(PUB) Investing 2015

Morningstar Analyst Rating

05-26-15

„

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

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 ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

117.05

116.20

111.09

83.95

70.78

72.16

63.12

52.51

76.30

77.10

71.69

70.33

Total Return %

0.73

8.12

35.64

21.91

0.74

17.40

22.52

-28.51

4.91

10.24

4.37

17.99

+/-S&P 500

-2.50

-5.57

3.25

5.91

-1.37

2.34

-3.94

8.49

-0.58

-5.55

-0.54

7.11

+/-Russ 1000

-2.92

-5.12

2.53

5.49

-0.76

1.30

-5.91

9.09

-0.86

-5.22

-1.90

6.59

Income Return %

0.00

1.38

1.47

1.90

1.40

1.43

1.70

1.61

1.35

1.30

1.11

1.12

Capital Return %

0.73

6.74

34.17

20.01

-0.66

15.97

20.82

-30.12

3.56

8.94

3.26

16.87

Total Rtn % Rank Cat

Income $

0.00

1.53

1.23

1.34

1.00

0.90

0.89

1.22

1.04

0.93

0.78

0.68

Capital Gains $

0.00

2.38

1.44

0.90

0.94

0.97

0.24

0.86

3.59

0.99

0.93

0.82

Expense Ratio %

0.65

0.67

0.70

0.72

0.71

0.70

0.68

0.69

0.70

0.73

Income Ratio %

1.36

1.27

1.69

1.40

1.26

1.61

1.75

1.26

1.21

1.15

1.12

Turnover Rate %

Net Assets $mil

4,262

4,299

3,962

2,494

1,976

2,040

1,937

1,683

2,614

2,694

2,523

2,056

Performance

05-31-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2011

2012

2013

2014

2015

5.22 0.52 -16.11 13.53

0.74

14.99 -2.94

6.05 3.00 21.91

11.95 1.77

8.12 10.11 35.64

1.28 2.87

-2.40 6.33

8.12

0.82

. . . .

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500

1000

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

-0.72 -1.36

-1.48

88 9,928

1.56 -1.41

-1.85

81 10,156

6.76 -5.05

-5.15

85 10,676

18.28 -1.39

-1.69

65 16,548

15.48 -1.06

-1.20

45 20,537

8.48 0.36

0.10

17 22,568

9.37 4.71

4.38

3 38,324

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

17.26

0.86

14.57

0.78

7.64

0.78

Potential Capital Gain Exposure: 49% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

6.76

3 Yr

18.28

Avg

High

5 Yr

15.48

Avg

10 Yr

8.48

+Avg

Avg

Incept

11.44

Other Measures

Standard Index

Best Fit Index

S&P 500

R3000

Alpha

-2.7

-3.2

Beta

1.09

1.10

R-Squared

Standard Deviation

9.95

Mean

18.28

Sharpe Ratio

1.74

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

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

Address:

Mairs & Power Funds Trust

St. Paul, MN 55101-1363

800-304-7404

Web Address:

www.mairsandpower.com/

Inception:

11-07-58

Advisor:

Mairs & Power Inc

Subadvisor:

None

NTF Plans:

N/A

Minimum Purchase:

$2500

Add: $100 IRA: $1000

Min Auto Inv Plan:

Add:

Sales Fees:

No-load

Management Fee:

0.60% mx./0.50% mn., 0.00%A

Actual Fees:

Mgt:0.56% Dist:

Expense Projections:

3Yr:$208

5Yr:$362 10Yr:$810

Income Distribution:

Semi-Annually

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

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

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

Historical Profile

Return

Risk

Rating

Above Avg

Average

Above Avg

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

S&P 500

Performance Quartile

(within Category)

History

10.0

7.0

14.0

18.0

22.8

Portfolio Analysis

04-30-15

Share change since 03-15 Total Stocks:47 Sector

PE Tot Ret% % Assets

Ecolab Inc

Basic Mat 28.1

4.36

U.S. Bancorp

Finan Svs 13.8

4.09

3M Co

Industrl

21.1 -4.20 3.73

Honeywell International

Industrl

19.1 1.52 3.71

Valspar Corp

Basic Mat 17.9 -5.87 3.62

Schlumberger NV

Energy

23.5 11.36 3.48

Medtronic PLC

Hlth care 24.4 3.54 3.39

Bemis Co Inc

Cnsmr Cyc 19.5 0.15 3.38

Toro Co

Industrl

21.9

3.08

Graco Inc

Industrl

18.3 -9.93 3.06

Johnson & Johnson

Hlth care 17.9 -4.47 3.04

Donaldson Co Inc

Industrl

20.8 -7.26 3.03

Emerson Electric Co

Industrl

15.9

3.02

Target Corp

Cnsmr Def 20.1 4.53 2.90

Hormel Foods Corp

Cnsmr Def 24.9 5.28 2.85

General Mills Inc

Cnsmr Def 24.3 5.36 2.71

St Jude Medical Inc

Hlth care 21.0

2.63

H.B. Fuller Company

Basic Mat 48.1 -5.64 2.46

Pentair PLC

Industrl

20.2 -5.47 2.45

Baxter International Inc

Hlth care 19.6 -5.50 2.37

Current Investment Style

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

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

18.40

3.26

1.85

14.02

2.15

1.28

1.60

1.47

1.97

0.99

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

11.18

4.62

6.00

1.82

7.81

1.08

0.87

2.06

0.27

0.44

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

22.21

8.31

12.57

1.15

1.08

0.99

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 28.37

BasicMat 11.36

13 10

CnsmrCyc 5.13

5 3

FinanSvs 11.88

13 11

Real Est 0.00

. . .

Sensitive 44.84

CommSrvs 0.00

. . .

Energy 3.54

4 1

Industrl 33.12

36 31

Technlgy 8.18

12 7

Defensive26.79

CnsmrDef 8.61

10 8

Hlthcare 18.18

19 17

Utilities 0.00

1 0

Composition - Net

(% of Stock)

Cash

1.8

Stocks 98.2

Bonds 0.0

Other

0.0

Foreign 2.3

timely. Pastperformance is no guarantee of future results.Access updated reportsat

Toorder reprints, call312-696-6100.

mfb.morningstar.com.

Mutual Funds