Does anyone in this forum know the details of what is being proposed? And if so would you be so kind as to explain them to this simple-minded investor? Thank you in advance.

The cartoon is funny. But the frustration experienced by @msf is genuine. I feel his pain. How much worse does it get than having them mail out 3 checks withdrawn on your account to another fiduciary only to have all 3 “bounce” when said fiduciary attempts to deposit those checks at their bank?
I didn’t expect to vacate TRP’s funds after leaving. But, to a degree I have. My hold on TMSRX is less than half as much as before the move. PRSIX I’ve sold entirely. Lightened up on RPGAX. Also vacated TRBUX, PRAFX and 1 or 2 others. Bottom line: The ineptness of their client / fiduciary interface has cost them invested assets as well. I’m a small fish to them. Possibly they don’t care - as there are larger fish in the pond.
(Deleted)

Hi @yogibearbull
This chart is a just for the "heck of it", that I set several years ago for my viewing pleasure. Tracking the yield, versus pricing performance; so we're looking at the percentage change in yield rate over period "x". This particular chart is YTD.
Note: yields at various times may be viewed "hovering" on the chart lines, and the time frame may be changed from the 36 days shown below the chart.
30 year - 1 year rate of yield change

Yahoo data shows flattening to 38 bps,
https://stockcharts.com/h-sc/ui?s=$UST10Y-$UST2Y&p=D&yr=1&mn=0&dy=0&id=p30770457149