Mairs and Power Balanced Fund
SCHEDULE OF INVESTMENTS (unaudited)						September 30, 2022
Par Value			Security Description			Fair Value
			FIXED INCOME SECURITIES 34.0%
			CORPORATE BONDS 28.8%
			COMMUNICATION SERVICES 0.9%
$	1,688,000		Netflix Inc	5.875%	11/15/28	$	1,647,522
2,000,000			Comcast Corp	4.250%	01/15/33	1,814,529
1,000,000			Verizon Communications Inc	4.400%	11/01/34	881,865
3,000,000			AT&T Inc	4.500%	05/15/35	2,599,406
						6,943,322
			CONSUMER DISCRETIONARY 3.0%
1,000,000			General Motors Financial Co Inc	3.950%	04/13/24	976,238
250,000			General Motors Co	4.000%	04/01/25	241,628
1,000,000			General Motors Financial Co Inc	4.300%	07/13/25	960,093
1,064,000			Block Financial LLC	5.250%	10/01/25	1,050,256
1,500,000			Ford Motor Co	4.346%	12/08/26	1,378,500
1,000,000			Darden Restaurants Inc	3.850%	05/01/27	938,059
2,245,000			Lear Corp	3.800%	09/15/27	2,053,062
1,000,000			General Motors Co	4.200%	10/01/27	917,557
1,000,000			AutoNation Inc	3.800%	11/15/27	886,953
2,000,000			Hasbro Inc	3.900%	11/19/29	1,751,458
2,000,000			Advance Auto Parts Inc	3.900%	04/15/30	1,719,627
1,000,000			Mohawk Industries Inc	3.625%	05/15/30	833,089
2,000,000			Block Financial LLC	3.875%	08/15/30	1,710,057
1,000,000			Kohl's Corp (a)	3.375%	05/01/31	619,275
1,750,000			Ford Motor Credit Co LLC	3.625%	06/17/31	1,302,665
1,000,000			Starbucks Corp	3.000%	02/14/32	828,372
500,000			Tapestry Inc	3.050%	03/15/32	373,609
500,000			Ford Motor Co.	6.100%	08/19/32	441,650
500,000			Kohl's Corp	6.875%	12/15/37	367,420
1,000,000			General Motors Co	5.150%	04/01/38	806,900
1,000,000			Ford Motor Co	4.750%	01/15/43	664,849
1,100,000			Whirlpool Corp	5.150%	03/01/43	954,780
750,000			Hasbro Inc	5.100%	05/15/44	613,742
1,073,000			Kohl's Corp	5.550%	07/17/45	644,002
						23,033,841
			CONSUMER STAPLES 1.3%
2,500,000			Land O' Lakes Inc (b)(c)	7.250%	07/14/27	2,340,425
1,949,000			Land O' Lakes Capital Trust I (b)	7.450%	03/15/28	1,970,809
2,500,000			Land O' Lakes Inc (b)(c)	7.000%	12/18/28	2,324,700
250,000			Smithfield Foods Inc (b)	3.000%	10/15/30	193,276
1,000,000			Walgreens Boots Alliance Inc	4.500%	11/18/34	861,265
1,000,000			Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc	4.700%	02/01/36	903,703
1,000,000			Walgreens Boots Alliance Inc	4.800%	11/18/44	802,510
1,000,000			Molson Coors Brewing Co	4.200%	07/15/46	744,112
						10,140,800
			CONSUMER, NON-CYCLICAL 0.1%
1,000,000			Wildlife Conservation Society	3.414%	08/01/50	715,474
						715,474
			ENERGY 0.5%
1,500,000			Sunoco Logistics Partners Operations LP	3.450%	01/15/23	1,492,366
1,000,000			Boardwalk Pipelines LP	4.950%	12/15/24	990,814
1,200,000			Kinder Morgan Inc	5.300%	12/01/34	1,085,554
500,000			Murphy Oil Corp (a)	6.375%	12/01/42	398,753
						3,967,487
			FINANCIALS 11.1%
2,000,000			OneBeacon US Holdings Inc	4.600%	11/09/22	2,000,312
1,000,000			Standard Chartered PLC (b)(d)	3.950%	01/11/23	995,988
500,000			First American Financial Corp	4.300%	02/01/23	498,280
374,000			Assurant Inc	4.200%	09/27/23	372,126
500,000			CNA Financial Corp	7.250%	11/15/23	512,514
500,000			Pacific Life Insurance Co (b)	7.900%	12/30/23	515,702
1,000,000			HSBC Holdings PLC (d)	4.250%	03/14/24	979,760
540,000			Wintrust Financial Corp	5.000%	06/13/24	527,547
824,000			Assured Guaranty US Holdings Inc	5.000%	07/01/24	825,433
3,088,000			Legg Mason Inc	3.950%	07/15/24	3,035,138
1,500,000			Symetra Financial Corp	4.250%	07/15/24	1,467,995
1,000,000			Citigroup Inc	4.000%	08/05/24	979,020
3,000,000			Synchrony Financial	4.250%	08/15/24	2,928,470
2,000,000			Old Republic International Corp	4.875%	10/01/24	1,998,790
1,627,000			Associated Banc-Corp	4.250%	01/15/25	1,583,796
4,000,000			Kemper Corp	4.350%	02/15/25	3,901,424
1,050,000			TCF National Bank	4.600%	02/27/25	1,024,250
1,000,000			BBVA USA	3.875%	04/10/25	969,526
250,000			Liberty Mutual Insurance Co (b)	8.500%	05/15/25	261,409
1,000,000			Prudential Insurance Co of America/The (b)	8.300%	07/01/25	1,069,073
1,000,000			Synchrony Financial	4.500%	07/23/25	954,854
2,000,000			Janus Capital Group Inc	4.875%	08/01/25	1,956,760
2,000,000			HSBC Holdings PLC (d)	4.250%	08/18/25	1,900,847
20,000			Wells Fargo & Co (c)	4.700%	12/15/25	370,600
1,520,000			Legg Mason Inc	4.750%	03/15/26	1,497,541
2,000,000			Hanover Insurance Group Inc/The	4.500%	04/15/26	1,930,157
3,000,000			JPMorgan Chase & Co (c)	3.650% (5 Year CMT Rate + 2.850%)	06/01/26	2,436,780
1,000,000			Wells Fargo & Co	4.100%	06/03/26	952,831
3,290,000			Old Republic International Corp	3.875%	08/26/26	3,114,318
500,000			Morgan Stanley	4.350%	09/08/26	477,057
4,000,000			PNC Financial Services Group Inc/The (c)	3.400% (5 Year CMT Rate + 2.595%)	09/15/26	2,989,813
2,500,000			M&T Bank Corp (c)	5.125% (3 Month LIBOR USD + 3.520%)	11/01/26	2,211,015
1,000,000			Citigroup Inc	4.300%	11/20/26	948,071
1,000,000			JPMorgan Chase & Co	4.125%	12/15/26	940,446
2,000,000			Bank of New York Mellon Corp/The (c)	3.750% (5 Year CMT Rate + 2.630%)	12/20/26	1,550,000
4,000,000			Mercury General Corp	4.400%	03/15/27	3,736,892
450,000			Athene Holding Ltd (d)	4.125%	01/12/28	405,420
500,000			Citigroup Inc	3.070% (SOFR + 1.280%)	02/24/28	445,858
250,000			Provident Cos Inc	7.250%	03/15/28	255,401
2,000,000			E*TRADE Financial Corp	4.500%	06/20/28	1,906,171
500,000			Farmers Exchange Capital (b)	7.050%	07/15/28	515,440
1,000,000			Lazard Group LLC	4.375%	03/11/29	918,899
2,500,000			Wintrust Financial Corp	4.850%	06/06/29	2,309,502
2,300,000			Assurant Inc	3.700%	02/22/30	1,931,770
4,000,000			Capital One Financial Corp.	5.247% (SOFR + 2.600%)	07/26/30	3,730,708
500,000			Park National Corp	4.500% (TSFR3M + 4.390%)	09/01/30	473,659
500,000			Goldman Sachs Group Inc/The	4.250%	11/15/30	448,753
500,000			Goldman Sachs Group Inc/The	4.000%	02/15/31	441,904
1,000,000			SVB Financial Group (c)	4.100% (10 Year CMT Rate + 3.064%)	02/15/31	686,229
2,000,000			Synchrony Financial	2.875%	10/28/31	1,423,335
1,000,000			Blackstone Holdings Finance Co LLC (b)	2.550%	03/30/32	777,215
2,000,000			Goldman Sachs Group Inc/The	2.650% (SOFR + 1.264%)	10/21/32	1,533,969
500,000			Goldman Sachs Group Inc/The	4.300%	12/15/32	441,285
1,700,000			Morgan Stanley	2.943% (SOFR + 1.290%)	01/21/33	1,343,946
500,000			American Express Co	4.989% (SOFR + 2.255%)	05/26/33	465,002
1,000,000			Bank of America Corp.	5.015% (SOFR + 2.160%)	07/22/33	930,451
538,000			Bank of America Corp	4.000%	08/15/34	461,481
3,000,000			Fulton Financial Corp	3.750% (TSFR3M + 2.700%)	03/15/35	2,440,120
2,150,000			Bank of Montreal (d)	3.088% (5 Year CMT Rate + 1.400%)	01/10/37	1,605,871
500,000			Swiss Re Treasury US Corp (b)	4.250%	12/06/42	425,214
500,000			Principal Financial Group Inc	4.350%	05/15/43	417,275
6,000,000			Charles Schwab Corp	4.000% (10 Year CMT Rate + 3.079%)	03/01/31	4,414,844
						85,564,257
			HEALTH CARE 0.8%
500,000			Wyeth LLC	6.450%	02/01/24	511,009
2,000,000			AbbVie Inc	3.800%	03/15/25	1,939,074
43,000			Bristol-Myers Squibb Co	3.875%	08/15/25	41,760
1,000,000			Cigna Corp	4.500%	02/25/26	977,500
700,000			Zimmer Biomet Holdings Inc	4.250%	08/15/35	595,859
1,400,000			CVS Health Corp	4.780%	03/25/38	1,230,258
1,000,000			UnitedHealth Group Inc	3.500%	08/15/39	788,971
						6,084,431
			INDUSTRIALS 2.8%
1,000,000			GATX Corp	3.900%	03/30/23	989,821
1,500,000			Hillenbrand Inc	5.000%	09/15/26	1,400,792
500,000			Toro Co/The	7.800%	06/15/27	529,100
2,000,000			Kennametal Inc	4.625%	06/15/28	1,862,206
3,000,000			Steelcase Inc	5.125%	01/18/29	2,575,380
1,000,000			Oshkosh Corp	3.100%	03/01/30	808,816
2,000,000			GATX Corp	4.000%	06/30/30	1,736,688
1,000,000			Flowserve Corp	3.500%	10/01/30	825,658
3,000,000			Hillenbrand Inc	3.750%	03/01/31	2,323,635
4,000,000			United Rentals North America Inc	3.750%	01/15/32	3,141,420
2,000,000			Eaton Corp	4.000%	11/02/32	1,787,605
1,000,000			GATX Corp.	4.900%	03/15/33	900,350
1,000,000			Alcoa Inc	5.950%	02/01/37	908,480
1,400,000			Leidos Holdings Inc	5.950%	12/01/40	1,248,030
1,000,000			FedEx Corp	4.100%	04/15/43	754,085
						21,792,066
			INFORMATION TECHNOLOGY 4.8%
696,000			Dell International LLC / EMC Corp.	5.450%	06/15/23	697,832
1,031,000			Arrow Electronics Inc	4.000%	04/01/25	992,936
2,000,000			Hewlett Packard Enterprise Co	4.900%	10/15/25	1,984,816
1,500,000			Dell International LLC / EMC Corp.	6.020%	06/15/26	1,508,062
2,500,000			Motorola Solutions Inc	4.600%	02/23/28	2,359,637
1,500,000			Trimble Inc	4.900%	06/15/28	1,430,016
1,000,000			Fiserv Inc	4.200%	10/01/28	926,755
3,000,000			Entegris Escrow Corp (b)	4.750%	04/15/29	2,649,210
1,000,000			Juniper Networks Inc	3.750%	08/15/29	871,128
1,000,000			Dell International LLC / EMC Corp.	5.300%	10/01/29	932,578
2,000,000			Avnet Inc	3.000%	05/15/31	1,509,833
1,000,000			HP Inc	2.650%	06/17/31	734,952
1,000,000			Autodesk Inc	2.400%	12/15/31	779,126
1,000,000			Magallanes Inc (b)	4.279%	03/15/32	823,811
1,000,000			Avnet Inc	5.500%	06/01/32	909,176
2,000,000			Broadcom Inc	4.300%	11/15/32	1,682,424
3,000,000			Intel Corp	4.000%	12/15/32	2,688,336
2,000,000			HP Inc	5.500%	01/15/33	1,776,673
2,850,000			Leidos Inc	5.500%	07/01/33	2,552,674
1,000,000			Broadcom Inc (b)	3.469%	04/15/34	751,674
1,500,000			Western Union Co/The	6.200%	11/17/36	1,430,909
1,500,000			Broadcom Inc (b)	4.926%	05/15/37	1,238,947
3,000,000			Oracle Corp	3.600%	04/01/40	2,041,833
1,000,000			Dell, Inc.	5.400%	09/10/40	856,480
1,000,000			Analog Devices Inc	2.800%	10/01/41	709,500
570,000			Discovery Communications LLC	4.950%	05/15/42	417,011
2,000,000			Motorola Solutions Inc	5.500%	09/01/44	1,705,603
						36,961,932
			MATERIALS 2.5%
750,000			RPM International Inc	3.450%	11/15/22	749,073
756,000			Eastman Chemical Co	3.800%	03/15/25	728,313
865,000			Union Carbide Corp	7.500%	06/01/25	910,510
2,000,000			DowDuPont Inc	4.493%	11/15/25	1,966,602
200,000			Worthington Industries Inc	4.550%	04/15/26	194,501
1,500,000			Cabot Corp	3.400%	09/15/26	1,385,334
782,000			HB Fuller Co	4.000%	02/15/27	724,144
3,200,000			HB Fuller Co	4.250%	10/15/28	2,699,024
4,000,000			Cabot Corp	4.000%	07/01/29	3,490,671
1,175,000			Albemarle Wodgina Pty Ltd (d)	3.450%	11/15/29	1,003,571
3,000,000			Freeport McMoRan Inc	4.250%	03/01/30	2,579,593
1,250,000			Dow Chemical Co/The	4.250%	10/01/34	1,060,432
1,000,000			Newmont Mining Corp	4.875%	03/15/42	865,103
325,000			Albemarle Corp	5.450%	12/01/44	283,494
250,000			Steel Dynamics Inc	3.250%	10/15/50	153,178
						18,793,543
			REAL ESTATE 0.1%
350,000			CBRE Services Inc	4.875%	03/01/26	345,816
						345,816
			UTILITIES 0.9%
75,000			National Fuel Gas Co	3.750%	03/01/23	74,612
250,000			Jersey Central Power & Light Co (b)	4.300%	01/15/26	240,298
2,000,000			National Fuel Gas Co	3.950%	09/15/27	1,777,587
416,000			Toledo Edison Co (b)	2.650%	05/01/28	360,697
1,000,000			National Fuel Gas Co	4.750%	09/01/28	923,693
2,000,000			Alliant Energy Finance LLC (b)	3.600%	03/01/32	1,710,343
1,165,000			Duke Energy Progress LLC	5.700%	04/01/35	1,153,832
1,021,000			Northern Natural Gas Co (b)	4.100%	09/15/42	754,860
						6,995,922
			TOTAL CORPORATE BONDS			221,338,891
			US GOVERNMENT NOTES/BONDS 2.2%
1,000,000			United States Treasury Note/Bond	0.875%	01/31/24	955,683
1,000,000			United States Treasury Note/Bond	0.250%	03/15/24	943,359
3,000,000			United States Treasury Note/Bond	0.750%	03/31/26	2,664,961
1,000,000			United States Treasury Note/Bond	0.750%	04/30/26	886,133
1,000,000			United States Treasury Note/Bond	1.125%	10/31/26	887,305
1,000,000			United States Treasury Note/Bond	1.250%	06/30/28	857,695
1,000,000			United States Treasury Note/Bond	1.000%	07/31/28	843,008
7,000,000			United States Treasury Note/Bond	2.625%	02/15/29	6,454,492
1,000,000			United States Treasury Note/Bond	3.250%	05/15/42	887,969
2,000,000			United States Treasury Note/Bond	3.000%	02/15/49	1,709,297
						17,089,902
			ASSET BACKED SECURITIES 1.7%
237,106			American Airlines 2014-1 Class B Pass Through Trust	4.375%	04/01/24	239,478
1,000,000			United Airlines 2015-1 Class A Pass Through Trust	3.700%	06/01/24	993,719
295,646			US Airways 2010-1 Class A Pass Through Trust	6.250%	10/22/24	294,236
797,638			Delta Air Lines 2015-1 Class B Pass Through Trust	4.250%	01/30/25	782,730
496,198			American Airlines 2015-2 Class B Pass Through Trust	4.400%	03/22/25	473,938
173,542			US Airways 2011-1 Class A Pass Through Trust	7.125%	04/22/25	174,408
1,916,598			American Airlines 2016-1 Class B Pass Through Trust	5.250%	07/15/25	1,796,838
626,327			Spirit Airlines Pass Through Trust 2015-1B	4.450%	10/01/25	594,869
1,474,280			Hawaiian Airlines 2013-1 Class A Pass Through Certificates	3.900%	01/15/26	1,227,316
1,071,871			Continental Airlines 2012-2 Class A Pass Through Trust	4.000%	04/29/26	1,022,634
623,755			American Airlines 2017-1 Class B Pass Through Trust	4.950%	08/15/26	563,754
633,263			United Airlines 2013-1 Class A Pass Through Trust	4.300%	02/15/27	595,456
602,274			American Airlines 2016-3 Class B Pass Through Trust	3.750%	04/15/27	529,523
476,255			US Airways 2013-1 Class A Pass Through Trust	3.950%	05/15/27	421,892
526,903			United Airlines 2014-1 Class A Pass Through Trust	4.000%	10/11/27	483,116
422,515			United Airlines 2014-2 Class A Pass Through Trust	3.750%	03/03/28	384,519
1,167,568			American Airlines 2014-1 Class A Pass Through Trust	3.700%	04/01/28	999,857
302,746			American Airlines 2015-1 Class A Pass Through Trust	3.375%	11/01/28	253,784
433,253			American Airlines 2015-2 Class A Pass Through Trust	4.000%	03/22/29	342,760
132,882			American Airlines 2015-2 Class AA Pass Through Trust	3.600%	03/22/29	117,624
85,814			Spirit Airlines Pass Through Trust 2015-1A	4.100%	10/01/29	74,367
742,468			British Airways 2018-1 Class A Pass Through Trust (b)(d)	4.125%	03/20/33	629,328
						12,996,146
			MUNICIPAL BONDS 1.3%
500,000			BAC Capital Trust XIV (c)	4.000% (3 Month LIBOR USD + 0.400%)	12/01/22	366,856
650,000			Glendale Community College District/CA	2.113%	08/01/31	521,103
500,000			Socorro Independent School District	2.125%	08/15/31	408,309
920,000			Pierre School District No 32-2	2.040%	08/01/33	712,592
500,000			Redondo Beach Unified School District	2.040%	08/01/34	370,525
500,000			DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee	3.017%	02/01/36	394,338
1,000,000			Crowley Independent School District	3.010%	08/01/38	793,913
500,000			Idaho Bond Bank Authority	2.354%	09/15/38	362,566
850,000			Worthington Independent School District No 518	3.300%	02/01/39	687,288
610,000			Rockwall Independent School District	3.091%	02/15/39	463,876
945,000			City of Minnetonka MN	3.050%	02/01/40	724,071
885,000			Massachusetts Development Finance Agency	2.550%	05/01/40	611,681
750,000			Woodbury County Law Enforcement Center Authority	3.090%	06/01/40	561,285
505,000			Village of Ashwaubenon WI	2.970%	06/01/40	375,222
300,000			Desert Community College District	2.457%	08/01/40	207,228
800,000			Utah Transit Authority	3.443%	12/15/42	611,620
1,000,000			Borough of Naugatuck CT	3.090%	09/15/46	669,185
1,000,000			Michigan State University	4.496%	08/15/48	917,331
						9,758,989
			TOTAL FIXED INCOME SECURITIES			$   261,183,928
			(cost $301,004,255)
Shares			COMMON STOCKS 64.2%
			COMMUNICATION SERVICES 4.6%
313,000			Alphabet Inc(e)			30,094,950
53,000			Walt Disney Co/The(e)			4,999,490
						35,094,440
			CONSUMER DISCRETIONARY 2.3%
42,000			Home Depot Inc/The			11,589,480
43,000			Target Corp			6,380,770
						17,970,250
			CONSUMER STAPLES 4.3%
45,000			Hershey Co/The			9,921,150
362,000			Hormel Foods Corp			16,449,280
94,000			Sysco Corp			6,646,740
						33,017,170
			FINANCIALS 7.8%
44,000			American Express Co			5,936,040
125,000			JPMorgan Chase & Co			13,062,500
86,000			Northern Trust Corp			7,358,160
78,000			Principal Financial Group Inc			5,627,700
436,000			US Bancorp/MN			17,579,520
263,000			Wells Fargo & Co			10,577,860
						60,141,780
			HEALTH CARE 15.1%
179,000			Abbott Laboratories			17,320,040
62,000			Baxter International Inc			3,339,320
19,000			Bio-Techne Corp			5,396,000
125,000			Elanco Animal Health Inc(e)			1,551,250
61,000			Eli Lilly & Co			19,724,350
86,000			Johnson & Johnson			14,048,960
170,000			Medtronic PLC (f)			13,727,500
4,895			Neogen Corp.(e)			68,383
103,000			Pfizer Inc			4,507,280
352,000			Roche Holding AG (g)			14,298,240
44,000			UnitedHealth Group Inc			22,221,760
						116,203,083
			INDUSTRIALS 10.7%
30,277			3M Co			3,345,609
65,000			CH Robinson Worldwide Inc			6,260,150
157,000			Donaldson Co Inc			7,694,570
140,000			Fastenal Co			6,445,600
247,000			Graco Inc			14,807,650
19,000			Honeywell International Inc			3,172,430
140,000			nVent Electric PLC (f)			4,425,400
19,000			Rockwell Automation Inc			4,087,090
101,000			Tennant Co			5,712,560
227,000			Toro Co/The			19,630,960
40,000			United Parcel Service Inc, Class B			6,461,600
						82,043,619
			INFORMATION TECHNOLOGY 14.2%
22,000			Automatic Data Processing Inc			4,976,180
27,000			Entegris Inc			2,241,540
145,000			Fiserv Inc(e)			13,567,650
40,000			Littelfuse Inc			7,947,600
125,000			Microsoft Corp			29,112,500
54,000			Motorola Solutions Inc			12,094,380
118,000			QUALCOMM Inc			13,331,640
50,000			salesforce.com Inc(e)			7,192,000
54,000			Texas Instruments Inc			8,358,120
58,000			Visa Inc			10,303,700
						109,125,310
			MATERIALS 4.3%
90,000			Ecolab Inc			12,997,800
160,000			HB Fuller Co			9,616,000
49,000			Sherwin-Williams Co/The			10,032,750
						32,646,550
			UTILITIES 0.9%
104,000			Xcel Energy Inc			6,656,000
			TOTAL COMMON STOCKS			$	492,898,202
			(cost $291,103,256)
			SHORT-TERM INVESTMENTS 1.5%
11,297,432			First American Government Obligations Fund, Class X, 2.770% (h)			$	11,297,432
			(cost $11,297,432)
			TOTAL INVESTMENTS 99.7%			$	765,379,562
			(cost $603,404,943)
			OTHER ASSETS AND LIABILITIES (NET) 0.3%			2,634,032
			TOTAL NET ASSETS 100.0%			$	768,013,594
		(a)	Step Bonds - Securities for which the coupon rate of interest will adjust on specified future dates(s). The rate disclosed represents the coupon rate in effect as of September 30, 2022.
		(b)	Securities exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities have been determined to be liquid under guidelines established by the Funds's Board of Trustees.  As of September 30, 2022, these securities represented $20,548,419 or 2.7% of total net assets.
		(c)	Perpetual maturity, date shown, if applicable, represents next contractual call date.
		(d)	Foreign security denominated in U.S. dollars. As of September 30, 2022, these securities represented $39,971,925 or 5.2% of total net assets.
		(e)	Non-income producing.
		(f)	Issuer headquartered overseas but considered domestic. The Adviser defines foreign issuers as those whose operational leadership or headquarters is located in a foreign country; provided, however, if an issuer is believed by the Adviser to be headquartered in a jurisdiction primarily for tax purposes, the Adviser will consider the following additional factors: 1) the location of the primary exchange trading its securities; 2) where it derives the majority of its revenues; and/or 3) where it earns the majority of its profits.
		(g)	American Depositary Receipt
		(h)	The rate quoted is the annualized seven-day effective yield as of September 30, 2022.
			The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").  GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Adviser.

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

Investment Valuation

Each equity security owned by a Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price on the exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the stock is traded.  Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” means a consolidation of the trade information provided by national securities and foreign exchanges and over-the- counter markets as published by an approved independent pricing service (a “Pricing Service”).

Debt securities, such as U.S. government securities, corporate securities, municipal securities and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield to maturity method. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

Redeemable securities issued by open-end, registered investment companies are valued at the net asset values (“NAVs”) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined.

When market quotations are not readily available, any security or other asset is valued at its fair value as determined under procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application by the Trust’s valuation committee.

FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820     requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

 Level 1 – Quoted prices in active markets for identical securities.
 Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of September 30, 2022:

	Growth Fund		Balanced Fund		Small Cap Fund		Minnesota ETF
Level 1 *	$	4,225,215,103	$	504,566,234	$	318,874,918	$	63,271
Level 2**		-		260,813,328		-		16,334,850
Level 3		-		-		-		-
Total	$	4,225,215,103	$	765,379,562	$	318,874,918	$	16,398,121
* All Level 1 investments are equity securities (common stocks and preferred stocks and short-term investments.
** All Level 2 investments are fixed income securities.
For detail of securities by major section classification for the Funds, please refer to the Schedule of Investments.
The Funds did not hold any Level 3 investments during the period ended September 30, 2022.
The Fund did not invest in any financial derivative instruments during the period ended September 30, 2022.