(PUB) Morningstar FundInvestor

7

Morningstar FundInvestor

August 2 013

Data through July 31, 2013 Mairs & Power Growth Inv

Ticker

Status Yield Total Assets

Mstar Category

MPGFX Open

1.2% $3,437 mil

Large Blend

Morningstar Analyst Rating 08-01-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Average Highest

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

„

Manager Change Partial Manager Change

14.0 18.0 22.0

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 07-13

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 ¨

49.26 -8.12 13.98 13.53 0.83 -8.95

60.90 26.33 -2.35 -3.56

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

101.76 83.95

-28.51 4.91

21.91

21.95

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

2.33 1.95 0.69

1.08

1.30 8.94 0.93 0.99 0.69 1.21 91

1.70

25.25

16.87

-30.12 3.56

20.82

15.97

20.01

21.26

1

59

2

68

61

4

81

11

35

3

16

Pillar Spectrum Positive

0.45 0.24 0.78 0.93

0.53 0.77 0.75 1.05

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

0.58 0.00

§ Negative

¶ Neutral

. . .

Performance 07-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

1

2

3

3

4

4

2

3

2

3

2

2009 2010 2011 2012 2013

-14.32 17.71 15.03 5.62 22.52 7.94 -9.04 8.53 10.18 17.40 5.22 0.52 -16.11 13.53 0.74 14.99 -2.94 6.05 3.00 21.91 11.95 1.77 . . .

772

1,307

2,056

2,523

2,694

2,614

1,683

1,937

2,040

1,976

2,494

3,437

Portfolio Analysis 06-30-13 Share change since 05-13 Total Stocks:46 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Valspar Corporation

Basic Mat 21.6 9.90 4.59

1 Yr 3 Yr 5 Yr

32.24 19.08 10.92

Trailing

Total

+/-

+/- Russ %Rank Growth of

3M Co

Industrl

18.6 27.84 4.46

Return% S&P 500 8.54 2.44 14.26 0.53 32.24 7.24 19.08 1.34 10.92 2.66

1000 2.31 0.43 6.01 1.04 2.43 1.35 4.38

Cat

$10,000

High High High

Avg Avg Avg

Medtronic, Inc. Target Corp

Hlth care 16.4 35.98 4.27 Cnsmr Def 16.7 21.63 4.15

3 Mo 6 Mo 1 Yr

10 10,854 33 11,426 10 13,224 7 16,886 4 16,790 6 24,490 3 38,694

10 Yr Incept

9.37

Pentair Ltd

Industrl Industrl

25.72 4.09

.

11.45

Honeywell International,

20.7 32.03 3.98

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

Ecolab, Inc.

Basic Mat 33.9 28.79 3.90

Other Measures

Standard Index

Best Fit Index

Graco Incorporated Emerson Electric Co.

Industrl

22.9 36.98 3.83

S&P 500

9.37 1.73 9.44 4.78

Technology 21.6 17.43 3.78 Finan Svs 12.9 18.17 3.54

Alpha

1.4

4.5

U.S. Bancorp Toro Company

Beta

0.99

0.78

Industrl

19.6 15.31 3.53

R-Squared

88

92

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 18.24 6 0.70 80 10.09 3 0.74 81 8.60 5 0.71 66 Potential Capital Gain Exposure: 45% of assets Morningstar’s Take by Laura Lallos 08-01-13 Mairs & Power Growth’s manager change is as deliberate as its investment strategy. On July 1, this fund’s managers switched places. Mark Henneman, who had been comanager since the beginning of 2006, became lead manager, and Bill Frels stepped down to comanager. Frels will remain in place until he retires at the end of 2014. This long transition should ensure a smooth changeover, as does the fact that these managers work with seven other portfolio managers and analysts on the firm’s investment committee. When Frels took over as lead manager in 2004, after starting as comanager in 1999, the fund didn’t break its stride. (Its underperformance in 2005-07 was the result of its characteristic lack of exposure to utilities and energy.) Shareholders should not expect any dramatic changes to the fund’s slow-and-steady strategy and low-turnover portfolio. Henneman notes that his favorite picks are already in the fund. He likes to adjust positions tactically as valuations change, so the fund’s turnover may increase, but he expects it to remain

H.B. Fuller Company Johnson & Johnson Donaldson Company, Inc. Hormel Foods Corporation Wells Fargo & Co Baxter International Inc General Electric Co General Mills, Inc. Bemis Co Inc

Basic Mat 21.3 16.13 3.49 Hlth care 25.4 35.19 3.14 Cnsmr Def 22.8 37.33 2.79 Cnsmr Cyc 23.9 24.66 2.77 Finan Svs 12.3 28.88 2.57 Hlth care 17.6 10.98 2.31 Industrl 22.3 11.08 3.04

Standard Deviation

14.13 19.08

Mean

Sharpe Ratio

1.31

Industrl

18.1 17.01 2.28

under 10%--well below the large-blend category average of nearly 65%. The fund stands out in other ways, too. Most notable is its focus on companies headquartered in the upper Midwest, near Mairs & Power’s Twin Cities office. Henneman and Frels look 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. They also invest across the market-cap spectrum: While the portfolio overall lands in large-cap territory, the fund has far more exposure to mid- and small caps than most of its peers. The fund’s performance has also been exceptional. Over the past decade, its three-year rolling returns have landed in the top quartile 70% of the time. Frels and Henneman won Morningstar’s 2012 Domestic-Stock Manager of the Year award in recognition of a great year backed by a great record.

Cnsmr Def 18.6 31.22 2.28

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 27.7 Large 23.1 Mid 32.6 Small 10.4 Micro 6.1 Avg $mil: 17,169

Value Blnd Growth

Large Mid Small

Cyclical 28.02 0.97 BasicMat 12.26 4.01 14 12 CnsmrCyc 3.59 0.42 4 3 FinanSvs 12.17 0.78 13 11 Real Est 0.00 0.00 . . Sensitive 45.19 1.04 CommSrvs 0.00 0.00 . . Energy 1.61 0.15 2 1 Industrl 31.76 2.79 38 31 Technlgy 11.82 0.67 12 5 Defensive26.79 0.97 CnsmrDef 9.43 0.78 11 9 Hlthcare 17.36 1.47 20 17 Utilities 0.00 0.00 . .

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

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

16.31 2.66 1.56 9.48 2.13 10.61 9.01 7.44 6.12 9.55

1.14 1.31 1.24 1.34 0.98 1.03 1.70 2.53 0.90 1.10

% Rel Category

Composition - Net

Cash 2.3 Stocks 97.7 Bonds 0.0 Other 0.0 Foreign 0.0

Address:

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

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

20.34 8.54 11.88

1.06 1.11 0.93

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

Management Fee:

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

(% of Stock)

11-07-58

Actual Fees:

Mairs & Power Inc

Expense Projections: Income Distribution:

3Yr:$224

5Yr:$390 10Yr:$871

None

Semi-Annually

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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