NPORT-EX 2 sc.htm

Mairs & Power Small Cap Fund
  
Schedule of Investments
  
as of March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.8%
  
Shares
    
Value
  
Communication Services - 0.7%
        
The Marcus Corp.
    
167,023
    
$
2,381,748
  
                 
Consumer Discretionary - 3.6%
          
Gentherm, Inc.(a)
    
137,380
      
7,910,341
  
Polaris, Inc.
    
38,400
      
3,844,608
  
             
11,754,949
  
                 
Consumer Staples - 6.9%
          
Casey's General Stores, Inc.
    
43,333
      
13,799,394
  
MGP Ingredients, Inc.
    
103,810
      
8,941,155
  
             
22,740,549
  
                 
Financials - 19.2%
          
Alerus Financial Corp.
    
122,641
      
2,677,253
  
Associated Banc-Corp.
    
419,261
      
9,018,304
  
Cullen/Frost Bankers, Inc.
    
95,800
      
10,784,206
  
Glacier Bancorp, Inc.
    
211,920
      
8,536,138
  
Piper Sandler Cos.
    
53,100
      
10,539,819
  
QCR Holdings, Inc.
    
149,178
      
9,061,072
  
Wintrust Financial Corp.
    
119,346
      
12,458,529
  
             
63,075,321
  
                 
Health Care - 10.1%
          
Bio-Techne Corp.
    
98,000
      
6,898,220
  
CVRx, Inc.(a)
    
98,605
      
1,795,597
  
Exact Sciences Corp.(a)
    
23,500
      
1,622,910
  
Inspire Medical Systems, Inc.(a)
    
41,975
      
9,015,810
  
Medpace Holdings, Inc.(a)
    
28,370
      
11,465,736
  
Neogen Corp.(a)
    
151,100
      
2,384,358
  
             
33,182,631
  
                 
Industrials - 28.4%(b)
          
AAR Corp.(a)
    
197,778
      
11,840,969
  
Generac Holdings, Inc.(a)
    
70,972
      
8,952,408
  
Graco, Inc.
    
8,710
      
814,037
  
Hub Group, Inc. - Class A
    
292,420
      
12,638,392
  
John Bean Technologies Corp.
    
110,535
      
11,594,016
  
nVent Electric PLC
    
164,875
      
12,431,575
  
Oshkosh Corp.
    
39,750
      
4,957,223
  
Tennant Co.
    
68,214
      
8,295,504
  
The AZEK Co., Inc.(a)
    
275,852
      
13,853,287
  
The Toro Co.
    
88,200
      
8,081,766
  
             
93,459,177
  
                 
Information Technology - 20.3%
          
Altair Engineering, Inc. - Class A(a)
    
136,750
      
11,781,013
  
Clearfield, Inc.(a)
    
255,593
      
7,882,488
  
Entegris, Inc.
    
74,507
      
10,471,214
  
Jamf Holding Corp.(a)
    
397,767
      
7,299,024
  
Littelfuse, Inc.
    
47,127
      
11,421,228
  
Plexus Corp.(a)
    
97,720
      
9,265,810
  
SkyWater Technology, Inc.(a)
    
166,390
      
1,692,186
  
Workiva, Inc.(a)
    
83,967
      
7,120,402
  
             
66,933,365
  
                 
Materials - 6.2%
          
HB Fuller Co.
    
149,109
      
11,889,952
  
Knife River Corp.(a)
    
106,050
      
8,598,534
  
             
20,488,486
  
                 
Utilities - 4.4%
          
Black Hills Corp.
    
136,200
      
7,436,520
  
Northwestern Energy Group, Inc.
    
132,600
      
6,753,318
  
             
14,189,838
  
TOTAL COMMON STOCKS (Cost $228,306,691)
      
328,206,064
  
                 
SHORT-TERM INVESTMENTS - 0.3%
                
Money Market Funds - 0.3%
  
Shares
          
First American Government Obligations Fund - Class X, 5.23%(c)
    
906,497
      
906,497
  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $906,497)
      
906,497
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $229,213,188)
    
$
329,112,561
  
Liabilities in Excess of Other Assets - (0.1)%
      
(192,712
)
TOTAL NET ASSETS - 100.0%
          
$
328,919,849
  

Percentages are stated as a percent of net assets.
  
 
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 U.S. Bank Global Fund Services.

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day effective yield as of March 31, 2024.
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.

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 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 (the “Board”). 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 each Fund is accurately priced.

FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“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, 2024:

Mairs & Power Small Cap Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
    
328,206,064
      
–
      
–
      
328,206,064
  
  Money Market Funds
    
906,497
      
–
      
–
      
906,497
  
Total Assets
    
329,112,561
      
–
      
–
      
329,112,561
  
                                 
   
Refer to the Schedule of Investments for industry classifications.