| Mairs and Power Minnesota Municipal Bond ETF | |
| Schedule of Investments | |
| September 30, 2024 (Unaudited) | |
| | |
| MUNICIPAL BONDS - 98.6% | | Par | | | Value | |
| Alden-Conger Independent School District No 242, 3.00%, 02/01/2027 | | $ | 330,000 | | | $ | 330,045 | |
| Alexandria Lake Area Sanitation District, 4.00%, 02/01/2036 | | | 150,000 | | | | 156,027 | |
| Anoka-Hennepin Independent School District No 11, 4.00%, 02/01/2032 | | | 320,000 | | | | 334,132 | |
| Bold Independent School District No 2534, 5.00%, 02/01/2044 | | | 200,000 | | | | 222,933 | |
| Centennial Independent School District No 12, 5.00%, 02/01/2025 | | | 125,000 | | | | 125,770 | |
| City of Apple Valley MN, 4.00%, 09/01/2041 | | | 290,000 | | | | 271,638 | |
| City of Center City MN | |
| 4.00%, 11/01/2027 | | | 135,000 | | | | 136,481 | |
| 4.50%, 11/01/2034 | | | 100,000 | | | | 100,037 | |
| City of Chanhassen MN, 5.00%, 02/01/2036 | | | 515,000 | | | | 600,992 | |
| City of Chaska MN Electric Revenue, 5.00%, 10/01/2025 | | | 140,000 | | | | 143,283 | |
| City of Cold Spring MN, 4.00%, 02/01/2044 | | | 150,000 | | | | 150,783 | |
| City of Coon Rapids MN, 2.50%, 02/01/2036 | | | 100,000 | | | | 87,968 | |
| City of Delano MN, 5.00%, 02/01/2038 | | | 250,000 | | | | 280,215 | |
| City of Elk River MN Electric Revenue, 3.00%, 08/01/2032 | | | 240,000 | | | | 238,480 | |
| City of Grand Rapids MN, 4.00%, 02/01/2038 | | | 250,000 | | | | 267,032 | |
| City of Greenfield MN, 5.00%, 12/15/2030 | | | 115,000 | | | | 129,785 | |
| City of Hastings MN, 5.00%, 02/01/2027 | | | 175,000 | | | | 185,456 | |
| City of Hermantown MN, 4.00%, 02/01/2043 | | | 300,000 | | | | 307,873 | |
| City of Hutchinson MN, 2.00%, 02/01/2034 | | | 300,000 | | | | 254,401 | |
| City of Jordan MN, 4.00%, 02/01/2033 | | | 135,000 | | | | 144,565 | |
| City of Madelia MN, 2.00%, 02/01/2033 | | | 115,000 | | | | 101,864 | |
| City of Minneapolis MN | |
| 5.00%, 11/15/2036 | | | 150,000 | | | | 155,563 | |
| 4.00%, 11/15/2040 | | | 150,000 | | | | 151,075 | |
5.00%, 11/15/2052 (a) | | | 130,000 | | | | 140,248 | |
| City of New Prague MN, 4.00%, 02/01/2037 | | | 315,000 | | | | 333,499 | |
| City of Northfield MN | |
| 5.00%, 02/01/2041 | | | 385,000 | | | | 431,441 | |
| 4.00%, 02/01/2044 | | | 200,000 | | | | 204,324 | |
| City of Richfield MN, 4.00%, 02/01/2027 | | | 100,000 | | | | 103,487 | |
| City of Rochester MN, 5.00%, 02/01/2040 | | | 150,000 | | | | 171,370 | |
| City of Rosemount MN, 5.00%, 02/01/2037 | | | 250,000 | | | | 282,777 | |
| City of St Cloud MN | |
| 2.00%, 02/01/2034 | | | 200,000 | | | | 169,601 | |
| 5.00%, 05/01/2043 | | | 250,000 | | | | 278,121 | |
| City of St Paul MN Sales & Use Tax Revenue, 5.00%, 11/01/2026 | | | 250,000 | | | | 250,314 | |
| City of Wayzata MN, 3.00%, 12/01/2027 | | | 100,000 | | | | 100,011 | |
| Cleveland Independent School District No 391, 4.00%, 02/01/2026 | | | 105,000 | | | | 106,736 | |
| County of Beltrami MN, 4.00%, 12/01/2042 | | | 250,000 | | | | 258,864 | |
| County of Carlton MN, 5.00%, 02/01/2042 | | | 250,000 | | | | 281,660 | |
| County of Hennepin MN, 5.00%, 12/01/2030 | | | 195,000 | | | | 210,231 | |
| County of Itasca MN, 4.00%, 02/01/2044 | | | 200,000 | | | | 203,351 | |
| County of Koochiching MN, 5.00%, 02/01/2035 | | | 300,000 | | | | 340,176 | |
| County of Pennington MN, 2.38%, 02/01/2035 | | | 100,000 | | | | 87,906 | |
| County of St Louis MN, 2.00%, 12/01/2035 | | | 350,000 | | | | 287,589 | |
| County of Wright MN | |
| 3.00%, 12/01/2038 | | | 295,000 | | | | 272,324 | |
| 3.00%, 12/01/2039 | | | 250,000 | | | | 229,464 | |
| Crookston Independent School District No 593, 5.00%, 02/01/2029 | | | 250,000 | | | | 275,528 | |
| Dakota County Community Development Agency | |
| 2.00%, 01/01/2032 | | | 65,000 | | | | 58,168 | |
| 4.20%, 05/01/2043 | | | 150,000 | | | | 150,244 | |
Duluth Independent School District No 709, 0.00%, 02/01/2031 (b) | | | 200,000 | | | | 153,220 | |
| Eastern Carver County Schools Independent School District No 112, 4.00%, 02/01/2035 | | | 250,000 | | | | 263,996 | |
| Elk River Independent School District No 728, 4.00%, 02/01/2026 | | | 125,000 | | | | 127,529 | |
| Fergus Falls Independent School District No 544, 5.00%, 02/01/2034 | | | 100,000 | | | | 112,734 | |
| Forest Lake Independent School District No 831, 4.00%, 02/01/2039 | | | 500,000 | | | | 522,201 | |
| Hibbing Independent School District No 701, 3.00%, 03/01/2033 | | | 300,000 | | | | 298,465 | |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | |
| 3.50%, 09/01/2026 | | | 95,000 | | | | 94,130 | |
| 3.13%, 11/15/2032 | | | 110,000 | | | | 104,405 | |
| 4.00%, 10/01/2037 | | | 250,000 | | | | 252,633 | |
| Iron Range Resources & Rehabilitation Commissioner, 5.00%, 10/01/2035 | | | 220,000 | | | | 258,528 | |
| Mankato Independent School District No 77, 5.00%, 02/01/2026 | | | 200,000 | | | | 206,573 | |
| Metropolitan Council | |
| 5.00%, 03/01/2026 | | | 100,000 | | | | 103,590 | |
| 5.00%, 12/01/2028 | | | 100,000 | | | | 110,602 | |
| 4.00%, 03/01/2030 | | | 140,000 | | | | 144,700 | |
| Minneapolis-St Paul Metropolitan Airports Commission | |
| 5.00%, 01/01/2029 | | | 50,000 | | | | 52,574 | |
| 5.00%, 01/01/2031 | | | 140,000 | | | | 146,772 | |
| Minnesota Agricultural & Economic Development Board, 5.00%, 01/01/2042 | | | 250,000 | | | | 279,524 | |
| Minnesota Higher Education Facilities Authority | |
| 5.00%, 10/01/2029 | | | 255,000 | | | | 279,138 | |
| 5.00%, 10/01/2034 | | | 260,000 | | | | 282,669 | |
| 3.00%, 10/01/2036 | | | 200,000 | | | | 184,506 | |
| 3.00%, 10/01/2041 | | | 300,000 | | | | 263,391 | |
| 3.00%, 03/01/2043 | | | 125,000 | | | | 108,907 | |
| Minnesota State Colleges And Universities Foundation, 4.00%, 10/01/2029 | | | 200,000 | | | | 200,183 | |
| North St Paul-Maplewood-Oakdale Independent School District No 622, 2.00%, 02/01/2031 | | | 200,000 | | | | 180,548 | |
| Northfield Independent School District No 659, 5.00%, 02/01/2025 | | | 230,000 | | | | 231,410 | |
| Owatonna Independent School District No 761/MN, 4.00%, 02/01/2028 | | | 150,000 | | | | 157,115 | |
| Pine City Independent School District No 578, 2.00%, 04/01/2032 | | | 200,000 | | | | 179,560 | |
| Princeton Public Utilities Commission, 5.00%, 04/01/2031 | | | 100,000 | | | | 111,089 | |
| Rochester Independent School District No 535, 2.50%, 02/01/2039 | | | 250,000 | | | | 207,779 | |
| Rocori Area Schools Independent School District No 750, 4.00%, 02/01/2038 | | | 300,000 | | | | 310,311 | |
| Rosemount-Apple Valley-Eagan Independent School District No 196, 1.30%, 04/01/2030 | | | 150,000 | | | | 134,083 | |
| St Cloud Housing & Redevelopment Authority | |
| 2.00%, 02/01/2031 | | | 130,000 | | | | 120,094 | |
| 2.00%, 02/01/2033 | | | 160,000 | | | | 141,724 | |
| St Cloud Independent School District No 742/MN, 5.00%, 02/01/2041 | | | 225,000 | | | | 244,214 | |
| St Francis Independent School District No 15, 4.00%, 02/01/2036 | | | 150,000 | | | | 159,931 | |
| St Paul Independent School District No 625 | |
| 3.00%, 02/01/2033 | | | 200,000 | | | | 199,617 | |
| 2.25%, 02/01/2035 | | | 100,000 | | | | 87,040 | |
| 5.00%, 02/01/2042 | | | 200,000 | | | | 225,970 | |
| State of Minnesota | |
| 5.00%, 08/01/2025 | | | 310,000 | | | | 315,793 | |
| 5.00%, 08/01/2026 | | | 250,000 | | | | 261,803 | |
| 5.00%, 08/01/2027 | | | 190,000 | | | | 190,375 | |
| 5.00%, 08/01/2028 | | | 155,000 | | | | 170,260 | |
| 5.00%, 08/01/2034 | | | 250,000 | | | | 271,787 | |
| 5.00%, 08/01/2035 | | | 185,000 | | | | 208,941 | |
| 4.00%, 08/01/2037 | | | 150,000 | | | | 161,033 | |
| 5.00%, 08/01/2043 | | | 400,000 | | | | 454,642 | |
| Stillwater Independent School District No 834, 5.00%, 02/01/2040 | | | 250,000 | | | | 279,247 | |
| Truman Independent School District No 458, 4.00%, 02/01/2044 | | | 300,000 | | | | 302,795 | |
| University of Minnesota | |
| 5.00%, 12/01/2024 | | | 90,000 | | | | 90,255 | |
| 5.00%, 10/01/2026 | | | 220,000 | | | | 231,586 | |
| 5.00%, 04/01/2033 | | | 350,000 | | | | 360,922 | |
| 5.00%, 04/01/2040 | | | 150,000 | | | | 161,178 | |
| Waconia Independent School District No 110, 3.00%, 02/01/2028 | | | 100,000 | | | | 100,017 | |
| Western Minnesota Municipal Power Agency, 5.00%, 01/01/2025 | | | 120,000 | | | | 120,535 | |
| Westonka Independent School District No 277, 4.00%, 02/01/2041 | | | 100,000 | | | | 102,782 | |
| Zumbro Education District | |
| 4.00%, 02/01/2034 | | | 125,000 | | | | 123,571 | |
| 4.00%, 02/01/2038 | | | 275,000 | | | | 264,753 | |
TOTAL MUNICIPAL BONDS (Cost $22,049,186) | | | | 21,517,562 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.1% | | | | | | | | |
| Money Market Funds - 4.1% | | Shares | | | | | |
First American Government Obligations Fund - Class X, 4.82% (c) | | | 897,784 | | | | 897,784 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $897,784) | | | | 897,784 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 102.7% (Cost $22,946,970) | | | | 22,415,346 | |
| Liabilities in Excess of Other Assets - (2.7)% | | | | (588,314 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 21,827,032 | |
| | | | | | | | | |
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’’).
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:
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 Funds’ investments carried at fair value as of September 30, 2024:
