<PAGE>
[LOGO]
ANNUAL REPORT
December 31, 1997
W-1420 First National Bank Building
332 Minnesota Street
St. Paul, Minnesota 55101
612-222-8478
<PAGE>
February 20, 1998
TO OUR SHAREHOLDERS:
1997 was another very rewarding year for shareholders of Mairs and Power
Growth Fund. Net asset value per share at year end was $86.67, resulting in a
total return for the year of 28.7%. This compares with returns of 33.4% for the
Standard and Poor's 500 Stock Index and 24.4% for the average diversified U.S.
stock fund. For the five year period ended December 31, 1997, the Fund had an
average annual return of 23.7% which compares with returns of 20.3% for the
Standard and Poor's 500 and 16.5% for the average long-term growth fund. In a
study of mutual funds' performance of CDA/Wiesenberger, the Fund ranked 4th out
of 455 growth funds for the five year period. The WALL STREET JOURNAL, in its
year-end review of Mutual Funds, compiled a list of the 50 best performing stock
funds for the past five and ten year periods. Mairs and Power Growth Fund was
one of four diversified stock funds to appear on both lists. BUSINESS WEEK
MAGAZINE, in its February 2nd issue, presented performance data on 935 stock
funds. It listed 86 funds which were A rated for the best risk-adjusted returns
over the past five years. The Fund and its companion fund, Mairs and Power
Balanced Fund, were both included in the A list and the Fund had the fifth
highest return on that list.
The strong stock market last year was once again a reflection of the strong,
non-inflationary economic growth which took place throughout the year. Indeed,
1997 was a vintage year for the U.S. economy. Gross Domestic Product rose 3.8%,
adjusted for inflation, the fastest growth since 1988. The price index for gross
domestic purchases, perhaps the government's best measure of inflation, rose
just 1.7%, the smallest annual increase since 1964. Strong job growth caused the
unemployment rate to drop to 4.9%, the lowest level in 24 years. A year ago,
economists were expecting 1997 growth of just over 2%. Instead, unanticipated
strength in business investment and household consumption pushed the level to
nearly twice that forecast. Perhaps the most encouraging development during the
year were the solid gains registered by worker productivity which we believe
reflects structural improvement in the American economy. Output per hour of work
rose by 1.7%, twice the average annual gain registered during the first half of
the decade. Manufacturing did especially well with a 4.4% gain. Productivity is
the key to producing higher non-inflationary growth and rising living standards.
The U.S. economy is about to complete its seventh consecutive year of growth,
making this the third longest expansion period in history. However, the
expansion continues to be well balanced and should continue beyond 1998. Each
postwar recession has been preceded by a period of monetary tightening on the
part of the Federal Reserve in an effort to contain inflation. Currently, we
foresee little need for such action.
1
<PAGE>
Despite the sharp rise in stock prices which has taken place in recent
years, we continue to have a positive outlook for the market.
Stronger-than-expected corporate earnings and generally declining interest rates
have been the major underpinning for stock prices. We believe that ten years of
corporate restructuring have greatly improved the competitive position of U.S.
companies in world markets while at the same time restoring profit margins to
levels that existed prior to the inflation-wracked 1970's. Corporate earnings
should continue to increase in 1998 by perhaps 8% and the interest-rate
environment should continue to be favorable. The Standard and Poor's 500 Index
currently trades at 20 times estimated 1998 operating earnings which is a level
consistent with other periods of very low inflation.
George A. Mairs
President
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
FUND,
S & P 500 INDEX, AND THE CONSUMER PRICE INDEX
FUND S&P CPI
<S> <C> <C> <C>
1987 $10,000.00 $10,000.00 $10,000.00
1988 $10,998.00 $11,660.00 $10,410.00
1989 $14,085.14 $15,344.56 $10,909.68
1990 $14,602.06 $14,853.53 $11,498.80
1991 $20,742.23 $19,383.86 $11,981.75
1992 $22,368.42 $20,876.42 $12,341.21
1993 $25,245.00 $22,984.94 $12,674.42
1994 $26,666.29 $23,283.74 $13,016.63
1995 $39,818.11 $32,024.46 $13,342.04
1996 $50,330.09 $39,383.68 $13,782.33
1997 $64,749.66 $52,537.83 $14,016.63
Year Ending
Average Annual Total Return
1 Year 5 Year 10 Year
28.7% 23.7% 20.5%
Past investment results should not be taken as
necessarily representative of future performance.
</TABLE>
2
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED PER SHARE DATA AND RATIOS -- FOR EACH SHARE OF
CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE
Net asset value, beginning of year $ 69.48 $ 56.64 $ 39.37 $ 38.84 $ 35.91 $ 34.78 $ 25.94 $ 26.11 $ 22.21 $ 21.68
Investment operations:
Net investment income 1.03 0.75 0.51 0.67 0.43 0.41 0.38 0.42 0.42 0.41
Net realized and unrealized gains
(losses) on investment 18.85 14.19 18.83 1.49 4.15 2.28 10.43 0.53 5.74 1.74
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Total from investment operations 19.88 14.94 19.34 2.16 4.58 2.69 10.81 0.95 6.16 2.15
Less distributions:
Dividends (from net investment
income) (1.00) (0.71) (0.56) (0.65) (0.43) (0.40) (0.39) (0.42) (0.43) (0.41)
Distributions (from capital gains) (1.69) (1.39) (1.51) (0.98) (1.22) (1.16) (1.58) (0.70) (1.83) (1.21)
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Total distributions (2.69) (2.10) (2.07) (1.63) (1.65) (1.56) (1.97) (1.12) (2.26) (1.62)
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Net asset value, end of year $ 86.67 $ 69.48 $ 56.64 $ 39.37 $ 38.84 $ 35.91 $ 34.78 $ 25.94 $ 26.11 $ 22.21
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
TOTAL INVESTMENT RETURN 28.7% 26.4% 49.3% 5.6% 12.9% 7.8% 42.1% 3.7% 28.1% 10.0%
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
NET ASSETS, END OF YEAR
(000'S OMITTED) 412,591 150,162 70,537 41,890 39,081 34,363 31,441 22,501 22,630 20,630
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets 0.84% 0.89% 0.99% 0.99% 0.98% 1.00% 1.09% 1.05% 1.07% 1.11%
Ratio of net investment income to
average net assets 0.98% 1.18% 1.00% 1.74% 1.15% 1.19% 1.18% 1.65% 1.63% 1.78%
Portfolio turnover rate 5.07% 3.19% 3.87% 5.09% 4.39% 4.19% 4.54% 4.88% 2.11% 4.11%
Average commission rate paid $ .1272 $ .1568 - - - - - - - -
</TABLE>
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
AT DECEMBER 31, 1997
<TABLE>
<S> <C> <C>
ASSETS
Common Stocks as annexed, at market value (cost
$267,757,832) $390,570,546
Cash 22,023,359
Dividends and interest receivable 418,171
Receivables for securities sold, not yet delivered 0
Prepaid expense 0
-----------
$413,012,076
LIABILITIES
Accrued management fee 199,023
Accrued custodian and transfer agent fee 61,234
Payable for securities purchased, not yet received 161,200 421,457
--------- -----------
NET ASSETS
Equivalent to $86.67 per share on 4,760,515 shares
outstanding $412,590,619
-----------
-----------
NET ASSETS CONSIST OF:
Capital stock $ 47,605
Additional paid-in capital 289,645,877
Accumulated undistributed net investment income 45,826
Accumulated undistributed net realized gain (loss) on
investment transactions 38,597
Net unrealized appreciation (depreciation) of investments 122,812,714
-----------
TOTAL NET ASSETS $412,590,619
-----------
-----------
CAPITAL STOCK (par value $.01 a share)
Shares authorized 10,000,000
-----------
-----------
</TABLE>
SEE ACCOMPANYING NOTES.
4
<PAGE>
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1997
COMMON STOCKS
<TABLE>
<CAPTION>
Market
Number of Value
Shares [Note 2(a)]
- ------------ -----------
<C> <S> <C> <C>
CHEMICAL 5.3%
230,000 Ecolab, Inc. $12,750,625
187,500 H. B. Fuller 9,281,250
-----------
22,031,875
CONSUMER 10.0%
83,000 Darden Restaurants 1,037,500
167,000 General Mills, Inc. 11,961,375
360,000 Hormel Foods 11,790,000
222,610 Jostens, Inc. 5,133,943
265,800 The Toro Company 11,329,725
-----------
41,252,543
DRUGS AND HOSPITAL SUPPLIES 9.5%
242,000 Baxter International, Inc. 12,205,875
185,000 Johnson & Johnson 12,186,875
196,000 Pfizer Inc. 14,614,250
-----------
39,007,000
FINANCIAL 15.3%
390,000 Norwest Corporation 15,063,750
270,000 ReliaStar Financial Corporation 11,120,625
113,000 St. Paul Companies, Inc. 9,273,062
420,000 TCF Financial Corporation 14,253,750
120,000 U.S. Bancorp 13,432,500
-----------
63,143,687
INFORMATION SERVICES 8.1%
330,000 Deluxe Corp. 11,385,000
544,000 Merrill Corporation 12,648,000
266,200 National Computer Systems Inc. 9,383,550
-----------
33,416,550
</TABLE>
5
<PAGE>
SCHEDULE OF INVESTMENTS (CONT.)
COMMON STOCKS (Cont.)
<TABLE>
<CAPTION>
Market
Number of Value
Shares [Note 2(a)]
- ------------ -----------
<C> <S> <C> <C>
MEDICAL DEVICES 5.9%
286,000 Medtronic, Incorporated $14,961,375
305,000 St. Jude Medical, Inc.* 9,302,500
-----------
24,263,875
RETAILING 5.2%
184,000 Dayton Hudson Corporation 12,420,000
214,000 SUPERVALU Inc. 8,961,250
-----------
21,381,250
TECHNOLOGY 16.6%
180,000 Ceridian* 8,246,250
268,050 Emerson Electric Co. 15,128,072
200,000 Honeywell Inc. 13,700,000
324,800 MTS Systems Corporation 12,180,000
163,000 Minnesota Mining & Manufacturing Company 13,376,188
578,500 T S I Inc. 5,785,000
-----------
68,415,510
TELECOMMUNICATIONS 4.0%
399,000 ADC Telecommunications Inc.* 16,658,250
OTHER INDUSTRIALS 14.8%
284,000 Bemis Company, Inc. 12,513,750
529,000 BMC Industries, Inc. 8,530,125
130,000 Burlington Northern Santa Fe 12,081,875
278,900 Graco Inc. 10,406,456
355,800 Imation Corporation* 5,692,800
240,000 Weyerhaeuser Company 11,775,000
-----------
61,000,006
-----------
TOTAL COMMON STOCKS 94.7% 390,570,546
OTHER ASSETS IN EXCESS OF LIABILITIES 5.3% 22,020,073
-----------
NET ASSETS 100% $412,590,619
-----------
-----------
</TABLE>
*Non-income producing
SEE ACCOMPANYING NOTES.
6
<PAGE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends $4,226,517
Interest 853,412
----------
TOTAL INCOME $5,079,929
Expenses:
Investment advisory fees (NOTE 5) $1,726,083
Transfer agent fees (NOTE 5) 241,354
Custodian fees 54,526
Legal and audit fees 32,939
Administrative fees 204,671
Other fees and expenses 86,098
----------
TOTAL EXPENSES 2,345,671
----------
NET INVESTMENT INCOME 2,734,258
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (NOTE
4)
Net realized gains on investments sold 8,848,249
Unrealized appreciation of investments 55,004,307
----------
NET GAIN ON INVESTMENTS 63,852,556
----------
INCREASE IN NET ASSETS FROM OPERATIONS $66,586,814
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1997 1996
-------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 2,734,258 $ 1,251,599
Net realized gains on investments sold 8,848,249 2,915,175
Unrealized appreciation of investments 55,004,307 21,742,430
----------- ------------
INCREASE IN NET ASSETS FROM OPERATIONS 66,586,814 25,909,204
NET EQUALIZATION CREDITS 592,726 159,899
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (3,227,197) (1,380,350)
Short-term gain distributed as ordinary income (1,034,180) (83,915)
From net realized gains (7,830,288) (2,832,134)
----------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (12,091,665) (4,296,399)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold 220,920,487 60,915,894
Reinvestment of distributions from net investment
income and net realized gains 10,964,936 3,740,628
Cost of shares redeemed (24,544,438) (6,804,347)
----------- ------------
INCREASE IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 207,340,985 57,852,175
----------- ------------
TOTAL INCREASE IN NET ASSETS 262,428,860 79,624,879
NET ASSETS
Beginning of year 150,161,759 70,536,880
----------- ------------
End of year (including undistributed investment
income of $45,826 and overdistributed investment
income of $53,844, respectively) $412,590,619 $150,161,759
----------- ------------
----------- ------------
CHANGES IN CAPITAL STOCK
Shares sold 2,777,232 970,312
Shares issued for reinvested distributions 127,099 53,789
Shares redeemed (305,062) (108,179)
----------- ------------
NET INCREASE IN SHARES 2,599,269 915,922
----------- ------------
----------- ------------
</TABLE>
SEE ACCOMPANYING NOTES.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
Note 1 -- The Fund is registered under the Investment Company Act of 1940 (as
amended) as a diversified, no-load, open-end management investment
company. The investment objective of the Fund is to provide
shareholders with a diversified holding of securities which appear to
offer marked possibilities for long-term appreciation. Normally these
will be common stocks.
Note 2 -- Significant accounting policies of the Fund are as follows:
(a) Market value of investments is based on the last reported sale
price on December 31 for listed securities traded on one or
more of the national securities exchanges which such securities
are primarily traded or at the last sale price on the national
securities market. For securities where quotations are not
readily available, or where the last quoted sale price is not
considered representative of the value of that 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 Adviser. Security
transactions are recorded on the trade date, the date on which
securities are purchased or sold. Dividend income is recognized
on the ex-dividend date and interest income is recorded on the
accrual basis. The cost of securities sold is determined based
on the specific identification method.
(b) The Fund is a "regulated investment company" as defined in
Subtitle A, Chapter 1, Subchapter M of the Internal Revenue
Code, as amended. No provision has been made for Federal income
taxes as it is the intention of the Fund to comply with the
provisions of the Internal Revenue Code applicable to
investment companies and to make distributions of income and
security gains sufficient to relieve it from all or
substantially all income taxes.
(c) The Fund follows the accounting practice known as equalization.
When Fund shares are issued or redeemed, the distributable net
investment income per share is credited or charged to
undistributed net investment income; therefore, undistributed
net investment income per share is not affected by sales or
redemptions.
Note 3 -- Purchases and sales of investment securities, excluding short-term
securities, during the year ended December 31, 1997 aggregated
$198,607,511 and $13,355,627, respectively.
Note 4 -- Net unrealized appreciation on investments for federal income tax
purposes aggregated $122,812,714, of which $127,853,859 related to
appreciated investment securities and $5,041,145 related to
depreciated investment securities. Aggregate cost of investments for
Federal income tax purposes was $267,757,832.
Note 5 -- The investment advisory fees were paid to Mairs and Power, Inc., which
is owned by individuals who are directors and officers of the Fund,
for its services as investment adviser. Investment advisory fees were
paid to the adviser pursuant to an advisory agreement approved by the
directors of the Fund. The advisory fee is computed each month and is
1/20 of one percent of the net asset value of the Fund on the last
valuation day of the month. Transfer agent fees were paid to Firstar
Trust Company who served as transfer agent. Directors of the Fund not
affiliated with Mairs and Power, Inc. received compensation for
meetings attended totaling $32,400 in 1997. No compensation was paid
to any other director or officer of the Fund.
9
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders
Mairs and Power Growth Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Mairs
and Power Growth Fund, Inc. (the Fund), including the schedule of investments,
as of December 31, 1997, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the ten years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Mairs
and Power Growth Fund, Inc. at December 31, 1997, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the ten years
in the period then ended in conformity with generally accepted accounting
principles.
[LOGO]
January 21, 1998
10
<PAGE>
SUMMARY OF FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
This table covers a period of generally rising common stock prices. The results
shown should not be considered as a representation of the dividend income or
capital gain or loss which may be realized from an investment made in the Fund
today.
<TABLE>
<CAPTION>
PER SHARE
---------------------------------------------------
DISTRIBU- PERFORMANCE
TIONS OF DIVIDENDS OF AN
SHARES REALIZED FROM NET ASSUMED
OUT- TOTAL NET NET ASSET SECURITIES INVESTMENT INVESTMENT
DATES STANDING ASSETS VALUE GAINS INCOME OF $10,000*
- -------------- ----------- ----------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Dec. 31, 1973 1,117,086 $12,643,198 $ 11.32 $ 0.14 $ 7,488
Dec. 31, 1974 1,123,449 $ 8,115,558 $ 7.22 $ 0.24 $ 4,923
Dec. 31, 1975 1,114,754 $10,758,751 $ 9.65 $ 0.24 $ 6,751
Dec. 31, 1976 1,078,864 $13,821,528 $ 12.81 $ 0.26 $ 9,161
Dec. 31, 1977 1,057,928 $13,145,624 $ 12.43 $ 0.33 $ 9,131
Dec. 31, 1978 998,265 $13,282,487 $ 13.31 $ 0.35 $ 10,030
Dec. 31, 1979 914,635 $14,104,765 $ 15.42 $ 0.45 $ 11,981
Dec. 31, 1980 840,882 $14,540,014 $ 17.29 $ 0.55 $ 13,911
Dec. 31, 1981 861,678 $13,148,158 $ 15.26 $ 0.74 $ 0.60 $ 13,384
Dec. 31, 1982 850,942 $16,784,217 $ 19.72 $ 0.58 $ 0.50 $ 18,625
Dec. 31, 1983 881,592 $18,972,177 $ 21.52 $ 0.70 $ 0.48 $ 21,561
Dec. 31, 1984 872,069 $17,304,204 $ 19.84 $ 0.76 $ 0.46 $ 21,124
Dec. 31, 1985 856,738 $21,553,457 $ 25.16 $ 0.86 $ 0.46 $ 28,470
Dec. 31, 1986 893,850 $22,235,453 $ 24.88 $ 2.74 $ 0.40 $ 31,756
Dec. 31, 1987 914,139 $19,816,097 $ 21.68 $ 2.29 $ 0.48 $ 31,015
Dec. 31, 1988 929,039 $20,630,251 $ 22.21 $ 1.21 $ 0.41 $ 34,110
Dec. 31, 1989 866,584 $22,630,081 $ 26.11 $ 1.83 $ 0.43 $ 43,684
Dec. 31, 1990 867,432 $22,501,587 $ 25.94 $ 0.70 $ 0.42 $ 45,287
Dec. 31, 1991 904,023 $31,440,529 $ 34.78 $ 1.58 $ 0.39 $ 64,331
Dec. 31, 1992 956,814 $34,363,306 $ 35.91 $ 1.16 $ 0.40 $ 69,374
Dec. 31, 1993 1,006,285 $39,081,010 $ 38.84 $ 1.22 $ 0.43 $ 78,295
Dec. 31, 1994 1,064,019 $41,889,850 $ 39.37 $ 0.98 $ 0.65 $ 82,705
Dec. 31, 1995 1,245,325 $70,536,880 $ 56.64 $ 1.51 $ 0.56 $ 123,493
Dec. 31, 1996 2,161,246 $150,161,759 $ 69.48 $ 1.39 $ 0.71 $ 156,101
Dec. 31, 1997 4,760,515 $412,590,619 $ 86.67 $ 1.69 $ 1.00 $ 200,824
</TABLE>
*Assumes the reinvestment of all income dividends
and capital gain distributions for a $10,000
investment made at the beginning of 1973.
- --------------------------------------------------------------------------------
No adjustment has been made for any income tax payable by shareholders on
capital gain distributions accepted in shares.
This report is not to be used in connection with the offering of shares of the
Fund unless accompanied or preceded by an effective Prospectus. Please call or
write if you desire further information.
AVERAGE ANNUAL TOTAL RETURNS--THE AVERAGE ANNUAL TOTAL RETURNS FOR THE FUND
(PERIODS ENDED DECEMBER 31, 1997) ARE AS FOLLOWS:
1 YEAR: +28.7% 5 YEARS: +23.7% 10 YEARS: +20.5%
THE TOTAL RETURN DATA REPRESENTS PAST PERFORMANCE, AND THE INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
11
<PAGE>
OFFICERS AND DIRECTORS
George A. Mairs, III .................................... President and Director
William B. Frels ........................................ Secretary and Director
Peter G. Robb ...................................... Vice-President and Director
Lisa J. Hartzell ..................................................... Treasurer
Charlton Dietz ........................................................ Director
Donald E. Garretson ................................................... Director
J. Thomas Simonet ..................................................... Director
INVESTMENT ADVISER TRANSFER AGENT AND CUSTODIAN
Mairs and Power, Inc. (REGULAR MAIL ADDRESS)
W-1420 First National Bank Building Firstar Trust Company
332 Minnesota Street 615 East Michigan Street
Saint Paul, Minnesota 55101 P.O. Box 701
Milwaukee, Wisconsin 53201-0701
INDEPENDENT AUDITORS (OVERNIGHT OR EXPRESS MAIL ADDRESS)
Ernst & Young, LLP Mutual Fund Services
1400 Pillsbury Center 3rd Floor
200 South Sixth Street 615 East Michigan Street
Minneapolis, Minnesota 55402 Milwaukee, Wisconsin 53202
SHAREHOLDER ACCOUNT INFORMATION AND INQUIRIES
1-800-304-7404
12
<PAGE>
MAIRS AND POWER
GROWTH FUND, INC.
