N-Q 1 a07-14276_2nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-00802

 

 

Mairs and Power Growth Fund, Inc.

(Exact name of registrant as specified in charter)

 

332 Minnesota Street, Suite W1520, St. Paul, MN

 

55101

(Address of principal executive offices)

 

(Zip code)

 

William B. Frels, President, 332 Minnesota Street, Suite W1520, St. Paul, MN  55101

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

651-222-8478

 

 

Date of fiscal year end:

12/31/07

 

 

 

 

Date of reporting period:

03/31/07

 

 


 

Item 1.            Schedule of Investments.

 


 

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2007

 

Shares

 

Security Description

 

Market Value

 

 

COMMON STOCKS 97.5%

 

 

 

 

BASIC INDUSTRIES 13.1%

 

 

2,209,000

 

Bemis Co., Inc.

 

$

73,758,510

2,120,000

 

Ecolab Inc.

 

91,160,000

3,320,000

 

H. B. Fuller Co. (b)

 

90,536,400

3,500,000

 

The Valspar Corp.

 

97,405,000

 

 

 

 

352,859,910

 

 

CAPITAL GOODS 10.4%

 

 

2,320,000

 

Donaldson Co., Inc.

 

83,752,000

2,095,000

 

Graco Inc.

 

82,040,200

1,186,700

 

MTS Systems Corp. (b)

 

46,091,428

2,230,000

 

Pentair, Inc.

 

69,486,800

 

 

 

 

281,370,428

 

 

CONSUMER CYCLICAL 9.3%

 

 

960,000

 

Briggs & Stratton Corp.

 

29,616,000

430,000

 

G & K Services, Inc. – Cl A

 

15,600,400

1,950,000

 

Target Corp.

 

115,557,000

1,750,000

 

The Toro Company

 

89,670,000

 

 

 

 

250,443,400

 

 

CONSUMER STAPLE 7.4%

 

 

1,560,000

 

General Mills, Inc.

 

90,823,200

1,840,000

 

Hormel Foods Corp.

 

68,429,600

1,078,000

 

SUPERVALU Inc.

 

42,117,460

 

 

 

 

201,370,260

 

 

DIVERSIFIED 7.1%

 

 

2,370,000

 

General Electric Co.

 

83,803,200

1,400,000

 

3M Co.

 

107,002,000

 

 

 

 

190,805,200

 

 

FINANCIAL 16.4%

 

 

1,260,000

 

Associated Banc-Corp.

 

42,336,000

615,000

 

MoneyGram International Inc.

 

17,072,400

760,000

 

Principal Financial Group, Inc.

 

45,501,200

3,070,000

 

TCF Financial Corp.

 

80,925,200

950,000

 

The Travelers Companies, Inc.

 

49,181,500

2,720,000

 

U.S. Bancorp

 

95,118,400

3,250,000

 

Wells Fargo & Co.

 

111,897,500

 

 

 

 

442,032,200

 


 

Shares

 

Security Description

 

Market Value

 

 

COMMON STOCKS (continued)

 

 

 

 

HEALTH CARE 18.0%

 

 

90,000

 

Amgen, Inc. (a)

 

$

5,029,200

1,540,000

 

Baxter International Inc.

 

81,111,800

1,360,000

 

Johnson & Johnson

 

81,953,600

2,200,000

 

Medtronic, Inc.

 

107,932,000

780,000

 

Patterson Cos., Inc. (a)

 

27,682,200

2,550,000

 

Pfizer Inc.

 

64,413,000

1,640,000

 

St. Jude Medical, Inc. (a)

 

61,680,400

810,000

 

SurModics, Inc. (a)

 

29,160,000

440,000

 

Techne Corp. (a)

 

25,124,000

30,000

 

Zimmer Holdings, Inc. (a)

 

2,562,300

 

 

 

 

486,648,500

 

 

TECHNOLOGY 15.1%

 

 

1,000,000

 

ADC Telecommunications, Inc. (a)

 

16,740,000

2,420,000

 

Ceridian Corp. (a)

 

84,312,800

1,500,000

 

Corning Inc. (a)

 

34,110,000

1,277,030

 

eFunds Corp. (a)

 

34,045,620

2,540,000

 

Emerson Electric Co.

 

109,448,600

1,710,000

 

Honeywell International Inc.

 

78,762,600

1,790,000

 

Intel Corp.

 

34,242,700

368,200

 

Stratasys, Inc. (a)

 

15,729,504

 

 

 

 

407,391,824

 

 

TRANSPORTATION 0.7%

 

 

270,000

 

United Parcel Service, Inc. - Cl B

 

18,927,000

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

$

2,631,848,722

 

 

(cost $1,771,619,424)

 

 

 

 

SHORT-TERM INVESTMENTS 2.4%

 

 

51,982,259

 

First American Prime Obligations Fund, Class Z

 

$

51,982,259

11,755,851

 

Merrill Lynch Premier Institutional Money Market Fund

 

11,755,851

 

 

TOTAL SHORT-TERM INVESTMENTS

 

$

63,738,110

 

 

(cost $63,738,110)

 

 

 

 

TOTAL INVESTMENTS 99.9%

 

$

2,695,586,832

 

 

(cost $1,835,357,534)

 

 

 

 

OTHER ASSETS AND LIABILITIES (NET) 0.1%

 

2,225,111

 

 

TOTAL NET ASSETS 100%

 

$

2,697,811,943

 

(a) Non-income producing.

(b) Affiliated company.

See accompanying ‘Notes to Schedule of Investments’.

 


 

NOTES TO SCHEDULE OF INVESTMENTS (unaudited)

 

March 31, 2007

 

Security Valuations

 

Security valuations for fund investments are furnished by independent pricing services that have been approved by the Board of Directors. Investments in equity securities that are traded on a national securities exchange are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the NASDAQ national market system, the Fund utilizes the NASDAQ Official Closing Price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market.

 

Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. When market quotations are not readily available, or where the last quoted sale price is not considered representative of the value of the security if it were to be sold on that day, the security will be valued at fair value as determined in good faith by the Fair Valuation Committee (the Committee) appointed by the Fund’s Board of Directors, pursuant to procedures approved by the Board. Factors that may be considered in determining the fair value of a security are fundamental analytical data relating to the security; the nature and duration of any restrictions on the disposition of the security; and the forces influencing the market in which the security is purchased or sold. As of March 31, 2007,  no securities in the Fund were valued using this method.

 

Security Transactions

 

Security transactions are recorded on the date on which securities are purchased or sold.

 

Income taxes

 

At March 31, 2007, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized appreciation aggregated $860,229,298 of which $881,938,743 represented appreciated investment securities and $21,709,445 represented depreciated investment securities.

 

Transactions with affiliated companies

 

The Fund owns 5% or more of the voting securities of the following companies as of March 31, 2007. As a result, these companies are deemed to be affiliates of the Fund as defined by the Investment Company Act of 1940. Transactions during the period in these securities of affiliated companies were as follows:

 

 

 

Share Activity

 

 

 

 

 

Balance

 

 

 

 

 

Balance

 

Value at

 

Security Name

 

12/31/06

 

Purchases

 

Sales

 

03/31/07

 

03/31/07

 

H.B. Fuller Co.

 

3,450,000

 

__

 

130,000

 

3,320,000

 

$

90,536,400

 

MTS Systems Corp.

 

1,211,700

 

__

 

25,000

 

1,186,700

 

46,091,428

 

 

 

 

 

 

 

 

 

 

 

$

136,627,828

 

 


 

Item 2.                                                             Controls and Procedures.

 

a)             The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time period specified by the SEC’s rules and forms.

 

b)            There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.                                                             Exhibits

 

(a)          Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

Attached as exhibits 3(a).1 and 3(a).2 to this form.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

(Registrant)

Mairs and Power Growth Fund, Inc.

 

 

 

By (Signature and Title)

 

 

 

 

 

*                      /s/William B. Frels

 

 

William B. Frels, President

 

 

 

 

 

 

 

 

Date

05/30/07

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

 

 

 

 

 

*                      /s/William B. Frels

 

 

William B. Frels, President

 

 

(principal executive officer)

 

 

 

 

 

 

 

 

Date

05/30/07

 

 

 

By (Signature and Title)

 

 

 

 

 

*                      /s/Lisa J. Hartzell

 

 

Lisa J. Hartzell, Treasurer

 

 

(principal financial officer)

 

 

 

 

 

 

 

 

Date

05/30/07

 

*  Print the name and title of each signing officer under his or her signature.