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.