Mairs and Power Small Cap Fund
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SCHEDULE OF INVESTMENTS (unaudited)
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September 30, 2022
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Shares
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Security Description
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Fair Value
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COMMON STOCKS 99.7%
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COMMUNICATION SERVICES 2.4%
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539,223
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Marcus Corp/The
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$
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7,489,808 | ||||
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CONSUMER DISCRETIONARY 4.9%
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|||||||
122,980
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Gentherm Inc (a)
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6,115,795
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|||||
50,600
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Polaris Inc
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4,839,890
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136,445
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Sleep Number Corp (a)
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4,613,206
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15,568,891
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CONSUMER STAPLES 6.4%
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64,500
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Casey’s General Stores Inc
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13,062,540
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68,600
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MGP Ingredients Inc
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7,282,576
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20,345,116
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FINANCIALS 20.6%
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139,441
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Alerus Financial Corp
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3,081,646
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309,261
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Associated Banc-Corp
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6,209,961
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104,500
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Cullen/Frost Bankers Inc
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13,816,990
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210,456
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First Interstate BancSystem, Inc
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8,491,900
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267,700
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Glacier Bancorp Inc
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13,152,101
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154,078
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QCR Holdings Inc
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7,848,733
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159,500
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Wintrust Financial Corp
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13,007,225
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65,608,556
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HEALTH CARE 10.9%
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24,900
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Bio-Techne Corp
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7,071,600
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128,000
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Catalent Inc (a)
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9,262,080
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89,445
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CVRx Inc (a)
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834,522
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62,400
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Inspire Medical Systems Inc (a)
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11,067,888
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31,100
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Medpace Holdings Inc (a)
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4,887,987
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52,418
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SurModics Inc (a)
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1,593,507
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34,717,584
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INDUSTRIALS 25.0%
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306,878
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AAR Corp (a)
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10,992,370
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320,100
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AZEK Co Inc/The (a)
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5,320,062
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70,263
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Donaldson Co Inc
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3,443,590
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18,872
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Generac Holdings Inc (a)
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3,361,858
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54,700
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Graco Inc
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3,279,265
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108,700
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Hub Group Inc, Class A (a)
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7,498,126
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170,300
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Hyliion Holdings Corp (a)
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488,761
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56,700
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John Bean Technologies Corp
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4,876,200
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341,400
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nVent Electric PLC (b)
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10,791,654
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141,100
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Oshkosh Corp
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9,917,919
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43,200
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Proto Labs Inc (a)
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1,573,776
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186,351
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Tennant Co
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10,540,012
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88,200
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Toro Co/The
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7,627,536
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79,711,129
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INFORMATION TECHNOLOGY 20.3%
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109,200
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Altair Engineering Inc (a)
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4,828,824
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197,729
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Digi International Inc (a)
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6,835,492
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74,507
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Entegris Inc
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6,185,571
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96,400
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Envestnet Inc (a)
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4,280,160
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396,350
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Jamf Holding Corp (a)
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8,783,116
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60,500
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Littelfuse Inc
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12,020,745
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113,120
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Plexus Corp (a)
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9,904,787
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201,790
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SkyWater Technology Inc (a)
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1,543,693
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132,380
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Workiva Inc (a)
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10,299,164
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64,681,552
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MATERIALS 3.2%
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169,200
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HB Fuller Co
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10,168,920
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REAL ESTATE 1.8%
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391,300
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Physicians Realty Trust
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5,885,152
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UTILITIES 4.2%
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111,200
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Black Hills Corp
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7,531,576
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116,500
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NorthWestern Corp
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5,741,120
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13,272,696
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TOTAL COMMON STOCKS
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$
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317,449,404 | |||||
(cost $266,287,840)
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SHORT-TERM INVESTMENTS 0.4%
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1,425,514
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First American Government Obligations Fund, Class X, 2.770% (c)
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$
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1,425,514 | ||||
(cost $1,425,514)
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TOTAL INVESTMENTS 100.1%
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$
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318,874,918 | |||||
(cost $267,713,354)
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OTHER ASSETS AND LIABILITIES (NET) (0.1)%
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(292,038)
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TOTAL NET ASSETS 100.0%
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$
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318,582,880 | |||||
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(a)
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Non-income producing.
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(b)
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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.
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(c)
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The rate quoted is the annualized seven-day effective yield as of September 30, 2022.
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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.
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Growth Fund
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Balanced Fund
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Small Cap Fund
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Minnesota ETF
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Level 1 *
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$
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4,225,215,103
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$
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504,566,234
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$
|
318,874,918
|
$
|
63,271
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Level 2**
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-
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260,813,328
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-
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16,334,850
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Level 3
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-
|
-
|
-
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-
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||||||||||||
Total
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$
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4,225,215,103
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$
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765,379,562
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$
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318,874,918
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$
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16,398,121
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* All Level 1 investments are equity securities (common stocks and preferred stocks and short-term investments.
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** All Level 2 investments are fixed income securities.
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For detail of securities by major section classification for the Funds, please refer to the Schedule of Investments.
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The Funds did not hold any Level 3 investments during the period ended September 30, 2022.
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The Fund did not invest in any financial derivative instruments during the period ended September 30, 2022.
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