Mairs & Power Minnesota Municipal Bond ETF | ||
SCHEDULE OF INVESTMENTS (unaudited) | March 31, 2023 |
Par Value | Security Description | Value | |||||||
FIXED INCOME SECURITIES 97.2% | |||||||||
MUNICIPAL BONDS 97.2% (a) | |||||||||
$ | 140,000 | County of Redwood MN | 5.000% | 04/01/23 | $ | 140,000 | |||
155,000 | State of Minnesota | 5.000% | 08/01/23 | 156,254 | |||||
100,000 | Minnesota Municipal Power Agency | 5.000% | 10/01/23 | 101,204 | |||||
275,000 | County of Hennepin MN | 5.000% | 12/15/23 | 279,770 | |||||
250,000 | Richfield Independent School District No 280 | 5.000% | 02/01/24 | 254,899 | |||||
125,000 | Pierz Independent School District No 484 | 4.000% | 02/01/24 | 126,395 | |||||
100,000 | Minnesota Higher Education Facilities Authority | 5.000% | 12/01/24 | 103,866 | |||||
230,000 | Northfield Independent School District No 659 | 5.000% | 02/01/25 | 240,255 | |||||
115,000 | Spring Lake Park Independent School District No 16 | 4.000% | 02/01/25 | 118,089 | |||||
125,000 | Minneapolis Special School District No 1 | 5.000% | 02/01/25 | 130,665 | |||||
250,000 | Rosemount-Apple Valley-Eagan Independent School District No 196 | 5.000% | 04/01/25 | 261,092 | |||||
100,000 | City of Chaska MN Electric Revenue | 5.000% | 10/01/25 | 106,012 | |||||
220,000 | City of North Mankato MN | 4.000% | 12/01/25 | 228,443 | |||||
200,000 | Southern Plains Education Cooperative No 915 | 3.000% | 02/01/26 | 199,552 | |||||
200,000 | Spring Lake Park Independent School District No 16 | 4.000% | 02/01/26 | 202,293 | |||||
125,000 | Housing & Redevelopment Authority of The City of St Paul Minnesota | 3.500% | 09/01/26 | 119,450 | |||||
200,000 | City of Willmar MN | 5.000% | 02/01/27 | 217,908 | |||||
330,000 | Alden-Conger Independent School District No 242 | 3.000% | 02/01/27 | 329,994 | |||||
100,000 | City of Richfield MN | 4.000% | 02/01/27 | 105,930 | |||||
80,000 | Farmington Independent School District No 192 | 3.000% | 02/01/27 | 80,005 | |||||
305,000 | State of Minnesota | 5.000% | 08/01/27 | 331,400 | |||||
135,000 | City of Center City MN | 4.000% | 11/01/27 | 134,661 | |||||
100,000 | City of Wayzata MN | 3.000% | 12/01/27 | 100,035 | |||||
110,000 | City of Cannon Falls MN | 4.000% | 02/01/28 | 116,956 | |||||
200,000 | North Branch Independent School District No 138 | 5.000% | 02/01/28 | 220,148 | |||||
100,000 | Waconia Independent School District No 110 | 3.000% | 02/01/28 | 100,873 | |||||
175,000 | City of Fridley MN | 4.000% | 02/01/28 | 181,944 | |||||
210,000 | City of New Ulm MN | 4.000% | 12/01/28 | 228,400 | |||||
95,000 | City of Apple Valley MN | 3.000% | 12/15/28 | 98,856 | |||||
125,000 | City of Faribault MN | 4.000% | 12/15/28 | 135,678 | |||||
145,000 | Minneapolis-St Paul Metropolitan Airports Commission | 5.000% | 01/01/29 | 157,669 | |||||
120,000 | City of Apple Valley MN | 3.000% | 12/15/29 | 123,299 | |||||
125,000 | City of Faribault MN | 3.000% | 12/15/29 | 128,574 | |||||
200,000 | Minneapolis-St Paul Metropolitan Airports Commission | 5.000% | 01/01/30 | 227,465 | |||||
110,000 | Rocori Area Schools Independent School District No 750 | 4.000% | 02/01/30 | 116,876 | |||||
185,000 | City of Hopkins MN | 2.000% | 02/01/30 | 176,757 | |||||
215,000 | City of North Mankato MN | 4.000% | 02/01/30 | 231,372 | |||||
105,000 | Metropolitan Council | 4.000% | 03/01/30 | 111,491 | |||||
150,000 | Rosemount-Apple Valley-Eagan Independent School District No 196 | 1.300% | 04/01/30 | 132,414 | |||||
200,000 | City of Minneapolis MN | 2.000% | 12/01/30 | 186,887 | |||||
150,000 | County of Hennepin MN | 5.000% | 12/15/30 | 175,789 | |||||
200,000 | North St Paul-Maplewood-Oakdale Independent School District No 622 | 2.000% | 02/01/31 | 186,422 | |||||
50,000 | Pelican Rapids Independent School District No 548 | 2.150% | 02/01/31 | 49,241 | |||||
130,000 | St Cloud Housing & Redevelopment Authority | 2.000% | 02/01/31 | 124,381 | |||||
275,000 | Springfield Independent School District No 85 | 3.000% | 02/01/31 | 280,407 | |||||
200,000 | Duluth Independent School District No 709 | 0.000% (b) | 02/01/31 | 152,995 | |||||
65,000 | Dakota County Community Development Agency | 2.000% | 01/01/32 | 59,593 | |||||
175,000 | Minneapolis-St Paul Metropolitan Airports Commission | 5.000% | 01/01/32 | 189,018 | |||||
195,000 | City of Carver MN | 3.000% | 02/01/32 | 195,875 | |||||
200,000 | Pine City Independent School District No 578 | 2.000% | 04/01/32 | 181,860 | |||||
365,000 | City of Elk River MN Electric Revenue | 3.000% | 08/01/32 | 366,238 | |||||
75,000 | Housing & Redevelopment Authority of The City of St Paul Minnesota | 4.000% | 10/01/32 | 77,861 | |||||
100,000 | St Paul Public Library Agency | 3.000% | 10/01/32 | 101,646 | |||||
110,000 | Housing & Redevelopment Authority of The City of St Paul Minnesota | 3.125% | 11/15/32 | 107,836 | |||||
160,000 | St Cloud Housing & Redevelopment Authority | 2.000% | 02/01/33 | 143,953 | |||||
200,000 | City of Carver MN | 3.000% | 02/01/33 | 198,682 | |||||
200,000 | St Paul Independent School District No 625 | 3.000% | 02/01/33 | 199,711 | |||||
115,000 | City of Madelia MN | 2.000% | 02/01/33 | 103,466 | |||||
300,000 | Hibbing Independent School District No 701 | 3.000% | 03/01/33 | 301,734 | |||||
300,000 | City of St Paul MN | 2.000% | 05/01/33 | 268,972 | |||||
120,000 | City of Minneapolis MN | 5.000% | 11/15/33 | 129,791 | |||||
180,000 | County of Hennepin MN | 5.000% | 12/15/33 | 209,684 | |||||
200,000 | City of St Cloud MN | 2.000% | 02/01/34 | 175,757 | |||||
300,000 | City of Hutchinson MN | 2.000% | 02/01/34 | 262,963 | |||||
110,000 | Shakopee Independent School District No 720 | 3.500% | 02/01/34 | 110,576 | |||||
125,000 | Zumbro Education District | 4.000% | 02/01/34 | 127,235 | |||||
275,000 | State of Minnesota | 5.000% | 08/01/34 | 316,116 | |||||
115,000 | Minneapolis-St Paul Metropolitan Airports Commission | 5.000% | 01/01/35 | 128,170 | |||||
350,000 | North St Paul-Maplewood-Oakdale Independent School District No 622 | 3.000% | 02/01/35 | 341,277 | |||||
100,000 | County of Pennington MN | 2.375% | 02/01/35 | 92,228 | |||||
100,000 | St Paul Independent School District No 625 | 2.250% | 02/01/35 | 86,707 | |||||
350,000 | County of St Louis MN | 2.000% | 12/01/35 | 288,002 | |||||
500,000 | Minneapolis Special School District No 1 | 4.000% | 02/01/36 | 525,220 | |||||
100,000 | City of Coon Rapids MN | 2.500% | 02/01/36 | 88,829 | |||||
100,000 | University of Minnesota | 5.000% | 04/01/36 | 105,870 | |||||
150,000 | Minnetonka Independent School District No 276 | 3.000% | 07/01/36 | 146,360 | |||||
200,000 | Minnesota Higher Education Facilities Authority | 3.000% | 10/01/36 | 177,482 | |||||
100,000 | City of Hanover MN | 3.300% | 02/01/37 | 96,229 | |||||
225,000 | Fergus Falls Independent School District No 544 | 3.000% | 02/01/37 | 202,788 | |||||
130,000 | Minnesota Higher Education Facilities Authority | 4.000% | 03/01/37 | 135,473 | |||||
250,000 | Housing & Redevelopment Authority of The City of St Paul Minnesota | 4.000% | 10/01/37 | 252,819 | |||||
275,000 | Zumbro Education District | 4.000% | 02/01/38 | 264,360 | |||||
295,000 | County of Wright MN | 3.000% | 12/01/38 | 260,574 | |||||
250,000 | Rochester Independent School District No 535 | 2.500% | 02/01/39 | 200,373 | |||||
490,000 | State of Minnesota | 5.000% | 08/01/39 | 555,512 | |||||
250,000 | County of Wright MN | 3.000% | 12/01/39 | 217,514 | |||||
150,000 | University of Minnesota | 5.000% | 04/01/40 | 164,558 | |||||
545,000 | State of Minnesota | 5.000% | 08/01/40 | 614,780 | |||||
175,000 | City of Minneapolis MN | 4.000% | 11/15/40 | 175,037 | |||||
290,000 | City of Apple Valley MN | 4.000% | 09/01/41 | 243,596 | |||||
400,000 | Minnesota Higher Education Facilities Authority | 3.000% | 10/01/41 | 331,105 | |||||
500,000 | Anoka-Hennepin Independent School District No 11 | 3.000% | 02/01/43 | 436,510 | |||||
125,000 | Minnesota Higher Education Facilities Authority | 3.000% | 03/01/43 | 103,713 | |||||
200,000 | County of Itasca MN | 4.000% | 02/01/44 | 202,674 | |||||
85,000 | Minnesota Municipal Power Agency | 5.000% | 10/01/47 | 89,547 | |||||
100,000 | Western Minnesota Municipal Power Agency | 5.000% | 01/01/49 | 107,073 | |||||
18,176,013 | |||||||||
TOTAL FIXED INCOME SECURITIES | $ | 18,176,013 | |||||||
(cost $19,836,243) | |||||||||
SHORT-TERM INVESTMENTS 0.2% | |||||||||
42,989 | First American Government Obligations Fund, Class X, 0.0464%(c) | $ | 42,989 | ||||||
(cost $42,989) | |||||||||
TOTAL INVESTMENTS 97.4% | $ | 18,219,002 | |||||||
(cost $19,879,232) | |||||||||
OTHER ASSETS AND LIABILITIES (NET) 2.6% | 493,233 | ||||||||
TOTAL NET ASSETS 100.0% | $ | 18,712,235 |
(a) | The date shown represents the earliest of the next put date or final maturity date. | |||||||
(b) | Zero coupon bond. | |||||||
(c) | The rate quoted is the annualized seven-day effective yield as of March 31, 2023. |
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 March 31, 2023: |
Growth Fund | Balanced Fund | Small Cap Fund | Minnesota ETF | |||||||||||||
Level 1 * | $ | 4,556,209,809 | $ | 510,377,699 | $ | 335,986,372 | $ | 42,989 | ||||||||
Level 2** | - | 263,887,644 | - | 18,176,013 | ||||||||||||
Level 3 | - | - | - | - | ||||||||||||
Total | $ | 4,556,209,809 | $ | 774,265,343 | $ | 335,986,372 | $ | 18,219,002 | ||||||||
* 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 section classification for the Funds, please refer to the Schedule of Investments. | ||||||||||||||||
The Funds did not hold any Level 3 investments during the period ended March 31, 2023. | ||||||||||||||||
The Fund did not invest in any financial derivative instruments during the period ended March 31, 2023. |