NPORT-EX 2 small_cap.htm
Mairs & Power Small Cap Fund
    
SCHEDULE OF INVESTMENTS (unaudited)
 
March 31, 2023

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Security Description
    
Value
  
   
COMMON STOCKS 100.0%
            
   
COMMUNICATION SERVICES 2.1%
            
               440,223
  
Marcus Corp/The
        $
           7,043,568
  
             
 
  
   
CONSUMER DISCRETIONARY 5.0%
            
               122,980
  
Gentherm Inc(a)
        
            7,430,452
  
                 47,000
  
Polaris Inc
        
            5,199,610
  
               136,445
  
Sleep Number Corp(a)
        
            4,149,292
  
             
          16,779,354
  
   
CONSUMER STAPLES 5.5%
            
                 54,385
  
Casey's General Stores Inc
        
          11,772,177
  
                 69,610
  
MGP Ingredients Inc
        
            6,732,679
  
             
          18,504,856
  
   
FINANCIALS 15.5%
            
               139,441
  
Alerus Financial Corp
        
            2,238,028
  
               309,261
  
Associated Banc-Corp
        
            5,560,513
  
                 99,800
  
Cullen/Frost Bankers Inc
        
          10,512,932
  
               105,756
  
First Interstate BancSystem, Inc
        
            3,157,874
  
               226,420
  
Glacier Bancorp Inc
        
            9,511,904
  
                   9,600
  
Piper Jaffray Companies
        
            1,330,656
  
               147,278
  
QCR Holdings Inc
        
            6,466,977
  
               181,200
  
Wintrust Financial Corp
        
          13,218,540
  
             
          51,997,424
  
   
HEALTH CARE 11.7%
            
                 99,600
  
Bio-Techne Corp
        
            7,389,324
  
               128,000
  
Catalent Inc(a)
        
            8,410,880
  
               119,445
  
CVRx Inc(a)
        
            1,113,228
  
                 23,500
  
Exact Sciences Corp.(a)
        
            1,593,535
  
                 53,859
  
Inspire Medical Systems Inc(a)
        
          12,606,776
  
                 35,000
  
Medpace Holdings Inc(a)
        
            6,581,750
  
                 87,400
  
Neogen Corp(a)
        
            1,618,648
  
             
          39,314,141
  
   
INDUSTRIALS 27.2% (b)
            
               249,258
  
AAR Corp(a)
        
          13,597,024
  
               378,500
  
AZEK Co Inc/The(a)
        
            8,909,890
  
                 49,595
  
Donaldson Co Inc
        
            3,240,537
  
                 33,672
  
Generac Holdings Inc(a)
        
            3,636,913
  
                 54,700
  
Graco Inc
        
            3,993,647
  
               108,700
  
Hub Group Inc, Class A(a)
        
            9,124,278
  
                 80,100
  
John Bean Technologies Corp
        
            8,754,129
  
               308,600
  
nVent Electric PLC(c)
        
          13,251,284
  
                 78,510
  
Oshkosh Corp
        
            6,530,462
  
               155,751
  
Tennant Co
        
          10,673,616
  
                 88,200
  
Toro Co/The
        
            9,804,312
  
             
          91,516,092
  
   
INFORMATION TECHNOLOGY 23.8%
            
               151,100
  
Altair Engineering Inc(a)
        
          10,895,821
  
               100,300
  
Clearfield, Inc.(a)
        
            4,671,974
  
               129,524
  
Digi International Inc(a)
        
            4,362,368
  
                 74,507
  
Entegris Inc
        
            6,110,319
  
                 49,000
  
Envestnet Inc(a)
        
            2,874,830
  
               565,167
  
Jamf Holding Corp(a)
        
          10,975,543
  
                 53,100
  
Littelfuse Inc
        
          14,235,579
  
                 93,020
  
Plexus Corp(a)
        
            9,075,962
  
               201,790
  
SkyWater Technology Inc(a)
        
            2,296,370
  
               141,580
  
Workiva Inc(a)
        
          14,499,208
  
             
          79,997,974
  
   
MATERIALS 3.5%
            
               169,200
  
HB Fuller Co
        
          11,581,740
  
             
 
  
   
REAL ESTATE 1.7%
            
               393,000
  
Physicians Realty Trust
        
            5,867,490
  
             
 
  
   
UTILITIES 4.0%
            
               112,800
  
Black Hills Corp
        
            7,117,680
  
               107,000
  
NorthWestern Corp
        
            6,191,020
  
             
          13,308,700
  
                 
   
TOTAL COMMON STOCKS
       $
      335,911,339
  
   
(cost $255,688,082)
            
                 
   
SHORT-TERM INVESTMENTS 0.0%
            
                 75,033
  
First American Government Obligations Fund, Class X, 0.0464%(d)
       $
               75,033
  
   
(cost $75,033)
            
                 
   
TOTAL INVESTMENTS 100.0%
       $
      335,986,372
  
   
(cost $255,763,115)
            
                 
   
OTHER ASSETS AND LIABILITIES (NET) 0.0%
        
             (110,751)
  
                 
   
TOTAL NET ASSETS 100.0%
       $
      335,875,621
  

 
(a)
  
Non-income producing.
        
 
(b)
  
The Fund is significantly invested in the industrials sector and therefore is subject to additional risks. The industrials
sector may be significantly affected by general economic trends, including such factors as import controls, commodity
prices and worldwide competition
 
(c)
  
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.
 
(d)
  
The rate quoted is the annualized seven-day effective yield as of March 31, 2023.

 
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.
             
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.