Mairs & Power Minnesota Municipal Bond ETF
|
||
SCHEDULE OF INVESTMENTS (unaudited)
|
|
March 31, 2023
|
Par Value
|
Security Description
|
Value
|
|||||||
FIXED INCOME SECURITIES 97.2%
|
|||||||||
MUNICIPAL BONDS 97.2% (a)
|
|||||||||
$ |
140,000
|
County of Redwood MN
|
5.000%
|
04/01/23
|
$ |
140,000
|
|||
155,000
|
State of Minnesota
|
5.000%
|
08/01/23
|
156,254
|
|||||
100,000
|
Minnesota Municipal Power Agency
|
5.000%
|
10/01/23
|
101,204
|
|||||
275,000
|
County of Hennepin MN
|
5.000%
|
12/15/23
|
279,770
|
|||||
250,000
|
Richfield Independent School District No 280
|
5.000%
|
02/01/24
|
254,899
|
|||||
125,000
|
Pierz Independent School District No 484
|
4.000%
|
02/01/24
|
126,395
|
|||||
100,000
|
Minnesota Higher Education Facilities Authority
|
5.000%
|
12/01/24
|
103,866
|
|||||
230,000
|
Northfield Independent School District No 659
|
5.000%
|
02/01/25
|
240,255
|
|||||
115,000
|
Spring Lake Park Independent School District No 16
|
4.000%
|
02/01/25
|
118,089
|
|||||
125,000
|
Minneapolis Special School District No 1
|
5.000%
|
02/01/25
|
130,665
|
|||||
250,000
|
Rosemount-Apple Valley-Eagan Independent School District No 196
|
5.000%
|
04/01/25
|
261,092
|
|||||
100,000
|
City of Chaska MN Electric Revenue
|
5.000%
|
10/01/25
|
106,012
|
|||||
220,000
|
City of North Mankato MN
|
4.000%
|
12/01/25
|
228,443
|
|||||
200,000
|
Southern Plains Education Cooperative No 915
|
3.000%
|
02/01/26
|
199,552
|
|||||
200,000
|
Spring Lake Park Independent School District No 16
|
4.000%
|
02/01/26
|
202,293
|
|||||
125,000
|
Housing & Redevelopment Authority of The City of St Paul Minnesota
|
3.500%
|
09/01/26
|
119,450
|
|||||
200,000
|
City of Willmar MN
|
5.000%
|
02/01/27
|
217,908
|
|||||
330,000
|
Alden-Conger Independent School District No 242
|
3.000%
|
02/01/27
|
329,994
|
|||||
100,000
|
City of Richfield MN
|
4.000%
|
02/01/27
|
105,930
|
|||||
80,000
|
Farmington Independent School District No 192
|
3.000%
|
02/01/27
|
80,005
|
|||||
305,000
|
State of Minnesota
|
5.000%
|
08/01/27
|
331,400
|
|||||
135,000
|
City of Center City MN
|
4.000%
|
11/01/27
|
134,661
|
|||||
100,000
|
City of Wayzata MN
|
3.000%
|
12/01/27
|
100,035
|
|||||
110,000
|
City of Cannon Falls MN
|
4.000%
|
02/01/28
|
116,956
|
|||||
200,000
|
North Branch Independent School District No 138
|
5.000%
|
02/01/28
|
220,148
|
|||||
100,000
|
Waconia Independent School District No 110
|
3.000%
|
02/01/28
|
100,873
|
|||||
175,000
|
City of Fridley MN
|
4.000%
|
02/01/28
|
181,944
|
|||||
210,000
|
City of New Ulm MN
|
4.000%
|
12/01/28
|
228,400
|
|||||
95,000
|
City of Apple Valley MN
|
3.000%
|
12/15/28
|
98,856
|
|||||
125,000
|
City of Faribault MN
|
4.000%
|
12/15/28
|
135,678
|
|||||
145,000
|
Minneapolis-St Paul Metropolitan Airports Commission
|
5.000%
|
01/01/29
|
157,669
|
|||||
120,000
|
City of Apple Valley MN
|
3.000%
|
12/15/29
|
123,299
|
|||||
125,000
|
City of Faribault MN
|
3.000%
|
12/15/29
|
128,574
|
|||||
200,000
|
Minneapolis-St Paul Metropolitan Airports Commission
|
5.000%
|
01/01/30
|
227,465
|
|||||
110,000
|
Rocori Area Schools Independent School District No 750
|
4.000%
|
02/01/30
|
116,876
|
|||||
185,000
|
City of Hopkins MN
|
2.000%
|
02/01/30
|
176,757
|
|||||
215,000
|
City of North Mankato MN
|
4.000%
|
02/01/30
|
231,372
|
|||||
105,000
|
Metropolitan Council
|
4.000%
|
03/01/30
|
111,491
|
|||||
150,000
|
Rosemount-Apple Valley-Eagan Independent School District No 196
|
1.300%
|
04/01/30
|
132,414
|
|||||
200,000
|
City of Minneapolis MN
|
2.000%
|
12/01/30
|
186,887
|
|||||
150,000
|
County of Hennepin MN
|
5.000%
|
12/15/30
|
175,789
|
|||||
200,000
|
North St Paul-Maplewood-Oakdale Independent School District No 622
|
2.000%
|
02/01/31
|
186,422
|
|||||
50,000
|
Pelican Rapids Independent School District No 548
|
2.150%
|
02/01/31
|
49,241
|
|||||
130,000
|
St Cloud Housing & Redevelopment Authority
|
2.000%
|
02/01/31
|
124,381
|
|||||
275,000
|
Springfield Independent School District No 85
|
3.000%
|
02/01/31
|
280,407
|
|||||
200,000
|
Duluth Independent School District No 709
|
0.000% (b)
|
02/01/31
|
152,995
|
|||||
65,000
|
Dakota County Community Development Agency
|
2.000%
|
01/01/32
|
59,593
|
|||||
175,000
|
Minneapolis-St Paul Metropolitan Airports Commission
|
5.000%
|
01/01/32
|
189,018
|
|||||
195,000
|
City of Carver MN
|
3.000%
|
02/01/32
|
195,875
|
|||||
200,000
|
Pine City Independent School District No 578
|
2.000%
|
04/01/32
|
181,860
|
|||||
365,000
|
City of Elk River MN Electric Revenue
|
3.000%
|
08/01/32
|
366,238
|
|||||
75,000
|
Housing & Redevelopment Authority of The City of St Paul Minnesota
|
4.000%
|
10/01/32
|
77,861
|
|||||
100,000
|
St Paul Public Library Agency
|
3.000%
|
10/01/32
|
101,646
|
|||||
110,000
|
Housing & Redevelopment Authority of The City of St Paul Minnesota
|
3.125%
|
11/15/32
|
107,836
|
|||||
160,000
|
St Cloud Housing & Redevelopment Authority
|
2.000%
|
02/01/33
|
143,953
|
|||||
200,000
|
City of Carver MN
|
3.000%
|
02/01/33
|
198,682
|
|||||
200,000
|
St Paul Independent School District No 625
|
3.000%
|
02/01/33
|
199,711
|
|||||
115,000
|
City of Madelia MN
|
2.000%
|
02/01/33
|
103,466
|
|||||
300,000
|
Hibbing Independent School District No 701
|
3.000%
|
03/01/33
|
301,734
|
|||||
300,000
|
City of St Paul MN
|
2.000%
|
05/01/33
|
268,972
|
|||||
120,000
|
City of Minneapolis MN
|
5.000%
|
11/15/33
|
129,791
|
|||||
180,000
|
County of Hennepin MN
|
5.000%
|
12/15/33
|
209,684
|
|||||
200,000
|
City of St Cloud MN
|
2.000%
|
02/01/34
|
175,757
|
|||||
300,000
|
City of Hutchinson MN
|
2.000%
|
02/01/34
|
262,963
|
|||||
110,000
|
Shakopee Independent School District No 720
|
3.500%
|
02/01/34
|
110,576
|
|||||
125,000
|
Zumbro Education District
|
4.000%
|
02/01/34
|
127,235
|
|||||
275,000
|
State of Minnesota
|
5.000%
|
08/01/34
|
316,116
|
|||||
115,000
|
Minneapolis-St Paul Metropolitan Airports Commission
|
5.000%
|
01/01/35
|
128,170
|
|||||
350,000
|
North St Paul-Maplewood-Oakdale Independent School District No 622
|
3.000%
|
02/01/35
|
341,277
|
|||||
100,000
|
County of Pennington MN
|
2.375%
|
02/01/35
|
92,228
|
|||||
100,000
|
St Paul Independent School District No 625
|
2.250%
|
02/01/35
|
86,707
|
|||||
350,000
|
County of St Louis MN
|
2.000%
|
12/01/35
|
288,002
|
|||||
500,000
|
Minneapolis Special School District No 1
|
4.000%
|
02/01/36
|
525,220
|
|||||
100,000
|
City of Coon Rapids MN
|
2.500%
|
02/01/36
|
88,829
|
|||||
100,000
|
University of Minnesota
|
5.000%
|
04/01/36
|
105,870
|
|||||
150,000
|
Minnetonka Independent School District No 276
|
3.000%
|
07/01/36
|
146,360
|
|||||
200,000
|
Minnesota Higher Education Facilities Authority
|
3.000%
|
10/01/36
|
177,482
|
|||||
100,000
|
City of Hanover MN
|
3.300%
|
02/01/37
|
96,229
|
|||||
225,000
|
Fergus Falls Independent School District No 544
|
3.000%
|
02/01/37
|
202,788
|
|||||
130,000
|
Minnesota Higher Education Facilities Authority
|
4.000%
|
03/01/37
|
135,473
|
|||||
250,000
|
Housing & Redevelopment Authority of The City of St Paul Minnesota
|
4.000%
|
10/01/37
|
252,819
|
|||||
275,000
|
Zumbro Education District
|
4.000%
|
02/01/38
|
264,360
|
|||||
295,000
|
County of Wright MN
|
3.000%
|
12/01/38
|
260,574
|
|||||
250,000
|
Rochester Independent School District No 535
|
2.500%
|
02/01/39
|
200,373
|
|||||
490,000
|
State of Minnesota
|
5.000%
|
08/01/39
|
555,512
|
|||||
250,000
|
County of Wright MN
|
3.000%
|
12/01/39
|
217,514
|
|||||
150,000
|
University of Minnesota
|
5.000%
|
04/01/40
|
164,558
|
|||||
545,000
|
State of Minnesota
|
5.000%
|
08/01/40
|
614,780
|
|||||
175,000
|
City of Minneapolis MN
|
4.000%
|
11/15/40
|
175,037
|
|||||
290,000
|
City of Apple Valley MN
|
4.000%
|
09/01/41
|
243,596
|
|||||
400,000
|
Minnesota Higher Education Facilities Authority
|
3.000%
|
10/01/41
|
331,105
|
|||||
500,000
|
Anoka-Hennepin Independent School District No 11
|
3.000%
|
02/01/43
|
436,510
|
|||||
125,000
|
Minnesota Higher Education Facilities Authority
|
3.000%
|
03/01/43
|
103,713
|
|||||
200,000
|
County of Itasca MN
|
4.000%
|
02/01/44
|
202,674
|
|||||
85,000
|
Minnesota Municipal Power Agency
|
5.000%
|
10/01/47
|
89,547
|
|||||
100,000
|
Western Minnesota Municipal Power Agency
|
5.000%
|
01/01/49
|
107,073
|
|||||
18,176,013
|
|||||||||
TOTAL FIXED INCOME SECURITIES
|
$ |
18,176,013
|
|||||||
(cost $19,836,243)
|
|||||||||
SHORT-TERM INVESTMENTS 0.2%
|
|||||||||
42,989
|
First American Government Obligations Fund, Class X, 0.0464%(c)
|
$ |
42,989
|
||||||
(cost $42,989)
|
|||||||||
TOTAL INVESTMENTS 97.4%
|
$ |
18,219,002
|
|||||||
(cost $19,879,232)
|
|||||||||
OTHER ASSETS AND LIABILITIES (NET) 2.6%
|
493,233
|
||||||||
TOTAL NET ASSETS 100.0%
|
$ |
18,712,235
|
(a)
|
The date shown represents the earliest of the next put date or final maturity date.
|
|||||||
(b)
|
Zero coupon bond.
|
|||||||
(c)
|
The rate quoted is the annualized seven-day effective yield as of March 31, 2023.
|
See accompanying Notes to Financial Statements.
|
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
|
||||||
in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures,
|
||||||
subject to oversight 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.
|
||||||
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 March 31, 2023:
|
Growth Fund
|
Balanced Fund
|
Small Cap Fund
|
Minnesota ETF
|
|||||||||||||
Level 1 *
|
$
|
4,556,209,809
|
$
|
510,377,699
|
$
|
335,986,372
|
$
|
42,989
|
||||||||
Level 2**
|
-
|
263,887,644
|
-
|
18,176,013
|
||||||||||||
Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
4,556,209,809
|
$
|
774,265,343
|
$
|
335,986,372
|
$
|
18,219,002
|
||||||||
* 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 March 31, 2023.
|
||||||||||||||||
The Fund did not invest in any financial derivative instruments during the period ended March 31, 2023.
|