Mairs & Power Growth Fund
SCHEDULE OF INVESTMENTS (unaudited)			September 30, 2023
Shares		Security Description	Value
		COMMON STOCKS 99.7%
		COMMUNICATION SERVICES 6.7%
	1,706,556	Alphabet, Inc.(a)	$	225,009,409
	2,400,000	Verizon Communications, Inc.		77,784,000
				302,793,409
		CONSUMER DISCRETIONARY 6.3%
	1,974,000	Amazon.com, Inc.(a)		250,934,880
	157,999	Gentherm, Inc.(a)		8,573,026
	218,000	Polaris, Inc.		22,702,520
				282,210,426
		CONSUMER STAPLES 3.9%
	3,041,592	Hormel Foods Corp.		115,671,744
	802,000	Sysco Corp.		52,972,100
	75,870	Target Corp.		8,388,946
				177,032,790
		FINANCIALS 13.9%
	882,500	Charles Schwab Corp/The		48,449,250
	989,000	Fiserv, Inc.(a)		111,717,440
	1,222,000	JPMorgan Chase & Co.		177,214,440
	608,194	Principal Financial Group, Inc.		43,832,542
	3,567,000	US Bancorp/MN		117,925,020
	290,000	Visa, Inc.		66,702,900
	1,418,500	Wells Fargo & Co.		57,959,910
				623,801,502
		HEALTH CARE 17.8%
	411,304	Abbott Laboratories		39,834,792
	1,620,800	Bio-Techne Corp.		110,327,856
	135,539	Eli Lilly & Co.		72,802,063
	626,066	Johnson & Johnson		97,509,780
	1,760,000	Medtronic PLC(b)		137,913,600
	2,292,000	Roche Holding AG(c)		77,767,560
	525,000	UnitedHealth Group, Inc.		264,699,750
				800,855,401
		INDUSTRIALS 17.2%
	222,000	CH Robinson Worldwide, Inc.		19,120,860
	955,754	Donaldson Co, Inc.		57,001,169
	1,907,000	Fastenal Co.		104,198,480
	2,295,000	Graco, Inc.		167,259,600
	225,000	Honeywell International, Inc.		41,566,500
	1,931,659	nVent Electric PLC(b)		102,358,610
	295,000	Rockwell Automation, Inc.		84,331,650
	782,966	Tennant Co.(e)		58,056,929
	1,705,523	Toro Co/The		141,728,961
				775,622,759
		INFORMATION TECHNOLOGY 24.4%
	456,097	Digi International, Inc.(a)		12,314,619
	693,000	Entegris, Inc.		65,079,630
	490,000	Littelfuse, Inc.		121,186,800
	1,380,000	Microsoft Corp.		435,735,000
	310,500	Motorola Solutions, Inc.		84,530,520
	473,513	NVIDIA Corp.		205,973,420
	897,000	QUALCOMM, Inc.		99,620,820
	114,000	Salesforce, Inc.(a)		23,116,920
	512,857	Workiva, Inc.(a)		51,972,928
				1,099,530,657
		MATERIALS 6.9%
	726,592	Ecolab, Inc.		123,084,685
	1,258,921	HB Fuller Co.		86,374,570
	403,953	Sherwin-Williams Co/The		103,028,212
				312,487,467
		UTILITIES 2.6%
	2,400,000	Alliant Energy Corp.		116,280,000
		TOTAL COMMON STOCKS	$	4,490,614,411
		(cost $2,374,239,610)
		SHORT-TERM INVESTMENTS 0.3%
	11,630,181	First American Government Obligations Fund, Class X, 0.0526%(d)	$	11,630,181
		(cost $11,630,181)
		TOTAL INVESTMENTS 100.0%	$	4,502,244,592
		(cost $2,385,869,791)
		OTHER ASSETS AND LIABILITIES (NET) 0.0%		1,358,361
		TOTAL NET ASSETS 100.0%	$	4,503,602,953

(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 September 30, 2023.
(e)	Previously deemed an affiliated company.
	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 September 30, 2023:

	Growth Fund		Balanced Fund		Small Cap Fund		Minnesota ETF
Level 1 *	$	4,502,244,592	$	472,702,285	$	310,517,531	$	711,054
Level 2**		-		258,220,382		-		16,458,689
Level 3		-		-		-		-
Total	$	4,502,244,592	$	730,922,667	$	310,517,531	$	17,169,743

* 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 sector classification for the Funds, please refer to the Schedule of Investments.

The Funds did not hold any Level 3 investments during the period ended September 30, 2023.

The Fund did not invest in any financial derivative instruments during the period ended September 30, 2023.