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.

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 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.