Mairs and Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) | March 31, 2022 |
Par Value | Security Description | Fair Value | ||||||
FIXED INCOME SECURITIES 31.6% | ||||||||
CORPORATE BONDS 26.5% | ||||||||
COMMUNICATION SERVICES 0.9% | ||||||||
$ | 464,000 | CBS Corp | 3.500% | 01/15/25 | $ | 466,674 | ||
1,688,000 | Netflix Inc | 5.875% | 11/15/28 | 1,860,683 | ||||
2,000,000 | Comcast Corp | 4.250% | 01/15/33 | 2,160,337 | ||||
1,000,000 | Verizon Communications Inc | 4.400% | 11/01/34 | 1,064,113 | ||||
3,000,000 | AT&T Inc | 4.500% | 05/15/35 | 3,174,210 | ||||
8,726,017 | ||||||||
CONSUMER DISCRETIONARY 3.2% | ||||||||
500,000 | Whirlpool Corp | 4.700% | 06/01/22 | 502,315 | ||||
1,000,000 | Block Financial LLC | 5.500% | 11/01/22 | 1,002,962 | ||||
1,000,000 | General Motors Financial Co Inc | 3.700% | 05/09/23 | 1,010,336 | ||||
1,000,000 | General Motors Financial Co Inc | 4.250% | 05/15/23 | 1,012,593 | ||||
1,000,000 | General Motors Financial Co Inc | 3.950% | 04/13/24 | 1,016,206 | ||||
250,000 | General Motors Co | 4.000% | 04/01/25 | 252,592 | ||||
1,000,000 | General Motors Financial Co Inc | 4.300% | 07/13/25 | 1,016,021 | ||||
1,064,000 | Block Financial LLC | 5.250% | 10/01/25 | 1,111,959 | ||||
1,500,000 | Ford Motor Co | 4.346% | 12/08/26 | 1,509,375 | ||||
1,000,000 | Darden Restaurants Inc | 3.850% | 05/01/27 | 1,015,393 | ||||
2,245,000 | Lear Corp | 3.800% | 09/15/27 | 2,250,304 | ||||
1,000,000 | General Motors Co | 4.200% | 10/01/27 | 1,005,676 | ||||
1,000,000 | AutoNation Inc | 3.800% | 11/15/27 | 999,327 | ||||
2,000,000 | Hasbro Inc | 3.900% | 11/19/29 | 2,007,741 | ||||
2,000,000 | Advance Auto Parts Inc | 3.900% | 04/15/30 | 1,993,363 | ||||
1,000,000 | Mohawk Industries Inc | 3.625% | 05/15/30 | 981,354 | ||||
2,000,000 | Block Financial LLC | 3.875% | 08/15/30 | 1,964,627 | ||||
1,000,000 | Kohl's Corp | 3.375% | 05/01/31 | 959,327 | ||||
1,750,000 | Ford Motor Credit Co LLC | 3.625% | 06/17/31 | 1,586,428 | ||||
1,000,000 | Starbucks Corp | 3.000% | 02/14/32 | 957,064 | ||||
500,000 | Tapestry Inc | 3.050% | 03/15/32 | 454,457 | ||||
500,000 | Kohl's Corp | 6.875% | 12/15/37 | 529,128 | ||||
1,000,000 | General Motors Co | 5.150% | 04/01/38 | 1,016,666 | ||||
1,000,000 | Ford Motor Co | 4.750% | 01/15/43 | 903,910 | ||||
1,100,000 | Whirlpool Corp | 5.150% | 03/01/43 | 1,182,289 | ||||
750,000 | Hasbro Inc | 5.100% | 05/15/44 | 806,615 | ||||
1,073,000 | Kohl's Corp | 5.550% | 07/17/45 | 1,059,989 | ||||
30,108,017 | ||||||||
CONSUMER STAPLES 1.3% | ||||||||
430,000 | Land O' Lakes Inc (g) | 6.000% | 11/15/22 | 435,851 | ||||
2,500,000 | Land O' Lakes Inc (h) | 7.250% | 07/14/27 | 2,643,750 | ||||
1,949,000 | Land O' Lakes Capital Trust I (g) | 7.450% | 03/15/28 | 2,182,880 | ||||
2,500,000 | Land O' Lakes Inc (h) | 7.000% | 12/18/28 | 2,631,250 | ||||
250,000 | Smithfield Foods Inc (g) | 3.000% | 10/15/30 | 226,921 | ||||
1,000,000 | Walgreens Boots Alliance Inc | 4.500% | 11/18/34 | 1,029,648 | ||||
1,000,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | 4.700% | 02/01/36 | 1,085,004 | ||||
1,000,000 | Walgreens Boots Alliance Inc | 4.800% | 11/18/44 | 1,062,451 | ||||
1,000,000 | Molson Coors Brewing Co | 4.200% | 07/15/46 | 969,730 | ||||
12,267,485 | ||||||||
CONSUMER, NON-CYCLICAL 0.1% | ||||||||
1,000,000 | Wildlife Conservation Society | 3.414% | 08/01/50 | 887,670 | ||||
ENERGY 0.5% | ||||||||
1,500,000 | Sunoco Logistics Partners Operations LP | 3.450% | 01/15/23 | 1,508,593 | ||||
1,000,000 | Boardwalk Pipelines LP | 4.950% | 12/15/24 | 1,033,408 | ||||
1,200,000 | Kinder Morgan Inc | 5.300% | 12/01/34 | 1,315,390 | ||||
500,000 | Murphy Oil Corp | 6.375% | 12/01/42 | 479,230 |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Par Value | Security Description | Fair Value | ||||||
FIXED INCOME SECURITIES (continued) | ||||||||
CORPORATE BONDS (continued) | ||||||||
FINANCIALS 10.1% | ||||||||
$ | 2,000,000 | OneBeacon US Holdings Inc | 4.600% | 11/09/22 | $ | 2,021,930 | ||
1,000,000 | Standard Chartered PLC (b)(g) | 3.950% | 01/11/23 | 1,005,062 | ||||
500,000 | First American Financial Corp | 4.300% | 02/01/23 | 506,887 | ||||
500,000 | Assurant Inc | 4.200% | 09/27/23 | 508,667 | ||||
500,000 | CNA Financial Corp | 7.250% | 11/15/23 | 534,072 | ||||
500,000 | Pacific Life Insurance Co (g) | 7.900% | 12/30/23 | 542,202 | ||||
1,000,000 | Moody's Corp | 4.875% | 02/15/24 | 1,031,567 | ||||
1,000,000 | HSBC Holdings PLC (b) | 4.250% | 03/14/24 | 1,015,336 | ||||
540,000 | Wintrust Financial Corp | 5.000% | 06/13/24 | 548,336 | ||||
824,000 | Assured Guaranty US Holdings Inc | 5.000% | 07/01/24 | 854,930 | ||||
3,088,000 | Legg Mason Inc | 3.950% | 07/15/24 | 3,154,419 | ||||
1,500,000 | Symetra Financial Corp | 4.250% | 07/15/24 | 1,530,666 | ||||
1,000,000 | Citigroup Inc | 4.000% | 08/05/24 | 1,022,798 | ||||
3,000,000 | Synchrony Financial | 4.250% | 08/15/24 | 3,044,184 | ||||
2,000,000 | Old Republic International Corp | 4.875% | 10/01/24 | 2,066,751 | ||||
1,627,000 | Associated Banc-Corp | 4.250% | 01/15/25 | 1,660,093 | ||||
4,000,000 | Kemper Corp | 4.350% | 02/15/25 | 4,087,689 | ||||
1,050,000 | TCF National Bank | 4.600% | 02/27/25 | 1,073,985 | ||||
1,000,000 | BBVA USA | 3.875% | 04/10/25 | 1,020,133 | ||||
250,000 | Liberty Mutual Insurance Co (g) | 8.500% | 05/15/25 | 286,292 | ||||
1,000,000 | Prudential Insurance Co of America/The (g) | 8.300% | 07/01/25 | 1,138,656 | ||||
1,000,000 | American International Group Inc | 3.750% | 07/10/25 | 1,017,251 | ||||
1,000,000 | Synchrony Financial | 4.500% | 07/23/25 | 1,021,190 | ||||
2,000,000 | Janus Capital Group Inc (b) | 4.875% | 08/01/25 | 2,094,739 | ||||
2,000,000 | HSBC Holdings PLC (b) | 4.250% | 08/18/25 | 2,025,440 | ||||
4,000,000 | Capital One Financial Corp | 4.200% | 10/29/25 | 4,096,596 | ||||
20,000 | Wells Fargo & Co (h) | 4.700% | 12/15/25 | 441,000 | ||||
1,520,000 | Legg Mason Inc | 4.750% | 03/15/26 | 1,601,185 | ||||
2,000,000 | Hanover Insurance Group Inc/The | 4.500% | 04/15/26 | 2,082,841 | ||||
1,000,000 | Wells Fargo & Co | 4.100% | 06/03/26 | 1,028,448 | ||||
3,290,000 | Old Republic International Corp | 3.875% | 08/26/26 | 3,321,301 | ||||
500,000 | Morgan Stanley | 4.350% | 09/08/26 | 516,968 | ||||
1,000,000 | Citigroup Inc | 4.300% | 11/20/26 | 1,029,786 | ||||
1,000,000 | JPMorgan Chase & Co | 4.125% | 12/15/26 | 1,036,227 | ||||
4,000,000 | PNC Financial Services Group Inc/The (f)(h) | 3.400% | 12/15/26 | 3,605,000 | ||||
4,000,000 | Mercury General Corp | 4.400% | 03/15/27 | 4,109,591 | ||||
450,000 | Athene Holding Ltd (b) | 4.125% | 01/12/28 | 453,735 | ||||
500,000 | Citigroup Inc (f) | 3.070% | 02/24/28 | 488,089 | ||||
250,000 | Provident Cos Inc | 7.250% | 03/15/28 | 291,474 | ||||
2,000,000 | E*TRADE Financial Corp | 4.500% | 06/20/28 | 2,074,913 | ||||
500,000 | Farmers Exchange Capital (g) | 7.050% | 07/15/28 | 570,303 | ||||
1,000,000 | Lazard Group LLC | 4.375% | 03/11/29 | 1,022,902 | ||||
2,500,000 | Wintrust Financial Corp | 4.850% | 06/06/29 | 2,527,762 | ||||
2,300,000 | Assurant Inc | 3.700% | 02/22/30 | 2,222,037 | ||||
500,000 | Park National Corp (f) | 4.500% | 09/01/30 | 496,516 | ||||
500,000 | Goldman Sachs Group Inc/The | 4.250% | 11/15/30 | 502,960 | ||||
500,000 | Goldman Sachs Group Inc/The | 4.000% | 02/15/31 | 494,286 | ||||
2,000,000 | Synchrony Financial | 2.875% | 10/28/31 | 1,772,707 | ||||
1,000,000 | Blackstone Holdings Finance Co LLC (g) | 2.550% | 03/30/32 | 912,988 | ||||
2,000,000 | Goldman Sachs Group Inc/The (f) | 2.650% | 10/21/32 | 1,818,248 | ||||
500,000 | Goldman Sachs Group Inc/The | 4.300% | 12/15/32 | 496,778 | ||||
1,700,000 | Morgan Stanley (f) | 2.943% | 01/21/33 | 1,594,398 | ||||
538,000 | Bank of America Corp | 4.000% | 08/15/34 | 530,729 | ||||
3,000,000 | Fulton Financial Corp (f) | 3.750% | 03/15/35 | 2,865,460 | ||||
2,150,000 | Bank of Montreal (b)(f) | 3.088% | 01/10/37 | 1,953,933 | ||||
500,000 | Swiss Re Treasury US Corp (g) | 4.250% | 12/06/42 | 557,242 | ||||
500,000 | Principal Financial Group Inc | 4.350% | 05/15/43 | 513,534 | ||||
2,500,000 | M&T Bank Corp (f)(h) | 5.125% | 12/29/49 | 2,500,000 |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Par Value | Security Description | Fair Value | ||||||
FIXED INCOME SECURITIES (continued) | ||||||||
CORPORATE BONDS (continued) | ||||||||
FINANCIALS (continued) | ||||||||
$ | 1,000,000 | SVB Financial Group (f)(h) | 4.100% | 08/15/69 | $ | 850,000 | ||
3,000,000 | JPMorgan Chase & Co (f)(h) | 3.650% | 12/01/69 | 2,805,000 | ||||
2,000,000 | Bank of New York Mellon Corp/The (f)(h) | 3.750% | 06/20/70 | 1,835,000 | ||||
6,000,000 | Charles Schwab Corp (f)(h) | 4.000% | 03/01/31 | 5,388,720 | ||||
95,221,932 | ||||||||
HEALTH CARE 0.7% | ||||||||
500,000 | Wyeth LLC | 6.450% | 02/01/24 | 534,594 | ||||
2,000,000 | AbbVie Inc | 3.800% | 03/15/25 | 2,039,198 | ||||
189,000 | Bristol-Myers Squibb Co | 3.875% | 08/15/25 | 192,597 | ||||
1,000,000 | Cigna Corp | 4.500% | 02/25/26 | 1,049,387 | ||||
700,000 | Zimmer Biomet Holdings Inc | 4.250% | 08/15/35 | 701,796 | ||||
1,400,000 | CVS Health Corp | 4.780% | 03/25/38 | 1,531,203 | ||||
1,000,000 | UnitedHealth Group Inc | 3.500% | 08/15/39 | 992,897 | ||||
7,041,672 | ||||||||
INDUSTRIALS 2.6% | ||||||||
500,000 | GATX Corp | 4.750% | 06/15/22 | 502,762 | ||||
500,000 | Penske Truck Leasing Co Lp / PTL Finance Corp (g) | 4.875% | 07/11/22 | 504,382 | ||||
1,000,000 | GATX Corp | 3.900% | 03/30/23 | 1,017,887 | ||||
1,500,000 | Hillenbrand Inc | 5.000% | 09/15/26 | 1,539,015 | ||||
500,000 | Toro Co/The | 7.800% | 06/15/27 | 585,497 | ||||
2,000,000 | Kennametal Inc | 4.625% | 06/15/28 | 2,079,038 | ||||
3,000,000 | Steelcase Inc | 5.125% | 01/18/29 | 3,143,379 | ||||
1,000,000 | Oshkosh Corp | 3.100% | 03/01/30 | 930,059 | ||||
2,000,000 | GATX Corp | 4.000% | 06/30/30 | 2,027,725 | ||||
1,000,000 | Flowserve Corp | 3.500% | 10/01/30 | 947,181 | ||||
3,000,000 | Hillenbrand Inc | 3.750% | 03/01/31 | 2,745,000 | ||||
4,000,000 | United Rentals North America Inc | 3.750% | 01/15/32 | 3,730,000 | ||||
2,000,000 | Eaton Corp | 4.000% | 11/02/32 | 2,097,621 | ||||
1,400,000 | Leidos Holdings Inc | 5.950% | 12/01/40 | 1,480,711 | ||||
1,000,000 | FedEx Corp | 4.100% | 04/15/43 | 991,001 | ||||
24,321,258 | ||||||||
INFORMATION TECHNOLOGY 3.9% | ||||||||
696,000 | Dell International LLC / EMC Corp. | 5.450% | 06/15/23 | 717,254 | ||||
1,031,000 | Arrow Electronics Inc | 4.000% | 04/01/25 | 1,047,477 | ||||
2,000,000 | Hewlett Packard Enterprise Co | 4.900% | 10/15/25 | 2,096,734 | ||||
1,500,000 | Dell International LLC / EMC Corp. | 6.020% | 06/15/26 | 1,626,718 | ||||
2,500,000 | Motorola Solutions Inc | 4.600% | 02/23/28 | 2,574,561 | ||||
1,500,000 | Trimble Inc | 4.900% | 06/15/28 | 1,556,134 | ||||
1,000,000 | Fiserv Inc | 4.200% | 10/01/28 | 1,032,661 | ||||
1,500,000 | Broadcom Inc | 4.750% | 04/15/29 | 1,574,330 | ||||
1,000,000 | Juniper Networks Inc | 3.750% | 08/15/29 | 997,952 | ||||
1,000,000 | Dell International LLC / EMC Corp. | 5.300% | 10/01/29 | 1,089,370 | ||||
1,000,000 | Citrix Systems Inc | 3.300% | 03/01/30 | 989,242 | ||||
2,000,000 | Avnet Inc | 3.000% | 05/15/31 | 1,836,164 | ||||
1,000,000 | HP Inc | 2.650% | 06/17/31 | 894,832 | ||||
1,000,000 | Autodesk Inc | 2.400% | 12/15/31 | 900,035 | ||||
1,000,000 | Magallanes Inc (g) | 4.279% | 03/15/32 | 1,004,297 | ||||
2,000,000 | Broadcom Inc | 4.300% | 11/15/32 | 2,032,283 | ||||
3,000,000 | Intel Corp | 4.000% | 12/15/32 | 3,228,647 | ||||
2,000,000 | Leidos Inc | 5.500% | 07/01/33 | 2,162,600 | ||||
1,000,000 | Broadcom Inc (g) | 3.469% | 04/15/34 | 926,273 | ||||
1,500,000 | Western Union Co/The | 6.200% | 11/17/36 | 1,636,978 | ||||
3,000,000 | Oracle Corp | 3.600% | 04/01/40 | 2,604,851 | ||||
1,000,000 | Dell, Inc. | 5.400% | 09/10/40 | 1,002,500 | ||||
1,000,000 | Analog Devices Inc | 2.800% | 10/01/41 | 898,202 | ||||
570,000 | Discovery Communications LLC | 4.950% | 05/15/42 | 566,234 | ||||
2,000,000 | Motorola Solutions Inc | 5.500% | 09/01/44 | 2,201,297 | ||||
37,197,626 |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Par Value | Security Description | Fair Value | ||||||
FIXED INCOME SECURITIES (continued) | ||||||||
CORPORATE BONDS (continued) | ||||||||
MATERIALS 2.4% | ||||||||
$ | 750,000 | RPM International Inc | 3.450% | 11/15/22 | $ | 752,326 | ||
756,000 | Eastman Chemical Co | 3.800% | 03/15/25 | 765,455 | ||||
865,000 | Union Carbide Corp | 7.500% | 06/01/25 | 968,765 | ||||
2,000,000 | DowDuPont Inc | 4.493% | 11/15/25 | 2,082,689 | ||||
200,000 | Worthington Industries Inc | 4.550% | 04/15/26 | 204,203 | ||||
1,500,000 | Cabot Corp | 3.400% | 09/15/26 | 1,495,415 | ||||
782,000 | HB Fuller Co | 4.000% | 02/15/27 | 770,270 | ||||
3,200,000 | HB Fuller Co | 4.250% | 10/15/28 | 2,995,840 | ||||
4,000,000 | Cabot Corp | 4.000% | 07/01/29 | 4,018,094 | ||||
1,175,000 | Albemarle Wodgina Pty Ltd (b) | 3.450% | 11/15/29 | 1,143,019 | ||||
3,000,000 | Freeport McMoRan Inc | 4.250% | 03/01/30 | 3,020,010 | ||||
1,250,000 | Dow Chemical Co/The | 4.250% | 10/01/34 | 1,286,828 | ||||
1,000,000 | Alcoa Inc | 5.950% | 02/01/37 | 1,070,583 | ||||
1,000,000 | Newmont Mining Corp | 4.875% | 03/15/42 | 1,127,370 | ||||
325,000 | Albemarle Corp | 5.450% | 12/01/44 | 361,786 | ||||
250,000 | Steel Dynamics Inc | 3.250% | 10/15/50 | 212,879 | ||||
22,275,532 | ||||||||
REAL ESTATE 0.0% | ||||||||
350,000 | CBRE Services Inc | 4.875% | 03/01/26 | 367,671 | ||||
UTILITIES 0.8% | ||||||||
75,000 | National Fuel Gas Co | 3.750% | 03/01/23 | 75,487 | ||||
250,000 | Jersey Central Power & Light Co (g) | 4.300% | 01/15/26 | 255,475 | ||||
2,000,000 | National Fuel Gas Co | 3.950% | 09/15/27 | 1,989,841 | ||||
416,000 | Toledo Edison Co (g) | 2.650% | 05/01/28 | 395,379 | ||||
1,000,000 | National Fuel Gas Co | 4.750% | 09/01/28 | 1,006,150 | ||||
2,000,000 | Alliant Energy Finance LLC (g) | 3.600% | 03/01/32 | 1,946,437 | ||||
1,165,000 | Duke Energy Progress LLC | 5.700% | 04/01/35 | 1,371,005 | ||||
1,021,000 | Northern Natural Gas Co (g) | 4.100% | 09/15/42 | 1,012,629 | ||||
8,052,403 | ||||||||
TOTAL CORPORATE BONDS | 250,803,904 | |||||||
MUNICIPAL BONDS 1.6% | ||||||||
650,000 | Glendale Community College District/CA | 2.113% | 08/01/31 | 588,970 | ||||
500,000 | Socorro Independent School District | 2.125% | 08/15/31 | 465,207 | ||||
920,000 | Pierre School District No 32-2 | 2.040% | 08/01/33 | 821,742 | ||||
500,000 | Redondo Beach Unified School District | 2.040% | 08/01/34 | 428,961 | ||||
400,000 | County of Hennepin MN | 4.800% | 12/01/35 | 477,729 | ||||
500,000 | DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee | 3.017% | 02/01/36 | 470,126 | ||||
305,000 | State of California | 4.600% | 04/01/38 | 333,671 | ||||
1,000,000 | Crowley Independent School District | 3.010% | 08/01/38 | 955,564 | ||||
500,000 | Idaho Bond Bank Authority | 2.354% | 09/15/38 | 455,229 | ||||
850,000 | Worthington Independent School District No 518 | 3.300% | 02/01/39 | 869,331 | ||||
610,000 | Rockwall Independent School District | 3.091% | 02/15/39 | 586,999 | ||||
750,000 | Allen Independent School District | 3.148% | 02/15/39 | 710,899 | ||||
1,000,000 | Pierce County School District No 10 Tacoma | 2.357% | 12/01/39 | 828,561 | ||||
945,000 | City of Minnetonka MN | 3.050% | 02/01/40 | 948,702 | ||||
885,000 | Massachusetts Development Finance Agency | 2.550% | 05/01/40 | 770,437 | ||||
750,000 | Woodbury County Law Enforcement Center Authority | 3.090% | 06/01/40 | 732,248 | ||||
505,000 | Village of Ashwaubenon WI | 2.970% | 06/01/40 | 466,198 | ||||
300,000 | Desert Community College District | 2.457% | 08/01/40 | 259,433 | ||||
800,000 | Utah Transit Authority | 3.443% | 12/15/42 | 777,165 | ||||
500,000 | BAC Capital Trust XIV (f)(h) | 4.000% | 03/15/43 | 431,142 | ||||
600,000 | San Diego Community College District | 3.336% | 08/01/43 | 575,903 | ||||
1,000,000 | Borough of Naugatuck CT | 3.090% | 09/15/46 | 917,388 | ||||
1,000,000 | Michigan State University | 4.496% | 08/15/48 | 1,067,262 | ||||
14,938,867 |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Par Value | Security Description | Fair Value | ||||||
FIXED INCOME SECURITIES (continued) | ||||||||
ASSET BACKED SECURITIES 1.6% | ||||||||
$ | 205,854 | United Airlines 2014-1 Class B Pass Through Trust | 4.750% | 10/11/23 | $ | 205,946 | ||
35,298 | Continental Airlines 2007-1 Class A Pass Through Trust | 5.983% | 10/19/23 | 35,296 | ||||
36,881 | Southwest Airlines Co 2007-1 Pass Through Trust | 6.150% | 02/01/24 | 36,569 | ||||
29,975 | United Airlines 2014-2 Class B Pass Through Trust | 4.625% | 03/03/24 | 30,078 | ||||
261,444 | American Airlines 2014-1 Class B Pass Through Trust | 4.375% | 04/01/24 | 258,043 | ||||
1,000,000 | United Airlines 2015-1 Class A Pass Through Trust | 3.700% | 06/01/24 | 999,512 | ||||
328,571 | US Airways 2010-1 Class A Pass Through Trust | 6.250% | 10/22/24 | 325,225 | ||||
848,037 | Delta Air Lines 2015-1 Class B Pass Through Trust | 4.250% | 01/30/25 | 860,838 | ||||
522,451 | American Airlines 2015-2 Class B Pass Through Trust | 4.400% | 03/22/25 | 508,871 | ||||
187,223 | US Airways 2011-1 Class A Pass Through Trust | 7.125% | 04/22/25 | 190,417 | ||||
1,991,384 | American Airlines 2016-1 Class B Pass Through Trust | 5.250% | 07/15/25 | 1,944,975 | ||||
674,542 | Spirit Airlines Pass Through Trust 2015-1B | 4.450% | 10/01/25 | 663,945 | ||||
1,558,677 | Hawaiian Airlines 2013-1 Class A Pass Through Certificates | 3.900% | 01/15/26 | 1,426,701 | ||||
1,118,220 | Continental Airlines 2012-2 Class A Pass Through Trust | 4.000% | 04/29/26 | 1,112,723 | ||||
678,508 | American Airlines 2017-1 Class B Pass Through Trust | 4.950% | 08/15/26 | 643,241 | ||||
659,435 | United Airlines 2013-1 Class A Pass Through Trust | 4.300% | 02/15/27 | 654,572 | ||||
646,466 | American Airlines 2016-3 Class B Pass Through Trust | 3.750% | 04/15/27 | 594,914 | ||||
509,611 | US Airways 2013-1 Class A Pass Through Trust | 3.950% | 05/15/27 | 483,448 | ||||
549,989 | United Airlines 2014-1 Class A Pass Through Trust | 4.000% | 10/11/27 | 546,854 | ||||
441,577 | United Airlines 2014-2 Class A Pass Through Trust | 3.750% | 03/03/28 | 433,238 | ||||
1,216,336 | American Airlines 2014-1 Class A Pass Through Trust | 3.700% | 04/01/28 | 1,169,167 | ||||
314,513 | American Airlines 2015-1 Class A Pass Through Trust | 3.375% | 11/01/28 | 300,394 | ||||
137,431 | American Airlines 2015-2 Class AA Pass Through Trust | 3.600% | 03/22/29 | 132,765 | ||||
448,085 | American Airlines 2015-2 Class A Pass Through Trust | 4.000% | 03/22/29 | 406,770 | ||||
89,074 | Spirit Airlines Pass Through Trust 2015-1A | 4.100% | 10/01/29 | 85,780 | ||||
779,931 | British Airways 2018-1 Class A Pass Through Trust (b)(g) | 4.125% | 03/20/33 | 743,791 | ||||
14,794,073 | ||||||||
U.S. GOVERNMENT OBLIGATIONS 1.9% | ||||||||
1,000,000 | United States Treasury Note/Bond | 0.875% | 01/31/24 | 975,195 | ||||
1,000,000 | United States Treasury Note/Bond | 0.250% | 03/15/24 | 961,250 | ||||
3,000,000 | United States Treasury Note/Bond | 0.750% | 03/31/26 | 2,800,898 | ||||
1,000,000 | United States Treasury Note/Bond | 0.750% | 04/30/26 | 932,539 | ||||
1,000,000 | United States Treasury Note/Bond | 1.125% | 10/31/26 | 941,836 | ||||
1,000,000 | United States Treasury Note/Bond | 1.250% | 06/30/28 | 931,250 | ||||
1,000,000 | United States Treasury Note/Bond | 1.000% | 07/31/28 | 916,016 | ||||
7,000,000 | United States Treasury Note/Bond | 2.625% | 02/15/29 | 7,092,148 | ||||
2,000,000 | United States Treasury Note/Bond | 3.000% | 02/15/49 | 2,199,766 | ||||
17,750,898 | ||||||||
TOTAL FIXED INCOME SECURITIES | $ | 298,287,742 | ||||||
(cost $303,484,297) | ||||||||
Shares | Security Description | Fair Value | ||||||
COMMON STOCKS 66.6% | ||||||||
COMMUNICATION SERVICES 5.4% | ||||||||
15,650 | Alphabet Inc (a) | $ | 43,710,293 | |||||
53,000 | Walt Disney Co/The (a) | 7,269,480 | ||||||
50,979,773 | ||||||||
CONSUMER DISCRETIONARY 2.1% | ||||||||
42,000 | Home Depot Inc/The | 12,571,860 | ||||||
32,000 | Target Corp | 6,791,040 | ||||||
19,362,900 | ||||||||
CONSUMER STAPLES 4.6% | ||||||||
63,000 | Hershey Co/The | 13,647,690 | ||||||
372,000 | Hormel Foods Corp | 19,172,880 | ||||||
135,000 | Sysco Corp | 11,022,750 | ||||||
43,843,320 |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Shares | Security Description | Fair Value | |||||
COMMON STOCKS (continued) | |||||||
FINANCIALS 8.0% | |||||||
44,000 | American Express Co | $ | 8,228,000 | ||||
125,000 | JPMorgan Chase & Co | 17,040,000 | |||||
77,000 | Northern Trust Corp | 8,966,650 | |||||
78,000 | Principal Financial Group Inc | 5,725,980 | |||||
436,000 | US Bancorp/MN | 23,173,400 | |||||
263,000 | Wells Fargo & Co | 12,744,980 | |||||
75,879,010 | |||||||
HEALTH CARE 16.4% | |||||||
183,000 | Abbott Laboratories | 21,659,880 | |||||
62,000 | Baxter International Inc | 4,807,480 | |||||
19,000 | Bio-Techne Corp | 8,227,760 | |||||
215,000 | Elanco Animal Health Inc (a) | 5,609,350 | |||||
80,000 | Eli Lilly & Co | 22,909,600 | |||||
100,000 | Johnson & Johnson | 17,723,000 | |||||
192,000 | Medtronic PLC (e) | 21,302,400 | |||||
111,000 | Pfizer Inc | 5,746,470 | |||||
352,000 | �� | Roche Holding AG (d) | 17,392,320 | ||||
57,000 | UnitedHealth Group Inc | 29,068,290 | |||||
154,446,550 | |||||||
INDUSTRIALS 11.0% | |||||||
37,000 | 3M Co | 5,508,560 | |||||
96,000 | CH Robinson Worldwide Inc | 10,340,160 | |||||
197,000 | Donaldson Co Inc | 10,230,210 | |||||
180,000 | Fastenal Co | 10,692,000 | |||||
217,000 | Graco Inc | 15,129,240 | |||||
23,000 | Honeywell International Inc | 4,475,340 | |||||
180,000 | nVent Electric PLC (e) | 6,260,400 | |||||
19,000 | Rockwell Automation Inc | 5,320,570 | |||||
110,000 | Tennant Co | 8,668,000 | |||||
221,000 | Toro Co/The | 18,893,290 | |||||
40,000 | United Parcel Service Inc, Class B | 8,578,400 | |||||
104,096,170 | |||||||
INFORMATION TECHNOLOGY 14.0% | |||||||
24,000 | Automatic Data Processing Inc | 5,460,960 | |||||
145,000 | Fiserv Inc (a) | 14,703,000 | |||||
35,000 | Littelfuse Inc | 8,729,350 | |||||
125,000 | Microsoft Corp | 38,538,750 | |||||
71,000 | Motorola Solutions Inc | 17,196,200 | |||||
112,000 | QUALCOMM Inc | 17,115,840 | |||||
27,000 | salesforce.com Inc (a) | 5,732,640 | |||||
54,000 | Texas Instruments Inc | 9,907,920 | |||||
69,000 | Visa Inc | 15,302,130 | |||||
132,686,790 | |||||||
MATERIALS 4.3% | |||||||
103,000 | Ecolab Inc | 18,185,680 | |||||
160,000 | HB Fuller Co | 10,571,200 | |||||
49,000 | Sherwin-Williams Co/The | 12,231,380 | |||||
40,988,260 | |||||||
UTILITIES 0.8% | |||||||
104,000 | Xcel Energy Inc | 7,505,680 | |||||
TOTAL COMMON STOCKS | $ | 629,788,453 | |||||
(cost $308,694,926) | |||||||
SHORT-TERM INVESTMENTS 1.5% | |||||||
13,978,781 | First American Government Obligations Fund, Class X, 0.019% (c) | $ | 13,978,781 | ||||
(cost $13,978,781) |
Mairs & Power Balanced Fund | ||
SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
Shares | Security Description | Fair Value | |||||
TOTAL INVESTMENTS 99.7% | $ | 942,054,976 | |||||
(cost $626,158,004) | |||||||
OTHER ASSETS AND LIABILITIES (NET) 0.3% | 2,991,162 | ||||||
TOTAL NET ASSETS 100.0% | $ | 945,046,138 |
(a) | Non-income producing. | |||||
(b) | Foreign security denominated in U.S. dollars. As of March 31, 2022, these securities represented $10,435,055 or 1.1% of total net assets. | |||||
(c) | The rate quoted is the annualized seven-day effective yield as of March 31, 2022. | |||||
(d) | American Depositary Receipt. | |||||
(e) | Issuer headquartered overseas but considered domestic. Mairs & Power, Inc. (the "Adviser") defines foreign issuers as those whose operational leadership or headquarters is located in a foreign country; provided, however, if an issuer is believed by the Adviser to be headquartered in a jurisdiction primarily for tax purposes, the Adviser will consider the following additional factors: 1) the location of the primary exchange trading its securities; 2) where it derives the majority of its revenues, and/or 3) where it earns the majority of its profits. | |||||
(f) | Step Bonds - Securities for which the coupon rate of interest will adjust on specified future date(s). The rate disclosed represents the coupon rate in effect as of March 31, 2022. | |||||
(g) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under the Fund's Liquidity Risk Management Program. As of March 31, 2022, these securities represented $14,647,060 or 1.5% of total net assets. | |||||
(h) | Perpetual maturity, date shown, if applicable, represents next contractual call date. | |||||
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 the Adviser. |
See accompanying Notes to Schedule of Investments. |
Mairs & Power Balanced Fund NOTES TO SCHEDULE OF INVESTMENTS (unaudited) | March 31, 2022 |
The Mairs & Power Balanced Fund (the Balanced Fund) (individually a Fund) is a series within the Mairs & Power Funds (the Trust). The Trust is a no-load, diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).
Security Valuations
Security valuations for each Fund’s investments are furnished by independent pricing services that have been approved by the Trust’s Board of Trustees (the Board). Investments in listed equity securities are valued at the last quoted sale price on the securities exchange on which such securities are principally traded or at the NASDAQ Official Closing Price if readily available for such securities on each business day. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are valued at the last quoted bid price. Shares of underlying mutual funds are valued at their respective Net Asset Value (NAV). Debt obligations exceeding 60 days to maturity are valued at the bid price furnished by an independent pricing service. Debt obligations with 60 days or less remaining until maturity may be valued at the bid price furnished by an independent pricing service and in certain circumstances may be valued at their amortized cost, which approximates fair value. Pricing service prices for debt obligations are based on various evaluative and matrix-based methodologies and models that use market inputs such as market transactions, dealer quotations, benchmark yields and issuer, industry and economic events. These techniques generally consider overall market conditions and such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity and ratings.
Debt securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from two or more dealers that make markets in the securities. When market quotations are not readily available, or when the last quoted sale price is not considered representative of the value of the security if it were to be sold on that day, the security will be valued at fair value as determined in good faith by the Fair Value Committee appointed by the Board, pursuant to procedures approved by the Board.
When determining the value of a security, the Fair Value Committee takes into consideration all indications of value that appear relevant under the particular circumstances, as well as fundamental analytical data relating to the security, the nature and duration of any restrictions on the disposition of the security, and the forces influencing the market in which the security is purchased or sold in addition to other more specific factors that may be applied on a case-by-case basis. Consequently, the value of the security used by a Fund may differ from a quoted or published price for the same security. Fair value pricing involves subjective judgments and it is possible that the fair value determined for the security is materially different than the value that could be realized upon the sale of that security. As of March 31, 2022, no securities were valued using this method.
In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The performance of the Fund’s investments depends on future developments, including the duration and spread of the outbreak. Events related to COVID-19 may result in further global economic disruption and market volatility which in turn may impact the value of each of the Fund’s investments.
Fair Valuation Measurements
The Trust has adopted authoritative fair valuation accounting standards, which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
• | Level 1 – Quoted prices in active markets for identical securities. |
NOTES TO SCHEDULE OF INVESTMENTS (unaudited) (continued) | March 31, 2022 |
• | 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 methodologies 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 securities held by the Fund as of March 31, 2022:
Balanced Fund | ||||
Level 1* | $ | 643,767,234 | ||
Level 2** | 298,287,742 | |||
Level 3 | - | |||
Total | $ | 942,054,976 |
* 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 sector classification for the Fund, please refer to the Schedule of Investments.
The Fund did not hold any Level 3 investments during the period ended March 31, 2022.
Security Transactions
Security transactions are recorded on the date on which securities are purchased or sold.
Income Taxes
At December 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:
Balanced Fund | ||||
Cost of investments | $ | 622,601,497 | ||
Gross unrealized appreciation | $ | 402,489,460 | ||
Gross unrealized depreciation | (3,719,117 | ) | ||
Net unrealized appreciation | $ | 398,770,343 | ||
Undistributed ordinary income | $ | - | ||
Undistributed long-term capital gains | 11,379,138 | |||
Total distributable earnings | $ | 11,379,138 | ||
Other accumulated earnings | - | |||
Total accumulated earnings | $ | 410,149,481 |