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

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Security Description
    
Value
  
   
COMMON STOCKS 99.7%
            
   
COMMUNICATION SERVICES 5.7%
            
            2,085,802
  
Alphabet Inc(a)
       $
      216,923,408
  
               420,000
  
Walt Disney Co/The(a)
        
          42,054,600
  
             
        258,978,008
  
   
CONSUMER DISCRETIONARY 5.8%
            
            2,095,000
  
Amazon.com Inc(a)
        
        216,392,550
  
               157,999
  
Gentherm Inc(a)
        
            9,546,300
  
               218,000
  
Polaris Inc
        
          24,117,340
  
                 75,870
  
Target Corp
        
          12,566,348
  
             
        262,622,538
  
   
CONSUMER STAPLES 4.0%
            
            2,981,592
  
Hormel Foods Corp
        
        118,905,889
  
               802,000
  
Sysco Corp
        
          61,938,460
  
             
        180,844,349
  
   
FINANCIALS 12.0%
            
               924,000
  
Charles Schwab Corp/The
        
          48,399,120
  
            1,031,000
  
Fiserv Inc(a)
        
        116,533,930
  
               877,000
  
JPMorgan Chase & Co
        
        114,281,870
  
               216,000
  
Northern Trust Corp
        
          19,036,080
  
               608,194
  
Principal Financial Group Inc
        
          45,200,978
  
            4,065,000
  
US Bancorp/MN
        
        146,543,250
  
            1,550,000
  
Wells Fargo & Co
        
          57,939,000
  
             
        547,934,228
  
   
HEALTH CARE 18.5%
            
               411,304
  
Abbott Laboratories
        
          41,648,643
  
            1,620,800
  
Bio-Techne Corp
        
        120,247,152
  
               645,000
  
Catalent Inc(a)
        
          42,382,950
  
               200,000
  
Eli Lilly & Co
        
          68,684,000
  
                 44,000
  
Inspire Medical Systems Inc(a)
        
          10,299,080
  
               672,166
  
Johnson & Johnson
        
        104,185,730
  
            1,624,000
  
Medtronic PLC(b)
        
        130,926,880
  
            2,442,000
  
Roche Holding AG(c)
        
          87,570,120
  
               506,000
  
UnitedHealth Group Inc
        
        239,130,540
  
             
        845,075,095
  
   
INDUSTRIALS 18.4%
            
               158,438
  
3M Co
        
          16,653,418
  
               222,000
  
CH Robinson Worldwide Inc
        
          22,060,140
  
            1,222,426
  
Donaldson Co Inc
        
          79,873,315
  
            1,843,000
  
Fastenal Co
        
          99,411,420
  
               151,000
  
Generac Holdings Inc(a)
        
          16,309,510
  
            2,295,000
  
Graco Inc
        
        167,557,950
  
               225,000
  
Honeywell International Inc
        
          43,002,000
  
            1,959,659
  
nVent Electric PLC(b)
        
          84,147,757
  
               268,000
  
Rockwell Automation Inc
        
          78,644,600
  
               882,966
  
Tennant Co
        
          60,509,660
  
            1,553,523
  
Toro Co/The
        
        172,689,617
  
             
        840,859,387
  
   
INFORMATION TECHNOLOGY 27.0% (e)
            
               476,097
  
Digi International Inc(a)
        
          16,034,947
  
               693,000
  
Entegris Inc
        
          56,832,930
  
            1,148,700
  
Jamf Holding Corp(a)
        
          22,307,754
  
               500,000
  
Littelfuse Inc
        
        134,045,000
  
            1,472,000
  
Microsoft Corp
        
        424,377,600
  
               330,500
  
Motorola Solutions Inc
        
          94,565,965
  
               750,264
  
NVIDIA Corp
        
        208,400,831
  
               859,000
  
QUALCOMM Inc
        
        109,591,220
  
               226,000
  
salesforce.com Inc(a)
        
          45,150,280
  
               290,000
  
Visa Inc
        
          65,383,400
  
               545,857
  
Workiva Inc(a)
        
          55,901,216
  
             
     1,232,591,143
  
   
MATERIALS 7.4%
            
               968,000
  
Ecolab Inc
        
        160,233,040
  
            1,258,921
  
HB Fuller Co
        
          86,173,142
  
               403,953
  
Sherwin-Williams Co/The
        
          90,796,516
  
             
        337,202,698
  
   
UTILITIES 0.9%
            
               793,000
  
Alliant Energy Corp
        
          42,346,200
  
             
 
  
                 
   
TOTAL COMMON STOCKS
       $
   4,548,453,646
  
   
(cost $2,460,999,739)
            
                 
   
SHORT-TERM INVESTMENTS 0.2%
            
            7,756,163
  
First American Government Obligations Fund, Class X, 0.0464%(d)
       $
          7,756,163
  
   
(cost $7,756,163)
            
                 
   
TOTAL INVESTMENTS 99.9%
       $
   4,556,209,809
  
   
(cost $2,468,755,902)
            
                 
   
OTHER ASSETS AND LIABILITIES (NET) 0.1%
        
            6,527,874
  
                 
   
TOTAL NET ASSETS 100.0%
       $
   4,562,737,683
  

 
(a)
  
Non-income producing.
          
 
(b)
  
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.
  
 
(c)
  
American Depositary Receipt
          
 
(d)
  
The rate quoted is the annualized seven-day effective yield as of March 31, 2023.
  
 
(e)
  
The Fund is significantly invested in the information technology sector and therefore is subject to additional risks. Companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.
  
         
     
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.