(PUB) Investing 2015

Morningstar Analyst Rating

06-01-15

„

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

20.94

20.67

19.78

14.49

11.21

. . . . . . .

Total Return %

1.31

6.73

38.75

30.60

-7.10

. . . . . . .

+/-S&P 500

0.08

-6.96

6.36

14.60

. . . . . . . .

+/-Russ 2000

-3.44

1.84

-0.07

14.25

. . . . . . . .

Income Return %

0.00

0.38

0.20

. . . . . . . .

Capital Return %

1.31

6.35

38.37

30.40

. . . . . . . .

Total Rtn % Rank Cat

. . . . . . . .

Income $

0.00

0.07

0.06

0.02

0.00

. . . . . . .

Capital Gains $

0.00

0.37

0.27

0.13

0.00

. . . . . . .

Expense Ratio %

1.07

1.17

1.25

. . . . . . .

Income Ratio %

0.43

0.37

0.34

0.32

. . . . . . .

Turnover Rate %

. . . . . . .

Net Assets $mil

202

162

111

. . . . . . .

Performance

06-30-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2011

2012

2013

2014

2015

. . .

20.28 -7.10

15.16 2.17

7.35 3.39 30.60

15.53 -1.02 10.26 10.05 38.75

3.24 2.30

-5.36 6.79

6.73

2.61 -1.27

. . .

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500

2000

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

-1.27 -1.55

-1.69

80 9,873

1.31 0.08

-3.44

81 10,131

2.38 -5.04

-4.11

67 10,238

18.53 1.22

0.72

29 16,653

. . . . .

Tax Analysis

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

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

18.01

0.43

. . . .

Potential Capital Gain Exposure: 17% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

2.38

3 Yr

18.53

+Avg

-Avg

5 Yr

. . . .

10 Yr

. . . .

Incept

22.45

Other Measures

Standard Index

Best Fit Index

S&P 500 Mstar Small Value

Alpha

0.5

2.7

Beta

1.06

0.91

R-Squared

Standard Deviation

11.58

Mean

18.53

Sharpe Ratio

1.53

Morningstar’s Take

by Laura Lallos 06-01-15

Like siblings Mairs & Power Growth MPGFX and Mairs

& Power Balanced MAPOX, Mairs & Power Small Cap

earns a Morningstar Analyst Rating of Silver thanks to

an excellent investment team, sound strategy, strong

performance record, and modest fees, all backed by a

firm that has been an exemplary steward of

shareholder capital.

Lead manager Andrew Adams joined Mairs and

Power in 2006 and has run this fund since its 2011

inception. He has been a significant small-cap resource

for the firm’s all-cap flagship Growth fund, and in

January 2015, he was named comanager there. At the

same time, Allen Steinkopf was named comanager

here. Steinkopf joined the firm in 2013 but has a

history working with Adams when both were at U.S.

Bancorp Asset Management (now Nuveen). The two

work closely with the firm’s eight other investment

professionals; the team maintains buy and watch lists

and monitors the portfolios.

The fund follows the sound long-term orientation

guiding all the firm’s strategies: buy and hold

financially sound businesses with sustainable

competitive advantages that can deliver consistently

above-average return on equity. The team believes an

ongoing relationship with management and

community ties with employees give it an edge in

fundamental analysis, so it emphasizes businesses

headquartered nearby in the upper Midwest. Many of

the holdings here will look familiar to followers of the

Growth fund, which holds a slug of small caps; the

funds had 17 holdings in common, accounting for

about 40% of this fund’s assets. That leads to one

caveat: This fund may not be the best source of

diversification for Mairs & Power Growth

shareholders, though it may satisfy those who like the

approach and want to allocate more to small caps.

The fund’s returns have been excellent so far, and

while it hasn’t endured a truly rough market yet, its

moderate volatility and high-quality portfolio bode

well. Modest fees and the firm’s commitment to

closing the fund by the $500 million mark should help

the fund continue to outperform over the long term.

Address:

Mairs & Power Funds Trust

St. Paul, MN 55101-1363

800-304-7404

Web Address:

www.mairsandpower.com/

Inception:

08-11-11

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, 1.00%R

Management Fee:

0.90%, 0.00%A

Actual Fees:

Mgt:0.90% Dist:

Expense Projections:

3Yr:$340

5Yr:$590 10Yr:$1306

Income Distribution:

Annually

Data through June 30, 2015

Mairs & Power Small Cap

Ticker

Status Yield Total Assets

Mstar Category

MSCFX Open

0.3% $202 mil

Small Blend

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 06-15

Historical Profile

Return

Risk

Rating

Above Avg

Below Avg

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

12.5

15.0

18.0

20.5

Portfolio Analysis

05-31-15

Share change since 04-15 Total Stocks:45 Sector

PE Tot Ret% % Assets

Badger Meter Inc

Technology 31.3 7.62 3.59

Wintrust Financial Corp

Finan Svs 18.2 14.63 3.36

Cray Inc

Technology 18.2 -14.41 3.36

Apogee Enterprises Inc

Basic Mat 30.6 24.76 3.18

PrivateBancorp Inc

Finan Svs 19.4 19.28 3.14

Deluxe Corp

Industrl

15.8 0.56 3.13

Bemis Co Inc

Cnsmr Cyc 19.1 0.80 3.11

MDU Resources Group Inc

Basic Mat

-15.34 3.04

United Fire Group Inc

Finan Svs 12.0 11.60 3.03

Hawkins Inc

Basic Mat 22.3 -5.91 3.01

Agree Realty Corp

Real Est

23.4 -3.23 2.99

Bio-Techne Corp

Hlth care 33.8 7.26 2.99

Oshkosh Corp

Industrl

12.8 -12.19 2.79

Generac Holdings Inc

Industrl

17.5 -14.99 2.72

ALLETE Inc

Utilities

15.7 -14.04 2.56

Graco Inc

Industrl

17.9 -10.66 2.52

Stratasys Ltd

Technology

-57.97 2.51

Associated Banc-Corp

Finan Svs 16.9 9.88 2.48

Donaldson Co Inc

Industrl

22.5 -6.46 2.46

Gentherm Inc

Cnsmr Cyc 27.1 49.95 2.41

Current Investment Style

Market Cap %

Giant

0.0

Large

0.0

Mid

18.9

Small

48.2

Micro 32.9

Avg $mil:

1,711

Value Blnd Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

21.13

2.04

1.50

13.37

2.04

1.29

1.21

1.63

2.08

1.45

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

11.58

7.98

6.31

-3.34

11.18

0.93

4.78

3.54

NMF

1.73

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

13.75

6.23

9.78

1.19

1.33

1.15

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 41.30

BasicMat 10.95

. . .

CnsmrCyc 8.27

. . .

FinanSvs 17.03

. . .

Real Est 5.05

. . .

Sensitive 46.53

CommSrvs 0.00

. . .

Energy 0.89

. . .

Industrl 26.69

. . .

Technlgy 18.95

. . .

Defensive12.17

CnsmrDef 2.36

. . .

Hlthcare 7.19

. . .

Utilities 2.62

. . .

Composition - Net

(% of Stock)

Cash

2.4

Stocks 97.6

Bonds 0.0

Other

0.0

Foreign 2.6

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

Toorder reprints, call312-696-6100.

mfb.morningstar.com.

Mutual Funds