Mairs & Power Balanced Fund
|
||||||||
Schedule of Investments
|
||||||||
as of March 31, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - 64.8%
|
Shares
|
Value
|
||||||
Communication Services - 4.8%
|
||||||||
Alphabet, Inc. - Class C(a)
|
175,027
|
$
|
26,649,611
|
|||||
The Walt Disney Co.
|
92,000
|
11,257,120
|
||||||
37,906,731
|
||||||||
Consumer Discretionary - 1.1%
|
||||||||
The Home Depot, Inc.
|
22,702
|
8,708,487
|
||||||
Consumer Staples - 6.5%
|
||||||||
Casey's General Stores, Inc.
|
20,000
|
6,369,000
|
||||||
Hormel Foods Corp.
|
363,295
|
12,675,363
|
||||||
Sysco Corp.
|
112,000
|
9,092,160
|
||||||
Target Corp.
|
36,000
|
6,379,560
|
||||||
The Hershey Co.
|
55,430
|
10,781,135
|
||||||
The Procter & Gamble Co.
|
37,000
|
6,003,250
|
||||||
51,300,468
|
||||||||
Financials - 12.5%
|
||||||||
American Express Co.
|
26,574
|
6,050,634
|
||||||
Ameriprise Financial, Inc.
|
5,000
|
2,192,200
|
||||||
Fiserv, Inc.(a)
|
128,000
|
20,456,960
|
||||||
JPMorgan Chase & Co.
|
107,983
|
21,628,995
|
||||||
Northern Trust Corp.
|
55,000
|
4,890,600
|
||||||
Principal Financial Group, Inc.
|
59,000
|
5,092,290
|
||||||
US Bancorp/MN
|
295,848
|
13,224,405
|
||||||
Visa, Inc. - Class A
|
57,000
|
15,907,560
|
||||||
Wells Fargo & Co.
|
158,075
|
9,162,027
|
||||||
98,605,671
|
||||||||
Health Care - 11.7%
|
||||||||
Abbott Laboratories
|
125,000
|
14,207,500
|
||||||
Bio-Techne Corp.
|
111,000
|
7,813,290
|
||||||
Eli Lilly & Co.
|
18,599
|
14,469,278
|
||||||
Johnson & Johnson
|
81,000
|
12,813,390
|
||||||
Medtronic PLC
|
179,000
|
15,599,850
|
||||||
Neogen Corp.(a)
|
140,000
|
2,209,200
|
||||||
Roche Holding AG - ADR
|
197,000
|
6,288,240
|
||||||
UnitedHealth Group, Inc.
|
38,013
|
18,805,031
|
||||||
92,205,779
|
||||||||
Industrials - 11.1%
|
||||||||
3M Co.
|
6,527
|
692,319
|
||||||
Automatic Data Processing, Inc.
|
34,000
|
8,491,160
|
||||||
CH Robinson Worldwide, Inc.
|
30,000
|
2,284,200
|
||||||
Donaldson Co., Inc.
|
59,000
|
4,406,120
|
||||||
Fastenal Co.
|
130,000
|
10,028,200
|
||||||
Graco, Inc.
|
140,405
|
13,122,251
|
||||||
Honeywell International, Inc.
|
44,000
|
9,031,000
|
||||||
nVent Electric PLC
|
80,200
|
6,047,080
|
||||||
Rockwell Automation, Inc.
|
25,000
|
7,283,250
|
||||||
Tennant Co.
|
60,000
|
7,296,600
|
||||||
Toro Co.
|
170,323
|
15,606,697
|
||||||
United Parcel Service, Inc. - Class B
|
25,500
|
3,790,065
|
||||||
88,078,942
|
||||||||
Information Technology - 11.7%
|
||||||||
Entegris, Inc.
|
53,000
|
7,448,620
|
||||||
Littelfuse, Inc.
|
44,000
|
10,663,400
|
||||||
Microsoft Corp.
|
74,163
|
31,201,857
|
||||||
Motorola Solutions, Inc.
|
31,000
|
11,004,380
|
||||||
QUALCOMM, Inc.
|
68,000
|
11,512,400
|
||||||
Salesforce, Inc.
|
22,000
|
6,625,960
|
||||||
Texas Instruments, Inc.
|
82,000
|
14,285,220
|
||||||
92,741,837
|
||||||||
Materials - 4.2%
|
||||||||
Ecolab, Inc.
|
70,000
|
16,163,000
|
||||||
HB Fuller Co.
|
74,205
|
5,917,107
|
||||||
The Sherwin-Williams Co.
|
31,000
|
10,767,230
|
||||||
32,847,337
|
||||||||
Utilities - 1.2%
|
||||||||
Xcel Energy Inc.
|
184,700
|
9,927,625
|
||||||
TOTAL COMMON STOCKS (Cost $269,126,721)
|
512,322,877
|
|||||||
CORPORATE BONDS - 30.3%
|
Par
|
Value
|
||||||
Communication Services - 0.9%
|
||||||||
AT&T, Inc., 4.50%, 05/15/2035
|
3,000,000
|
2,807,178
|
||||||
Comcast Corp., 4.25%, 01/15/2033
|
2,000,000
|
1,894,665
|
||||||
Netflix, Inc., 5.88%, 11/15/2028
|
1,688,000
|
1,755,641
|
||||||
Verizon Communications, Inc., 4.40%, 11/01/2034
|
1,000,000
|
944,512
|
||||||
7,401,996
|
||||||||
Consumer Discretionary - 3.3%
|
||||||||
Advance Auto Parts, Inc., 3.90%, 04/15/2030
|
2,000,000
|
1,816,147
|
||||||
AutoNation, Inc., 3.80%, 11/15/2027
|
1,110,000
|
1,049,854
|
||||||
Block Financial LLC
|
||||||||
5.25%, 10/01/2025
|
1,064,000
|
1,060,191
|
||||||
3.88%, 08/15/2030
|
1,000,000
|
909,846
|
||||||
Choice Hotels International, Inc., 3.70%, 12/01/2029
|
1,000,000
|
896,141
|
||||||
eBay, Inc., 6.30%, 11/22/2032
|
2,000,000
|
2,147,345
|
||||||
Ford Motor Co.
|
||||||||
6.10%, 08/19/2032
|
500,000
|
507,801
|
||||||
4.75%, 01/15/2043
|
1,000,000
|
830,021
|
||||||
General Motors Co.
|
||||||||
4.00%, 04/01/2025
|
250,000
|
246,096
|
||||||
4.20%, 10/01/2027
|
1,000,000
|
969,212
|
||||||
5.15%, 04/01/2038
|
1,000,000
|
939,900
|
||||||
Hasbro, Inc.
|
||||||||
3.90%, 11/19/2029
|
2,000,000
|
1,857,395
|
||||||
5.10%, 05/15/2044
|
750,000
|
647,231
|
||||||
Kohl's Corp.
|
||||||||
4.63%, 05/01/2031
|
1,000,000
|
839,552
|
||||||
6.88%, 12/15/2037
|
500,000
|
394,147
|
||||||
5.55%, 07/17/2045
|
1,073,000
|
789,149
|
||||||
Lear Corp., 3.80%, 09/15/2027
|
2,245,000
|
2,153,482
|
||||||
Mohawk Industries, Inc., 3.63%, 05/15/2030
|
2,000,000
|
1,848,939
|
||||||
Polaris, Inc., 6.95%, 03/15/2029
|
1,806,000
|
1,921,865
|
||||||
Spirit Airlines Pass Through Trust 2015-1B, Series 2015-1, 4.45%, 04/01/2024
|
481,683
|
474,458
|
||||||
Starbucks Corp., 3.00%, 02/14/2032
|
1,000,000
|
876,295
|
||||||
Tapestry, Inc, 3.05%, 03/15/2032
|
500,000
|
411,132
|
||||||
Tapestry, Inc., 7.70%, 11/27/2030
|
500,000
|
533,194
|
||||||
United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026
|
365,690
|
354,354
|
||||||
Whirlpool Corp.
|
||||||||
5.75%, 03/01/2034
|
1,000,000
|
1,004,649
|
||||||
5.15%, 03/01/2043
|
1,100,000
|
985,504
|
||||||
Wildlife Conservation Society, 3.41%, 08/01/2050
|
1,000,000
|
736,369
|
||||||
27,200,269
|
||||||||
Consumer Staples - 0.7%
|
||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036
|
1,000,000
|
972,423
|
||||||
Land O' Lakes, Inc.
|
||||||||
7.25%, Perpetual(b)
|
2,500,000
|
2,012,500
|
||||||
7.00%, Perpetual(b)
|
2,500,000
|
1,912,500
|
||||||
Molson Coors Brewing Co., 4.20%, 07/15/2046
|
1,000,000
|
837,670
|
||||||
Smithfield Foods, Inc., 3.00%, 10/15/2030 (b)
|
250,000
|
207,520
|
||||||
5,942,613
|
||||||||
Energy - 0.4%
|
||||||||
Boardwalk Pipelines LP, 4.95%, 12/15/2024
|
1,000,000
|
994,265
|
||||||
Kinder Morgan, Inc., 5.30%, 12/01/2034
|
1,200,000
|
1,181,367
|
||||||
Murphy Oil Corp., 5.88%, 12/01/2042
|
500,000
|
444,315
|
||||||
2,619,947
|
||||||||
Financials - 11.7%
|
||||||||
American Express Co., 4.99% to 05/26/2032 then SOFR + 2.26%, 05/26/2033
|
500,000
|
487,624
|
||||||
Ashtead Capital, Inc., 5.80%, 04/15/2034 (b)
|
1,000,000
|
1,001,951
|
||||||
Associated Banc-Corp., 4.25%, 01/15/2025
|
1,627,000
|
1,597,194
|
||||||
Assurant, Inc., 3.70%, 02/22/2030
|
2,300,000
|
2,083,851
|
||||||
Athene Holding Ltd., 4.13%, 01/12/2028
|
450,000
|
433,905
|
||||||
BAC Capital Trust XIV, 5.99% (3 mo. Term SOFR + 0.66%), Perpetual
|
500,000
|
408,096
|
||||||
Bank of America Corp.
|
||||||||
5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033
|
1,000,000
|
984,876
|
||||||
4.00%, 08/15/2034
|
538,000
|
492,589
|
||||||
Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037
|
2,150,000
|
1,759,259
|
||||||
Blackstone Holdings Finance Co. LLC, 2.55%, 03/30/2032 (b)
|
1,000,000
|
831,320
|
||||||
Capital One Financial Corp., 5.25% to 07/26/2029 then SOFR + 2.60%, 07/26/2030
|
4,000,000
|
3,940,530
|
||||||
Cincinnati Financial Corp., 6.13%, 11/01/2034
|
1,301,000
|
1,384,332
|
||||||
Citigroup, Inc.
|
||||||||
4.00%, 08/05/2024
|
1,000,000
|
994,560
|
||||||
3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028
|
500,000
|
470,545
|
||||||
CNA Financial Corp., 5.50%, 06/15/2033
|
2,000,000
|
2,030,445
|
||||||
Farmers Exchange Capital, 7.05%, 07/15/2028 (b)
|
500,000
|
505,657
|
||||||
Fiserv, Inc, 4.20%, 10/01/2028
|
1,000,000
|
965,678
|
||||||
FMR LLC, 6.45%, 11/15/2039 (b)
|
1,141,000
|
1,228,191
|
||||||
Ford Motor Credit Co. LLC, 3.63%, 06/17/2031
|
1,750,000
|
1,514,620
|
||||||
Fulton Financial Corp., 3.75% to 03/15/2030 then 3 mo. Term SOFR + 2.70%, 03/15/2035
|
3,000,000
|
2,173,506
|
||||||
General Motors Financial Co., Inc.
|
||||||||
3.95%, 04/13/2024
|
1,000,000
|
999,163
|
||||||
5.75%, 02/08/2031
|
500,000
|
505,864
|
||||||
HSBC Holdings PLC, 4.25%, 08/18/2025
|
2,000,000
|
1,961,135
|
||||||
Janus Capital Group, Inc., 4.88%, 08/01/2025
|
2,000,000
|
1,982,601
|
||||||
JPMorgan Chase & Co.
|
||||||||
3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual
|
3,000,000
|
2,847,440
|
||||||
4.13%, 12/15/2026
|
1,000,000
|
975,721
|
||||||
Kemper Corp., 4.35%, 02/15/2025
|
4,000,000
|
3,949,067
|
||||||
Land O' Lakes Capital Trust I, 7.45%, 03/15/2028 (b)
|
1,949,000
|
1,929,510
|
||||||
Legg Mason, Inc.
|
||||||||
3.95%, 07/15/2024
|
3,088,000
|
3,071,904
|
||||||
4.75%, 03/15/2026
|
1,520,000
|
1,511,385
|
||||||
Liberty Mutual Insurance Co., 8.50%, 05/15/2025 (b)
|
250,000
|
255,444
|
||||||
M&T Bank Corp., 5.13% to 11/01/2026 then 3 mo. Term SOFR + 3.78%, Perpetual
|
2,500,000
|
2,222,283
|
||||||
Mercury General Corp., 4.40%, 03/15/2027
|
4,000,000
|
3,852,541
|
||||||
Morgan Stanley
|
||||||||
2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033
|
1,700,000
|
1,445,261
|
||||||
2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036
|
750,000
|
592,999
|
||||||
Old Republic International Corp.
|
||||||||
4.88%, 10/01/2024
|
2,000,000
|
1,988,760
|
||||||
3.88%, 08/26/2026
|
790,000
|
764,462
|
||||||
5.75%, 03/28/2034
|
500,000
|
503,091
|
||||||
Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030
|
500,000
|
474,731
|
||||||
PNC Bank NA, 3.88%, 04/10/2025
|
1,000,000
|
983,506
|
||||||
Principal Financial Group, Inc., 4.35%, 05/15/2043
|
500,000
|
440,636
|
||||||
Symetra Financial Corp., 4.25%, 07/15/2024
|
1,500,000
|
1,491,538
|
||||||
Synchrony Financial
|
||||||||
4.25%, 08/15/2024
|
3,000,000
|
2,981,121
|
||||||
4.50%, 07/23/2025
|
1,000,000
|
980,249
|
||||||
2.88%, 10/28/2031
|
2,000,000
|
1,598,086
|
||||||
The Allstate Corp., 5.25%, 03/30/2033
|
1,000,000
|
1,005,340
|
||||||
The Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%,
Perpetual
|
2,000,000
|
1,838,217
|
||||||
The Charles Schwab Corp., 4.00% to 12/01/2030 then 10 Year CMT Rate + 3.08%, Perpetual
|
6,000,000
|
5,069,809
|
||||||
The Goldman Sachs Group, Inc.
|
||||||||
4.25%, 11/15/2030
|
500,000
|
477,951
|
||||||
4.00%, 02/15/2031
|
500,000
|
459,548
|
||||||
2.65% to 10/21/2031 then SOFR + 1.26%, 10/21/2032
|
2,000,000
|
1,666,712
|
||||||
4.30%, 12/15/2032
|
500,000
|
465,603
|
||||||
The Huntington National Bank, 4.60%, 02/27/2025
|
1,050,000
|
1,028,603
|
||||||
The PNC Financial Services Group, Inc., 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%,
Perpetual
|
4,000,000
|
3,504,915
|
||||||
The Prudential Insurance Co. of America, 8.30%, 07/01/2025 (b)
|
1,000,000
|
1,025,840
|
||||||
Unum Group, 7.25%, 03/15/2028
|
250,000
|
265,070
|
||||||
US Bancorp, 5.85% to 10/21/2032 then SOFR + 2.09%, 10/21/2033
|
2,000,000
|
2,041,754
|
||||||
Wells Fargo & Co., 4.10%, 06/03/2026
|
1,000,000
|
974,253
|
||||||
Wintrust Financial Corp.
|
||||||||
5.00%, 06/13/2024
|
540,000
|
538,426
|
||||||
4.85%, 06/06/2029
|
3,500,000
|
3,188,990
|
||||||
89,148,258
|
||||||||
Health Care - 0.9%
|
||||||||
AbbVie, Inc., 3.80%, 03/15/2025
|
2,000,000
|
1,972,555
|
||||||
Bristol-Myers Squibb Co., 3.88%, 08/15/2025
|
43,000
|
42,249
|
||||||
CVS Health Corp., 4.78%, 03/25/2038
|
1,400,000
|
1,295,758
|
||||||
Quest Diagnostics, Inc., 6.40%, 11/30/2033
|
500,000
|
541,102
|
||||||
Viatris, Inc., 2.30%, 06/22/2027
|
1,500,000
|
1,363,181
|
||||||
Zimmer Biomet Holdings Inc., 4.25%, 08/15/2035
|
700,000
|
625,044
|
||||||
5,839,889
|
||||||||
Industrials - 3.2%
|
||||||||
Eaton Corp., 4.00%, 11/02/2032
|
2,000,000
|
1,889,786
|
||||||
Equifax, Inc., 7.00%, 07/01/2037
|
1,000,000
|
1,114,420
|
||||||
FedEx Corp., 4.10%, 04/15/2043
|
1,000,000
|
823,275
|
||||||
Flowserve Corp., 3.50%, 10/01/2030
|
1,000,000
|
890,425
|
||||||
GATX Corp.
|
||||||||
4.90%, 03/15/2033
|
1,000,000
|
963,720
|
||||||
5.45%, 09/15/2033
|
1,000,000
|
996,061
|
||||||
6.90%, 05/01/2034
|
500,000
|
546,175
|
||||||
Hillenbrand, Inc., 3.75%, 03/01/2031
|
3,000,000
|
2,606,123
|
||||||
Howmet Aerospace, Inc., 5.95%, 02/01/2037
|
1,000,000
|
1,035,324
|
||||||
Kennametal, Inc., 4.63%, 06/15/2028
|
1,500,000
|
1,470,718
|
||||||
Leidos Holdings, Inc., 5.95%, 12/01/2040
|
1,400,000
|
1,365,772
|
||||||
Leidos, Inc., 5.50%, 07/01/2033
|
3,850,000
|
3,767,458
|
||||||
nVent Finance Sarl, 5.65%, 05/15/2033
|
1,495,000
|
1,509,280
|
||||||
Penske Truck Leasing Co. Lp / PTL Finance Corp.
|
||||||||
5.70%, 02/01/2028(b)
|
500,000
|
507,234
|
||||||
6.05%, 08/01/2028(b)
|
500,000
|
514,946
|
||||||
Steelcase, Inc., 5.13%, 01/18/2029
|
2,000,000
|
1,892,506
|
||||||
Toro Co., 7.80%, 06/15/2027
|
500,000
|
527,401
|
||||||
United Rentals North America, Inc., 3.75%, 01/15/2032
|
4,000,000
|
3,496,660
|
||||||
25,917,284
|
||||||||
Information Technology - 4.1%
|
||||||||
Analog Devices, Inc., 2.80%, 10/01/2041
|
1,000,000
|
726,895
|
||||||
Arrow Electronics, Inc., 4.00%, 04/01/2025
|
1,031,000
|
1,014,057
|
||||||
Autodesk, Inc., 2.40%, 12/15/2031
|
1,000,000
|
838,099
|
||||||
Avnet, Inc.
|
||||||||
3.00%, 05/15/2031
|
2,000,000
|
1,661,127
|
||||||
5.50%, 06/01/2032
|
1,000,000
|
969,092
|
||||||
Broadcom, Inc.
|
||||||||
4.30%, 11/15/2032
|
2,000,000
|
1,882,230
|
||||||
3.47%, 04/15/2034(b)
|
1,000,000
|
858,484
|
||||||
4.93%, 05/15/2037(b)
|
1,500,000
|
1,427,204
|
||||||
Cox Communications, Inc., 4.80%, 02/01/2035 (b)
|
1,880,000
|
1,753,396
|
||||||
Dell International LLC / EMC Corp., 5.30%, 10/01/2029
|
1,000,000
|
1,013,179
|
||||||
Dell, Inc., 5.40%, 09/10/2040
|
1,000,000
|
970,210
|
||||||
Discovery Communications LLC, 4.95%, 05/15/2042
|
570,000
|
461,716
|
||||||
Entegris, Inc., 4.75%, 04/15/2029 (b)
|
3,000,000
|
2,876,203
|
||||||
Fortinet, Inc., 2.20%, 03/15/2031
|
2,000,000
|
1,672,252
|
||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
|
1,000,000
|
993,870
|
||||||
HP, Inc.
|
||||||||
2.65%, 06/17/2031
|
1,000,000
|
848,138
|
||||||
5.50%, 01/15/2033
|
2,000,000
|
2,025,052
|
||||||
Micron Technology, Inc., 5.88%, 02/09/2033
|
1,000,000
|
1,035,167
|
||||||
Motorola Solutions, Inc.
|
||||||||
4.60%, 02/23/2028
|
2,500,000
|
2,467,776
|
||||||
5.50%, 09/01/2044
|
2,000,000
|
1,975,568
|
||||||
Oracle Corp., 3.60%, 04/01/2040
|
3,000,000
|
2,368,499
|
||||||
T-Mobile USA, Inc., 5.75%, 01/15/2034
|
2,000,000
|
2,085,734
|
||||||
Warnermedia Holdings, Inc., 4.28%, 03/15/2032
|
1,000,000
|
893,816
|
||||||
32,817,764
|
||||||||
Materials - 2.6%
|
||||||||
Albemarle Corp., 5.45%, 12/01/2044
|
325,000
|
301,455
|
||||||
Albemarle Wodgina Property Ltd., 3.45%, 11/15/2029
|
1,175,000
|
1,030,064
|
||||||
Cabot Corp.
|
||||||||
3.40%, 09/15/2026
|
1,500,000
|
1,427,723
|
||||||
4.00%, 07/01/2029
|
2,800,000
|
2,649,494
|
||||||
Eastman Chemical Co.
|
||||||||
3.80%, 03/15/2025
|
756,000
|
742,920
|
||||||
5.63%, 02/20/2034
|
1,000,000
|
1,008,609
|
||||||
Freeport McMoRan Inc., 4.25%, 03/01/2030
|
3,000,000
|
2,845,189
|
||||||
HB Fuller Co.
|
||||||||
4.00%, 02/15/2027
|
782,000
|
746,897
|
||||||
4.25%, 10/15/2028
|
3,200,000
|
2,968,711
|
||||||
International Flavors & Fragrances, Inc.
|
||||||||
1.83%, 10/15/2027(b)
|
486,000
|
431,248
|
||||||
2.30%, 11/01/2030(b)
|
1,200,000
|
997,734
|
||||||
3.27%, 11/15/2040(b)
|
1,000,000
|
712,967
|
||||||
Newmont Corp., 4.88%, 03/15/2042
|
1,000,000
|
931,534
|
||||||
Steel Dynamics, Inc., 3.25%, 10/15/2050
|
250,000
|
165,966
|
||||||
The Dow Chemical Co., 4.25%, 10/01/2034
|
1,250,000
|
1,153,658
|
||||||
The Mosaic Co., 5.45%, 11/15/2033
|
2,000,000
|
2,002,638
|
||||||
Union Carbide Corp., 7.50%, 06/01/2025
|
865,000
|
883,904
|
||||||
21,000,711
|
||||||||
Real Estate - 0.3%
|
||||||||
CBRE Services, Inc., 5.95%, 08/15/2034
|
2,000,000
|
2,054,542
|
||||||
Utilities - 2.2%
|
||||||||
Alliant Energy Finance LLC, 3.60%, 03/01/2032 (b)
|
1,000,000
|
883,569
|
||||||
Black Hills Corp.
|
||||||||
4.35%, 05/01/2033
|
1,000,000
|
915,482
|
||||||
6.15%, 05/15/2034
|
2,000,000
|
2,067,145
|
||||||
Duke Energy Carolinas LLC, 6.10%, 06/01/2037
|
1,000,000
|
1,052,285
|
||||||
Duke Energy Progress LLC, 5.70%, 04/01/2035
|
1,165,000
|
1,178,582
|
||||||
Interstate Power and Light Co., 6.25%, 07/15/2039
|
2,000,000
|
2,102,112
|
||||||
National Fuel Gas Co.
|
||||||||
3.95%, 09/15/2027
|
2,000,000
|
1,911,267
|
||||||
4.75%, 09/01/2028
|
1,000,000
|
974,442
|
||||||
Niagara Mohawk Power Corp., 4.28%, 10/01/2034 (b)
|
2,000,000
|
1,797,508
|
||||||
Northern Natural Gas Co., 4.10%, 09/15/2042 (b)
|
1,021,000
|
819,619
|
||||||
Public Service Co. of Colorado, 6.50%, 08/01/2038
|
2,000,000
|
2,204,514
|
||||||
Southwestern Public Service Co., 6.00%, 10/01/2036
|
1,000,000
|
996,018
|
||||||
The Toledo Edison Co., 2.65%, 05/01/2028 (b)
|
416,000
|
372,356
|
||||||
Virginia Electric and Power Co., 6.35%, 11/30/2037
|
1,065,000
|
1,156,885
|
||||||
Wisconsin Power and Light Co., 4.95%, 04/01/2033
|
1,000,000
|
979,948
|
||||||
19,411,732
|
||||||||
TOTAL CORPORATE BONDS (Cost
$256,577,227)
|
239,355,005
|
|||||||
U.S. TREASURY OBLIGATIONS - 2.0%
|
Par
|
Value
|
||||||
United States Treasury Note/Bond
|
||||||||
0.75%, 03/31/2026
|
1,000,000
|
926,953
|
||||||
0.75%, 04/30/2026
|
1,000,000
|
924,258
|
||||||
1.13%, 10/31/2026
|
1,000,000
|
918,906
|
||||||
2.63%, 05/31/2027
|
3,000,000
|
2,844,727
|
||||||
1.25%, 06/30/2028
|
1,000,000
|
883,594
|
||||||
1.00%, 07/31/2028
|
1,000,000
|
871,992
|
||||||
1.25%, 09/30/2028
|
1,000,000
|
878,086
|
||||||
2.63%, 02/15/2029
|
2,000,000
|
1,859,453
|
||||||
1.38%, 11/15/2031
|
2,000,000
|
1,635,430
|
||||||
2.88%, 05/15/2032
|
2,000,000
|
1,817,851
|
||||||
3.25%, 05/15/2042
|
1,000,000
|
851,719
|
||||||
3.00%, 02/15/2049
|
2,000,000
|
1,562,812
|
||||||
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $17,171,209)
|
15,975,781
|
|||||||
MUNICIPAL BONDS - 1.0%
|
Par
|
Value
|
||||||
Borough of Naugatuck CT, 3.09%, 09/15/2046
|
1,000,000
|
711,510
|
||||||
Crowley Independent School District, 3.01%, 08/01/2038
|
1,000,000
|
816,662
|
||||||
DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee, 3.02%,
02/01/2036
|
500,000
|
405,172
|
||||||
Desert Community College District, 2.46%, 08/01/2040
|
300,000
|
223,243
|
||||||
Glendale Community College District/CA, 2.11%, 08/01/2031
|
650,000
|
550,979
|
||||||
Idaho Bond Bank Authority, 2.35%, 09/15/2038
|
500,000
|
372,537
|
||||||
Massachusetts Development Finance Agency, 2.55%, 05/01/2040
|
885,000
|
624,046
|
||||||
Michigan State University, 4.50%, 08/15/2048
|
1,000,000
|
924,540
|
||||||
Pierre School District No 32-2, 2.04%, 08/01/2033
|
920,000
|
750,838
|
||||||
Redondo Beach Unified School District, 2.04%, 08/01/2034
|
500,000
|
392,258
|
||||||
Socorro Independent School District, 2.13%, 08/15/2031
|
500,000
|
424,043
|
||||||
Village of Ashwaubenon WI, 2.97%, 06/01/2040
|
505,000
|
395,784
|
||||||
Woodbury County Law Enforcement Center Authority, 3.09%, 06/01/2040
|
750,000
|
577,648
|
||||||
Worthington Independent School District No 518, 3.30%, 02/01/2039
|
850,000
|
708,833
|
||||||
TOTAL MUNICIPAL BONDS (Cost
$9,967,200)
|
7,878,093
|
|||||||
ASSET-BACKED SECURITIES - 0.9%
|
Par
|
Value
|
||||||
American Airlines Group, Inc.
|
||||||||
Series 2014-1, 3.70%, 10/01/2026
|
1,027,246
|
981,020
|
||||||
Series 2015-1, 3.38%, 05/01/2027
|
267,497
|
251,437
|
||||||
Series 2015-2, 3.60%, 09/22/2027
|
119,234
|
112,974
|
||||||
Series 2015-2, 4.00%, 09/22/2027
|
388,754
|
364,457
|
||||||
Series 2016-3B, 3.75%, 10/15/2025
|
469,699
|
454,434
|
||||||
Series 2017-1B, 4.95%, 02/15/2025
|
459,498
|
453,754
|
||||||
British Airways PLC, Series 2018-1, 4.13%, 09/20/2031 (b)
|
625,355
|
581,580
|
||||||
Continental Airlines 2012-2 Class A Pass Through Trust, Series A, 4.00%, 10/29/2024
|
935,202
|
928,188
|
||||||
Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026
|
1,222,623
|
1,137,040
|
||||||
Spirit Airlines Pass Through Trust 2015-1A, Series 2015-1, 4.10%, 04/01/2028
|
76,037
|
69,573
|
||||||
United Airlines 2013-1 Class A pass Through Trust, Series A, 4.30%, 08/15/2025
|
554,738
|
542,256
|
||||||
United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026
|
458,008
|
443,122
|
||||||
US Airways 2013-1 Class A Pass Through Test, Series 2013-1, 3.95%, 11/15/2025
|
379,191
|
370,660
|
||||||
TOTAL ASSET-BACKED SECURITIES
(Cost $6,958,095)
|
6,690,495
|
|||||||
PREFERRED STOCKS - 0.1%
|
Shares
|
Value
|
||||||
Financials - 0.1%
|
||||||||
Wells Fargo & Co, Series AA, 4.70%, Perpetual
|
20,000
|
430,000
|
||||||
TOTAL PREFERRED STOCKS (Cost $500,000)
|
430,000
|
|||||||
SHORT-TERM INVESTMENTS - 0.5%
|
||||||||
Money Market Funds - 0.5%
|
Shares
|
|||||||
First American Government Obligations Fund - Class X, 5.23%(c)
|
4,161,939
|
4,161,939
|
||||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,161,939)
|
4,161,939
|
|||||||
TOTAL INVESTMENTS - 99.6% (Cost
$564,462,391)
|
$
|
786,814,190
|
||||||
Other Assets in Excess of Liabilities - 0.4%
|
2,823,867
|
|||||||
TOTAL NET ASSETS - 100.0%
|
$
|
789,638,057
|
||||||
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
|
CMT - Constant Maturity Treasury Rate
|
PLC - Public Limited Company
|
SOFR - Secured Overnight Financing Rate
|
(a)
|
Non-income producing security.
|
(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $25,444,481 or 3.2% of the Fund’s net assets.
|
(c)
|
The rate shown represents the 7-day effective yield as of March 31, 2024.
|
Mairs & Power Balanced Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Common Stocks
|
512,322,877
|
–
|
–
|
512,322,877
|
||||||||||||
Corporate Bonds
|
–
|
239,355,005
|
–
|
239,355,005
|
||||||||||||
U.S. Treasury Obligations
|
–
|
15,975,781
|
–
|
15,975,781
|
||||||||||||
Municipal Bonds
|
–
|
7,878,093
|
–
|
7,878,093
|
||||||||||||
Asset-Backed Securities
|
–
|
6,690,495
|
–
|
6,690,495
|
||||||||||||
Preferred Stocks
|
430,000
|
–
|
–
|
430,000
|
||||||||||||
Money Market Funds
|
4,161,939
|
–
|
–
|
4,161,939
|
||||||||||||
Total Assets
|
516,914,816
|
269,899,374
|
–
|
786,814,190
|
||||||||||||
Refer to the Schedule of Investments for industry classifications.
|