N-Q 1 a07-28137_3nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

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:

9/30/07

 

 


 

Item 1.                  Schedule of Investments.

 


SCHEDULE OF INVESTMENTS (unaudited)  September 30, 2007

Shares   Security Description   Market Value  
    COMMON STOCKS 97.5%  
    BASIC INDUSTRIES 12.6%  
  2,209,000     Bemis Co., Inc.   $ 64,303,990    
  2,120,000     Ecolab Inc.     100,064,000    
  3,200,000     H.B. Fuller Co. (b)     94,976,000    
  3,500,000     The Valspar Corp.     95,235,000    
      354,578,990    
    CAPITAL GOODS 11.0%  
  2,330,000     Donaldson Co., Inc.     97,300,800    
  2,095,000     Graco Inc.     81,935,450    
  100,000     Fastenal Co.     4,541,000    
  1,136,700     MTS Systems Corp. (b)     47,286,720    
  2,320,000     Pentair, Inc.     76,977,600    
      308,041,570    
    CONSUMER CYCLICAL 9.3%  
  660,000     Briggs & Stratton Corp.     16,618,800    
  430,000     G&K Services, Inc. – Cl A     17,286,000    
  1,950,000     Target Corp.     123,961,500    
  1,750,000     The Toro Co.     102,952,500    
      260,818,800    
    CONSUMER STAPLE 6.5%  
  1,560,000     General Mills, Inc.     90,495,600    
  1,840,000     Hormel Foods Corp.     65,835,200    
  678,000     SUPERVALU Inc.     26,448,780    
      182,779,580    
    DIVERSIFIED 8.2%  
  2,380,000     General Electric Co.     98,532,000    
  1,400,000     3M Co.     131,012,000    
      229,544,000    
    FINANCIAL 15.3%  
  1,260,000     Associated Banc-Corp.     37,333,800    
  770,000     MoneyGram International Inc.     17,394,300    
  910,000     Principal Financial Group, Inc.     57,411,900    
  3,070,000     TCF Financial Corp.     80,372,600    
  680,000     The Travelers Companies, Inc.     34,231,200    

 


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SCHEDULE OF INVESTMENTS (unaudited) (continued)  September 30, 2007

Shares   Security Description   Market Value  
    COMMON STOCKS (continued)  
    FINANCIAL (continued)  
  2,720,000     U.S. Bancorp   $ 88,481,600    
  3,230,000     Wells Fargo & Co.     115,052,600    
      430,278,000    
    HEALTH CARE 19.2%  
  100,000     Amgen, Inc. (a)     5,657,000    
  1,520,000     Baxter International Inc.     85,545,600    
  1,360,000     Johnson & Johnson     89,352,000    
  2,200,000     Medtronic, Inc.     124,102,000    
  780,000     Patterson Cos., Inc. (a)     30,115,800    
  2,550,000     Pfizer Inc.     62,296,500    
  1,570,000     St. Jude Medical, Inc. (a)     69,189,900    
  770,000     SurModics, Inc. (a)     37,737,700    
  440,000     Techne Corp. (a)     27,755,200    
  90,000     Zimmer Holdings, Inc. (a)     7,289,100    
      539,040,800    
    TECHNOLOGY 14.6%  
  1,000,000     ADC Telecommunications, Inc. (a)     19,610,000    
  1,690,000     Ceridian Corp. (a)     58,710,600    
  1,500,000     Corning Inc.     36,975,000    
  440,000     Daktronics, Inc.     11,976,800    
  2,540,000     Emerson Electric Co.     135,178,800    
  1,583,750     Honeywell International Inc.     94,185,613    
  1,490,000     Intel Corp.     38,531,400    
  490,000     Stratasys, Inc. (a)     13,504,400    
      408,672,613    
    TRANSPORTATION 0.8%  
  290,000     United Parcel Service, Inc. – Cl B     21,779,000    
        TOTAL COMMON STOCKS
(cost $1,720,396,835)		     $2,735,533,353
 		   

 


6


SCHEDULE OF INVESTMENTS (unaudited) (continued)  September 30, 2007

Shares   Security Description   Market Value  
    SHORT-TERM INVESTMENTS 2.4%  
  56,872,085     First American Prime Obligations Fund, Class Z   $ 56,872,085    
  12,068,537     Merrill Lynch Premier Institutional Money Market Fund     12,068,537    
    TOTAL SHORT-TERM INVESTMENTS
(cost $68,940,622)		     $68,940,622
 		   
    TOTAL INVESTMENTS 99.9%
(cost $1,789,337,457)		     $2,804,473,975
 		   
    OTHER ASSETS AND LIABILITIES (NET) 0.1%     1,635,738    
    TOTAL NET ASSETS 100%   $ 2,806,109,713    

 

(a)  Non-income producing.

(b)  Affiliated company.

See accompanying Notes to Schedule of Investments.


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NOTES TO SCHEDULE OF INVESTMENTS (unaudited)  September 30, 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 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 September 30, 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 September 30, 2007, the cost of investments for federal income tax purposes was equal to the cost for financial reporting purposes. Net unrealized appreciation aggregated $1,015,136,518 of which $1,032,643,921 represented appreciated investment securities and $17,507,403 represented depreciated investment securities.

Transactions with affiliated companies

The Fund owns 5% or more of the voting securities of the following companies as of September 30, 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      
Security Name   Balance
12/31/06		   Purchases   Sales   Balance
09/30/07		   Value at
09/30/07		  
H.B. Fuller Co.     3,450,000       —       250,000       3,200,000     $ 94,976,000    
MTS Systems Corp.     1,211,700       —       75,000       1,136,700       47,286,720    
    $ 142,262,720    

 


8



 

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

                 11/27/2007

 

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

                 11/27/2007

 

By (Signature and Title)

 

*                        /s/Lisa J. Hartzell

               Lisa J. Hartzell, Treasurer

               (principal financial officer)

 

 

Date

                 11/27/07

 

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