Mairs & Power Growth Fund
Schedule of Investments
as of March 31, 2024 (Unaudited)
COMMON STOCKS - 99.7%	Shares		Value
Communication Services - 7.2%
Alphabet, Inc. - Class C(a)		1,644,767	$	250,432,223
Verizon Communications, Inc.		3,439,000		144,300,440
				394,732,663
Consumer Discretionary - 7.5%
Amazon.com, Inc.(a)		1,732,000		312,418,160
Best Buy Co., Inc.		617,700		50,669,931
Polaris, Inc.		218,000		21,826,160
Ulta Beauty, Inc.(a)		49,900		26,091,712
				411,005,963
Consumer Staples - 3.4%
Casey's General Stores, Inc.		42,748		13,613,101
Hormel Foods Corp.		3,140,592		109,575,255
Sysco Corp.		666,000		54,065,880
Target Corp.		75,870		13,444,923
				190,699,159
Financials - 16.1%
Fiserv, Inc.(a)		989,000		158,061,980
JPMorgan Chase & Co.		1,263,000		252,978,900
Piper Sandler Companies		168,000		33,346,320
Principal Financial Group, Inc.		655,000		56,533,050
The Charles Schwab Corp.		820,000		59,318,800
US Bancorp/MN		3,567,000		159,444,900
Visa, Inc. - Class A		290,000		80,933,200
Wells Fargo & Co.		1,360,500		78,854,580
				879,471,730
Health Care - 15.0%
Abbott Laboratories		411,304		46,748,813
Bio-Techne Corp.		1,540,800		108,456,912
Eli Lilly & Co.		124,539		96,886,360
Johnson & Johnson		513,232		81,188,170
Medtronic PLC		1,760,000		153,384,000
Roche Holding AG - ADR		2,386,000		76,161,120
UnitedHealth Group, Inc.		525,000		259,717,500
				822,542,875
Industrials - 15.4%
CH Robinson Worldwide, Inc.		360,000		27,410,400
Donaldson Co., Inc.		698,193		52,141,053
Fastenal Co.		1,416,000		109,230,240
Graco, Inc.		2,044,774		191,104,578
Honeywell International, Inc.		212,000		43,513,000
nVent Electric PLC		1,436,997		108,349,574
Rockwell Automation, Inc.		250,000		72,832,500
Tennant Co.		654,300		79,569,423
The Toro Co.		1,705,523		156,277,073
				840,427,841
Information Technology - 27.7%(b)
Apple, Inc.		718,800		123,259,824
Entegris, Inc.		503,000		70,691,620
Littelfuse, Inc.		473,000		114,631,550
Microsoft Corp.		1,315,000		553,246,800
Motorola Solutions, Inc.		288,500		102,411,730
NVIDIA Corp.		365,744		330,471,649
QUALCOMM, Inc.		821,000		138,995,300
Salesforce, Inc.		114,000		34,334,520
Workiva, Inc.(a)		512,857		43,490,273
				1,511,533,266
Materials - 5.2%
Ecolab, Inc.		381,886		88,177,477
HB Fuller Co.		1,087,674		86,731,125
The Sherwin-Williams Co.		315,000		109,408,950
				284,317,552
Utilities - 2.2%
Alliant Energy Corp.		2,400,000		120,960,000
TOTAL COMMON STOCKS (Cost $2,457,823,402)				5,455,691,049
SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%	Shares
First American Government Obligations Fund - Class X, 5.23%(c)		11,283,415		11,283,415
TOTAL SHORT-TERM INVESTMENTS (Cost $11,283,415)				11,283,415
TOTAL INVESTMENTS - 99.9% (Cost $2,469,106,817)			$	5,466,974,464
Other Assets in Excess of Liabilities - 0.1%				3,601,616
TOTAL NET ASSETS - 100.0%			$	5,470,576,080
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.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

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 Growth Fund
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks		5,455,691,049		–		–		5,455,691,049
Money Market Funds		11,283,415		–		–		11,283,415
Total Assets		5,466,974,464		–		–		5,466,974,464
Refer to the Schedule of Investments for industry classifications.