(PUB) Investing 2015

6

Data through May 31, 2015 Mairs & Power Growth Inv

Ticker

Status Yield Total Assets

Mstar Category

MPGFX Open

1.3% $4,262 mil

Large Blend

Morningstar Analyst Rating 05-26-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

98% 98% 98% 99% 98% 96% 98% 99% 98%

„

Manager Change Partial Manager Change

14.0 18.0 22.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

Investment Values of Fund Investment Values of S&P 500

10.0

People Parent Price

7.0

NAV Total Return % +/-S&P 500 +/-Russ 1000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 05-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

70.33 17.99

71.69 4.37 -0.54 -1.90 1.11 3.26

77.10 10.24 -5.55 -5.22

76.30

52.51

63.12 22.52 -3.94 -5.91

72.16 17.40

70.78 0.74 -1.37 -0.76 1.40 -0.66

117.05 116.20 111.09 83.95

-28.51 4.91

21.91

35.64

8.12 -5.57 -5.12 1.38 6.74 1.53 2.38 0.65 1.36 80

0.73 -2.50 -2.92 0.00 0.73

7.11 6.59 1.12

-0.58 -0.86 1.35

8.49 9.09 1.61

2.34 1.30 1.43

5.91 5.49 1.90

3.25 2.53 1.47

1.30 8.94 0.93 0.99 0.69 1.21 91

1.70

16.87

-30.12 3.56

20.82

15.97

20.01

34.17

2

68

61

4

81

11

35

3

18

92

Pillar Spectrum Positive

0.68 0.82 0.73 1.12

0.78 0.93 0.70 1.15

1.04 3.59 0.68 1.26

1.22 0.86 0.70 1.75

0.89 0.24 0.71 1.61

0.90 0.97 0.71 1.26

1.00 0.94 0.72 1.40

1.34 0.90 0.70 1.69

1.23 1.44 0.67 1.27

0.00 0.00

§ Negative

¶ Neutral

. . .

Performance 05-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 0.74

3

3

4

4

2

3

2

3

2

4

6

2011 2012 2013 2014 2015

5.22 0.52 -16.11 13.53

2,056

2,523

2,694

2,614

1,683

1,937

2,040

1,976

2,494

3,962

4,299

4,262

14.99 -2.94 11.95 1.77 1.28 2.87

6.05 3.00 21.91 8.12 10.11 35.64

Portfolio Analysis 04-30-15 Share change since 03-15 Total Stocks:47 Sector

Rating and Risk Time Load-Adj

-2.40 6.33

8.12

0.82

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . . .

Period Return % Rtn vs Cat

Ecolab Inc U.S. Bancorp

Basic Mat 28.1 Finan Svs 13.8

4.36 4.09

. .

1 Yr 3 Yr 5 Yr

6.76

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500 -0.72 -1.36 1.56 -1.41 6.76 -5.05 18.28 -1.39 15.48 -1.06 8.48 0.36 9.37 4.71

1000 -1.48 -1.85 -5.15 -1.69 -1.20 0.10 4.38

Cat

$10,000

18.28 15.48

Avg Avg

High Avg Avg

3M Co

Industrl Industrl

21.1 -4.20 3.73 19.1 1.52 3.71

3 Mo 6 Mo 1 Yr

88 9,928 81 10,156 85 10,676 65 16,548 45 20,537 17 22,568 3 38,324

Honeywell International

10 Yr Incept

8.48

+Avg

Valspar Corp

Basic Mat 17.9 -5.87 3.62

11.44

Schlumberger NV Medtronic PLC

Energy

23.5 11.36 3.48

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Hlth care 24.4 3.54 3.39 Cnsmr Cyc 19.5 0.15 3.38

Other Measures

Standard Index

Best Fit Index

Bemis Co Inc

S&P 500

R3000

Toro Co Graco Inc

Industrl Industrl

21.9

3.08

.

Alpha

-2.7 1.09

-3.2 1.10

18.3 -9.93 3.06

Beta

Johnson & Johnson Donaldson Co Inc Emerson Electric Co Hormel Foods Corp General Mills Inc St Jude Medical Inc H.B. Fuller Company Target Corp

Hlth care 17.9 -4.47 3.04

R-Squared

86

91

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 17.26 48 0.86 39 14.57 40 0.78 50 7.64 15 0.78 56 Potential Capital Gain Exposure: 49% of assets Morningstar’s Take by Laura Lallos 05-26-15 The recent manager change at Mairs & Power Growth affirms its Morningstar Analyst Rating of Silver. Mark Henneman remains the fund’s lead manager, but Andrew Adams came on as comanager on Jan. 1, 2015, replacing longtime manager Bill Frels. While manager changes sometimes signal concerns, the transition here indicates exemplary succession planning. Frels had already ceded the lead manager role in mid-2013 to Henneman, who’d been comanager since 2006. This deliberate transition has helped ensure a smooth changeover, as has the fact that the managers work with eight other portfolio managers and analysts on the firm’s investment committee, which still includes Frels. Similarly, when Frels took over as lead manager in 2004, after starting as comanager in 1999, the fund didn’t break its stride. (Underperformance in 2005-07 owed to a characteristic lack of utilities and energy.) Shareholders should not expect changes to the slow-and-steady strategy. The fund is notable for its focus on companies headquartered in the upper

Industrl Industrl

20.8 -7.26 3.03

Standard Deviation

9.95

15.9

3.02

.

Cnsmr Def 20.1 4.53 2.90 Cnsmr Def 24.9 5.28 2.85 Cnsmr Def 24.3 5.36 2.71

Mean

18.28

Sharpe Ratio

1.74

Hlth care 21.0

2.63

.

Basic Mat 48.1 -5.64 2.46

Pentair PLC

Industrl

20.2 -5.47 2.45

Midwest, near Mairs and Power’s Twin Cities office. The firm looks for businesses with sustainable competitive advantages that promise strong earnings growth over the long term, and they believe their home bias gives them an information advantage and an understanding of management that enables them to buy and hold. This perspective has led to a low-turnover, high-conviction portfolio of fewer than 50 names. The managers also invest across the market-cap spectrum to take advantage of the greater edge local insight provides when applied to less-followed names: While the portfolio overall lands in large-blend territory, the fund has far more exposure to mid- and small caps than most of its peers. A regional focus might seem limiting, but performance suggests otherwise. Over Henneman’s nearly 10-year tenure, its three-year rolling returns have landed in the top quartile of its Morningstar Category 85% of the time. Aided by low expenses that are particularly notable given the fund’s relatively small asset base, this fund is likely to continue to be a

Baxter International Inc

Hlth care 19.6 -5.50 2.37

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 33.1 Large 22.8 Mid 28.9 Small 10.1 Micro 5.0 Avg $mil: 21,764

Value Blnd Growth

Large Mid Small

Cyclical 28.37 BasicMat 11.36 CnsmrCyc 5.13 FinanSvs 11.88 Real Est 0.00 Sensitive 44.84 CommSrvs 0.00 Energy 3.54 Industrl 33.12 Technlgy 8.18 Defensive26.79 CnsmrDef 8.61 Hlthcare 18.18 Utilities 0.00

.

h r t y u j i o p a k s d f

. 13 10

5 3

.

. 13 11 . . .

.

. . .

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

4 1

.

18.40 3.26 1.85 14.02 2.15 11.18 4.62 6.00 1.82 7.81

1.28 1.60 1.47 1.97 0.99 1.08 0.87 2.06 0.27 0.44

. 36 31 . 12 7

.

. 10 8 . 19 17

% Rel Category

1 0

.

Composition - Net

Cash 1.8 Stocks 98.2 Bonds 0.0 Other 0.0 Foreign 2.3

Address:

Mairs & Power Funds Trust St. Paul, MN 55101-1363 800-304-7404 www.mairsandpower.com/

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $100 IRA: $1000

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

22.21 8.31 12.57

1.15 1.08 0.99

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.60% mx./0.50% mn., 0.00%A Mgt:0.56% Dist: .

(% of Stock)

11-07-58

Actual Fees:

Mairs & Power Inc

Expense Projections: Income Distribution:

3Yr:$208

5Yr:$362 10Yr:$810

None

Semi-Annually

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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